Will you survive or thrive in the new normal?

A lot of financial advisors today are holding their breaths and waiting for the COVID 19 stop light to turn green so they can go back to business as usual.  Unfortunately, it’s not going to happen.  There will be no “all clear” signal given announcing a return to business as usual.

Different Is The New Normal

Times changed.  People changed.  The world has changed.  And it is still all changing.  The reality is no one can accurately predict when, or even if, life will return to normal.  The only thing certain at this point is that more change is on the horizon and financial advisors need to prepare for what’s coming next.

There is no way to honestly sugar-coat the tough times financial advisors have experienced in recent months.  Communities, cities and even states have gone into various stages of lockdown, making face-to-face client meetings difficult and even impossible in many cases.  Toss in roller coaster markets, business cutbacks or closings and plunging interest rates and it’s no wonder why many investors are jittery enough to consider making drastic moves.

When Times Change, So Must You

The important thing for advisors to know about change is there are only two ways to react:  resist it or adapt.  The best advisors have already evolved.  Rather than play the waiting game and hope against hope, they chose the proactive path and pivoted their client service and acquisition strategies.  While many advisors hunkered down in their home offices and fell prey to domestic distractions, high performance advisors did the opposite: they became more disciplined and honed their time management skills.  They communicated early and often with clients and prospects.  They talked less, listened more, and made sure that everyone felt understood and cared about.

Top advisors allocate more time to new client acquisition efforts during recessionary periods because that’s when many investors question the value they are getting from their current advisors.  When markets transition from bull to bear, clients want greater service, not less.  They demand more transparency, not song-and-dance act explanations that add to the angst they already feel.  It is the perfect time for elite advisors to explain their proactive strategies and processes and why their wealth management approaches are as sound today as they were yesterday.

Use Your Technological Tools

Advisors may not be able to interact with clients in person, but face-to-face meetings are still possible thanks to web-based video conferencing platforms such as Zoom or Skype.  A video chat can enhance the client experience because it’s a more humanized form of communication as compared to phone calls, text messages or emails.

Top advisors embrace video conferencing as a new, powerful tool in their selling arsenal because it enables them to do things never possible before.  Clients with multi-generational wealth considerations typically find it difficult to get all family members together for a financial meeting because they are often disconnected by geography or circumstances.  Video conferencing solves the problem by making it possible for everyone – advisor and family members – to meet simultaneously and share information back-and-forth.  It also magnifies the advisor’s ability to connect in meaningful ways with subsequent generations of family members, something that can help an advisor retain assets as they transfer from one generation to the next.

Think In A New Way

Client facing meetings may have been put on hold for the time being due to social distancing restrictions, but this is not a reason for advisors to be less accessible.  To the contrary, high performance advisors continue to maintain their regular work schedules and they let their clients know they are also available at non-traditional times due to their more flexible work-at-home situations.  Top advisors continue to take care of business as usual, but they are exceptional because they know it’s not always just about business.  They strive to learn what individual challenges their clients are experiencing beyond their balance sheets and their ability to show authentic empathy for these concerns is what builds trust and loyalty in their client experience.

Adapt, Evolve And Excel

Recessions have historically been opportunistic times for high performance advisors and culling periods for the less capable.  Top advisors excel regardless of the circumstances because they do what their less accomplished peers cannot do – adapt to change.  To them, the “new normal” is already a familiar place.

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Like this tip?  We have many powerful lessons and proven strategies to help you become a million-dollar plus financial advisor and beyond.  Contact us today about our coaching programs.

Altius Learning

888-569-0586, info@AltiusLearning.com

www.AltiusLearning.com 

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Communication and technology go hand in hand

Summary
Whether they prefer to be self-directed or are heavily reliant on financial services providers, retail investors of all types tend to seek out more advice during times of adversity. As the social toll and economic fallout continue in the wake of the COVID-19 crisis, investors will increasingly rely on their advisors for ongoing guidance and answers as to what future developments related to this pandemic-induced crisis mean for their portfolios. In this white paper, Cerulli explores how advice providers can best equip their advisor-clients to quell the worries of investors and ensure they adhere to their still-relevant long-term investment goals.

Key Points

• Going forward, advisors need relationships that balance effective interpersonal communication and implementation of scalable technology tools that aid advisory relationships. This two-pronged focus will position firms to succeed during times of macroeconomic turmoil.
• Advisors need to proactively maintain lines of communication with clients to explain the current market downturn and subsequent volatility in the broader context of individual households’ longer-horizon financial plans.
• Wealth management providers have a unique opportunity to reinforce their value, especially relative to the dozens of digital advice platforms that have sprung up during the past decade. Digital platforms do an excellent job in the basic mechanics of portfolio management, but they lack the empathy and reassurance vital to the best advisory relationships.

To read the full article, click here: Cerulli-White-Paper-Advice-in-Adversity-2020

In the iconic movie Tin Cup, actor Kevin Costner plays the title character of Roy McAvoy who says to his caddy, “When a defining moment comes along, you can do one of two things.  You can define the moment, or you can let the moment define you.”   It’s a piece of wisdom that should be taken to heart by everyone in the financial advisory profession.

Step Up And Stand Out

The financial industry finds itself at yet another defining moment in time.  Advisors nationwide are staring at the uncertainties of current events and wondering what’s next.  No one has the answers because the situation is so fluid and unlike anything that’s happened before.  While some advisors stay fixated on things they cannot change, other advisors are rising above the challenges they face and defining the moment in ways that prove their true value.

These are unprecedented times.  Clients are feeling the shock and awe of their portfolios in decline.  Most are fearful and yearn for clarity and direction from their advisors.  How advisors respond will either solidify or shatter their client relationships.  What is occurring now is a critical event that will cull the advisor herd from those who talked the talk and those who show they walk the walk.  Amid unparalleled challenges, some advisors will step up their game and seize upon the extraordinary opportunities that exist.

Communicate Your Value Proposition

The most proactive starting point is client communications.  When you communicate with clients, be pragmatic.  Tell them the truth.  Clients don’t want their reality sugar-coated.  They want the facts and they will appreciate the facts even if it’s not what they want to hear.  Next, offer guidance.  Explain your solutions.  Remind them of your expertise and experience during other critical crossroads in the markets.  This is the perfect time to explicate your value proposition and the very reason why having a value proposition is so important.

Put empathy in your client communications.  These are very humanizing times, so listening to your client’s personal stories and sharing your own can help maintain the trust you’ve worked so hard to earn.  They need to feel you care, so be relatable to their fears and concerns.  Embrace their emotions and inquire about the well-being of their family and friends.  Some of them may not be getting answers from their advisors and offering them your counsel can create acquisition opportunities that would never have been possible under different circumstances.  It’s also an opportunity to build the case for clients to consolidate their assets with you.

Don’t forget about your prospects.  Their mindset is the same as with your clients.  Communicate with them in the same vein, factual and empathetic.  They will appreciate you thinking of them and it could create opportunities for more meaningful discussions.

Seize The Opportunities

Creating focused messaging can be a powerful differentiator for advisors during these difficult times.  It can favorably set you apart from your competition and propel your practice to a higher level.  If you define the moment instead of letting it define you, clients and prospect can’t help but notice and remember the greater value you provide.

Learn More

Like this tip?  We have many powerful lessons and proven strategies to help you become a million-dollar plus financial advisor and beyond.  Contact us today about our coaching programs.

Altius Learning

888-569-0586, info@AltiusLearning.com

www.AltiusLearning.com 

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Being Coachable Is A Competitive Edge

Elite athletes and high-performing financial advisors have remarkably similar mindsets.  Each one knows that talent alone is never enough to be the best because everyone they compete against is talented.  They know having a will to win is important, but that will only take them so far because everyone they go up against wants to win.  With all else being equal, one thing that separates the best from the rest in either profession is coaching.

Success Is Never A Solo Journey
Whether you’re an athlete or advisor, a coach can be the conduit that transforms your potential into performance.  It’s a collaborative partnership that can take you where you can’t get to on your own.  NFL Hall of Fame football coach Tom Landry explained it simply:

“A coach is someone who tells you what you don’t want to hear, who has you see what you don’t want to see, so you can be who you always knew you could be.”

Formal in-house training programs offered by financial firms are one stage in an advisor’s learning process.   Unfortunately, most are structured as one-size-fits-all training programs and not every advisor learns at the same pace.  Everyone has different strengths and weaknesses and it’s important to know exactly what they are, but sometimes advisors can’t see themselves clearly enough because ego or complacency gets in the way.  This is where a coach can come in and make a difference.   A coach can assess your capabilities with a level of candor and clarity that you can’t provide yourself.

Seize The Competitive Edge

It doesn’t matter whether you earn a living as an athlete or advisor.  Performance will always be a primary indicator of your success and it will constantly be measured.  If you are playing to win, your search for a competitive edge is never ending.  One place you can find it is with a coach who has been where you are and where you want to be.

Working with a coach to power up your practice is not a show of weakness.  It’s a sign of strength.  An advisor coach can identify derailing factors in a wealth management practice and address corrective measures that improve performance.   In fact, the best advisors tend to be the most coachable because they leave nothing to chance.  They know that success can be a double-edge sword because it tends to mask deficiencies that result in blind spots in their practice.  With the assistance of a coach, these top advisors learn how to spot problems before they become insurmountable.  Coaching is about performance enhancement and it’s especially effective for advisors who enjoy success and for those who are willing to learn new ways to raise the bar for their practice.

Choose A Coach Wisely

If you are considering coaching as a way to improve your performance, follow two simple rules.  First, be coachable.  Set aside your ego and acknowledge it’s time to get the help you need.  Second, chose your coach wisely.  All advisors are not the same and neither are coaches.  Find one that has had success in our industry and a track record of success in working with advisors like yourself.  Learn what methodologies the coach utilizes and why.  If a coaching candidate talks in vague generalities rather than specifics, look for another option.

A financial advisor coach can be the game-changer that takes your practice to a higher level.  The right one can also change your life.

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Like this tip?  Our coaching programs bring a unique focus to improving and refining the daily habits that can drive success. Contact us to find out how we can help you grow your practice and achieve your goals.

Altius Learning
888-569-0586, info@AltiusLearning.com
www.AltiusLearning.com

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Are you treating your prospects like your best clients?  Watch Dave Mullen’s video for tips on managing your Prospect Pipeline.

Like this tip?  We have many powerful lessons and proven strategies to help you become a million-dollar plus financial advisor. Contact us to find out how we can help you grow your practice and achieve your goals.

Altius Learning
888-569-0586, info@AltiusLearning.com
www.AltiusLearning.com

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Be The Unique Your Clients Seek
Differentiation is considered one of the core principles of a financial advisor’s value proposition.  It identifies what capabilities you offer that sets you apart from the competition and it explains what unique value you provide to clients that other advisors cannot replicate.

Are You Really Different?
Differentiation is critical to success in today’s competitive financial marketplace and if the process is utilized correctly, it can be one of the most powerful ways to acquire and retain ideal clients.  Unfortunately, most advisors fail to effectively differentiate because they misunderstand the term and the process.

Ask any group of financial advisors what distinguishes them from their competition and the majority will default to a sterile summary of their expertise and experience.  That’s okay to a point because expertise and experience does matter to clients and prospects.  They validate credibility but rarely do they rise to the level of being true differentiators.  The reason why is because qualification parity is so widespread in the profession.  No matter how well-schooled or experienced you are, there are many other advisors elsewhere who have similar or superior qualifications.

Some advisors try to differentiate by injecting marketing-speak into their narratives.  They are quick to call attention to their “holistic approaches, proven methodologies, robust resources and personalized solutions.”  They too, fail to differentiate because they are just repeating what everyone else is saying and the only thing different are the words they use to explain the exact same things.  It’s no wonder why investors complain about how hard it is to distinguish one advisor from another.  Their critique is well-founded in fact.

Distinguish Yourself From The Client Perspective
So how can an advisor differentiate in a profession where everyone sounds the same?  The first step is to realize that differentiators exist only in the mind of the beholder. It’s never about you, your credentials or experience.  It’s always about the client or prospect.  If you can successfully articulate why you are the best provider of one-of-a-kind solutions to the one-of-a-kind challenges your clients and prospects face, you have discovered your differentiator.

Finding your differentiator isn’t easy.  Identifying one can be a complicated, painstaking task.  If it was simple, every advisor would have one or more.  The fact is, most advisors don’t have a meaningful differentiator.   They may think they are different and better, but in reality, they are more like their competition than distinctive.

However you choose to differentiate, make sure it’s relevant to the client or prospect.  If it doesn’t matter to them, it doesn’t matter, period.  Differentiation is all about creating value and the more unique that value, the more it will be memorable and credible to your clients and prospects.

Be Different And Better
If you don’t have a differentiator, do the next best thing – create one.  Just make sure the differentiator you choose is authentic rather than aspirational.  If it’s not factual and provable, don’t claim it because empty promises can do more damage than no promises at all.  If you claim to provide something other advisors don’t offer, make it a reality.  Live your differentiator with passion and purpose and hold yourself consistently accountable to the higher standards that define it.  The risks may be great but the rewards are even greater.

Another way to discover your differentiator is through honest self-assessment.  You already know what type of work you do well.  The next step is to discover what clients tell other people that you do great. Their answers might surprise you, so ask.  Their feedback can help identify a differentiator you were too blind to see.

Speak to your colleagues and professional alliance partners.  If there is something they consider you the go-to person on, amplify that asset.  It could be hard subject matter expertise such as tax optimization strategies or a softer skill such as your ability to naturally connect with younger members of multi-generational families.

When you find your differentiator, seize it with the passion of chasing down the last bus of the night out of town.  Make it yours in ways other advisors might try to imitate but can never replicate.

Break Away From The Status Quo
Most advisors make the mistake of trying to be unique like everyone else.  Top advisors break away from that status quo mindset.  They draw a line in the sand that other advisors hesitate to cross.  The story they tell is not who they are or what they do, but how they do it that makes them unique.  Their relentless conviction to do what others won’t or can’t do is what makes them stand out and shine.

General George S. Patton once said “If everyone is thinking alike, then someone’s not thinking.”

Start thinking, acting and doing differently.  Your clients and prospects can’t help but notice the difference you can make in their lives.

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Like this tip?  We have many powerful lessons and proven strategies to help create a value proposition and become a million-dollar plus financial advisor and beyond.  Contact us today about our coaching programs.

Altius Learning

888-569-0586, info@AltiusLearning.com

www.AltiusLearning.com 

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Dave Mullen, Founding Partner at Altius Learning discusses the Lever of Expansion and how that can increase productivity of your practice.

Use our formula to reach a goal of 100% wallet share with your most affluent clients:
 P + D + E = 100

P=Positioning yourself to your clients, it is in their best interest to have all their assets with one Financial Advisor and that is you.

D=Discovering the assets that your clients are doing away from you.

E= Exposing clients to new opportunities.  This will allow you to assume control of every aspect of their financial life.

Watch the attached 3-minute video for more insights on expanding your client relationships.

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Like this tip?  We have many powerful lessons and proven strategies to help you become a million-dollar plus financial advisor and beyond. Contact us today and find out how we can help you grow your practice and achieve your goals.

Altius Learning
888-569-0586, info@AltiusLearning.com
www.AltiusLearning.com

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