2024-09-30 16:40:08 •
2024-05-24 16:21:21 • 5 min read
How to Explore Coaching Benefits & Costs
Are you spinning your wheels trying to grow your business? Do you have growth, but want more time to spend with family and friends? Do you feel your clients deserve a better, more consistent experience? If so, you're ...
2024-05-13 20:59:01 • 15
Do you ever feel like there just aren't enough hours in the day to devour all the incredible business books out there? You (like me and many out there) constantly seek out ways to improve your craft, whether it's mastering the art of articulating your value, staying ahead of the curve in business...
2024-04-18 14:44:25 • 10 minute read
Gain Insights from the 2024 Financial Industry Practice Management Trends Report
When we launched the Practice Management Index in 2022, we had no idea how quickly this tool would be adopted by thousands of Financial Advisors to quickly identify exactly what they need to do to make ...
2024-03-26 18:36:20 • 2 minute read
Client retention is the strategy
Is your business growing as fast as you'd like? Or is Client churn taking a toll on your practice? These are a major challenge for financial advisors, but it doesn't have to be this way.
2024-03-19 16:40:05 • 2 minute read
Financial Advisor Branding: The Key to Long-Term ROI
Advisors frequently ask me which marketing strategies are best for client acquisition. And while there is a place for some marketing strategies and campaigns, often I will steer the conversation to instead discuss...
2024-03-18 18:59:55 • 2 minute read
Understanding Financial Advisor Branding: It's More Than Just Marketing
Simply put, it's someone's interpretation for value being offered that aligns with a want or need that they have - even if occasionally that want or need is subconscious. Branding activates an ...
2024-03-18 16:42:48 • 2 minute read
Financial Advisor Branding: How to Stand Out From the Crowd
Branding is different from marketing in that it more quickly impacts how a prospective client perceives you at the moment they become aware of you. Literally, that first and lasting impression that snaps ...
2024-03-18 16:41:57 • 2 minute read
Branding: Beyond Aesthetics
Does your value stand out to clients? How does your brand make someone feel initially, and then over time? You probably know the names Marion Morrison and Norma Jean. Marion Morrison was better known as John Wayne. It's not to say that he...
2024-03-05 17:46:04 • 2 minute read
Are you looking toward succession in your practice? Are you dependent on a protégé or partner to make all the gears mesh? Who's deciding where the ship is heading? Most importantly, will it work, both for you and your clients?
Too many mentors leave the protégé to their own devices to ...
2024-02-27 16:27:33 • 2 minute read
As a financial advisor, preparing for the sale of your practice is a meticulous process that demands consideration of many factors. Whether you're planning for retirement, exploring new opportunities, or seeking a lifestyle change, getting your house in order is key to ...
2024-02-13 17:50:02 • 2 minute read
Advisors have seen that Client Advisor Councils (CAC) can be extremely beneficial to the growth of their practice and for refinements to their process that they continue to make over time. As an example, I recently spoke with one of our consultants, Mike Cy, about one of his advisors who broke ...
2024-02-06 16:39:27 • 2 minute read
I've often emphasized the transformative impact of Client Advisory Councils. These councils are not just strategic tools, but platforms for profound engagement. They bring advisors and clients together to foster understanding, collaboration, and collective advancement.
What is a ...
2024-01-30 22:04:55 • 2 minute read
Developing an effective On-Boarding Process
My favorite topics for these articles stem from conversations I have with our coaching staff at Pareto Systems who share success stories from the field with me. Our coaching staff and I often have "Proof that it Works" ...
2024-01-23 16:37:29 • 2 minute read
In our on-going consulting work, we find more and more financial advisors want to position themselves to successfully:
- Buy a practice
- Sell a practice
- Bring on a protege'
From a demographic perspective, there are three distinct groups among the many ...
2024-01-16 20:29:13 • 2 minute read
In the ever-changing field of consulting and financial advice, staying ahead of the curve is a necessity; but it's also a duty we owe to our clients. As the head of Pareto Systems, I've witnessed various technologies promising to transform our industry over the years. However, nothing compares to...
2024-01-09 19:11:48 • 2 minute read
On a macro level, you have to get clear on the mechanics and motivations that lead to consistent referrals. Start by asking yourself two questions:
- Why don't they?
- Why should they?
Most of your clients don't "go there" because they are unclear of how it looks to get...
2024-01-02 19:20:52 • 2 minute read
Take a moment to think back to the last time you stumbled upon a fabulous idea. Maybe this new concept was about your financial practice or maybe it had more of a domestic spin to it. Regardless of the idea, the all-important question is whether you followed through with your plan. I would bet ...
2023-12-19 19:36:37 • 2 minute read
What would happen if you took a month off starting tomorrow? Would your business spiral into chaos or would it run like a Swiss watch? What would happen if one of your key team members told you that he or she is resigning starting immediately? Would your business be severely ...
2023-12-12 21:33:06 • 2 minute read
I’ve never been a big fan of the jargon that exists in this space: “Book of business”, “production”, “circle of influence” and “holistic planning”, just to name a few. To me, they speak more to the advisor’s interests, or are simply not ...
2023-12-06 20:10:24 • 2 minute read
In the rapidly evolving landscape of wealth management, the fusion of artificial intelligence and financial advisory services has ushered in a new era of precision and efficiency. Financial advisors, entrusted with the responsibility of navigating clients through intricate investment decisions, ...
2023-11-28 19:58:47 • 2 minute read
As a financial professional who has transitioned from managing a book of business to running a full-fledged enterprise, your focus on practice and relationship management is as crucial as asset management. To truly excel in this role, having the right technology, specifically the right Customer ...
2023-11-21 16:31:25 • 20 second read
As a business owner or team leader you wear a lot of hats, but an enlightened philosophy and approach can create accelerated trust. That trust comes through contrast, initially, and then develops into durable trust over the miles you cover with your clients.
The five Cs of the C-Suite ...
2023-11-07 17:18:02 • 2 minute read
I’ve been speaking a lot recently as it relates to communication, engaging your clients to tell your story.
Social proof is a powerful force, and, as you probably know by now, there are some parameters in place around using client testimonials and success stories, focusing more on...
2023-10-31 19:39:05 • 20 second read
The Intersection of the Blue Square and Blue Zone
From the boardwalks of Atlantic City to the shores of Okinawa, Japan, the concept of purposeful living and work is more resonant than ever. Today, I’d like to explore the confluence of two profound ideas - the Blue...
2023-10-17 18:54:12 • 2 minute read
The Case for Stewardship Over Salesmanship
When it comes to client acquisition and business development, the most enlightened philosophy is that of stewardship, not salesmanship. Salesmanship asks a client to buy something, chasing them with closing techniques and ...
2023-10-03 20:59:11 • 2 minute read
New Rules mean New Opportunities
The recent amendment by the Securities and Exchange Commission (SEC) to allow financial professionals to use testimonials has brought about a transformative change in the financial services sector. In this digital era the significance of...
2023-09-19 15:38:48 • 2 minute read
In the journey of personal and professional development, a mentor is a guiding beacon. They see and foster virtues in a budding protégé, qualities that will create a foundation for a thriving…
2023-08-15 17:06:05 • 20 second read
If you received six referrals in the last 12 months, you were probably talked about and endorsed 30 times. It’s about a five-to-one ratio between endorsement and introduction. Closing that gap is not only where the lowest-hanging fruit lives, but your growth model elevates you from ...
2023-07-25 19:50:41 • 2 minute read
The Key to Meaningful Client Relationships
As professionals, we revel in our industry knowledge and technical ability, often taking pride in our mastery over a plethora of financial terms. But have you ever paused to think about your client’s perception? Every ...
2023-07-11 17:47:38 • 2 minute read
You’re taking all aspects of your enterprise value seriously. You’ve got a fundamentally sound business. The metrics are impressive. Client loyalty, longevity and engagement are measurable. The EBITDA is strong. Your feeworthiness is undeniable. You have tidy books, documented ...
2023-06-21 17:39:08 • 2 minute read
The Power of Personalized Content
In the ever-evolving world of financial advisory services, relationship management is an indispensable aspect of your work. As someone who ...
2023-06-06 20:23:50 • 2 minute read
Why Acquiring a Business May Not Be the Right Move
In a world where business growth and expansion are highly valued, the decision to acquire a business can seem like the logical next step for many entrepreneurs. However, it is essential to consider the potential ...
2023-05-10 16:05:06 • 2 minute read
Many of my friends are business owners, and many of our clients have gone deep into attracting and keeping great clients who are business owners. I’d like to share with you a little bit about the why and the how. Why business owners are the ideal clients, and how to attract - not chase - a ...
2023-05-02 19:28:42 • 2 minute read
The idea of "go big or go home" is often preached in the world of business development. That you must constantly strive for bigger and better things is deeply ingrained in our culture, and is often seen as the key to success. I believe that there is a different way of approaching business growth ...
2023-04-25 20:30:53 • 20 second read
Market volatility, political uncertainty, competitive forces and various external dependencies are facts of life for a knowledge-for-profit professional.
It would be great if the world cooperated with our plans on a consistent basis, but that is not the way it is. That’s why ...
2023-04-18 20:32:40 • 2 minute read
The popular show ’Love It or List It’ focuses on homeowners renovating their home to maximize its value, intending (initially) to sell it and move somewhere else. However, as they go through the process, they often find themselves falling back in love with their original ...
2023-04-11 19:41:46 • 2 minute read
The arrival of spring is a time of renewal and anticipation, and as we move from the cold winter months into a time of growth and new beginnings, it’s the perfect opportunity to rekindle relationships with clients and colleagues alike…
2023-04-04 20:27:48 • 2 minute read
Proactive Communication Ensures that Your Clients focus on Your Plan Rather than on the Markets
We all know that communication is often as big, or an even bigger factor, to refer-ability than performance. Obviously rates of return matter, but long term relationships ...
2023-03-28 20:25:09 • 2 minute read
Through many market cycles over the years, I’ve been saying that a good financial advisor is at his or her highest level of refer-ability during times of volatility. Money becomes more topical and many people start to have nagging doubts about the track they are on - both in terms of their ...
2023-03-21 20:41:20 • 2 minute read
by Duncan MacPherson
Use my summary of John Kenneth Galbraith’s book A Short History of Financial Euphoria to add impact to your messaging to be compelling and attractive to clients:
As a financial advisor, you know all about the distinction ...
2023-03-14 20:06:22 • 20 second read
The statement "every business is built to be sold" may sound counterintuitive, especially to business owners who have dedicated their lives to building and growing their enterprises. However, upon closer examination, this assertion reveals itself to be a valuable piece of advice for all ...
2023-03-07 21:16:53 • 2 minute read
Leading up to 2023, what made a financial professional successful? What activities did they focus on? What did their team actually implement? Do years of experience necessarily mean that you will be more successful? Does having a larger team mean that you run a better practice? Overall, where ...
2023-02-28 21:52:16 • 2 minute read
An Always On approach to conversion and convergence propels you down a path where you can eventually pivot from a strictly organic B-to-C growth model to a scalable B-to-B growth model. It enables you to buy an undervalued business from a retiring competitor or colleague. You can attract ...
2023-02-21 21:32:26 • 2 minute read
The Fee-for-Service business environment is a fascinating business model and very conducive to scale. For comparison, look at other sectors that don’t just transact, but can create recurring revenue, lift and scale...
2023-02-14 21:30:17 • 20 second read
If you get to the point where you say, “it’s go time” on the business-to-business (B2B) model and you’re confident in your business to consumer (B2C) IP and adoptability, the next things to clarify before you go to market are your hook and your B2B process...
...
2023-02-07 20:49:44 • 20 second read
Part of our core mantra is that service is branding. Service is marketing. If that sounds like a generic statement to toss in for the sake of it, allow us to clarify. A while back we had a consultation with a pretty substantial Advisor…
2023-01-31 20:14:46 • 20 second read
A quick tribute to Peter Parker’s Uncle Ben, here. You probably weren’t expecting another Spider-Man reference, but to paraphrase, with great knowledge comes great power and great responsibility. The lesson is simple, gather FORM knowledge and engage ALL meaningful stakeholders into ...
2023-01-24 20:44:06 • 2 minute read
As you can gather by now, the recurring theme throughout this book is “have a process.” It can seem tedious at times, but the multitude of benefits on the other side of development and deployment are worth the effort.
2023-01-17 17:33:36 • 2 minute read
A quick word about seeking out options for outsourcing some of the commoditized aspects of your Technical Ability and Core Competency (TACC) over to bona fide models and platforms that are proven to add efficiency to your overall deliverables. As an example, a financial professional in his 50s ...
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