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 transacting…
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 industry has its jargon, and the financial sector is no exception with over 13,000 financial terms at its disposal. While these terminologies may demonstrate our competence, they often leave clients feeling overwhelmed and excluded.
Take a moment to consider this analogy. Imagine you’ve recently purchased an e-bike, a device you enjoy and appreciate for its convenience and adaptability...
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 procedures, a sticky staff and IP with meaningful intrinsic value. Maybe you should just sit on that, enjoy the ride, and wait for a buyer down the road who meets your criteria, while paying you 6x rather than most of your competitors who get 2x?
Click to read more on LinkedIn: paretosys.co/dmac62
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 deeply values client connections, I want to share my belief that the future lies in content marketing…
Click to read more of Duncan’s Featured article on his on LinkedIn page: paretosys.co/dmac61
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 pitfalls and challenges that come with such a move…
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 steady stream of high-quality business owners…
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 that is just as effective, if not more so…
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 clients hire you. Your ability to deal with this reality is a major factor that separates the best from the rest...
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 home...
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 stem from trust, and trust is created by a comfort level that is supported by consistent communication...
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 current advisor and financial plan…
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 between the message and the messenger. The message is more about the products and services you represent. The messenger is more about you and your ability to be the voice of reason to clients during times of intense turbulence and uncertainty....
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 entrepreneurs, including financial professionals.
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 does the industry stand in practice management?
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 protégés who have plateaued because of the friction of the world, who can draft in behind your process and replicate your outcomes without being left to their own devices…
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 the process as the relationship unfolds.
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 was hitting his stride and finding renewed enthusiasm for his business by...
2023-01-10 17:35:05 • 2 minute read
The energy shifts from the first to the second meeting. Leading up to your first meeting, the prospective client might have felt some apprehension – but that was squelched quickly – and then moved to a state of anticipation for the potential of the relationship. As you onboard the soon-to-be client, the mood shifts to validation. This is where your actions continually confirm their decision and appreciation that this might even be better than they expected.
2023-01-03 17:01:45 • 2 minute read
Meeting with Prospective Clients If you’ve ever been to a large sporting event and a spontaneous chant or wave erupted and took hold throughout a stadium filled with thousands of people, it’s essentially a social form of phase transition where the energy in the building evolved into an organic harmonic pattern. After a concert or theatrical show, the crowd bursts into an applause where the clapping is in sync and transitions to a standing ovation – nobody told them to do it. It’s said that two metronomes will synch up within 30 minutes. It’s said that the hearts of two people in close proximity and with affection for each other will start beating together.
2022-12-27 18:42:04 • 2 minute read
A best practice that can take more time to produce, but strongly reflects and supports your branding strategy, is content marketing. When you create and promote your content, and make it the call to action, you ask the world to ask for your thought leadership IP, rather than asking for appointments or new business. You are attracting with permission marketing, rather than chasing with sales techniques.
2022-12-20 21:20:57 • 2 minute read
A Process to Engage Strategic Partners
For many professionals in your inner circle of strategic partners, and for those connected to your clients that you haven’t met yet, understand their wiring. It doesn’t always occur to them to proactively make introductions. Their head is down, grinding out their technical deliverables. They might think in terms of 101-level networking, but not all of them are very savvy beyond that. It isn’t an innate skill for everyone, and it certainly wasn’t taught to them in school. In the absence of the entrepreneurial pedigree – they’re running a practice not a business – there is a higher degree of skepticism when it comes to this type of initiative…
2022-12-13 21:27:29 • 2 minute read
Another client of ours – who was admittedly just going through the motions initially with our process – got jarred one day. In the space of an hour, he received an amazing degree of praise and an incredible referral from a raving client, and then got fired by a raging client. It was enough to tip him over to a sense of resolve…
2022-12-06 20:45:17 • 2 minute read
The idea of getting together with a client to rehash something that has already happened is just one reason why some of your clients might brush it off and tell you, “Hey it’s all cool. I’m busy, I trust you. Whatever you think.” You might convince yourself that it’s great that your client feels that way. It’s not great. It’s great that they trust you, but not great that they don’t see the merit in getting together. That’s where loyalty fatigue and drifting are born. The noise-cancelling headphones are now officially off and competitor messages are going to be heard…
2022-11-29 17:31:00 • 2 minute read
In business and in life, it’s not about wins and losses but about how you play - and if and when you’ll stop learning and growing. Getting set in our ways is understandable, especially later in life. Coasting is easier, so it’s impressive seeing someone on the back-nine of life still committed to health and wellness, attending yoga sessions and gym classes…
2022-11-22 21:07:34 • 2 minute read
In the spirit of reaching people who count, rather than counting the people you reach, we strongly urge you to have a laser focus on your primary addressable audience – people who are already convinced. Your existing relationships have a degree of familiarity and trust for you – that train is rolling – so let’s add to that momentum before you expend the effort to get new ones moving.
2022-11-08 20:03:50 • 2 minute read
The value proposition is not an elevator pitch (How many elevators do you get trapped in?). It’s a brief, concise statement that defines you and leaves someone wanting more. If they’re intrigued, they’ll give you permission to elaborate. If they aren’t, they ask about your tie. Just embrace the exercise of not winging it and avoid the long-winded data dump. Some people want to know what time it is, others want you to build them a clock. Some want to enjoy the bratwurst, others want to know how the sausage is made. Be led by them.
2022-11-01 19:33:08 • 2 minute read
An excellent example of future pacing is how a fee-for-service financial provider can enable a client to expand their thinking by looking far down the road and re-imagining how the trajectory of the relationship will impact them. Take a typical first generation, self-made affluent client who sets a goal to become financially independent. They follow the advice of their financial professional, stay…
2022-10-25 13:56:04 • 2 minute read
Ultimately, what a comprehensive branding strategy does is create trust with a prospective client and then maintain it over the long haul once they become a client. Sharpie has accomplished that very well. For a prospective client, your branding strategy activates their critical thinking and ignites their emotions. They see that you could address an unmet need that has developed - or it creates contrast relative to an existing service provider they have grown tired of, and any others they are meeting with to kick their tires…
2022-10-18 16:26:30 • 2 minute read
How does your value currently stand out? How does it make someone feel initially, and then after the passage of 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 couldn’t have been as popular had his stage name been Marion Morrison - Shakespeare talked about a rose smelling just as sweet. Norma Jean could have been just as…
Click to read more on LinkedIn: https://bit.ly/ps_dmac30
2022-10-11 16:22:13 • 2 minute read
When we talk to fee-for-service professionals and ask them how their clients would describe them, most say things like, “Well, my clients would say they trust my ability, my integrity and my professionalism.” They rattle off qualities and skills and intentions, all of which are important, and there was a time when that was enough. Today, your qualities and skills and intentions are in fact a minimum requirement....
2022-10-04 14:48:41 • 2 minute read
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 awareness for and trust in something that often triggers an instant appreciation for how your value can benefit their life…
2022-09-27 17:18:23 • 20 second read
One of the biggest factors conspiring against change is time. For many of us, there doesn’t seem to be enough time - but is that true? Time is the one thing we all have the same amount of. A key distinction is moving beyond a mindset of time management to time allocation. How do you allocate your investments of effort?
When many people max out and realize that something has to give, often the first action they take is to work longer hours, start prioritizing and or delegating tasks and even reassigning clients. That’s a good start, but often superficial and unsustainable. Ultimately, we don’t want you to work harder...
2022-09-13 16:01:57 • 2 minute read
Your technical ability is a foundation to build on. It’s promissory on an outcome and the performance of your core deliverables, and you don’t want to be living and dying strictly by that sword. Practice management is promissory on a client experience – it represents what it means to be your client over the lifetime of the relationship…
2022-09-06 17:47:39 • 2 minute read
It’s important to be deliberate, intentional and unwavering with the clients you choose to surround yourself with. It’s just as important with the members of your team. There is an accretive, collaborative array of benefits that come with the right philosophy.
2022-08-30 18:52:36 • 2 minute read
Our Philosophy about Legacy In the spirit of building something rather than selling something, one of the many things you are building is a legacy in real time. A legacy is something that people primarily look back on, but being mindful of it as you are developing one creates a special energy. One of the best quotes we’ve ever encountered on legacy is this, “Society grows great when old men plant trees in whose shade they know they will never sit.” That speaks to the gathering momentum that is generated by a vision and code-of-conduct that culminates in an admired legacy...
2022-08-23 17:00:58 • 2 minute read
The highest form of emotional intelligence is how you help someone who just shared news with you that was not so great and caused them grief. You might know someone who is almost angelic in how they cushion and absorb someone else’s pain, not by giving advice or an opinion.
2022-08-16 15:01:58 • 2 minute read
A successful F4S professional understands that trust is the lifeblood of meaningful long term relationships, but if trust is so important, let’s expand on this and consider for a moment what it is specifically that your clients trust.
When we ask our F4S clients to list specific things that their clients trust, we usually hear things like professionalism, integrity, knowledge, confidentiality, fiduciary responsibility and the like. All of which are important – but those are the qualities, skills and intentions
Click to read more on LinkedIn: https://bit.ly/ps_dmac19
2022-08-09 17:58:57 • 20 second read
There is a profound difference between doing something because of compliance and obligation and doing something because of deeply seated desire. One of the many examples we’ve seen that personifies the human spirit in terms of self-motivation comes from the world of athletics.
2022-08-02 14:18:34 • 2 minute read
We’ve come to truly appreciate the spirit of McNamara’s Fallacy, though we may challenge the notion that if you can’t measure something, you can’t manage it, in some cases. In business, we can’t live solely by the metrics, especially as a fee-for-service professional. No matter how thinly you slice it, there are always two sides – in this case we mean the measurable and the meaningful…
2022-07-26 18:49:36 • 2 minute read
The Blue Square Method was written for the successful fee-for-service professional who has reached or is approaching a fork in the road in their personal and professional life. Life is good today, business is steady and you have every reason to be content while riding your momentum, but perhaps contentment in-and-of-itself was never the goal? You appreciate what you have, but you aspire to something more. We’re not talking about just more money and quantitative success. We’re also referring to qualitative success: Amplifying your sense of gratitude, purpose, balance and fulfillment.
2022-07-19 14:01:11 • 2 minute read
There is an art and science to working ON yourself and ON your business. We’ve experienced first-hand that you can learn a lot from reading a book. You can learn even more from writing one. The exercise of creating something is powerful. It forces you to dig deep and study a subject in a more meaningful way, and that knowledge can be retained…
2022-07-12 19:35:39 • 20 second read
Because top performers are busy, some tend to drift into patterns and either put off or forget to work on themselves. When it comes to change, some are reluctant because they feel that disruption is risky. Keep in mind, the best are forever improving but rarely swinging for the fences. World class golfer Justin Rose has a great mindset. He would say…
2022-07-05 18:58:49 • 20 second 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 protégés who have plateaued because of the friction of the world, who can draft in behind your process and replicate your outcomes without being left to their own devices.
2022-06-21 15:42:13 • 20 second read
There are many benefits to evolving your business from just having clients “trust you” to having an IP-driven enterprise. Growth is consistent, the client experience is consistent, your team is stable, and hassle factor is reduced, among other things.
