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Are you a professional who wants to:
  • Consistently attract and retain great clients?
  • Run a more efficient and profitable practice?
  • Elevate the client experience?
  • Drive enterprise value?
  • Deploy a scalable growth model?
  • Create a panoramic branding strategy?
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Pareto Systems is a consulting firm dedicated to knowledge-for-profit professionals. Our practice management and relationship management programs are ideally suited for:
  • Financial Professionals
  • Insurance Specialists
  • Estate Planning Attorneys
  • Accounting Professionals
  • Trust Specialists
  • Wholesalers
  • All knowledge-for-profit professionals
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2019-12-11 • 20 second read

Our decisions have to be aligned with our sense of purpose. All of our relationships have to be aligned with our sense of purpose, as well, which is why in many cases a stepping stone to self-actualization is professionally and respectfully disassociating from relationships that are not a good fit.

2019-12-10 • 6 minute video

Adversity or friction can serve you, not hurt you.

In this episode of the Blue Square Video Series, Duncan discusses how ‘moments of truth’ can become an opportunity to start anew and lead to, effectively, a re-onboarding of the client.

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2019-12-10 • 3 minute read

As a financial professional, you are in the knowledge-for-profit business. In other words, you think for a living. You aren't selling investments, you are promoting the promise of the future. This can be an abstract business with so many factors out of your control. So it's important to constantly remind yourself of what is truly proprietary and of value in your business. After all, you don't have a job where you trade your time for money, you are building a business with real equity value that should be increasing each and every year.

Your most valuable assets are as follows:

  • Your client relationships and everything you know about your clients
  • Your business procedures and best practices
  • Your time and how you allocate it

Now you might be asking why I haven't made reference to your investment acumen and asset management skills. While I will never trivialize what you know about investing, this business is becoming more commoditized every day and there are forces at work that are constantly emphasizing what you cost rather than what you are worth. Truth be told, what you know about investing is not proprietary. It's a given that you have a solid plan and approach. It's expected. But as you have probably seen, there is little correlation between how much someone knows about investing and how successful they will ultimately be.

What Separates the Best From the Rest?

The most effective advisors don't ask clients to buy investments. They ask them to buy-into a meaningful relationship and in the process these advisors fixate on the lifetime value of a client relationship rather than on transactions. Loyalty, empowerment and refer-ability are built on a foundation of trust. And building trust is a process. It's by design, not by chance. An important component to the trust process is client chemistry. Top advisors strive to be interested rather than interesting. They get to know everything they can about their clients. As you know, the more a client trusts you, the more they reveal to you about themselves. Now you probably know a lot about your clients. Where do you and your team members store that incredibly valuable and proprietary information? In your heads? If it's in your heads, it isn't an asset nor is it an intellectual property.

Done is Better Than Perfect!

You might be saying to yourself, "I get it. But HOW do I do all of this?" You need an Operating Playbook. Some elite advisory teams have an actual procedures manual - a complete playbook consisting of a full array of documented procedures. Updates can be made and this binder and there is no mystery in terms of how predictable, sustainable and duplicable processes are deployed. Other top teams are using software, specifically a XRM (eXtended Relationship Manager) which is a CRM integrated with a full suite of best practices. Either way, when you document all of your daily activities, getting them out of your head and creating an intellectual property you improve your productivity as well as the equity value of your business.

The Process of Client Confidence

There is an entrepreneurial saying that suggests that "You must work ON your business, not in it." Being a good financial advisor goes above and beyond the returns you post. To keep clients for life, you must create a SWAN environment. Your job is to ensure your clients Sleep Well At Night. A sound investment plan along with consistent best practices will create this environment enabling you to fully maximize your client relationships, make your business more efficient and put time on your side.

Your business will serve your life rather than the other way around and when the time comes for you to sell your business, the value will be dramatically higher. It's time to squeeze more juice out of the orange.

Continued Success!

Contributed by: Duncan MacPherson

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2019-12-09 • 20 second read

It's easy to fixate on our technical ability and our core competencies, but we have to focus on ourselves as well. Jim Rohn said that "we are the average of the five people we spend the most amount of time around" and every now and again we have to assess our environment - because we are products of our environment.

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2019-12-06 • 20 sec

What is the purest form of client acquisition? It is not going out and trying to convince new people, but rather working with the people who are already convinced and showing them how to convince people on your behalf. They go out of their way to wave your flag; not because they're trying to help you grow your business, but because they feel they are doing their friends a disservice if they don't make the introduction.

Convert your top clients into advocates to gain a steady stream of quality referrals with Pareto Systems Total Client Engagement process: https://www.paretosystems.com/total-client-engagement.html

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2019-12-05 • 20 second read

In Palm Springs for a Mastermind session for elite fee-for-service professionals along with Kevin Bishopp, a practice management specialist with First Trust and Elaine Christakos, accountability partner with Pareto Systems. A great time of year to slow things down, tune out the noise and invest the past into the future to make 2020 the best year ever.

2019-12-05 • 5 minute video

Using the immortal words of Walter Gretzky, as passed on to the world through his son Wayne: “Skate to where the puck is going, not where it has been.”

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2019-12-04 • 20 second read

If you think about the relationship cycle, the first step when it comes to client acquisition is awareness. A prospective client needs to be aware you exist and you need a process to sift out the real prospects from the mass of suspects, but they need to know you are there.

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2019-12-03 • 3 minute read

I was speaking with an advisory team last week, and they told me a process story.  

This team has bought in completely, and it was a major shift in mindset and process for the team. They had committed to keeping on Pareto’s process as closely as possible. 

They recently had a new referral. They went through the pre-appointment process as outlined and had the first appointment, pretty much exactly as scripted. They made the follow-up phone call 48 hours later, and agreed they were a good fit. The next appointment was set to follow in two weeks. 

The CSA was tasked with getting in touch with the prospective client and letting him know what info was needed for the second appointment. The prospective client said he needed more time, and rescheduled an additional week out. 

When the CSA contacted to confirm the appointment, he moved it again. Then emailed and moved it yet again. The appointment was now set two months out from its initial date.

The Advisor decided that they couldn’t go that far off process, so he called the prospective client and, in effect, told him that their process involved moving forward, and they couldn’t know what their capacity would be in two months. So if prospective client wanted to revisit the fit process in two months, he asked that they get in touch and that the Advisor’s team would look at possible fit again.

The reaction? The prospective client hung up the phone, and said “they fired me!”

A couple of hours later, the prospective client called the advisor and apologized for being negligent, and for disrespecting the advisor’s process. He asked if they would please allow him to get together all the needed financial information and meet in two weeks. 

Following this interaction, the Advisor said his strategy in dealing with client challenges going forward, is to “throw the process under the bus when necessary” – effectively highlighting that it’s not a whim on the Advisor’s part that things are done on schedule. It’s not personal; it’s the process that the Advisor follows in order to best serve his clients.

Contributed by Elaine Christakos 

2019-12-03 • 4 min video

When goal setting, we tend to focus on what we aspire to, and look forward. In this episode, Duncan explains how looking back and mentoring others is an important foundation for moving forward.

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