If you have gotten this far you are a financial advisor, or, at least interested in why we have a special section for them on our Values Based Mindset website.
Here is why: We specialize in you. We understand your business and have been coaching, training and consulting in it for over two decades… and we are helping professionals just like you seize one of the greatest opportunities you will ever see in the next few years.
Here are three things to think about right now
- 1. You are starting to realize that your current business model is outdated and that getting all of your revenue from AUM is a pathway to destruction. Technology is rapidly destroying the current business model for independent financial advisors that is based around your compensation being delivered through AUM fees primarily. This is an old system, made possible by the internet, and will be destroyed morally, ethically and professionally in short order. If you keep doing this you are going to have a bad time in the future.
- 2. More and more of your clients are learning that your current fee structure is lacking in transparency: How much do you actually make per hour and would your customer tolerate that if they were taught to do the math?!? This undeniable shift, delivered by technology, to complete transparency about how you will be paid presents a unique opportunity if you can not only accept transparency about how you get paid but, double down and use it as one of your key selling points. Remember what it was like when you first went independent and were killing all the ‘big boys’ on how they were getting paid too much and were just easily adding clients and still making a great profit margin? Transparency is how you get that back.
- 3. You know you should be getting more referrals, but, have no real idea how to dramatically increase the number of referrals you get without risking your relationships through constant pleading for new business. Referrals are everything for you. Here is the challenge: Can you predict how many and when you will get them? Most of you aren’t getting the referrals you could and it is much, much, more than not asking enough. You, if you really want to harness the amazing power of a true referral based business, need to design into the DNA of your company and yourself a system that will deliver those referrals on a continuous and predictable basis.
We can work with you on an individual basis, or, with your entire firm… it’s up to you. What we do promise is that we know exactly how to help you get to your unique potential. We are passionate and analytical coaches that love your business and believe in that you matter.
One last thing
Don’t focus on delivering value because your client’s don’t care. Instead, spend time thinking about what your clients value. Their perception, not your graphs, charts, and spreadsheets, actually are what will determine your success going forward. How does your business think and evolve based upon how your current and future clients make decisions about everything they buy? You better find out.