Financial advisors are essentially business owners, even if they work for a large investment firm. Like all business owners, they need to regularly take a step back and assess their operations. This means doing more of what works well and improving or eliminating what is not working well. It is essential for an advisor to… Read more »
“The Supernova Advisor” by Rob Knapp emphasizes the importance of segmentation in financial advisory practices. Without segmentation, you can’t have a concierge practice. Segmentation of an unmanageable client load is not just a best practice to be observed and adapted, but an absolute necessity. It is the only way to implement Supernova successfully and to… Read more »
Earlier this year I was coaching an FA. The FA had gone through Phase 1 Supernova training but was still not where he wanted to be from an organization standpoint. He liked his CSA a lot but didn’t feel that everything he needed to be done was getting done. I asked him a question that… Read more »
FA Magazine (www.fa-mag.com) had a great article on why FAs think they are fired by clients. The article was driven by a survey of 1,375 advisors. The advisors were asked to select the top three reasons that clients fire advisors. The top three answers: Failure to communicate on a timely basis was in the top… Read more »
I was recently talking with a very good Financial Advisor. I asked him what he asked COIs (Centers of Influence) to say to potential clients. He gave me two answers: 1. Could I give you a second opinion on your portfolio? 2. Are you happy with your present advisor? I don’t believe either of these… Read more »
I hear it all the time. “I hate asking for referrals”. While I understand the comment I think the real issue is that FAs hate how they feel when they ask for referrals. The basic feeling that most FAs have is fear. The definition of fear is an unpleasant emotion caused by the belief that… Read more »