I’ve written many times about the importance of understanding your client’s story, including in my book Your Client’s Story (coauthored with Scott West). It’s a skill that is critical to building strong and long-lasting relationships. Just as important is ensuring your clients understand your story. Storytelling can help prospects and clients appreciate how you approach [...]
Independence has as many meanings as you have clients, but I think it's safe to say that for most of them it means being able to live life on their own terms. As a financial advisor, you know better than anyone the impact you can have on helping clients achieve independence––however they define it. One [...]
You’ve heard me talk about this before: retirement is not a one-and-done decision. How clients envision their retirement is as unique as they are: there is no “one size fits all” formula. However, there is one consideration many of your clients share: they want to balance saving for the future with enjoying the present. Your [...]
I have spent the better part of my life in Rochester, Minnesota, home of the world-renowned Mayo Clinic. All of my now-grown children have had procedures there, and one observation my wife and I have made is how sensitive and caring the staff has always been. At the Mayo Clinic this is by design. Early [...]
If your head is spinning from everything that’s been happening over the summer, you’re not alone. If there’s something 2024 has reinforced, it’s that change is a constant. Now that we’re entering fall––a season that symbolizes change––it’s a good time to review your own plans and adjust as necessary or desired. With that in [...]
Having a reputation as someone who asks insightful questions is good for you and whoever is on the receiving end of your questions. People respect someone who asks good questions—and listens to the answers. And when someone respects you, they’ll want to do more business with you and refer others to you. Asking good questions [...]
At this time of the year, gift giving is top-of-mind for many of us. Gifts are a way to show friends, family, and colleagues that we appreciate them. As a financial planner, you are in the privileged position of being able to give your clients a gift that no one will ever want to return [...]
The classic mistake that many financial professionals make is to assume that every client (or potential client) will automatically plug in to their style of communication. They won’t. If you expect clients to accommodate you, you’ll be sorely disappointed. Instead of enjoying a fruitful relationship, you’ll experience a communication breakdown and disintegration of trust. And [...]
Being emotionally intelligent means being both smart and sentient. To think otherwise is, frankly, just not very smart. The door of awareness stands between your emotional and rational selves. When this door is closed, you make poor decisions––regardless of how smart you are. When the door of awareness is opened, however, the emotional and rational [...]
As an advisor, there are three traps you––and by extension, your clients––can get caught in: 1. Predicting the future 2. Executing perfect timing 3. Focusing on outperforming last year’s returns You could argue that these are simply goals and a reflection of confidence in yourself as an advisor. That may be true, but you’re also [...]
When clients (or potential clients) think about working with a financial advisor, it’s a monumental decision—unlike most other decisions they’ll face. What other product or service carries this level of emotional impact? Certainly buying a car or a house is an emotional event but doesn’t compare to turning over the trust regarding the fruits of [...]
It’s no secret that the biggest focus on retirement planning has been on how much your clients have, and how much they’ll need. It’s a critical issue—if your clients don’t have enough money once they retire (even if they choose to continue working on a part-time basis), they’ll end up facing unnecessary challenges just [...]
As many advisors know, I’m a big proponent of getting to know your clients before you even start to talk about investing their money. Part of the process includes understanding their goals and transitions (and how those are different from each other). But even before you do that, you need to understand the mindset behind [...]
Richard Beckel was recently quoted in an article in Financial Advisor: “…as business owners, financial advisors need to connect with their clients on an even deeper emotional level than they have ever had to before.” Beckel advises emphasizing client goals, not the advisor’s performance. In other words, focus on your clients by making them front [...]
A brand-new edition of Your Client’s Story: Know Your Clients and the Rest Will Follow is now available! As financial planning continues to evolve, the book is just as relevant now as it was when it was first published in 2005. Financial Planning recently reported that one of the top trends for financial advisors [...]
According to reporting in Financial Planning, consumers still don’t trust the financial services industry: just over one in three (36%) of 4,400 US adults polled said they “tend to trust” investment and wealth managers—the same percentage that said they “tend not to trust” them and that their “trust has to be earned.” The remaining 28% [...]
If your most important clients could grade you on the following listening skills report, how well would you score? My advisor gives his/her undivided attention when I am talking. A B C D E My advisor is tuned into me rather than thinking of his/her own response. A B C D E My advisor answers [...]
During the past year and a half (and counting), I don’t know anyone whose life hasn’t been impacted by the COVID-19 pandemic. As a result, many of us have experienced epiphanies and made positive changes to our lives. While not dismissing the terrible toll the pandemic has taken on many of us, I think it’s [...]
When most consumers purchase an item or service, they do comparative shopping. If it’s a house, you go online and search for comparable properties. The same can be said when shopping for a car or a household appliance. When I speak in front of a group of financial advisors, I’ll often ask them, “How many [...]
“The lack of money is the root of all evil."—Mark Twain As many of you know, the fifth edition of The New Retirementality was published last month. The book includes lots of new research (more on that below) and plenty of new-to-this edition material, while retaining the time-tested tools and concepts readers have enjoyed and [...]