The number one constraint holding us back from growing our practice is time. With so many obligations, from family to client servicing, it seems like a waste of time to go to a networking event or take out a referral source to yet another lunch. Read this article we published in Barron’s to hear our views and recommendations for better managing your time.
Women are poorly represented among the nation’s fastest growing and largest financial advisors. Even when there are no external roadblocks, women are often stymied by self-doubt: With one or two rejections, they decide this just isn’t for them. But there’s a deeper obstacle, one that I’ve seen consistently in my own successful advisory career and now as an advisor coach. Very simply, most women are afraid to bring out their persistent, more forceful nature—they’ve been conditioned to keep it under wraps. But that nature is essential to get in front of more opportunities and close business. Here's how to conquer that.
Prospecting in the wealth management industry, if done properly and with good intentions, simply means finding more people to educate. Period. It shouldn't feel daunting, it shouldn't feel uncomfortable, it shouldn't feel intrusive.
According to recent research reports, there are over 11 million millionaires in the US alone. Furthermore, every day, new millionaires and liquidity events are in the making with the advent of technology, ease of starting a business, more divorce cases, more women breaking the glass ceiling and taking on high-paying roles, and much more.
There are so many ways for wealth managers to get in front of such families and individuals in order to showcase their platform offerings and solutions. With investors more confused than ever about the future of the economy, their income status, risk management, cybersecurity, family dynamics planning and legacy structuring, etc, financial advisors who can find better ways of getting in front of these prospective investors are only helping educate more people in this world.
Yet, most advisors I speak with keep telling me their only approach for growing their practice is through referrals.
As powerful as referrals may be, they are also like hanging on a shoestring. Unpredictable and out of our control. Here's the good news! Referrals will actually significantly increase if advisors diversify their approach and show more proactiveness in prospecting. As you look for alternative ways to grow your practice, not only will you increase your pipeline of prospects, but you will also be rewarded with more referral opportunities. It's just how the universe works! The harder you work, the more your luck will increase. Can anyone disagree with that?
The topics on this video about prospecting and connecting with ultra high net worth prospects will be what I will go much further into in our upcoming Prospecting Workshops, but I wanted to show this to you so you can get some background information.
By Amy Parvaneh
I had the pleasure of being on Michael Kitces' Financial Advisor Success podcast. Podcasts are new to me, but a great avenue for getting my message out to those who don't have the patience to sit down and read a long blog!
Michael speaks at 50 – 70 conferences every year to try to share his knowledge with other advisors, and his Nerd’s Eye View blog reaches more than 200,000 unique visitors every month.
It was an honor to be asked by him to speak about my experience as a financial advisor when I first started out, my success stories, as well as best practices that I see with advisors as a coach to them.
Sometimes, the best marketing collateral you need is yourself. Take some risks by doing something very simple: Being you! This can not only intensify your existing client relationships, but it can help showcase to your potential clients why you are different than their existing advisory relationship.
This interesting research paper from 2014 captures major insight into the behaviors and circumstances that would trigger wealthy clients to refer friends and colleagues to their wealth manager.
According to a study by SEI, 47% of your clients will eventually make a referral. Another 47% will not...until you ask. But how can you ask without the question falling flat on its face, and avoiding the typical response of "If I think of someone, I'll let you know"? We answer this important question in this story.
Many advisors have large a large pipeline, but can't seem to close much of it. How can we be helpful? Please watch our video, and fill out our Discovery Questionnaire to get our customized feedback!
At the end of the day, as financial advisors, we get paid to converse. While questioning and listening skills are typically seen as "softer skill", it is the act of better "story selling" that will allow advisors to learn more about their clients, uncover more opportunities to help them, and more quickly discover who within their circle can benefit from your services as a wealth manager.
Advisers perform best when they align their sales personalities with colleagues within their firm.
As seen in Investment News, April 2017
By Amy Parvaneh
As seen in RIABiz, January 2017
By Amy Parvaneh
Remembering your value busts up the dilemma of selling within a circle of friends.
Age: 54
Chairman and CEO, Google
The advice that sticks out I got from John Doerr, who in 2001 said, "My advice to you is to have a coach." The coach he said I should have is Bill Campbell. I initially resented the advice, because after all, I was a CEO. I was pretty experienced. Why would I need a coach? Am I doing something wrong? My argument was, How could a coach advise me if I'm the best person in the world at this? But that's not what a coach does. The coach doesn't have to play the sport as well as you do. They have to watch you and get you to be your best. In the business context a coach is not a repetitious coach. A coach is somebody who looks at something with another set of eyes, describes it to you in [his] words, and discusses how to approach the problem.
Once I realized I could trust him and that he could help me with perspective, I decided this was a great idea. When there is [a] business conflict you tend to get rat-holed into it. [Bill's] general advice has been to rise one step higher, above the person on the other side of the table, and to take the long view. He'll say, "You're letting it bother you. Don't."
--Interview by Adam Lashinsky
