1. Never Hear, “I Already Have an Advisor.” Again.
The dreaded, “I already have an advisor.” This statement from a prospect will stop most advisors in their tracks. How would you like to reduce the chances of hearing that unwelcome phrase to almost nil? Simply assume that everyone you meet already has at least one financial advisor with whom they’re working. Starting off from that assumption will usually disarm your prospect – at least to some extent. — Bill Cates
2. Advisors: Increase Your Revenue Without Increasing Your Number of Clients
How does a team of successful advisors scale their business, and increase equity and value, to make it more efficient? In other words, how do you scale your practice from 75 million to 150 million to 300 million or more? Or a 300 million practice to 500 million+. No matter what the numbers are, or revenue, you know what to do but do you know how to do it? — Grant Hicks
3. From Consumer Sentiment To Unemployment – The Parallels
On Friday, February 24th, the most recent reading of the University of Michigan Consumer Sentiment Index was released. It came in at 67.0 for February, an increase from January’s reading of 64.9. As the name implies, the University of Michigan Consumer Sentiment Index measures consumer “sentiment” in the United States. Higher numbers suggest a more positive sentiment; lower numbers indicate a more pessimistic view. — Jim Colquitt
4. 10 Mistakes That Advice Businesses Keep Making
So many advisory firms do not realise their potential, and the top mistakes which hold them back are more often than not nothing to with their ability to be great advisers. They tend to fall into the category of being basic commercial mistakes. So the main mistakes that advice businesses keep making is to “not run it like a business”. — Tony Vidler
5. The Crucial Working Habits Advisors Must Master To Be Successful
In recent posts, we have outlined why financial advisors must master critical habits for prospecting, calling, and selling, without which success can be elusive. However, while you may identify as a financial advisor, you are, first and foremost, a businessperson. You can have all the best habits for prospecting, calling, and selling, but you need to have the vital working habits of a successful businessperson or entrepreneur to help you in the long run. — Don Connelly
6. Income or Insurance: What Is Your Antidote?
Bond investors may still be picking up the pieces after last year; however, a closer look would suggest today’s bond market looks a lot different than a decade ago. For much of the previous expansion, fixed income was poisoned by slow growth, low inflation, and ultra-accommodative central bank policy which kept yields low. As a result, investors received very little income and insurance from their fixed income holdings and looked to other alternatives to meet their income and return goals. Today, for investors seeking both income and insurance, bonds can be an antidote. — Jordan Jackson
7. International Women’s Day 2023: Firms Must Do More Than Virtue Signaling
Companies must do more than virtue-signalling on International Women’s Day (March 8) and commit to taking measurable steps to improve gender equality in the workplace, affirms the Chief Operating and Diversity Officer at one of the world’s largest independent financial advisory, asset management and fintech organiszations. — George Prior
8. Networking: 11 Places to Find C Suite Executives
You want HNW individuals as clients. Maybe you raised the stakes, seeking only UHNW individuals. C-suite executives fit this description. The challenge is finding them. Since they lead busy lives and realize they are everyone’s ideal prospect, they will pay for privacy. Where do you find them? — Bryce Sanders
9. 3 Areas of Emphasis for Advisors Working With Female Clients
Men and women share plenty of financial objectives, but there are also marquee differences between these two groups. It behooves advisors to acknowledge those differences because differences mean opportunity and that’s true of establishing relationships with female clients. — Todd Shriber
10. Forget ChatGPT. This Is the Real AI Winner ...
Artificial Intelligence (AI) is one of the hottest buzzwords on Wall Street right now. Ever since AI chatbot ChatGPT burst onto the scene in November, any stock even remotely related to AI has soared. I even warned a bubble was forming in “pure play” AI stocks in February. These stocks include C3.ai (AI), SoundHound AI (SOUN), and BigBear.ai (BBAI). But ChatGPT is just the tip of the iceberg. — Stephen McBride
11. Gen Zers Are Overly Optimistic About Being Wealthy
Gen Zers, according to a recent Magnify Money survey, are overly optimistic about being wealthy. In fact, according to the survey, they are THE most financially optimistic generation. To wit: “Nearly three-quarters (72%) of Gen Zers believe they’ll become wealthy one day, making them the most financially optimistic generation.” — Lance Roberts