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Issue #477
December 16, 2024 |
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Note: if images don't appear please enable "display / load images" in your email program. |
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“If you think you're going to win, it doesn't mean you're going to win. If you think you're going to lose, you will lose.” |
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Greetings,
Welcome to this week's Advisor Training newsletter. Our goal is to provide training, education and insights for those who adhere to our counter-cultural and sometimes counter-intuitive investment and business philosophy. |
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Main event: Getting Referrals, Part 1.
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Brief summary of Epiphany #51: Stand by Your Standards.
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Review of last week's quiz.
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Updates, News and Announcements.
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and much more..."
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3 Ways To Get More Clients For Financial Advisors |
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1. Adding more follow-up.
Most people simply will not convert the first, second, or third time they see you. You’re talking about financial advice here, not buying shoes or a pack of gum. This is serious stuff. Increase your follow-up and watch your business grow.
The good news is that following up is WAY easier than it was a decade ago. Did a prospective client see your post on social media? That’s a form of follow-up. Did that person get an email from your email marketing sequence? That’s a follow-up too. Do you have a podcast or YouTube channel that your prospective client consumes? Yep, that’s also a follow-up.
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2. Adding additional marketing strategies.
I discovered that many financial advisors tended to lean heavily into one or two marketing strategies. For example, several of the advisors I coached depended on referral marketing. It was easy as pie for me to add something like website marketing or social media marketing to create another stream of appointments. Other advisors had a strong online presence but hardly any offline presence. By adding offline strategies, they were able to get them more clients.
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3. Improving their list-building efforts.
More often than not, advisors would fall into one of these categories:
- They had no formal lists at all. They would either fly completely blind or try to keep everything in their heads. Merely creating lists was transformative for them.
- They had lists, but they were disorganized. They didn’t have any formal process for separating leads from prospects and prospects from qualified prospects (which is critical).
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#15 ― Nick Murray Interactive Newsletter |
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Read the monthly Nick Murray Interactive Advisor Newsletter (NMI).
This is the best training for professional Advisors. Read it, absorb it, and make notes for yourself. Pay special attention to counter-cultural investment principles, phraseology, aphorisms, and turns-of-phrase. |
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The Case for Dividend Growth: Investing in a Post-Crisis World by David Bahnsen
Nick Murray says:
"I think so highly of this book — and David — that I’ve bent my unbreakable rule never to provide jacket blurbs. The compounding of growing dividends is at the core of David’s investment policy. You will particularly wish to consider his recommended withdrawal strategy, which I’ve not seen anywhere else." |
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#16 ― Compliance and Freedoms |
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“Loyalty to a company only rewards the company. Investigating other opportunities that may be better for your business is what smart entrepreneurs do.” |
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- IP is very flexible, lenient and permissive.
- Expert compliance team versed in
all financial services industries who have dealt directly with FINRA and the SEC and resolved various compliance matters. Thus, you can rest assure that any issue you may experience in the future will be addressed with diligence and prudence.
- IP allows us to conduct business via email, video, phone or in-person. No geographic restrictions (must be licensed).
- Allow securities-related content on LinkedIn, Facebook, Instagram and X (via Global Relay).
- Centralized OSJ and administration from IP Corporate. No requirement to maintain a trade blotter, as the Home Office takes care of it.
- Annual compliance requirements are completed online at your own time .
- You can customize your own business cards and use the printing company of your choice. With approval, of course.
- You can customize your own client web site, with approval.
- They allow personalized branding (such as “*Wilson Wealth Management*”) subject to FINRA and SEC disclosure rules.
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On average, the market drops X%, Y times per year. |
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- -1% 3 times per year.
- -5% 4 times per year, and -15% once per year.
- -5% once per year, and -10% 3 times per year.
- -5% 3 times per year, and -10% once a year.
- -10% 2 times per year.
- -12% once per year, and -5% twice a year.
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Michael Paulding Thomas
Securities Principal & Advisor Development
Over three decades of training part-time and full-time financial advisors. Developed 2 $200k-earners, 10 $100k-earners, 15 part-time $50k-earners and built a $1.6M revenue sales force.
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