, , , ,

How to improve the quality of your client referrals received

, , , ,
How to improve the quality of your client referrals received

This blog post explores the importance of improving referral quality for financial advisors. While receiving referrals is typically viewed positively, advisors often encounter referrals that don't align with their target client profile or fail to convert into actual clients. The post highlights three key factors contributing to this issue. Firstly, the lack of clarity on the advisor's niche market, emphasizing the need for a specific and well-defined ideal client. Secondly, referrals driven by niceness rather than suitability, necessitating client education on making appropriate referrals. Lastly, the importance of strong sales coaching and consultative skills to effectively convert referrals into clients. Addressing these factors can optimize referral processes, attract ideal clients, and foster business growth.

, , , , , , , ,

The Best Social Media Strategy for Financial Planners and Financial Advisors

, , , , , , , ,
The Best Social Media Strategy for Financial Planners and Financial Advisors

More than half of the world currently uses social media (62.3%). 5.04 billion people around the world now use social media, with 266 million new users coming online within the last year.What’s more: The average daily time spent using social media is 2h 23m! So how can financial advisors and financial planners maximize their social media marketing strategy so they can better engage with their clients and find new prospects? This article goes into some strategies and methods!

, , , , ,

Marketing Recommendations from One Attorney to All Advisors

, , , , ,
Marketing Recommendations from One Attorney to All Advisors

In this interview, we speak with Eido Walny, who has some best practices and marketing strategies can be applied to any practice looking to get its name out through referrals and networking.

, , , , , ,

Conquering the Cocktail Party: Six Steps for Effortless Mingling

, , , , , ,
Conquering the Cocktail Party: Six Steps for Effortless Mingling

Networking is crucial for career development and business growth. Mastering networking skills leads to valuable connections and opportunities. Strategies include making connections during introductions, confidently approaching groups, excelling at small talk, avoiding controversial topics, and knowing when to move on.

, , , ,

47% of your clients are waiting til you ask them for a referral

, , , ,
47% of your clients are waiting til you ask them for a referral

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.

, , , ,

Use Gamification with Your Clients and Team for More Growth

, , , ,
Use Gamification with Your Clients and Team for More Growth

Gamification is a powerful tool that can enhance performance and growth in finance, law, and accounting. By applying game mechanics to non-game contexts, it drives engagement and motivation. This article highlights the benefits of gamification and offers five strategies for financial and legal professionals to implement. These strategies include referral contests, financial education quizzes, thought leadership contests, and more. Gamification can increase engagement, improve knowledge retention, foster collaboration, provide real-time feedback, and support continuous learning and development. By embracing gamification, professionals can create an exciting and dynamic workplace culture while empowering their teams to succeed.

, , ,

Best questions to ask your team during your sales/pipeline review meetings

, , ,
Best questions to ask your team during your sales/pipeline review meetings

Managing a sales team, or developing a new one, can be frustrating, especially if you don’t know how to best coach your team around sales to develop their pipeline. In this article, we’ve outlined 10 questions to help shape your meetings for better outcome. Learn why we are the best sales training firm for advisory firms and wealth management RIAs

, , , , ,

How to Motivate Advisor Teams With Creative Compensation (Comp) Structures: Amy in Barron's Podcast

, , , , ,
How to Motivate Advisor Teams With Creative Compensation (Comp) Structures: Amy in Barron's Podcast

Amy Parvaneh was recently published in Barron’s, and recorded for Barron’s Advisor Podcast, about compensation and pay packages that are most suitable for advisory teams and firms around business development. In the recording, she discusses the downfalls of the traditional revenue split, and how to best align your team’s roles and responsibilities (including around business development) with their personality.

, , , ,

Wealth Management Firms: Different Compensation Structures for Your "Sales" Team

, , , ,
Wealth Management Firms: Different Compensation Structures for Your "Sales" Team

How to pay your staff for business development as an RIA? What are the different compensation models for RIA’s for bringing in new business? What are the various comp structures for wealth management firms? Learn about salary, bonus on leads, bonus on activity, etc. This article explains it all!

, , , ,

5 Client Segmentation Structures to Revolutionize Your Advisory Practice

, , , ,

Feeling overwhelmed about the lack of categorization and organization in your client base? Given two finite resources, time and labor, as an RIA, wirehouse advisor or tax advisor, it’s important to put clear lines between the types of clients you serve and want to acquire, the service quality you provide to each, and your fee plans.

As seen in Kitces: Why The Best Sales Training Approach Depends On Your Unique Sales Personality Style

As seen in Kitces: Why The Best Sales Training Approach Depends On Your Unique Sales Personality Style

Read our latest white paper published on the Michael Kitces website. Sales training programs should be designed around an advisor’s specific personality type. Learn about the three Consultative Sales Personalities our firm has identified, and specific strategies each of those personality types can employ to turn your unique challenges into business development advantages.


, , , ,

Social Media for Investment Advisors and Wealth Managers

, , , ,
Social Media for Investment Advisors and Wealth Managers

In this article we discuss social media strategies for financial advisors in 2023, and ways to help them grow their brand and community using Linkedin, Instagram and other platforms.

, , , , , , ,

Financial Advisor Marketing and Branding Solutions

, , , , , , ,

In this video we discuss storyselling strategies for financial advisors, best ways to get more referrals, marketing strategies and branding ideas for wealth management firms and a lot more.

, , ,

Investors are Feeling a Case of the Ostrich Effect...why that's bad for business

, , ,
Investors are Feeling a Case of the Ostrich Effect...why that's bad for business

The Ostrich Effect is a social science theory that helps us understand what information people are interested in receiving, and what content they will avoid. Learn how using this theory can help you find new clients.

, , , , , ,

Bedside Manners: One of the biggest skills you can gain in your career

, , , , , ,
Bedside Manners: One of the biggest skills you can gain in your career

Have you ever heard of the term “bedside manners” when it comes to doctors? We all know that we don’t want our doctor to just know how to do his job right; we want him to communicate with us and help us feel better emotionally. This is what we call “Soft Skills,” and we can all benefit from it to stand out in our profession.

, , , ,

The most critical Soft Skills for more people to trust you

, , , ,
The most critical Soft Skills for more people to trust you

There are some people in this world you have never met but somehow deem as trustworthy. For each of us, that person is different. But what are the skills these people have to make so many people trust them, even though we have never met them? In this article we disclose some of those top skills, which you can develop as well!

, , , , ,

Which personality test is best for my team and company goals?

, , , , ,
Which personality test is best for my team and company goals?

You’ve heard about Big Five, DiSC, HEXACO, Myers-Briggs, StrengthFinder, Eysenck and Minnesota Multiphasic Personality. In this article we will share with you our favorite personality test for leadership and sales, which is none of these, and how it can help you make critical decisions around your business.

, ,

Financial Advisor Prospecting and Marketing in a Bear Market

, ,
Financial Advisor Prospecting and Marketing in a Bear Market

Tools and strategies for financial advisors to grow their practice during a bear market, or a period of heavy uncertainty, such as a leadership change or M&A. At the core of this will be your mindset, emotional state and your level of optimism and energy.

, , , , , ,

Serena Williams' Dad's 85 Page Business Plan to his daughters' success

, , , , , ,
Serena Williams' Dad's 85 Page Business Plan to his daughters' success

This story is about visualizing the most impossible dream, and mapping out a business plan to make it come true. It is a fascinating story about consistency and following a blueprint, which has helped two families from across the world groom world champions.