The more I review the research, the more convinced I am that giving advice in almost every context is ill-advised. But I’m receiving a lot of advice these days.
Intellectually, I’m confident the virus will be contained, the economic stimulus (when it’s passed) will reinvigorate the economy and this crisis will pass. The market will eventually recover. Emotionally, I’m terrified.
Unfortunately, the premise underlying your advice may be flawed. You might be doing your clients (and yourself) a terrible disservice.
Why do good people make bad choices? There are plenty of examples of bad conduct, both in the security industry and by corporate titans.
I didn’t know Clayton Christensen and I hadn’t read any of his writings. He was a Harvard professor best known for writing The Innovator’s Dilemma. He died on January 23, 2020 at age 67.
Sometimes life is an endless exercise in trying to attain goals that are just slightly out of reach. Even when we reach those goals, we’re not satisfied. We set new ones and repeat the process. But I’ve found a surprising “happiness hack” that breaks this cycle.
If you do any of the things below, you are on the “sales prevention team.”
The essence of the activities we enjoy – how we have “fun” – reveals a key personality trait. Identifying that trait and that of your prospects and clients is critical to providing good advice.
The typical vendor agreement is often one-sided and fundamentally unfair. I don’t sign them and neither should you.
The benefits of solitude are rarely discussed.
New research confirms that more formal, expensive clothes consistently convey positive images of competency and trustworthiness than a less formal, cheaper wardrobe.
Many advisors haphazardly update their websites. Here are the five costliest mistakes I commonly see.
Communicating your expertise in solving a prospect’s problems seems like an important step in gaining their trust. But if you communicate in the wrong way, you’re much more likely to destroy trust than create it.
Given the undeniable benefit of being sincere, it’s surprising how often we retreat to the use of clichés, which denote a lack of genuineness. Using these phrases demonstrates laziness and very little thought.
What follows is an interview I conducted with an experienced financial advisor at an anonymous, major brokerage firm. It shows how easily someone can transition from a commission-based, stock-picking mindset to acting as a true fiduciary.
I’ve learned my goal-oriented focus had a negative impact on my happiness. It took an artist and a lizard to show me a better way.
If your ego is too loud, it stops you from reaching your goals and having a happier, more fulfilling life.
Few of us realize the anxiety-ridden mindset that drives prospects to seek a financial advisor. If they did, they would structure their initial meetings very differently.
It’s difficult to put your ego aside and focus on the other person. I confront this every day. But sometimes I fall into a vicious trap that advisors, as well, must avoid.
Therapists and accountants are valuable resources. They have confronted the issues we experience during our lives. But that’s not why I’m recommending you see a therapist.
Because you’re an expert on all things financial, you may believe you know what’s best for others – in their financial lives and otherwise. But it’s unlikely you do. The culprit is your inability to communicate effectively, as these “bloopers” illustrate.
I like to think I’ve learned from my mistakes, of which I’ve made plenty. Recently I reflected on what’s worked and what hasn’t. Here are two rules that have endured.
Most advisors tell you they are “tech savvy” and utilize the latest technology. That may be true, but I have a couple of suggestions you may not have considered.
New research confirms that the impact of what we wear on first impressions is indisputable.
An article in the New York Times guided those who want to be charismatic. It’s an interesting subject, but the goal is wrong. Here’s why.
Here is a very counter-intuitive – but powerful and respectful – way to convert a prospect into a client.
We lead busy personal and professional lives that place heavy demands on our time. But it’s a mistake to quickly say “no” to something that might not offer immediate benefits.
Recently, while on a trip to the west coast, disaster struck. I felt an acute toothache that I immediately knew needed a root canal. That experience taught me something about gathering AUM.
Changing ingrained patterns of interacting is difficult. Here are some tips to get you started.
Advisor conferences are great for learning about complex investment and planning topics. But they fail to offer sessions that would give advisors the tools to use this knowledge effectively.
What if I told you that I found a way to schedule my work so that I could do everything – without sacrificing quality – and get an extra six and a half weeks of vacation every year? Don’t believe me? Read on.
My guest today has worked with thousands of advisors in his role as a coach, consultant and public speaker. He has written that when he meets an advisor, he can tell within the first few minutes whether he or she is or will be successful. What is amazing is that he says it’s not difficult. He looks for only one trait.
The more you talk, the more pain you inflict. The more your prospect speaks, the better they feel about themselves and about you.
Fees are the easiest way to lose a prospect. But high fees aren’t necessarily the turn off. It’s how you broach the subject of fees with a prospect that has the potential to lose you business.
The most thoughtful and comprehensive financial plans will be derailed by an extreme, but unfortunately common event…
Advisors frequently tell me how baffled they were when they didn’t convert a prospect. Often they say something like, “It was such a great meeting. I have no idea why I didn’t land them.” I have the answer.
The advisors I meet are true professionals and fiduciaries. They are caring, thoughtful and very knowledgeable. That doesn’t mean that rendering financial advice is a “profession.”
I decided to research worrying to find out if my angst was serving any useful purpose.
I want to share an impressive study on happiness. The ramifications of its findings are profound.
When I meet an advisor, I can tell within the first few minutes whether he or she is or will be successful.
Implementing these strategies has made me less anxious and happier.
Many of us lack curiosity when it comes to learning about other people. Filling this gap will increase your AUM.
Advisors sometimes want to make their religion a focal point of their website. This issue has a lot of ramifications and led me to do some research, which I’d like to share with you.
I know many advisors. It’s a challenge to determine what traits differentiate the successful ones from their peers. But I’ve found the answer.
To maximize my happiness, I need to control my state of mind. This is easier than you think.
A new book, Invisible Women, Data Bias in a World Designed For Men, by Caroline Criado Perez, exposes the systemic discrimination women face in the workplace and in their everyday lives.
Writing content for faith-based advisors is both challenging and rewarding. Here are some issues you should consider.
I was surprised to learn that gender discrimination has afflicted the careers of far too many female economists.
I’ve found compelling and troubling evidence that discrimination against women is more pervasive than I previously thought. It’s also subtle.
Fees are the root of most client conflicts. Clients say they are too high and you defend them based on the value being added. An interesting study provides insight for how to handle these (and other) conflicts.