Have you ever experienced a slow computer? The solution is often to clear the cache, which rids it of unnecessary data and permits it to function more efficiently. The same principle applies to your brain.
We have choices when we meet others, but most people aren’t aware of them.
I had a recent experience when I became a client and experienced what it was like to be on the other side of the table. It taught me a lesson about fees.
You don’t control the spread of COVID-19 or the timeline for when an effective treatment or vaccine will be available. You can control your expenses.
I’ve had three experiences with vendors seeking to assist with my new book. Check out the stories. They illustrate the need to adapt and be flexible.
The pandemic has profoundly changed our lives, sometimes in unexpected ways. I wanted to share some of my personal experiences with you in the hope you might find them useful.
In some respects, my “new normal” is better for me than the old one.
When the harsh reality of the pandemic hit, I took stock of my own situation. A declining portfolio was the least of my concerns.
What protocol do you follow to assist your clients during these difficult times? Is it supported by peer-reviewed evidence?
A by-product of the current crisis is that it’s caused me to consider more carefully about what I’m communicating and how I’m doing it.
The single biggest barrier to establishing trust in a new relationship is the lack of reciprocity.
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.
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.