Breakaway Brokers

Advisors tell me that my research into neuroscience and decision making has helped them close prospects and grow their practices. But its most profound impact has been from conversations I’ve had with my wife.

The pursuit of growth requires the belief that it’s possible, which is another way of saying you need confidence.

Until I did the research for this article, I didn’t realize there was something called the “damsel in distress” syndrome. It’s technically defined as, “where you feel compelled to ‘rescue’ your partner, often at your own expense.”

Ask 10 people in the advisory profession what a “hybrid” is and you will get 10 different answers.

I frequently get calls from advisors with this request: “How do I make the phone ring?”

Facing off with clients at the end of a review meeting with a referral request makes everyone squirm. Those days are over, at least for my clients.

If you’ve never commented on a stranger’s post, then it’s time to start!

For almost three decades the acronym TAMP, for turnkey asset management program, has stuck. It’s time to kill it.

Until clients start asking for someone to change their behavior, stay focused on what they want and slip in what you know they need.

Over dessert, one of our dinner guests shared a difficult experience they were having with their adult son.

Let’s look at six ways wealth management firms can improve their client engagement.

I’ve coached many advisors over the years and spoken to thousands of others. Here’s what I’ve learned.

What can we take from the pandemic and adopt strategically to create the optimal client experience?

You can enhance the lives of others by being one of the few people who shows a genuine interest in them.

We aren’t crass or insulting, but we like to poke fun and give one another a hard time about things we do wrong.

A common question I am asked by advisors who want to learn more about the RIA model is how do the payouts work? Is it really 100%?

You may think you know what’s of interest to your prospect, but you are probably wrong.

My concern is that 90% of our clients who are very happy with our relationship are not referring. We want to implement an initiative to grab the attention of these clients and help them help us grow.

These are the four outcomes you should strive to achieve while considering if, when, and with whom to make what will be the most important decision of your career.

Several misconceptions about going independent leave advisors fearful about making their next career move.

The financial stress from starting a new advisory firm is no joke, and it sets up outcomes that are potentially disastrous for everyone involved. Here are six ideas for how to start an RIA firm today without living in poverty and having to eat cat food.

To understand what drives a prospect to choose you as an advisor, consider what happens when a vendor tries to sell you a service.

Advisors need to permanently adopt digital advantages while preserving the unique value of in-person advising. Here are the 10 signs that it’s time to go at least partially digital for good.

Financial advisors should not shy from thinking of themselves as salespeople. It has been said that if it weren’t for salespeople, the world would be a giant warehouse.

Here are several ways you can make yourself a household name in your area, and they don’t involve throwing thousands of dollars at an advertising budget.

Summer is a good time to sit down and reflect on what you would like to see happen in the fall and 2022.

I have acted against my self-interest and benefitted. Let me share these examples and provide takeaways.

Once on Zoom, our new team member took a call from a friend. He didn’t mute fast enough, and we heard him say “Yuh, I’ll be there Saturday night.”

There is a significant difference among the members of social media platforms. If you’ve seen little ROI from social media, you are spending too much time or money on the wrong platform.

By not recognizing Naomi Osaka’s mental health status, the tennis bigwigs made a fundamental error.

How do I manage my boss, who is not a nice person?

Here are the top five reasons to convert to a referral-only practice.

To improve your sales skills, gain confidence, and act with intention, consistency and the ability to influence, there is one key activity you must pursue.

Many physicians worry that their current retirement plan does not meet their retirement savings goals.

Now that people are going out and it is more normal, we’d like to do a client event.

I live and breathe my process. I’ve taught it to thousands of advisors all over the world. Yet I slipped.

Keeping that broker-dealer license comes with costs, both financial and emotional, in the form of two sets of compliance obligations.

The disclosure of the personal income and tax data of some of the wealthiest Americans has been referred to additional federal investigators to probe the leak of confidential information, an Internal Revenue Service official said.

While we continue to assist our clients with digital marketing, we recently explored another strategy, which has fallen out of favor and been eclipsed by social media initiatives: Traditional public relations.

My financial advisor coaching clients have been suffering from clutter overload, some to the point of reverting to the tiniest space in their home office just to get away from the overwhelm.

Here are 10 questions to ask yourself as you assess the CRMs available in the Golden Age of FinTech.

There is a question you are uniquely ill-suited to answer.

I’m making a bold claim: Data should be the top driver of your marketing strategy.

Here are examples of seven specific areas to focus on to turn clients into promoters.

President Joe Biden’s push for the first major federal tax increase since 1993 now rests on the shoulders of Richard Neal.

Instead of focusing so much time on promoting your own content, focus on improving audience engagement.

Advisors are lacking when it comes to using the internet to spy on people. Start conducting reconnaissance, and then use these three techniques.

To see growth in your clientele as an advisor, here is my list of email marketing trends.

The entrepreneurial culture and meritocracy of the wealth management is what makes this profession unique. But have you ever wondered what we could learn from other industries?

Traditional succession plans have two main downfalls.

While no advisor wants to take on an unprofitable client, setting a rigid, initial barrier based on minimum account size may not achieve that goal.

Do you understand the depth of information in your client roster and the hidden intelligence, even treasures, that live there?

I've come to realize that my highest value is freedom – I want the ability to do what I want to do, when I want to do it.

We have had multiple conversations with our advisors about asking for more referrals. But our clients are older – in their 70s.

I have taken a consistent position on the “value” issue: Don’t explain your value or justify your fee unless you are expressly asked.

Our research has determined several factors that influence how often content converts a prospect to a client.

want to explore referrals from a new angle – from the mind of the referrer – to shed light on the psychology to inform your approach.

A wealth tax “crosses the line and is unnecessary,” according to Ray Dalio.

It’s your responsibility to make it easy for people to refer you.

Do I let this go? Do I confront him? What if he makes it seem like I was the one who was guilty of the misunderstanding?

Much has been written about the need to justify your value. Once you buy into this premise, there’s no end to the advice about how to do so. But it’s a terrible idea.

Fear of rejection ranks high, but there’s more than one way to get referrals.

This is the fifth (and last) part in a series about my late partner, Emery Kertesz.