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Summary: Social media has made the opinions of others even more important to our decision making and advisors should pay attention. Consumers used to depend mainly on two factors when making a buying decision: Prior preferences or marketing, according to a recent article in the Harvard Business Review. In the past a third factor, other people’s opinions, had been only a minor influence. But with the rise of social media, the opinions of others have become a dominant force in purchasing decisions. Research indicates that this is especially true for purchases that involve higher levels of service interactions
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Summary: Top financial advisors overwhelmingly prefer to work in teams. Of the recently published FT 300 ranking of elite RIAs, 89% are in teams. And among FT 400 advisors — those employed by a large broker-dealer — nearly 86% belong to a team.
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Summary: A core characteristic of successful financial advisors is their never-ending commitment to their clients. Clients are the lifeblood of a thriving practice, so it’s only natural for us to devote most of our time to helping them achieve their financial goals. Yet this single-minded focus can be an Achilles heel that keeps us from another crucial activity: personal branding.
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Summary: Over the past century in the U.S. and much of the western world we have witnessed the rise of the "Culture of Personality" where we focus on how others perceive us. The extroverted ideals of charisma, salesmanship and an outgoing nature are celebrated as key traits of leadership, and introverts are...well, encouraged to be more like extroverts. Yet a growing base of research suggests that the extroverted ideal may not be all it's cracked up to be.
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Summary: I am fascinated by the disconnect between what advisors say to persuade prospects to become clients and what data indicate would actually work. The truth is that most of us need to radically change our approach to prospect meetings.
