Manage Your Practice
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The Dynamics of Saying "I'm Sorry" to Clients
Added on April 2014 in Manage Your Practice
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Summary: People make mistakes. And when the mistake maker is a financial advisor, and the error affects a client, experts say a clear and unambiguous apology is called for. The rewards are easy: client loyalty and trust that goes on for years to come,” writes Xenos. “Also, it helps you as an advisor clear your conscience and feel truer with the relationship.
Advisors: Are You Confident in Your Value?
Added on April 2014 in Manage Your Practice
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Summary: One of the biggest hurdles advisors must overcome in our industry today is having confidence in the value they bring to the table. If you’re not completely comfortable with how you position yourself and the way you communicate your value, it’s time to rethink your approach. Clients and prospects alike sense uncertainty and recognize when you don’t believe in your own message. Establishing a strong opinion and exuding confidence require digging a little deeper. So what can we do to improve our effectiveness? Here are a few tips to help boost your confidence and improve how you communicate your value proposition:
Planners Have Little to Fear From Robo-Rivals
Added on April 2014 in Manage Your Practice
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Summary: Instead of “disrupting” flesh-and-blood financial advisors, so-called robo-advisors may end up helping them — even as they take business away from traditional vendors, according to Nerd’s Eye View.
Jargon Watch: 9 Buzzwords to Avoid
Added on April 2014 in Manage Your Practice
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Summary: In order to be more transparent, financial advisors should strive to eliminate jargon when conversing with clients. Among the offenders cited: adding alpha, yield curves, basis points and efficient frontiers.We asked a few advisors to add the buzzwords that they thought confused clients -- and to offer us alternative phrasings where possible. Click through to see their list.
Look beyond financial planning schools to find the next superstar
Added on April 2014 in Manage Your Practice
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Summary: Advisory firms committed to hiring the next generation of financial advisers aren't limiting themselves to the narrow pool of financial planning degree candidates. ClearPath Capital Partners, which recently hired five soon-to-be college graduates, talks to anyone who is curious about the industry. One hire last year was a philosophy major who speaks Portuguese, Spanish and English. Two new hires are earning degrees in economics.
