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Ineffective Habits of Financial Advisors (and the Disciplines to Break Them)


Ineffective Habits of Financial Advisors (and the Disciplines to Break Them)

A Framework for Avoiding the Mistakes Everyone Else Makes
1. Aufl.

von: Steve Moore, Gary Brooks

22,99 €

Verlag: Wiley
Format: PDF
Veröffentl.: 05.10.2010
ISBN/EAN: 9780470930120
Sprache: englisch
Anzahl Seiten: 256

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Beschreibungen

<b>A how to guide to avoiding the mistakes ineffective financial advisors most often make</b> <p>Based on a 15-year consulting program that author Steve Moore has led for financial advisors, <i>Ineffective Habits of Financial Advisors (and the Disciplines to Break Them): A Framework for Avoiding the Mistakes Everyone Else Makes</i> details proven techniques which allow advisors to transform their business into an elite practice: business analysis, strategic vision, exceptional client service, and acquiring high net worth clients. Told through the story of a purely fictional and completely average financial advisor, each chapter begins with an ineffective habit that is then countered with a discipline that improves business results and adds value. The book<br /> </p> <ul> <li>Details a step-by-step strategy for working through current clients, rather than relying on cold calling to form new relationships</li> <li>Includes anecdotes collected through both personal experience and stories relayed to him by clients and colleagues</li> <li>Provides question and answer segments, examples, and homework assignments</li> </ul> <p><i>Ineffective Habits of Financial Advisors (and the Disciplines to Break Them</i> shows you how to deliver exceptional service while generating higher revenue per client.</p>
<p>Foreword x</p> <p><b>Introduction: Setting the Stage xiii</b></p> <p>Business Disciplines xvii</p> <p>Ineffective Habits of Financial Advisors and the Disciplines to Break Them xviii</p> <p>The Framework of the Book xxi</p> <p>Insights xxi</p> <p>Decisions xxiii</p> <p>Actions xxiv</p> <p>Acknowledgments xxv</p> <p><b>Chapter 1 Stop Living Their Dream and Start Living Your Dream 1</b></p> <p>The First Ineffective Habit: Living Their Dream 1</p> <p>The First Discipline: Start Living Your Dream 3</p> <p>Insights 4</p> <p>Purpose: The Primary Reason for the Work You Do 4</p> <p>Business Goals: Specific Objectives That Support Your Purpose 6</p> <p>Guiding Principles: The Rules That Guide Daily Decision Making 23</p> <p>Vivid Description: A Narrative of the Business Success You Intend to Create 29</p> <p>Decisions 32</p> <p>Determining Your Purpose 32</p> <p>Determining Your Business Goals 33</p> <p>Determining Your Guiding Prinicples 33</p> <p>Determining Your Vivid Description 33</p> <p>Determining How You Plan to Keep the Dream Alive 34</p> <p>Actions 35</p> <p>Chapter Summary 37</p> <p><b>Chapter 2 Stop Focusing on Quantity of Clients and Start Focusing on Quality of Clients 41</b></p> <p>The Second Ineffective Habit: Focusing on Quantity of Clients 41</p> <p>The Second Discipline: Start Focusing on Quality of Clients 43</p> <p>Insights 43</p> <p>Target Market 44</p> <p>Service Focus 51</p> <p>Competitive Differentiation 51</p> <p>Decisions 60</p> <p>The Common Sense Principle 60</p> <p>Actions 61</p> <p>Chapter Summary 62</p> <p><b>Chapter 3 Stop Hoarding Unprofitable Clients and Start Disengaging Unprofitable Clients 65</b></p> <p>The Third Ineffective Habit: Hoarding Unprofitable Clients 65</p> <p>The Third Discipline: Start Disengaging Unprofitable Clients 67</p> <p>Insights 68</p> <p>Segment 1: The 20 to 40 Percent That Represents 1 Percent of Revenue 73</p> <p>Segments 2 and 3: Others You Are Considering for Disengagement 77</p> <p>Decisions 81</p> <p>Actions 81</p> <p>Chapter Summary 83</p> <p><b>Chapter 4 Stop Providing Only Investment Advice and Start Providing Wealth Management Advice 85</b></p> <p>The Fourth Ineffective Habit: Providing Only Investment Advice 85</p> <p>The Fourth Discipline: Start Providing Wealth Management Advice 87</p> <p>Insights 87</p> <p>Start Providing Your Top 20 Percent with Wealth Management Advice 89</p> <p>Step 1: Determine the Clients to Reengage with Wealth Management 90</p> <p>Step 2: Have a Deep Re-fact Meeting with Your Clients 91</p> <p>Step 3: Financial Planning 97</p> <p>Step 4: The Wealth Management Solution 98</p> <p>Step 5: Present the Wealth Management Solution—The Financial Vision Document and Client Engagement Roadmap 106</p> <p>Decisions 107</p> <p>Actions 108</p> <p>Chapter Summary 110</p> <p><b>Chapter 5 Stop Delivering Only Investment Reviews and Start Delivering WOW Wealth Management Reviews 113</b></p> <p>The Fifth Ineffective Habit: Delivering Only Investment Reviews 113</p> <p>The Fifth Discipline: Start Delivering WOW Wealth Management Reviews 116</p> <p>Insights 117</p> <p>Client Needs Analysis 118</p> <p>Client Satisfaction Window 119</p> <p>Building the WOW Review System 132</p> <p>Decisions 136</p> <p>WOW Wealth Management Review Package 136</p> <p>Actions 137</p> <p>Chapter Summary 139</p> <p><b>Chapter 6 Stop the Rainmaker Approach and Start the Team Approach 141</b></p> <p>The Sixth Ineffective Habit: The Rainmaker Approach 141</p> <p>The Sixth Discipline: Start the Team Approach 143</p> <p>Insights 143</p> <p>Team Core Competency Audit 143</p> <p>Team Development Evaluation 146</p> <p>Team Alignment and Empowerment Evaluation 147</p> <p>Internal Challenges 150</p> <p>The Organizational Structure of the Team Approach 151</p> <p>Role Clarity 156</p> <p>Managing the Team Approach 159</p> <p>Coaching the Team 168</p> <p>The Acquisition of Talent 175</p> <p>Team Incentive Compensation 177</p> <p>Create a Best-of-Kind Team of Experts and Suppliers 179</p> <p>Decisions 180</p> <p>Actions 181</p> <p>Chapter Summary 183</p> <p><b>Chapter 7 Stop Selling to Prospects and Start Selling through Clients 187</b></p> <p>The Seventh Ineffective Habit: Selling to Prospects 187</p> <p>The Seventh Discipline: Start Selling through Clients 189</p> <p>Insights 189</p> <p>Client Introductory Event 195</p> <p>Center-of-Influence Marketing 197</p> <p>Managing the Sales Pipeline 201</p> <p>Qualify a Call-In Lead 201</p> <p>Fact Finding, Planning, Solutions 202</p> <p>Decisions 203</p> <p>Actions 203</p> <p>Chapter Summary 205</p> <p><b>Chapter 8 Jack’s Awakening: An Elite Wealth Management Company 209</b></p> <p>Bibliography 215</p> <p>About the Authors 219</p> <p>Index 221</p>
<p><b>STEVE MOORE</b> is a leading management consultant, mentor, and coach. Moore developed High Speed Strategic Planning, a year-long coaching program for advisors, which has helped more than 750 wealth management teams achieve their business goals. Moore's strategic planning expertise began as a football coach. He spent more than a decade in the NFL (Buffalo Bills, Seattle Seahawks, and Los Angeles Rams). He also has significant strategic consulting experience with Microsoft, Toyota, and many other prominent companies. Steve is the former managing director and chief operating officer of the Pacific Institute, an international corporation specializing in performance improvement, professional growth, change management, and leadership development. He holds a masters in education from Seattle University. <p><b>GARY BROOKS, CFP<small><sup>®</sup></small>,</b> is the President of Brooks, Hughes & Jones, a Registered Investment Adviser, and a financial columnist for The News Tribune in Tacoma, Washington.
<p><b>INEFFECTIVE HABITS OF FINANCIAL ADVISORS</b></br> (AND THE DISCIPLINES TO BREAK THEM) <p><b>MANY OF THE</b> SEEMINGLY harmless business habits that allow financial advisors to acquire enough clients to survive are, in reality, highly destructive to building a successful and satisfying business. Author, consultant, mentor, and former NFL coach Steve Moore knows why. In the past fifteen years, he's worked with more than 750 financial advisors, and, in the process, discovered the habits that most financial advisors make every day that ensure they remain average. <p><i>Ineffective Habits of Financial Advisors (and the Disciplines to Break Them)</i> tells the story of Jack, a fictional financial advisor with ineffective habits that are all too true in the real world. The habits include: <ul> <li><b>Living someone else's dream instead of your own</b></li> <li><b>Focusing on quantity rather than on quality of clients</b></li> <li><b>Hoarding unprofitable clients instead of disengaging them</b></li> <li><b>Providing only investment advice rather than wealth management advice</b></li> <li><b>Delivering investment reviews instead of wealth management reviews</b></li> <li><b>Taking the rainmaker rather than a team approach</b></li> <li><b>Selling to prospects instead of through clients</b></li> </ul> <p>For examples of the transformative power of Steve's "Insight, Decision, Action" guidance for avoiding common pitfalls of advisors, one need only look at a few of Moore's clients: two went from having over 1,300 clients to less than 100, yet tripled their revenue; in just two short years, another firm transformed itself so completely that it now consistently ranks first or second in the PriceMetrix Merit (PriMe) award; a Chicago firm went from managing $17 million to over $170 million in just seven years; and, in a single decade, an already successful Registered Investment Advisor in Long Beach took $240 million in assets under management to over $1.4 billion. <p>If you're looking for more rewarding business results, better work-life balance, and a greater opportunity for personal growth through meaningful work, and you're willing to embrace new ways of doing business, Ineffective Habits of Financial Advisors (and the Disciplines to Break Them) can show you how to build excellence into every client interaction, generate higher revenue per client, and transform an average career into an elite one.

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