Got Coaching?

Some of you have asked me if I knew of any good coaches or trainers to whom you could look for practical business and personal growth strategies. There are a lot of such "life trainers" around, but I only found a couple who really captured my attention.

One of them is Max Bolka, whose no-nonsense, no fluff approach to coaching I found to be a refreshing alternative to a lot of the hot air and hype often encountered in the training sector.

Talk to Max today and ask him about training specials just for readers of the Financial Advisors Netzone. In the meantime, enjoy this article graciously provided by Max.



By Max Bolka www.maxbolka.com

The Psychology of Success:

Examining Core Beliefs

MAIN POINT:

Emerson once said, "Who you are shouts so loudly in my ears,
I cannot hear what you say."

Your success as a Financial Advisor depends primarily upon who you are,\
and only second, upon your talent (financial expertise),
business skills and ambition.

We can all think of examples where someone is full of talent, skill
and ambition,and yet they never quite seem to succeed.

Similarly, we can all thinkof people who are really not all that talented
but are hugely successful.

So who are you? In the psychological sense, who we are is called
our personality, and is made up of the culmination of our beliefs
about ourselves and our relationship to the world.

In short, our personality is defined by our core beliefs about who
we think we are.

MAXIMS:

Is it possible for you to double your income?
How about triple?...Quadruple?

How hard do you think one has to work to earn
that kind of money?

If you feel you don't have enough time now,
how can you possibly triple your income?

Would you have to give up your family? Your health?
Your vacation time? Your fun?

More than just positive thinking, your answers to these types of
questions start to reveal your core beliefs, your personality and
subsequent behavior. Let's keep going...

Do you deserve to double, triple or quadruple what
you currently earn?

Do you really deliver that much value to the marketplace?

Conversely, do you charge according to the value you
provide to clients?

The Law of Attraction

The immensely popular book and movie called The Secret talks
about The Law of Attraction,

based on the principle of like attracts like, and that
our thoughts create our reality.

And while many people intuitively feel this is true, very few understand
how the process actually works, or the tremendous implications it
holds. This lack of understanding has lead people to throw

the phrase around to the point where it has almost become a meaningless
cliché.
It is relevant here because, contrary to some opinions,
most financial advisors are, in fact, people.

Do you have a fear of over committing, of not being able to
deliver what you promise?

Are you a perfectionist? A procrastinator? A control freak?
(Or perhaps all three?)

Do you fear the increased responsibility that goes along with
increased rewards?

Why You Earn What You Do

You earn what you do because that is how much you have allowed yourself to earn right now.

(My job as your coach is to first help you create a vision of what you really want to achieve,

and then give you the tools, techniques, templates and business skills to
help you accomplish it.)

Our self limiting, core beliefs hold us back from earning higher income,
far more than anything “out there” such as education, experience,
sales/marketing abilities, etc. What is the nature of these self limiting thoughts,
and how can we expand them as well as expand our income?

Most of our negative thoughts or self limiting beliefs usually fall into one of three categories:

Fear - Examine any negative belief you hold and ask yourself what are you really afraid of?

The answer may astound you.

For example, we may have a fear of failure, but most people

have a greater fear of success. Why? Your answer is key to revealing your true motivations.

Getting real about the fears beneath your beliefs is a good place to start. Admittedly, it takes

courage just to get honest about your fears.

Lack - Another root cause of many self limiting beliefs is the concept of Lack. You either believe

the universe is unlimited in energy and resources, or you don’t. There’s no in-between.

For most people, their world consists of Lack; Lack of time, lack of energy, lack of money,

lack of health, etc. Is there enough to go around for everyone, or isn’t there? You tell me.

Either way, you are right, and your world will reflect your beliefs. Think Oprah, Donald Trump,

Sir John Templeton, Bill Gates, you and me. We are all given only 24 hours a day.

So how are you investing yours? Ultimately, all time management is self management.

Do you need to change the way you think about time, money and work? As a business

owner and entrepreneur, you will never have more opportunity to control your own destiny,

as well as influence that of your clients.

Struggle - A third area that trips up most people is the underlying belief that life is a struggle.

We have to be serious, especially in our business, right? After all, the harder you work,

the more you deserve a higher income. Says who? Where did this belief come from, and is

it really true? Look around you. Most people love to prove how hard they work and how

they’'ve overcome obstacles. So much so, they even create the obstacles to overcome!

Many movies consist of laying out the problem, struggling, and finally overcoming in the end.

89 minutes of struggle, with one minute of happy ending....We love the drama, don't we?

The Secret Behind The Secret

Are you attracting the wrong clients, despite having an Ideal Client Profile?

How hard do you work for your money, despite having a written Business Plan?

How easily do you obtain new business, despite having a Marketing Plan?

What about when you do all the right things, and you're still not seeing the
results you want?

You know, you're writing down what you want, being very clear and
specific about your goals.

You really, really want to accomplish this goal, and even visualize
and do affirmations.

And finally, you take the action steps necessary to move things
forward, and yet...nothing.

The biggest secret that the movie The Secret left out is that
most of our beliefs are unconscious.

Our core beliefs drive our current thoughts, which in turn trigger our behavior
and thus, results.

How do you react to the following statements?:

I have all the time I need to accomplish what's important to me.

I have all the money I need to accomplish what's important to me.

I deserve to be happy. I deserve to be rich. I deserve to be loved.

Once again, your initial reactions in these areas start to reveal your core beliefs.

If you are certain you're doing all the right things according to the "success experts"

and yet still not getting the results you want, chances are you have an underlying,

unconscious, conflicting core belief that is self sabotaging your stated intentions.

How do you replace old, unconscious belief systems based on fear, lack and struggle,

and transform them into ones of love, abundance and ease?

This will be the topic of future e-tips as well as a series of teleclasses on

Spirituality & Business for all entrepreneurs.

But for now, the short answer is: One step at a time, with the first

step being Awareness.

It's is a process of unfolding. Once you get the idea, you can

apply it to every area of life.

Start from where you are. As you take each step,

the positive results you see will reinforce

your new beliefs as well as the process, enabling you to think

bigger and take bigger steps.

Awareness is the first step to change, but there'’s

one more critical component.

MAX'S MANTRA:

Got Change?

What kind of person do you need to become in order to

accept more abundance in your business and life?

What do you need to develop?

We'’re not talking about outer skills here, such as marketing or another designation.

But rather, do you need to become more patient?More generous?

Eliminate anger? Become more organized? Learn to set healthy boundaries?

Your income can only grow to the extent that you do, and

to the degree you can believe it.

If there’'s any limit to your income, look within first, and see what

you need to work on.

Look at your self limiting beliefs and why you hold such beliefs.

Then figure out what you need to change about yourself in order to

allow more business to flow through you, attract the right kind of
clients, work less, accomplish more, and even have some fun along the way.

One CSA's Response to The Designation Issue

Todd's response to the NY Times articles on designations.. Thought it deserved a little more space, since this is a hot topic lately. Interested in hearing from more CRFA's, CSA's, CFP's, etc. etc. advisorresource@ontrackmoney.blogspot.com. Coming up on the blog: More about Leads, breathing life back in to seminars, using technology to increase your productivity.

Tammy,

Unlike the person responding to the NY Times article, I do know quite a bit about CSA (and other such designations)... I have a CSA so I can tell you from first hand experience that what you learn from that designation will NOT help you provide better financial services to retirees...

It will help you better understand what it is like to be a senior citizen, but it falls woefully short of providing tools necessary to help them with their financial needs.

That said, the education needed to get a CFP also falls short in this area... I've studied all of the CFP materials in anticipation of getting the designation and I quickly learned that it is severely lacking when it comes to helping people make sure that they have enough $$$ to last... It's great if you want the tools to help people accumulate wealth over their lifetime... Just not quite as good at providing the tools for the distribution phase...

So, I absolutely agree with the NY Times article in that it is painfully clear to me that designations like CSA are being misused to project an image that is intended to give retirees a feeling that they are dealing with an "expert" in their situation.

Is that CSA's fault?? Absolutely not. I think that the 'fault' is that of the insurance companies by offering such rediculously high commissions that life insurance agents try to step into the role of financial advisor armed with only the annuity as a tool...

What do I think should be done about it? Well, I've got a few ideas (that aren't too popular with my annuity selling friends ;-)

1. Increase the free-look period to 12 months for annuities sold to people 60+

2. Require that people 60+ be offered the option of selecting the "no surrender-charge" annuity instead of only being offered the one with the long surrender charge (and highest commissions)

3. Create an industry-wide compliance document that would be required on any annuity sale (similar to what I have to fill out when I sell a Variable Annuity) that spells out things like Liquid Net Worth, Total Net Worth, Total % in annuities, etc and then require the insurance company suitability dept to review every application (this would stop the situations that I see every day where 100% of a retirees liquid cash is placed in an EIA because it is 'safe').

Sorry for being so long winded on this, but having more oversight in the financial services world is something that I feel very strongly about.

July 11, 2007 7:45 PM

LTC Newsletter Rebuts Times' "Yellow" Piece

a friend of mine who subscribes to this LTC newsletter
sent me their rebuttal to the recent NY Times article
on designations.  I do agree with the statement that
the Times is not the most trustworthy source of
information and enjoys sensationalizing things.


LTC E-Alert #7-088: 

NY Times Attacks CSA

Monday, July 9, 2007

LTC Comment:  The New York Times' in-house yellow journalist
has struck again.  Front page, above the fold,
in the Sunday paper, yesterday.
Here's the story.

Read the underlying article by Charles Duhigg,
"For Elderly Investors,Instant Experts Abound,"
New York Times, July 8, 2007 at
http://www.nytimes.com/2007/07/08/business/08advisor.html.

This time Duhigg smears Ed Pittock's
Certified Senior Advisor (CSA)
program among other short-duration training
and certification programs for
people who market to the elderly.
(Not including, by the way, the
CLTC or LTCP programs for long-term care
specialists.)

All my interactions with Pittock, the CSA
program, and individual CSAs
have been positive, but I don't know enough
to refute any of the accusations made in the article.

What I do know is that the author, Duhigg,
has a history of making broad unfounded
accusations based on little evidence and
a lot of bias against the private sector.

You couldn't ask for a better example
than his attack on private
long-term care insurance published on the
opening day of that industry's
national trade conference.

For a link to that
article and our critique of it, see "LTC E-Alert #7-041:
LTC Embed:  Report from the Policy Front
in Chicago, April 2, 2007" in The Zone at
http://www.centerltc.com/members/e-alerts/ltc_ea7-041.htm.
You'll need your user name and password to
access this piece.

I'm reminded of the Biblical admonition:  "Why do you see
the speck in your neighbor's eye, but do not notice the log
in your own eye?" (Luke 6: 41).   In other words, when will
we see the New York Times and hit man Duhigg point
their attacks at the public sector's shortcomings? 
For example, Medicare's and Social Security's $91
trillion unfunded liabilities or Medicaid's disastrous impact
on the long-term care marketplace.

Those are the big problems facing America's seniors.
And those are the real risks the private sector,
including insurance carriers and their
representatives, are struggling against huge odds to
help clients mitigate with private savings, investment
and insurance products.

Every barrel has some bad apples.  Journalists should
search every vessel looking for them.  But their
investigations ought to include the public sector,
"social insurance,"Ponzi schemes that predominate
and not just the private financing alternatives
that the public programs crowd out.

------------------

"LTC E-Alerts" are a feature offered by the
Center for Long-Term Care Reform, Inc. to members at the
$150 per year level or higher.  We'll
track and report to you news and analysis
regarding long-term care
financing, service delivery, and research.

We hope The LTC E-Alerts will help
you attain and maintain a high level of knowledge
and competency in
this complex field.  The Center for
Long-Term Care Reform, Inc. is a
private institute dedicated to ensuring
quality LTC for all Americans
www.centerltc.com).

A formatted version of today's LTC E-Alert is available at
http://www.centerltc.com/members/e-alerts/ltc_ea7-088.htm 

New York Times Article On Annuities

Whether or not you like the New York Times, this article on seniors being ripped off made the business section. It is important to know the type of information the public is getting regarding designations, annuities, and financial advisors in general. After reading, please post your comments.-TD


From the New York Times:http://www.nytimes.com/2007/07/08/business/08advisor.html?_r=2&pagewanted=1&hp&oref=slogin

...Deferred annuities, however, offer sales agents the richest commissions, which is one reason so many of them are sold every year, regulators say. Selling a $100,000 deferred annuity, for example, typically earns a sales representative $9,000, though buyers are prohibited from touching much of their money for 10 years. Annuities with shorter tie-ups carry much smaller commissions.

“An annuity that pays a fixed immediate income offers seniors a lot of security,” said Jean Setzfand, director of financial security with AARP, formerly known as the American Association of Retired Persons. “But a deferred annuity is almost always a bad idea for a retiree.”

Those concerns, however, have not stopped many insurance agents from aggressively selling deferred annuities.

Some of those agents have been trained by organizations that require only a few days of classroom instruction.

For instance, the 1,200 people who have enrolled in the certified retirement financial adviser program spent only four days in a classroom, according to a spokesman. The president of that program, Larry Klein, was fined $150,000 in the mid-1990s by securities regulators after persuading an 83-year-old blind woman to speculate on New Zealand’s currency.

Mr. Klein, in an e-mail message, said the charges against him were untrue and that it was “idiotic” to assess a course based on its duration.

Should You Become A Registered Investment Advisor?

There is a great deal of interest lately in the subject of registered investment advisors (RIA's) which wisegeek.com defines as:

individuals "registered with the state or the Securities and Exchange Commission (SEC), who gives investment advice and manages investments for others. Typically, registered investment advisors who manage more than 25 million US dollars (USD) in investments are required to register with the SEC. Those managing less than that amount may be registered at the state level instead. "

I have had many emails from agents asking me how to become an RIA and if that seems to be a trend these days. I am in the process of reviewing companies who purport to set you up as an RIA in one seamless process for a flat fee. Perhaps in some states, this might be worth it, while in other states it is a fairly straightforward, do-it-yourself process.

With more "anti-insurance-salesperson" legislation looming, and more and more broker-dealers tightening compliance, becoming a registered investment advisor may very well be the ONLY way to stay in business in the future. I welcome those who are already RIA's to share your comments: the pros and cons, how your state deals with RIA's, issues you have encountered since becoming an RIA. Send to: advisorresource@aggies.com.

Below is an article which you should probably read if you have an interest in becoming an RIA. -TD


Are you Fee-Worthy?

By The Pareto Systems Team

This article encourages you to turn an introspective eye on the level of professionalism at your office, looking at the following three areas in brief:

• Your Professional Financial Services Practice
  
  
• Your Financial Planning Process
  
  
• Your Personal Financial Policy Statement

As I'm sure you've heard, the 'next big thing' for financial advisors seems to be fee-based advisory services. The consensus is that if you are a financial advisor of any stripe and you plan to stay in this business and thrive for the duration, you will have to convert all, or a portion, of your business to fee based.

There are many definitions of fee-based advisory services that are worth considering; however, regardless of how you interpret fee-based, the important question to consider is: Are you fee-worthy? In other words, do you provide your clients with a better than sufficient level of service and professionalism to justify the idea of them paying a 'transparent' and preset fee or retainer for your service?

Your Professional Financial Services Practice

We have identified several areas that are essential for you to address before transforming your business to a fee-based financial planning practice. Of course, there is the ubiquitous classification of your clients, the subsequent regular and reoccurring service activities, and reviews and updates for your clients. Although essential in our experience, that's the easy part of going fee-based. Based on our talks with advisors, we constantly identify glaring holes in many of their operations. Indeed, two of the 'classics' we repeatedly encounter are:

• Not having a documented structure and system for meetings with clients.


• The lack of a dedicated and ongoing consistent financial planning process.

When considering a transition to a fee-based approach, advisors should really consider dispensing with the 'notepad and pen' approach (otherwise known as 'winging it'), and conduct every meeting with a client with an even higher degree of professionalism.

This replaces the 'old model' of selling that automatically takes you down the path of a transactional-based business. Nor can this be the cleverly disguised 'consultant/salesperson' process that has been the norm for years.

Your interviews with your clients have to be carefully constructed advisory meetings that include an agenda for each and every encounter. The pattern for each meeting should be identical:

• Creating rapport with the client.
  
  
• Your introduction to the meeting and the agenda.
  
  
• Proceeding through the agenda.
  
  
• The concluding remarks and summary.
  
  
• Preparing an outline of the next steps to take.

As you can imagine, the benefits you will realize from this approach are enormous. The client perceives you as a professional, you instantly gain their trust and respect, and you have been 'commoditized' in that the client can, and will, easily communicate your services to others. As a result, clients gain a sense of relief and peace of mind. Furthermore, they learn, by design, exactly the experience and service to expect from you.

Top

Your Financial Planning Process

Another major area of concern is your financial planning process. You can not "sell" the clients on retaining your professional financial planning services if you don't have a clear and precise process for financial planning. It is also essential that you make it abundantly clear that financial planning is an ongoing process.

It is not a single or stand-alone event. Financial planning is the process of planning for, and 'responding' to critical financial events in your clients' lives (the distinction should be made between 'responding' and 'reacting').

What does that mean? Critical financial events are any events that impact your clients' finances in any way, shape or form. Any material change in one's life can result in a critical financial event that will result in a client re-evaluating his or her goals and objectives.

Correspondingly, this will probably necessitate an adjustment in the overall financial strategy. And in as much as you review the client's circumstances regularly and make financial planning an ongoing process, it is essential that you keep the client and yourself up-to-date and informed of exactly where you are, where you have been, and where you are going.

Your Personal Financial Policy Statement

The only way we have found to do this effectively is through a process that utilizes a Personal Financial Policy Statement (PFPS). The PFPS is a document that summarizes the client's status with respect to every component of their financial circumstances. It is a template that the client can refer to which enables them to get a snapshot of where they are at any given time. It allows regular and progressive financial planning and reviews, without re-doing every aspect of an individual's financial plan. It modularizes your financial planning process to keep you and the client focused on priorities and methodically moving forward.

The PFPS, or a similar document, is essential in managing the client's expectations and your coordination of their financial planning in consideration of their goals and objectives.

We agree that the move to fee-based planning is an essential process in order for most advisors to thrive in the next decade. At the same time, we caution anyone who is hurling themselves down the path of fee-based financial planning to be absolutely sure they have a clear understanding of which fee-based approach they wish to adopt.

Whatever the approach (and it is worth reiterating), your Advisor Group must have the following in place:

• A precise client classification system which defines regular service activities.


• Dedicated procedures for reviews and updates.


• A structured and formatted meeting process.


• A process for financial planning which reflects the dynamic nature of an ongoing, progressive, fluid process

History tells us that those who emerge the strongest during times of radical change are those who have taken a leadership role and have thought it through. Before even contemplating any fee based approach, get together with your team and ask the tough question:

"Are we fee-worthy?" (www.paretoplatform.com)

PR Packets 101- Do them Right and Prosper!

Another informative article from Pareto Platform. Business-enhancing articles are part and parcel of the Pareto 80/20 Platform., which is more than just an online-organizer. I have been using it for a few weeks now and love the ease of use (little to no learning curve, referral-focused content, email/mail merge, custom and pre-made templates, scripts, and more.. Try it today -specials for FAN readers.) The Introduction Kit: Above and Beyond

By Dennis Moseley-Williams If you are at all familiar with Pareto Systems and our philosophy for attracting great clients, you have probably noticed how often we emphasize the importance of creating information kits for prospective clients. In marketing terms, this is known as packaging. By packaging yourself properly, you create high visibility, credibility and desirability in the target niches you have selected. As always, your goal is to attract new clients who resemble your ideal client profile and who want to meet with you to discuss their financial situations. When you send prospects material that is mostly a product feature-dump, you are communicating that you are a product pusher. Quite simply, being a product pusher isn't attractive enough to prompt a prospective client to take action. Remember that what you sell is a service, not a product. There is a huge difference. When you sell a service, you are selling a relationship. What follows is a list of some essential components for an effective kit that will pique the interest of your ideal prospects. Use a few weeks this spring to assemble a number of them for ready use. The Usual Suspects Letterhead, logo, business cards and a matching presentation folder are a must for continuity, and I'll wager you knew that. The rest of the material that you put in your kit should hint at what the experience would be if the prospect were to become a client. Biographies Don't write resumes, try to convey the strengths and experiences of your team. Emphasize past successes that support each person's role within your organization. Keep biographies to a page, and touch on the personal side. Your prospects want to connect with the people inside your office, so avoid a stiff, formal approach. They especially want to understand motives. So in the opening paragraph, take a position and state what each person stands for; then back it up with supporting facts. A nice photo of each person is a must. Services Available You don't think it is necessary? Ever had a client say, "I didn't know you did that?" Include a general description of the services you offer and the benefits of these services to your clients. Most importantly, describe the sort of person who would most benefit from the specific service. Case Studies Tell a success story about a client who has benefited from your services. Obviously, you will have to adhere to your company's compliance regulations but using a client's initials often eliminates this problem. Remember to paint the client as the hero of the story rather than yourself. You want the reader identify with the featured client. Describe the problems and concerns the client had that brought that person to you, the process you followed to get to the heart of the matter, and the end result. A good success story might describe how a client hung on to the family business and passed it along smoothly to his or her children. If you work with more than one niche market, consider the impact of having a series of success stories that are specific to each. Also, if your client and the compliance office will allow it, include a photo (but get signed permission to use it). Article Reprints & Other 3rd Party Insights There is nothing like social proof, so include a few articles from magazines or newspapers that lend credibility. Remember that the value you bring will be contrasted against the value that your prospect feels he or she is receiving from their existing advisor, so be sure to leave a profit. You are much more attractive to a prospect if you can bring them value right from your initial contact. Consider sending a financial insight book or audio cassette. Avoid industry material such as brochures or prospectuses, which have their place but not here. Again, don't associate yourself with products. By including third-party comments and by bringing value from the get-go, you validate in the client's mind that (a) this really is important, and b) you monitor the investment climate and value what others have to say. In addition, your prospect will feel that you watch for details and place a high importance on keeping your clients (or prospective clients) informed.

PR packets are a must for getting into large companies, speaking to CPA's and attorneys, and for seminars with high-end clients. Do them correctly, and you will find you are getting more and more of the kinds of clients you want. Seminar Direct does a very nice PR packet, which includes a glossy, personalized newsletter and any other materials you want. It is fully customizeable. FAN readers, as always get VIP treatment and better pricing. Call Tina Dickson at 888-629-1919. Be sure to mention this blog to get a discount on your order.

Insurance and Financial News Roundup

A few financial services tidbits from around the nation...

PS: So you won't have to guess when FAN updates occur, simply scroll to the bottom of this page and subscribe. You will then get alerts when there is anything new posted to the blog.-TD

Bill for retiring Boomers derailed

Sacramento -- Insurance companies derailed a bill Tuesday that would have required them to develop rules about selling annuities to persons over 65 years old.

The measure by Sen. Jack Scott, D-Pasadena, was scheduled to be debated by the Assembly Insurance Committee but the author of a rival bill sponsored by the insurance industry made a motion to send Scott's bill to ''interim study'' -- a polite term for killing the measure for the remainder of the legislative session.

The committee approved the motion. Scott said they could conduct the study without him...

Allianz Looks to Improve Its Annuities Practices

Allianz Life Insurance of North America unveiled a series of measures Friday designed to improve customer service in its annuities business.

The initiatives, which include the creation of a "chief suitability officer," come at a time when the Golden Valley-based insurance giant is facing growing legal and regulatory scrutiny about the sale and marketing of variable annuities to senior citizens...

http://www.startribune.com/535/story/1289155.html

Identity Theft Expert Featured on WebCast

(having been a victim of identity theft, the subject always interests me. It is the reason I bought Prepaid Legal protection and encouraged my husband to sell it. If you are in the senior market, you should listen to this interview since seniors are especially vulnerable to being victimized by identity thieves.) If you can't listen to it live, you will probably be able to find it in the www.libertyman.com archives at some point in time.

On Sunday July 8, 2007 at 5pm CST, Mr. John P. Gardner Jr.,
nationally known as an expert on Identity Theft, will be
doing a one hour long live interview with Mr. John Moore.

You can listen in live at www.thelibertyman.com
(CLICK ON LINKS TO GET TO THE LIVE SHOW)

Mr. Moore's radio program is on Sirius radio every Sunday
from 4pm until 6pm and the interview with Mr. Gardner is
scheduled to start at 5pm CST.

Interesting article on small caps from the Motley Fool


These Stocks Will Burn You

By Rex Moore July 7, 2007

In his article "The Market's 10 Best Stocks," my colleague Tim Hanson pointed out the benefits of searching for the next multibagger success stories among the smallest of companies.

And I agree with him: The best stocks of the next decade will not be huge companies today. Why not? This chart should explain. Look how large each of these solid businesses would become if they increased just 10 times in value over the next decade....

The Weekly Wrap

Going to take a few days off from the blog to enjoy the 105 degree plus temps here in lovely Northern California and work on the website. Next post scheduled for Sunday. In the meantime, a few things to which I would like to draw your attention:

1. I got my evaluation copy of the THRIVING OFFICE CD. It does what it says- makes my tiny office sound "busy" and it drowns out some of the unwanted ambiance as well. If you or your
agents work from homes or hotels, etc. or if you know someone else with a home-based
business, this is a fun idea. You can get a copy for 15% off. Simply go to www.thrivingoffice.
com and enter FAN in the code box when you check out.

2.If you are into 401 K rollovers, don't forget: FAN readers get 40% off Rollover Coach training.
When you place your order, be sure to let them know you read the blog and Scott will treat
you right.

3. Pareto Platform: If you have never tried a web-based solution for client contact, this is a good
place to start. Contact them today, tell them you saw it on Financial Advisor Netzone, and
get the VIP treatment. I think you will like this system.

Next week, I will continue with the topic of lead generation, and hopefully have an interview with the super folks at SEMINAR DIRECT.
We will be discussing the "State of the Seminar" and what, if anything, can help you do more cost-effective, HAPPY seminars.

FAN readers don't be shy- anyone who knows me from my days at NF Communications or was a reader of the http://screwedbylarry.blogspot.com blog knows I don't shy away from controversy.

If you have had a good experience with someone everyone else said was "BAD", tell me. Post it, or if you are really timid, email me at advisorresource@aggies.com. I promise not to use your full name (the boss will never know!) and to give you credit for any useful info you pass along.

I had one RIA tell me he had some killer marketing programs going on that had increased his business dramatically but that he wasn't going to share because he didn't want the competition.

YES YOU DO! You DO want the competition. It makes you better, makes you think beyond your own self-imposed limitations, makes you tap into your creative energy. This business has always been competitive and those of us who couldn't handle it (me) decided to go into marketing and consulting. My friends who stuck it out are driving nice cars and living in better neighborhoods.

Embrace the competition as a way to learn, grow and get better.

Ciao for now,

TD

I'm not Larry did make an interesting point about web-based CRM solutions- they do break down on occasion, or the Internet goes wacky or the server blows up.. yada, yada, yada.

It is important to have some sort of backup in place. There are several excellent offline "automatic" backups available where you can make copies of all your valuable documents with the touch of a button. The main value I see in an online solution is the ability to access it from almost anywhere there is web access and to set it up for everyone in your office at once.

ANY CRM you want to try out should give you a trial period so you can evaluate how easy and useful it is for you. If you want to try Pareto, call them 1-888-593-8020 to set up a trial. Tell them you read about it on FAN.

As far as I know, all the other online and software solutions offer free trials, some as long as three months. This should be long enough to tell if it will work in your practice. After all, if you don't like it- you won't use it.

(another neat little article from our friends at Pareto Platform- I have an account with them and I really love it.)

The Consulting Approach: A Strategy That Works
Pareto Systems (www.paretoplatform.com)


Many financial advisors have built their businesses using a sales model, with varying degrees of success. However, many advisors have begun to move away from a sales-based business towards that of professional consultancy.

With a sales-based focus, there are long-term costs in terms of lost referrals. The effort is focused on the transaction and convincing the customer to buy or sell. Even if the advisor is a good "closer," few understand the harm this does to the client-advisor relationship over the long-term.

If the relationship blossoms, clients can still be subconsciously hesitant to send referrals to the advisor because they anticipate the advisor will try to "close" their friends, just as they were closed. In essence, the advisor has trained the clients that this is the way business is done.

With a consultative approach, however, the client perceives that there is a more professional process in place, one in which the advisor aims to understand the client's unique goals and objectives. This approach fosters a relationship unlike that which results from the sales approach. That is, the consultative advisor functions as an indispensable partner, in the center of the relationship.

With the advisor as consultant, the decisions are based on a predetermined plan, process and strategy. The "sale" is only a small piece of the process. As a result, the client is more likely to recommend the advisor and his process, and become an advocate. The more clients see their advisor as a consultant, the more they will involve the advisor in the intimate details that make up the critical financial events of their lives.

The advisor can expect various benefits from the consultative approach, including:

The manner of conducting business changes for the better.
Significantly improving the quality of working relationships with your existing clients.
Creating a level of professionalism in the business that positively impacts your credibility, attractiveness and referability.

The consultative advisor wants clients to feel the approach is all about them. He also wants to have a documented process to back up this client-centered approach. In this way, clients have an extremely positive experience and will not hesitate to recommend that experience to others.

There is no question that focusing your time and attention on the 20% of your clients who generate 80% of your revenues will yield you the results you are looking for; creating quality relationships based on trust and rapport.

Pause for Your Comments And Suggestions

Before I resume the CRM series with more input from Pareto and others, I wanted to post some emails regarding lead systems , marketing, and other valuable services in hopes that some of you might have useful information or input to assist these folks.-td

"Johnnie" asks about Dean Cipriano...

hi tammy,
great site...what a clearing house of ideas. has anyone tried Dean Cipriano's stuff?

johnnie

I have heard of Dean several times but have had no real feedback. If anyone has a personal story to tell, successful or not, please email me at advisorresource@aggies.com.


"Chris" in Idaho comments:
What ever you do, let people know to be very aware of APEX Leads from
Florida. They sold my leads several times and a new employee let it slip
that my confirmed leads had already been sent out to XYZ Agency.

I got a refund, but only after a registered letter canceling the order, weekly
phones calls and my announcement to them of who my attorney was followed by
the dated documentation of the events.

They sent me my check. Total time allocated to this issue was two and a half months.

I have recently purchased leads from Choicepointe. Have there been any
issues with this company?

Is Choicepoint one of the good guys or not? Please post or email feedback. Any experiences with APEX leads out there?

"Todd," who I know to be a class act- offers up an interesting add-on service to clients. What do think of this? Since they are only about an hour away from me, I will definitely check this out a little further. But, since I know Todd to be an upstanding gentleman, I don't mind passing this along for comments and review.

Tammy,

One of the services that I've been able to offer my clients is the ability to create and update living trusts... To be clear, I'm not an attorney (but I did stay at a Holiday Inn Express last night ;-), so I don't actually advise on whether or not a trust is actually needed... That is always done by a qualified attorney. However, I have been able to help my clients through this process because of a great service offered by a company called Attorney's Trust Services (http://www.attorneystrust.com/) in San Ramon, CA...

Here's how the process works:

1. Using ATS's data input forms, I gather critical information from the client

2. The client signs an agreement with an attorney (recommended by ATS)

3. I send the data input forms, attorney agreement and a check (made payable to the attorney) for $695 (the check is, of course, written by the client) to ATS so that they can coordinate everything with the attorney...

The attorney will contact the client directly to confirm all of the data provided in ATS's data input forms and a few weeks later, a living trust, pour-over will, power of attorney, etc are sent to my office so that the client can sign for their new trust. I don't add any additional fees to this process, but many people will also have the client write them a check for anywhere from $300 to $1000 for their services so that they are making a profit on the transaction. Since I am a Registered Rep and I have the necessary licenses to charge "fees for service"/"wrap account" fees, I don't feel the need to charge additional fees for this service...

In any case, the documents that the client receives are of the highest quality, so I give these folks an A+ rating!!! Here is their contact info:

Attorneys Trust Document Service, Inc.
111 Deerwood Road, Suite #375
P.O. Box 2090
San Ramon, CA 94583
(800) 341-4449 (Tel)
(925) 743-9259 (Fax)

Regards,

Todd V

Pt 2: Questions to Ask When Looking for a Good CRM

I was introduced to the online system, Pareto Platform (www.paretoplatform.com) by an advisor in Stockton, California. Having had a chance to actually try this system, I can honestly say I liked it and the premise behind it. Pareto's founders had in mind the goal of "restoring liberation and order" to their clients' personal lives. Ideal for the small practice, Pareto is fairly intuitive, easy to explain to others, and offers many extras, including training and motivational essays and videos. Below are two articles from Pareto discussing their unique approach to client relationship management. -I think these articles have a lot of useful information. Also, if anyone else has used or tried Pareto- please email me with your comments (advisorresource@aggies.com)- TD

Top 10 Questions to Ask Before Buying a CRM

1. Will I have 24/7 access 365 days a year?

We are in an on-demand world, and ready access is essential. Furthermore, small enterprise business owners should not need to be present at their places of business in order for the company to be productive. Software that is parked on your computer requires constant updates, needs to be synchronized with wireless devices and enterprise servers, and, even more worrisome, a software-based CRM is susceptible to crashing and corruption.

A web-based online solution, on the other hand, is fast, secure and can be used anywhere that you can access the internet. Whether you are on vacation, at home, traveling to conferences or at a client’s office, with an internet connection you can quickly and easily tap into a real-time web-based solution. Contrary to the old cliché, time is not money! Your time is more valuable. You can earn back money you spend, but you cannot get back your time. With an on-demand CRM, you don’t need to work harder to be more productive.

2. Will I achieve Rapid Deployment?

Whenever you launch a new business solution, you want to see results quickly. Complex tools that require sophisticated customizations delay gratification and reduce the likelihood that you will make full use of them. Furthermore, you will probably get frustrated if the solution is not intuitive and sequential.

In selecting a CRM, your goal is to choose a system that makes it easy for you and your team to create and follow a professional code-of-conduct based on habitual activities.

A solution that is trying to be all things to all people is not a good fit for an entrepreneur. A solution that is designed to meet the needs of an entrepreneur and his or her team without extensive customization, on the other hand, will put you on the fast-track to measurable results.

3. Do I need to be tech expert?

Many CRMs today assume that users are tech savvy, or that they will hire a consultant to configure the solution in a way that is functional to the user.

Being distracted from your core competencies or being at the mercy of external consultants is not the best use of your time. You want to choose a CRM that is intuitive and easy to use from the start.

4. Will I be able to oversee my team’s activities?

Many entrepreneurs mistake movement for achievement, and they often tend to be reactionary; they react to problems instead of planning for eventualities.

And too many entrepreneurs leave their team members to their own devices to put out fires. To build consistency and accountability into your business, you must be able to see the scheduled and completed actions of all your team members at any time, from any location.

5. Will I be able to quantifiably drive revenue with this tool?

A CRM tool must have functionality that goes beyond contact management so that you can see quantifiable results. A CRM must help you deliver a degree of service that builds trust in your relationships.

This will allow you to drive revenue by steadily converting customers into clients, and clients into advocates. A customer occasionally buys something from you, a client buys into a long-term relationship with you and an advocate introduces a high quality and quantity of referrals to you. Clients and advocates bring in predictable revenue.... (for the other five go to:

http://www.paretoplatform.com/lib/flash/display-media.html?media=32)

Increasing Productivity Via Client Relationship Management Systems

(td wants to know: What are you using to stay in the loop with your clients?)

Choosing a Client Relationship Management System That Works for You

by Tammy de Leeuw
Financial Advisors Netzone

Speaking to hundreds of agents and advisors over the past couple of years, I reached a startling conclusion:

A lot of money gets left on the tables by financial professionals due simply to their not having a functioning Client Relationship Management strategy. Apparently, there are still people out there using Outlook and a pad of paper to stay organized, while the competition is moving ahead with high-tech solutions to competitor-proofing their precious client base.

"I use ACT for Advisors," one agent told me, "but when I need to make any sort of big change, I usually have to consult tech support. It can burn up a lot of my time and is pretty expensive."

"I chose my CRM based on what my former broker used. I felt that I could save myself time because I didn't have the learning curve to deal with- I already knew how to use it. Unfortunately, after I spent a lot of money on it, I remembered something: I HATED my old broker's system! Now I feel stuck," lamented one financial advisor.

Contact managment databases have come a long way since the days when Goldmine and ACT were pretty much the only thing available apart from extremely expensive proprietary systems.

In those days, no one really sweated the issue much either, since a card file or Rolodex and some yellow pads were all an advisor needed to stay on top of things. Clients were happy with one or two calls a year, a calendar, and maybe a Christmas card. Newfangled CRM software was regarded as a luxury reserved for big companies.

Today, however, with even the senior market becoming more Internet-dependent and with the onslaught of new technologies and marketing strategies, a good CRM is essential to ensure that your clients remain YOUR clients, year after year.

"It was a pain to get started, but once everything was in place, I found that I was much more efficient, was able to prospect better, and never again let a client drop through the cracks, " explained Roger, a registered investment advisor.

Ok, so we need it. But how do we choose? Web based or software based? How much is this going to cost? Is it really worth it?

In the next post I will discuss what to look for when you make the move to get a contact managment system in place and how to avoid sleeping on the bed of nails known as "regrets".)