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INEFFECTIVE HABITS OF FINANCIAL ADVISORS (AND THE DISCIPLINES TO BREAK THEM)
MANY OF THE 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.
Ineffective Habits of Financial Advisors (and the Disciplines to Break Them) tells the story of Jack, a fictional financial advisor with ineffective habits that are all too true in the real world. The habits include:
- Living someone else's dream instead of your own
- Focusing on quantity rather than on quality of clients
- Hoarding unprofitable clients instead of disengaging them
- Providing only investment advice rather than wealth management advice
- Delivering investment reviews instead of wealth management reviews
- Taking the rainmaker rather than a team approach
- Selling to prospects instead of through clients
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 [...] million to over [...] million in just seven years; and, in a single decade, an already successful Registered Investment Advisor in Long Beach took [...] million in assets under management to over [...] billion.
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.
INEFFECTIVE HABITS OF FINANCIAL ADVISORS (AND THE DISCIPLINES TO BREAK THEM)
MANY OF THE 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.
Ineffective Habits of Financial Advisors (and the Disciplines to Break Them) tells the story of Jack, a fictional financial advisor with ineffective habits that are all too true in the real world. The habits include:
- Living someone else's dream instead of your own
- Focusing on quantity rather than on quality of clients
- Hoarding unprofitable clients instead of disengaging them
- Providing only investment advice rather than wealth management advice
- Delivering investment reviews instead of wealth management reviews
- Taking the rainmaker rather than a team approach
- Selling to prospects instead of through clients
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 [...] million to over [...] million in just seven years; and, in a single decade, an already successful Registered Investment Advisor in Long Beach took [...] million in assets under management to over [...] billion.
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.
STEVE MOORE 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.
GARY BROOKS, CFP®, is the President of Brooks, Hughes & Jones, a Registered Investment Adviser, and a financial columnist for The News Tribune in Tacoma, Washington.
Foreword x
Introduction: Setting the Stage xiii
Business Disciplines xvii
Ineffective Habits of Financial Advisors and the Disciplines to Break Them xviii
The Framework of the Book xxi
Insights xxi
Decisions xxiii
Actions xxiv
Acknowledgments xxv
Chapter 1 Stop Living Their Dream and Start Living Your Dream 1
The First Ineffective Habit: Living Their Dream 1
The First Discipline: Start Living Your Dream 3
Insights 4
Purpose: The Primary Reason for the Work You Do 4
Business Goals: Specific Objectives That Support Your Purpose 6
Guiding Principles: The Rules That Guide Daily Decision Making 23
Vivid Description: A Narrative of the Business Success You Intend to Create 29
Decisions 32
Determining Your Purpose 32
Determining Your Business Goals 33
Determining Your Guiding Prinicples 33
Determining Your Vivid Description 33
Determining How You Plan to Keep the Dream Alive 34
Actions 35
Chapter Summary 37
Chapter 2 Stop Focusing on Quantity of Clients and Start Focusing on Quality of Clients 41
The Second Ineffective Habit: Focusing on Quantity of Clients 41
The Second Discipline: Start Focusing on Quality of Clients 43
Insights 43
Target Market 44
Service Focus 51
Competitive Differentiation 51
Decisions 60
The Common Sense Principle 60
Actions 61
Chapter Summary 62
Chapter 3 Stop Hoarding Unprofitable Clients and Start Disengaging Unprofitable Clients 65
The Third Ineffective Habit: Hoarding Unprofitable Clients 65
The Third Discipline: Start Disengaging Unprofitable Clients 67
Insights 68
Segment 1: The 20 to 40 Percent That Represents 1 Percent of Revenue 73
Segments 2 and 3: Others You Are Considering for Disengagement 77
Decisions 81
Actions 81
Chapter Summary 83
Chapter 4 Stop Providing Only Investment Advice and Start Providing Wealth Management Advice 85
The Fourth Ineffective Habit: Providing Only Investment Advice 85
The Fourth Discipline: Start Providing Wealth Management Advice 87
Insights 87
Start Providing Your Top 20 Percent with Wealth Management Advice 89
Step 1: Determine the Clients to Reengage with Wealth Management 90
Step 2: Have a Deep Re-fact Meeting with Your Clients 91
Step 3: Financial Planning 97
Step 4: The Wealth Management Solution 98
Step 5: Present the Wealth Management Solution-The Financial Vision Document and Client Engagement Roadmap 106
Decisions 107
Actions 108
Chapter Summary 110
Chapter 5 Stop Delivering Only Investment Reviews and Start Delivering WOW Wealth Management Reviews 113
The Fifth Ineffective Habit: Delivering Only Investment Reviews 113
The Fifth Discipline: Start Delivering WOW Wealth Management Reviews 116
Insights 117
Client Needs Analysis 118
Client Satisfaction Window 119
Building the WOW Review System 132
Decisions 136
WOW Wealth Management Review Package 136
Actions 137
Chapter Summary 139
Chapter 6 Stop the Rainmaker Approach and Start the Team Approach 141
The Sixth Ineffective Habit: The Rainmaker Approach 141
The Sixth Discipline: Start the Team Approach 143
Insights 143
Team Core Competency Audit 143
Team Development Evaluation 146
Team Alignment and Empowerment Evaluation 147
Internal Challenges 150
The Organizational Structure of the Team Approach 151
Role Clarity 156
Managing the Team Approach 159
Coaching the Team 168
The Acquisition of Talent 175
Team Incentive Compensation 177
Create a Best-of-Kind Team of Experts and Suppliers 179
Decisions 180
Actions 181
Chapter Summary 183
Chapter 7 Stop Selling to Prospects and Start Selling through Clients 187
The Seventh Ineffective Habit: Selling to Prospects 187
The Seventh Discipline: Start Selling through Clients 189
Insights 189
Client Introductory Event 195
Center-of-Influence Marketing 197
Managing the Sales Pipeline 201
Qualify a Call-In Lead 201
Fact Finding, Planning, Solutions 202
Decisions 203
Actions 203
Chapter Summary 205
Chapter 8 Jack's Awakening: An Elite Wealth Management Company 209
Bibliography 215
About the Authors 219
Index 221
| Erscheinungsjahr: | 2010 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | Foreword.Introduction.Setting the Stage.Business Disciplines.The 7 Ineffective Habits and the Disciplines to Break Them.The Framework of the Book.INSIGHTS.DECISIONS.ACTIONS.Acknowledgments.1 Stop Living Their Dream and Start Living Your Dream.The 1st Ine |
| ISBN-13: | 9780470910320 |
| ISBN-10: | 0470910321 |
| Sprache: | Englisch |
| Einband: | Gebunden |
| Autor: | Moore, Steve |
| Orchester: | Brooks, Gary |
| Hersteller: |
Wiley
John Wiley & Sons |
| Verantwortliche Person für die EU: | Libri GmbH, Europaallee 1, D-36244 Bad Hersfeld, gpsr@libri.de |
| Maße: | 235 x 157 x 18 mm |
| Von/Mit: | Steve Moore |
| Erscheinungsdatum: | 09.11.2010 |
| Gewicht: | 0,528 kg |
STEVE MOORE 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.
GARY BROOKS, CFP®, is the President of Brooks, Hughes & Jones, a Registered Investment Adviser, and a financial columnist for The News Tribune in Tacoma, Washington.
Foreword x
Introduction: Setting the Stage xiii
Business Disciplines xvii
Ineffective Habits of Financial Advisors and the Disciplines to Break Them xviii
The Framework of the Book xxi
Insights xxi
Decisions xxiii
Actions xxiv
Acknowledgments xxv
Chapter 1 Stop Living Their Dream and Start Living Your Dream 1
The First Ineffective Habit: Living Their Dream 1
The First Discipline: Start Living Your Dream 3
Insights 4
Purpose: The Primary Reason for the Work You Do 4
Business Goals: Specific Objectives That Support Your Purpose 6
Guiding Principles: The Rules That Guide Daily Decision Making 23
Vivid Description: A Narrative of the Business Success You Intend to Create 29
Decisions 32
Determining Your Purpose 32
Determining Your Business Goals 33
Determining Your Guiding Prinicples 33
Determining Your Vivid Description 33
Determining How You Plan to Keep the Dream Alive 34
Actions 35
Chapter Summary 37
Chapter 2 Stop Focusing on Quantity of Clients and Start Focusing on Quality of Clients 41
The Second Ineffective Habit: Focusing on Quantity of Clients 41
The Second Discipline: Start Focusing on Quality of Clients 43
Insights 43
Target Market 44
Service Focus 51
Competitive Differentiation 51
Decisions 60
The Common Sense Principle 60
Actions 61
Chapter Summary 62
Chapter 3 Stop Hoarding Unprofitable Clients and Start Disengaging Unprofitable Clients 65
The Third Ineffective Habit: Hoarding Unprofitable Clients 65
The Third Discipline: Start Disengaging Unprofitable Clients 67
Insights 68
Segment 1: The 20 to 40 Percent That Represents 1 Percent of Revenue 73
Segments 2 and 3: Others You Are Considering for Disengagement 77
Decisions 81
Actions 81
Chapter Summary 83
Chapter 4 Stop Providing Only Investment Advice and Start Providing Wealth Management Advice 85
The Fourth Ineffective Habit: Providing Only Investment Advice 85
The Fourth Discipline: Start Providing Wealth Management Advice 87
Insights 87
Start Providing Your Top 20 Percent with Wealth Management Advice 89
Step 1: Determine the Clients to Reengage with Wealth Management 90
Step 2: Have a Deep Re-fact Meeting with Your Clients 91
Step 3: Financial Planning 97
Step 4: The Wealth Management Solution 98
Step 5: Present the Wealth Management Solution-The Financial Vision Document and Client Engagement Roadmap 106
Decisions 107
Actions 108
Chapter Summary 110
Chapter 5 Stop Delivering Only Investment Reviews and Start Delivering WOW Wealth Management Reviews 113
The Fifth Ineffective Habit: Delivering Only Investment Reviews 113
The Fifth Discipline: Start Delivering WOW Wealth Management Reviews 116
Insights 117
Client Needs Analysis 118
Client Satisfaction Window 119
Building the WOW Review System 132
Decisions 136
WOW Wealth Management Review Package 136
Actions 137
Chapter Summary 139
Chapter 6 Stop the Rainmaker Approach and Start the Team Approach 141
The Sixth Ineffective Habit: The Rainmaker Approach 141
The Sixth Discipline: Start the Team Approach 143
Insights 143
Team Core Competency Audit 143
Team Development Evaluation 146
Team Alignment and Empowerment Evaluation 147
Internal Challenges 150
The Organizational Structure of the Team Approach 151
Role Clarity 156
Managing the Team Approach 159
Coaching the Team 168
The Acquisition of Talent 175
Team Incentive Compensation 177
Create a Best-of-Kind Team of Experts and Suppliers 179
Decisions 180
Actions 181
Chapter Summary 183
Chapter 7 Stop Selling to Prospects and Start Selling through Clients 187
The Seventh Ineffective Habit: Selling to Prospects 187
The Seventh Discipline: Start Selling through Clients 189
Insights 189
Client Introductory Event 195
Center-of-Influence Marketing 197
Managing the Sales Pipeline 201
Qualify a Call-In Lead 201
Fact Finding, Planning, Solutions 202
Decisions 203
Actions 203
Chapter Summary 205
Chapter 8 Jack's Awakening: An Elite Wealth Management Company 209
Bibliography 215
About the Authors 219
Index 221
| Erscheinungsjahr: | 2010 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | Foreword.Introduction.Setting the Stage.Business Disciplines.The 7 Ineffective Habits and the Disciplines to Break Them.The Framework of the Book.INSIGHTS.DECISIONS.ACTIONS.Acknowledgments.1 Stop Living Their Dream and Start Living Your Dream.The 1st Ine |
| ISBN-13: | 9780470910320 |
| ISBN-10: | 0470910321 |
| Sprache: | Englisch |
| Einband: | Gebunden |
| Autor: | Moore, Steve |
| Orchester: | Brooks, Gary |
| Hersteller: |
Wiley
John Wiley & Sons |
| Verantwortliche Person für die EU: | Libri GmbH, Europaallee 1, D-36244 Bad Hersfeld, gpsr@libri.de |
| Maße: | 235 x 157 x 18 mm |
| Von/Mit: | Steve Moore |
| Erscheinungsdatum: | 09.11.2010 |
| Gewicht: | 0,528 kg |
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