Navigating the Financial Frontier: Building a High-Performance Team for Success

Building a successful team holds significant importance in any business endeavor. Whether you are a startup or an established company, the composition of the team plays a crucial role in accomplishing your objectives. However, the creation of a high-performing team necessitates meticulous consideration and strategic planning. In this article, we will explore key factors to be mindful of when establishing a financial advisory and/or Registered Investment Advisor (RIA) team.

Precise Definition of Objectives

Prior to commencing the formation of your team, it is imperative to possess a lucid comprehension of your objectives and the desired outcomes you aim to achieve. Define the specific goals and deliverables you expect from the team. Are you seeking to augment sales, develop innovative products, enhance customer service, or optimize operational efficiency? Through a clear vision, you can ascertain the requisite skills, expertise, and roles necessary for the members of your team.

Evaluation of Skills and Expertise

Once your objectives have been identified, it is vital to evaluate the skills and expertise required to accomplish them. Consider the distinct competencies essential for each role within the team. Seek individuals who possess the requisite technical skills, experience, and knowledge that align with your business goals. Nonetheless, it is crucial not to solely focus on technical proficiencies. The evaluation of soft skills, such as communication, teamwork, problem-solving, and adaptability, is equally imperative. A well-rounded team comprising individuals with diverse skills and backgrounds can introduce fresh perspectives and foster innovation.

Cultivating Cultural Fit

The establishment of a harmonious team transcends the mere matching of skills and experience. Cultural fit is equally consequential for long-term success. Take into account your company’s values, mission, and work culture. Seek individuals who align with these facets and exhibit a willingness to contribute positively to the team’s dynamics. A cohesive team that shares common values and collaborates effectively is more likely to resolve conflicts, maintain a supportive work environment, and promote optimal productivity.

Embracing Diversity and Inclusion

As you construct your advisory team, embracing diversity and inclusion becomes paramount. Research has consistently demonstrated that diverse teams are more innovative, creative, and proficient at resolving complex problems. Endeavor to include individuals from various backgrounds, experiences, and perspectives. Encourage diversity in terms of gender, race, ethnicity, age, and other dimensions. By fostering a culture of inclusivity, you cultivate an environment where everyone feels valued, respected, and empowered to contribute their unique insights and ideas.

Emphasis on Communication and Collaboration

Effective communication and collaboration serve as vital pillars for a high-performing team. Seek team members who possess strong interpersonal and communication skills. They should be adept at expressing their ideas clearly, actively listening to others, and providing constructive feedback. Additionally, identify individuals who demonstrate a collaborative mindset and are willing to work collectively towards shared goals. Encourage open communication channels, promote transparency, and establish regular team meetings to foster effective collaboration.

Provision of Growth Opportunities

Constructing a team entails more than just assembling the right individuals; it also entails creating an environment conducive to growth and development. Invest in the professional growth of your team members by providing training, mentorship, and opportunities for advancement. Foster a culture of continuous learning and provide resources that enable them to enhance their skills and stay abreast of industry trends. By investing in the development of your team, you not only empower them but also establish a culture of perpetual improvement within your organization.

Monitoring and Adjustment

Building an effective financial advisory team is an ongoing process. Continuously monitor the team’s progress, dynamics, and performance. Regularly assess individual and collective achievements vis-à-vis your objectives. Identify areas that necessitate improvement, promptly address any conflicts or issues, and provide the necessary support and resources. Be receptive to making adjustments, such as reassigning roles or incorporating new team members, if required.

Are You Talking to Your Prospects’ Needs or Talking About Yourself?

In the world of marketing and sales, the key to success lies in effective communication with potential clients. It is crucial to understand the importance of engaging with prospects in a way that addresses their needs and concerns rather than focusing solely on promoting oneself. By shifting the conversation to the prospects’ needs, businesses can build trust, establish meaningful connections, and ultimately drive conversions. In this article, we will explore the significance of putting the prospects first and offer insights on how to effectively communicate about their needs.

One of the most common mistakes professionals make is talking excessively about themselves and their products or services. While it is important to showcase what you have to offer, bombarding prospects with self-centered messaging can be off-putting and ineffective. Instead, taking the time to understand your prospects’ pain points, desires, and challenges will allow you to tailor your message accordingly and demonstrate that you genuinely care about their needs.


To begin, conducting thorough market research is crucial. By gathering insights about your prospect, you can identify their preferences, motivations, and pain points. This information will serve as a foundation for crafting compelling messages that resonate. By addressing their specific needs, you position yourself as a problem solver rather than just another company seeking to make a sale.


Once you have a clear understanding of your prospects’ needs, it’s time to focus on effective communication. Start by listening actively to what your prospects are saying. Ask simple questions about their situation and pay attention to their concerns, questions, and feedback. By actively engaging in conversations and demonstrating empathy, you create a space where prospects feel heard and understood. This builds trust and sets the stage for a more meaningful dialogue.

When communicating with prospects, it is essential to frame your message in a way that emphasizes the value you provide in line with their specific needs. Highlight the benefits and outcomes they can expect from your product or service. Instead of bombarding them with technical details or features, focus on how your offering can solve their specific problems or improve their lives. By doing so, you shift the conversation to the prospects’ needs and make it more compelling for them.

Social Proof

For many advisors, another effective strategy is to provide social proof and testimonials, in a compliant way. People are more likely to trust and engage with a business that has a track record of satisfied clients. Sharing success stories and positive experiences of previous clients helps prospects see the tangible benefits they can enjoy by working with you. Testimonials serve as powerful endorsements and further reinforce your commitment to meeting the needs of your prospects.

The use of testimonials is new for many advisors. Check with your compliance department.

Your Platform

In addition to verbal communication, the medium you choose to engage with prospects can also impact the effectiveness of your message. Utilize various channels such as social media, email marketing, content marketing, and personalized messages to reach your target audience. Tailor your approach to suit the preferences of your prospects and make it easy for them to access the information they need. By adopting a multichannel strategy, you increase the chances of capturing your prospects’ attention and engaging them in a way that resonates with their needs.

Ultimately, effective communication with prospects revolves around putting their needs and concerns at the forefront. By understanding their pain points, actively listening, and crafting messages that address those needs, you create an environment where prospects feel valued and understood. This approach builds trust, establishes meaningful connections, and ultimately leads to higher conversions and client satisfaction.

Empowering Success in Exit Planning: A Compelling Case Study

Throughout my career as a business development coach for financial services professionals, I’ve had the privilege of working with numerous financial advisors, helping them refine their strategies, attract ideal clients, and grow their businesses.

In this article, I’ll share the journey of one of my newest clients who specializes in exit planning for business owners. I’ll delve into how we honed their ideal client profile, area of specialization, and uniquely branded system, ultimately leading to the attraction of one of their largest prospects to date. We also created an effective communication strategy for their centers of influence (COIs), professional referrals, and clients for ideal referrals.

The Client’s Initial Challenges

Our client, an experienced financial advisor focusing on exit planning, faced the following challenges when we began working together:

  • Difficulty attracting ideal clients
  • Struggling to effectively communicate their value to COIs and professional referrals
  • Lacking a clear, unique branding strategy that set them apart in the market

Refining the Ideal Client Profile

The first step in our collaboration was to help our client identify and define their ideal client profile. This involved:

  • Identifying the target market (business owners seeking exit planning)
  • Defining the clients’ key demographics, preferences, and needs
  • Understanding the client’s unique challenges and concerns related to exit planning

Developing a Specialization and Uniquely Branded System

With a clear understanding of their ideal client profile, we next worked on developing our client’s area of specialization and creating a uniquely branded system. This process included:

  • Recognizing our client’s strengths and expertise in exit planning
  • Developing a customized, step-by-step exit planning process tailored to the needs of their target audience
  • Crafting a memorable and distinctive brand identity that highlights our client’s value proposition

Achieving Remarkable Results

As a result of our work together, our client experienced significant improvements in their business:

  • Attraction of one of their largest prospects to date
  • Development of a strategy for effectively communicating their value to COIs, professional referrals, and existing clients
  • Enhanced ability to secure ideal referrals and grow their business

Our client’s journey demonstrates the power of a well-defined ideal client profile, area of specialization, and uniquely branded system in the financial services industry. By focusing on these key elements, the client was able to overcome initial challenges and achieve remarkable growth in their exit planning practice.

This case study serves as an inspiration for financial advisors seeking to refine their strategies and accelerate their business growth. Whether you’re just starting or looking to take your practice to the next level, consider how refining your ideal client profile and developing a unique branding strategy can transform your business and empower you to achieve your goals.

Creating Lasting Value in Your Advisory Practice: Essential Tips for Success

Today’s rapidly changing financial landscape demands advisors to be innovative, adaptable, and committed to delivering exceptional services to their clients. In this article, I’ll share essential tips for creating lasting value in your advisory practice, helping you stand out in the marketplace, and ensuring long-term success.

Define Your Unique Value Proposition (UVP)

Establishing a clear and compelling UVP is critical for distinguishing your advisory practice from the competition. To create your UVP, consider the following:

  • Identify your target clients and their needs
    Assess your strengths and areas of expertise
    Determine the benefits and results your clients can expect

Craft a concise statement that communicates your UVP, and use it consistently in your marketing and client communications.

Emphasize Client-Centric Services

Putting clients at the center of your practice is essential for fostering trust, loyalty, and long-term relationships. To prioritize client-centricity, consider implementing the following strategies:

  • Provide personalized financial advice tailored to each client’s unique goals and circumstances
  • Craft your menu of services to cater specifically to the needs of your ideal clients. You might offer comprehensive wealth management services, encompassing investment management, financial planning, tax planning, and estate planning. Alternatively, given the focus of your practice, you might have a more narrow service offering.
  • Maintain open and transparent communication, keeping clients informed of your strategies and progress

Invest in Professional Development

Continuous learning and improvement are crucial for staying ahead of industry trends and delivering value to your clients. Consider investing in the following areas:

  • Pursue relevant certifications and designations, such as the CFP®, CEPA® or CFA®
  • Attend industry conferences and workshops to expand your knowledge and network
    Leverage resources like coaching, mentorship, or peer groups to enhance your skills and stay accountable for your growth
  • Embrace Technology and Innovation

Leveraging technology can streamline your operations, enhance client experiences, and differentiate your practice. Consider incorporating these tech tools and strategies:

  • Utilize financial planning software to create detailed, interactive plans for clients
  • Implement customer relationship management (CRM) systems to improve organization and communication
  • Offer virtual meetings and secure client portals for increased convenience and accessibility

Foster a Strong Brand and Marketing Strategy

A cohesive brand and targeted marketing strategy can help attract ideal clients and build credibility. Implement these strategies to enhance your brand and marketing efforts:

  • Develop a professional website that showcases your UVP, services, and success stories
  • Engage with clients and prospects on social media platforms, sharing valuable content and insights
  • Network with other professionals and participate in community events to expand your reach and visibility

Creating lasting value in your advisory practice is an ongoing process that requires dedication, innovation, and a commitment to excellence. By focusing on defining your unique value proposition, emphasizing client-centric services, investing in professional development, embracing technology, and fostering a strong brand and marketing strategy, you can differentiate your practice, attract ideal clients, and achieve long-term success. I invite you to explore these tips and take the necessary steps to enhance your practice’s value and accelerate your growth. To discover where you are in growing your practice, please visit FinancialAdvisorSuccessQuiz.com.

Unlocking the Potential of Your CEPA® Credential: A Marketing Guide for Success

As a Certified Exit Planning Advisor (CEPA®), you’ve worked hard to earn your credential, investing time, energy, and resources into the process. Now, it’s time to make the most of it! In this guide, we’ll discuss how to create an effective marketing plan to attract your ideal small business clients, overcome challenges, and grow your business.

The Challenges CEPA® Professionals Face in Marketing

Before diving into your marketing plan, it’s important to understand the challenges you might face as a CEPA® professional. Here are three key issues to consider:

Translating your skills into marketing collateral: To showcase your expertise, you need to effectively communicate the value of the exit planning process, coordinate stakeholders’ efforts, and ensure the best outcome for families and small businesses.

Convincing accountants and attorneys of your value: Some professionals might not immediately see the value in adding another advisor to a client’s team. To build credibility, you must develop clear marketing messaging that highlights the unique benefits of a CEPA®.

Articulating fees and pricing: For CEPA® professionals who are also financial advisors or wealth managers, it’s crucial to be transparent about your fees associated with exit planning projects. Develop a marketing strategy that addresses potential concerns and enhances the value of your CEPA® designation.

Becoming the Go-To Person for Exit Planning

It takes time and effort to build your reputation as the expert in helping business owners with succession planning. Unlike other professionals who are associated with specific services, a CEPA®’s role is to coordinate all parties and actions into a seamless exit plan, which requires a team approach and trust among stakeholders. By leveraging your CEPA® credential, you can attract ideal small business clients and position yourself as the go-to person for exit planning.

Developing a Targeted Marketing System

To achieve tangible results, follow these steps to create an effective marketing system:

Identify your ideal client: Understand the specific characteristics of small business owners who would benefit most from your expertise.

Choose marketing channels and networking activities: Select the most relevant channels and activities to increase your exposure to potential clients.

Focus on client engagement: Once a business owner engages with you, there is a higher likelihood that their net proceeds will be added to your assets under management (AUM) after the transition.

A targeted marketing effort can create a positive feedback loop, leading to high-quality referrals, faster conversions, and increased revenue. This, in turn, enables you to expand your personal and professional goals.

Investing in the CEPA® FAST Program

To strengthen your business development skills and drive results, consider enrolling in the CEPA® FAST program that we offer at Susan Danzig LLC. With over 20 years of experience, our coaching can help you develop a marketing plan to effectively leverage your CEPA® designation and reach more ideal clients.

The CEPA® FAST program provides:

A comprehensive and affordable roadmap for business growth in as little as three months.
A tailored approach for individuals through private coaching or for teams via group coaching. For more information about the CEPA® FAST program, visit https://www.susandanzig.com/CEPA®.

Don’t let your CEPA® credential go to waste. By understanding the challenges you may face, developing a targeted marketing system, and investing in professional coaching, you can unlock your full potential as a Certified Exit Planning Advisor.

Embrace your role as the go-to expert for small business owners navigating the exit planning process, and watch your business grow. With dedication, strategic marketing, and ongoing professional development, you’ll be well on your way to success, helping business owners achieve their goals while expanding your own personal and professional horizons. Don’t wait—start leveraging your CEPA® designation and make a lasting impact on the lives of small business owners today.

Growing Your Business Before Retirement: Cynthia’s Success Story

As a financial advisor, planning for retirement is an essential part of your job for clients. But what are you doing to prepare for your own retirement?
The story of Cynthia, a financial advisor who successfully grew her business before retirement, highlights the importance of having a clear plan in place for your retirement years. It was my pleasure to work with Cynthia through the end of her career.

Cynthia’s Journey: From Growing the Business to Retirement

Cynthia and I began working together when she was 67 years old. At that time, she envisioned working for another six years. Over the next few years, she and I worked together to refine her brand, develop marketing messages that aligned with her ideal clients’ needs, and create a uniquely branded system to support her marketing plan and client communication.

By the time Cynthia turned 70, she had achieved significant growth in her business. However, she realized that she was ready to retire. With my guidance, we shifted our focus to preparing the business for sale and finding the right buyer.

Preparing the Business for Sale
Here are the steps Cynthia and Susan took to prepare the business for sale:

Cynthia and I worked together to refine the business to attract the right opportunity: As she approached the inevitable sale of the business, Cynthia was looking for buyers who had a similar business model including ideal client profile, area(s) of specialization, client support structure, and menu of services. By fine-tuning these systems, Cynthia was better positioned to attract the right buyers.

We developed marketing messages that aligned with ideal client needs. I helped Cynthia craft marketing messages that resonated with her target audience, making her business more appealing to potential buyers.

Cynthia and I worked together to create a uniquely branded system: This system supported the marketing plan, streamlined client and prospect communications, and enabled a more concise sales process.

Developed a marketing plan: Cynthia and her team implemented a marketing plan that outlined clear action-items, responsibilities, and strategies to maintain a strong pipeline of referrals and new clients.

Expanding Your Network and Building Relationships

As Cynthia prepared her business for sale, she also focused on expanding her network and building relationships with other professionals in the financial services industry. This step was crucial for multiple reasons:

The network growth increased credibility: By forming connections with other financial advisors, estate planning attorneys, CPAs, and business consultants, Cynthia boosted her credibility in the industry, making her business more attractive to potential buyers.

A better network led to an enhanced client experience: Collaborating with other professionals allowed Cynthia to provide a more comprehensive and seamless experience for her clients, further increasing the value of her practice.

Her network provided support during the transition: Having a strong network of professionals made it easier for Cynthia to navigate the sale and transition process, ensuring a smoother experience for her clients and the buyer.

Finding the Ideal Buyer

Once the business was prepared for sale, Cynthia and I focused on determining the best buyer for the practice. We considered factors such as the buyer’s brand, client philosophy, investment philosophy, and ability to onboard Cynthia’s clients while allowing her to retire one year later.

After identifying the ideal buyer, they negotiated the terms of the sale and celebrated Cynthia’s successful retirement.

Lessons Learned: Preparing Your Business for Retirement

Cynthia’s story illustrates the importance of planning for your retirement as a financial advisor. Working with an experienced business development coach helps you ensure that your practice is well-positioned for growth and an eventual sale. Here are some key takeaways from Cynthia’s journey:

  • Develop a clear plan: Start planning for your retirement early and be prepared to adjust your timeline as needed.
  • Work with an expert: Enlist the help of a business development expert who can guide you through the process of refining your brand, developing marketing messages, and creating systems to support your practice’s growth.
  • Prepare your business for sale: Ensure your business is in the best possible position to attract the right buyers by refining your brand, developing marketing messages that align with your ideal clients’ needs, creating a uniquely branded system, and implementing a marketing plan.
  • Expand your network: Build relationships with other professionals in the financial services industry to increase your credibility, enhance your clients’ experience, and provide support during the transition.
  • Find the right buyer: Carefully consider the ideal buyer for your practice, taking into account their brand, client philosophy, investment philosophy, and ability to onboard your clients while allowing you to retire on your terms.
  • Negotiate the terms of the sale: Work with an expert to determine and negotiate the best terms for the sale of your practice, ensuring a smooth transition for both you and your clients.

Cynthia’s success story demonstrates the value of having a clear plan and expert guidance when preparing your financial advisory practice for retirement. By following these steps and working with a business development expert, you can ensure a smooth transition for your clients and a successful retirement for yourself.

Marketing during a Market Downturn: Why You Should Keep Pushing Hard

When the market takes a downturn, it’s natural for advisors to scale back their marketing efforts to cut costs. However, this may not be the best approach. In fact, maintaining or even ramping up your marketing plan during a market downturn can actually benefit your business in the long run. Here’s why you shouldn’t stop your marketing plan and growth during a market downturn:

Less Competition

During a market downturn, many advisors tend to cut back on their marketing efforts. This creates a unique opportunity for businesses that maintain or increase their marketing efforts to stand out from the competition. By continuing to market your advisory practice during a downturn, you can reach more potential customers and gain a competitive advantage.

While many advisors may be cutting back on their marketing spending, it is important to understand that this is actually a time to take advantage of the situation and push harder. When the market is in a downturn, the competition is likely to be less aggressive and advisors that continue to market themselves will have a greater chance of reaching new customers and differentiating themselves from the competition.

Marketing during a downturn also allows businesses to build their brand and establish their presence in the marketplace. When consumers are bombarded with negative news, they are more likely to remember and appreciate advisors that offer them hope, optimism and stability. Practices that stay in front of their customers during a downturn are also more likely to retain their loyalty and increase client loyalty when the market turns around.

Increased Awareness

When the market is down, people are more likely to pay attention to advertising and promotional offers. This increased attention can lead to increased brand awareness and help position your practice as a leader in your area.

During a market downturn, people are often more cautious with their spending and may be on the lookout for savings or promotions for a financial plan. This heightened level of awareness can work in your favor. By continuing to market your products and services, you have the opportunity to capture their attention and increase awareness. This can help position your business as a trusted and reliable provider, and set you apart from competitors who have cut back on their marketing efforts.

By keeping your marketing plan in full swing during a market downturn, you have the chance to reach a larger audience and increase brand recognition. People may be more likely to remember your brand when they are ready to hire an advisor and may choose your practice over others due to their previous exposure to your marketing messages. Additionally, increased brand awareness can also help establish you as a thought leader in your industry, which can be beneficial in the long-term.

A market downturn may present a challenge, but it also offers a unique opportunity to increase brand awareness and gain a competitive advantage. By investing in marketing efforts during this time, you can set yourself up for success even when the market is down.

Building Trust

Maintaining a consistent marketing presence during a market downturn shows customers that your practice is stable and reliable. This can help build trust with prospects and position your business for future success, even when the market improves.

By continuing your marketing efforts during a market downturn, you demonstrate to your clients that you’re able to weather the economic storm and remain steadfast in its commitment to delivering high-quality services. This helps build trust with existing clients and your pool of prospects who may be hesitant to do business with an advisor that appears to be struggling during difficult economic times.

In addition, the consistency of your marketing messages during a market downturn can help reinforce your brand’s image and position you as a leader. Clients are more likely to trust a business that remains confident and proactive in uncertain market conditions.

Long-Term Growth

While it may be tempting to cut costs by reducing marketing efforts during a market downturn, this can actually harm you in the long run. By continuing to invest in your marketing plan, you can lay the foundation for future growth and success.

Pausing your marketing efforts during a market downturn may seem like an obvious cost-cutting measure. However, it can actually prove detrimental to your business in the long run. Halt in marketing can cause a significant disruption to your sales pipeline, leading to a drop in new revenue and stifling growth opportunities. Furthermore, once the market picks up again, restarting your marketing efforts and reigniting the sales pipeline can be a time-consuming and arduous process.

Think of your marketing plan and sales pipeline as a well-oiled machine. Consistent investment and effort are necessary to keep it running smoothly. When you suddenly hit the brakes, it takes time to get the machine back up to speed, and in the meantime, you risk losing traction and opportunities to your competitors.


During a market downturn, it’s natural for advisors to scale back their marketing efforts in an effort to cut costs; however, this may not be the best approach. Continuing with the implementation of your marketing plan during a market downturn can bring numerous benefits. It reduces competition, increases brand awareness, builds client and prospect trust, and sets the foundation for long-term growth. Don’t pause your marketing efforts during a downturn, it’s time to push harder and reap the rewards.

How to Delegate Training to the Next Generation of Advisors

The financial industry is constantly evolving, and staying ahead of the curve is essential for success. One effective way for businesses to prepare for the future is by delegating the training of new hires to younger financial advisors. These individuals bring a unique set of skills and perspectives that can benefit not only the new hires but the entire team.

In this blog, we will delve into the advantages of having younger financial advisors lead the training process, including their proficiency in technology, cultural intelligence, and fresh perspective. By leveraging these assets, businesses can equip their teams with the tools they need to succeed in today’s fast-paced and rapidly changing financial industry.

Natural Technical Expertise

The younger financial advisors are well-equipped with the skills and knowledge needed to thrive in today’s tech-driven financial industry. Their technological proficiency and ability to quickly adapt to new tools make them ideal candidates for training new hires. By leading the training process, not only do these young advisors improve their own personal productivity, but they also have the ability to increase the productivity of the entire team.

Their expertise in technology allows new hires to quickly get up to speed with the latest software and platforms, improving their overall effectiveness as financial advisors. The use of technology in financial advising has become increasingly important in recent years, and having young advisors who are familiar with these tools is a significant advantage. The integration of technology into the financial industry has revolutionized the way business is conducted and has allowed financial advisors to better serve their clients.

Through the training process, these young advisors can effectively teach new hires how to use these tools to their advantage, improving their overall proficiency in the industry. This not only benefits the new hires but also the team as a whole, as they will be able to work more efficiently and effectively. The ability to quickly adapt to new technologies and train others is a valuable skill that sets the younger generation of financial advisors apart, and one that should be utilized to the fullest.

Increased Cultural Awareness

Financial advising is a highly relationship-driven industry that demands a deep understanding of client needs and preferences. The success of financial advisors often depends on their ability to establish trust and rapport with their clients. This requires not only a strong understanding of financial concepts, but also an appreciation of the cultural context in which clients operate.

Young financial advisors have a distinct advantage in this regard, as they are often more attuned to current cultural trends and social dynamics. They bring fresh perspectives and insights to the table, which can help new hires better understand and connect with clients. This cultural intelligence can be particularly valuable in the financial industry, where clients expect advisors to be attuned to their specific needs and concerns.

By leveraging the cultural savvy of young financial advisors, businesses can empower their new hires to build strong, long-lasting relationships with clients. This can lead to increased customer satisfaction, improved retention rates, and ultimately, greater success for the business. Whether working with individual clients or businesses, new hires equipped with cultural intelligence are better equipped to deliver exceptional service and meet the changing needs of their clients over time.

Pragmatic Outlook on the Future

The future of finance and investment is constantly evolving, making it critical for businesses to have financial advisors who have a deep understanding of the trends and changes that lie ahead. Younger financial advisors, being less entrenched in past experiences, bring a fresh perspective to the table. They are better equipped to anticipate macro financial movements and global trends that are shaping the future of finance and investment. By leveraging their unique outlook, businesses can foster innovative thinking and ensure that their strategies are up-to-date and reflective of the current landscape.

Furthermore, training new hires under the guidance of these younger advisors can bring numerous benefits to the business. It provides a platform for new ideas and approaches to be introduced and can help businesses stay ahead of the curve by being less reliant on outdated practices. This in turn can lead to a more productive and efficient team, allowing businesses to better serve their clients and stay competitive in a rapidly changing marketplace. Additionally, a younger perspective can help new hires better connect with potential clients, understand their needs, and alleviate their worries.

The importance of having young, forward-thinking financial advisors cannot be overstated. By allowing them to train new hires, businesses can ensure that their teams are prepared for the future and equipped to succeed in a constantly changing industry.

In conclusion, the benefits of having younger financial advisors lead the training process are clear and undeniable. From their proficiency in technology to their fresh perspective and cultural intelligence, these individuals bring a unique set of skills and insights that can greatly benefit businesses and new hires alike. As a business development coach for financial advisors, I strongly recommend that businesses take advantage of the talent and potential that the younger generation has to offer

The Power of Discipline in Driving Results!

When I work with clients to help ramp up their business, I often see the same trend: They start out being extremely excited and involved for the first few weeks, and then something else comes up, and they begin discipline for for financial advisorslosing focus. Being able to focus on the end result for months at a time is a product of more than just motivation or aspiration: It’s discipline. Read on for tips on how to build this discipline and make it work for you!

Set Incremental Goals

One of the biggest problems in setting a long-term goal is that it can take a long time to earn that feeling of accomplishment. By setting smaller goals along the way—and celebrating those wins—you can hold onto that motivation as you sprint to the finish line. In the business world, some good examples of small goals include a target number of leads, new clients, smaller content projects, and increasing overall traffic to your website. By creating these goals and working towards them, you can grow your business while still finding joy in your day-to-day work.

Celebrate the Unexpected

When working towards long-term goals, while an unexpected obstacle can suddenly come from nowhere and hijack your plans, it’s essential to keep on track and not let anything derail them altogether. And If your plans fail altogether, keep in mind the upside of your focus on your plans, you’ve tried something new and learned from the experience—both worth their weight in gold in the business world!

Don’t Get Discouraged

One of the biggest problems with lofty goals is that it can take too long to see results. Anyone who has started working out can attest to the fact that improvements at the gym can take months to attain, even if you’re going constantly. The same is true when it comes to the discipline of building your business, and it’s essential to adhere to the same schedules even if results aren’t immediate.

Change Your Perceptions

Ultimately, building discipline is about changing your frame of mind. Don’t think of your long-term goals as something to reach for, but rather as something that needs to be completed to give you and your family the lives they deserve. By making these goals one of your central focuses in life, you’ll be able to maintain your motivation regardless of what obstacles appear as if they are standing in your way.

As you work towards your business goals, it’s essential to bolster your motivation so you don’t lose sight of what’s important. By building attainable goals, changing your perception, and celebrating smaller wins, you’ll be able to create long-term discipline that will serve you throughout your career.

Critical Pieces to Have in Place to Sell Your Financial Advisory Practice

Expect to see significant mergers and acquisitions in the Financial Services industry in the next few years. We have an aging advisor population who are looking for exit strategies and need to do serious succession planning. Financial Advisory C-Suite decision-makers gathered recently at The Deal and Dealmakers Summit by Echelon Partners to meet mergers and acquisition experts, design strategy, and optimize their deal-making. They stressed that to sell a financial practice, you need to have your business act together. This article discusses the critical areas to focus on to create high value and make the best deal.

Critical Pieces to Have in Place to Sell Your Financial Advisory Practice

To sell your financial advisory firm, you need to have the following critical pieces in place to get a deal that truly inspires you.

  1. Organic growth for at least a 3-year period
  2. A detailed and proven prospect enrollment process
  3. Client onboarding and ongoing servicing system that yields happy long-term clients
  4. Documentation of your repeatable processes
  5. A marketing plan, tracking system, and accountability structure (for ensuring implementation)
  6. Positive team culture
  7. Simple buyout deal/plan

1. Organic Growth

Businesses that have the most organic growth are the most valuable. A firm is most appealing when it has a track record of attracting a consistent increase of AUM year over year. You’ll need to show the numbers both in AUM and of clients.

Organic growth is often one of the least planned elements of an advisor’s business. You can create organic growth when you have a system in place that identifies and targets your ideal prospect, several channels, and consistent marketing activities to attract and close those prospects.  Focus on creating a positive prospect and client experience.  Tough market times offer advisors a great opportunity to stand out when they have a proven track record of weathering these markets and continuing to serve clients at the highest level.

2. Prospect Enrollment Process

You could be great at meeting new prospects, but to sell your business you need a track record of consistently converting prospects into clients. The Financial Advisor Success Training offers a template that increases closing ratios. With a great reputation for bringing on new clients, your firm will be attractive to investors.

3. Client onboarding and ongoing servicing system that yields happy long-term clients

How do you stand out and instill confidence in your clients? Having a seamless onboarding process and ongoing servicing practices remind them how valuable you are.  Having these pieces in place will improve retention and make your business more saleable.

4. Documentation of your repeatable processes

Every business needs to have documented Standard Operating Procedures (SOP). Even if you’re a small firm with one assistant, everything that your assistant does should be written down in a step-by-step procedure guide. They can be a series of MS Word or Google docs. Having procedures documented ensures that your staff knows their responsibilities and should someone suddenly leave the practice, someone else could easily step in and take over the job. This also means that every person currently working in your practice needs to keep their SOPs up to date.

5. A marketing plan, tracking system, and accountability structure (for ensuring implementation)

According to Milton Berlinski, co-founder and managing partner at Reverence Capital Partners, “If you’re not moving forward, you’re moving backward.” To move forward, have a strategy.

Professionalizing the firm with systems is your best strategy.

If you fail to plan how you’re going to grow your business, you are headed for a slow decline. Mapping out a marketing plan, and ensuring it gets implemented with a tracking system and accountability structure will give you the best odds of success over the next year. Don’t fall into the trap of not having enough time to market. Otherwise, your business growth will stagnate. Stagnation is never good if you want to strike a good deal for your business.

Marketing never happens in a vacuum. If you don’t know how to create a marketing plan, learn from a professional business development expert.

6. Positive team culture

The most common way to incentivize is to take great care of your people. Pay them well. Appreciate them. Provide perks and most of all, listen to them.

Take stock of your team culture.  Do you and your team get along well? Frequently, advisors keep team members because they’ve been there a long time. If they are the source of poor morale among other team members or clients, they need to be retrained or let go. You cannot afford to have a team that doesn’t work well together.

7. Simple buyout deal/plan

When structuring a buyout deal or plan, make it simple. The more complicated the earnout program, the more demotivating the deal is.

Keep in mind the following drivers that are taken into account to come up with the buyout number.

Valuation Drivers for Sale, Mergers, and Tuck-Ins

  1. Growth and Scale
  2. Employee Management
  3. Client Management
  4. Firm Management
  5. Financial Management
  6. Business Model
  7. Transferability
  8. Marketing
  9. Productivity
  10. Economics

Why Invest In Your Business Before Making A Deal

The bottom line to draw the most profitable price for your business, you must show that you have invested in your business. Furthermore, showing results from what you’ve invested in the form of the number of clients you have, the longevity of your clients, systems that create a positive team environment, and lots of satisfied clients who refer more people to you.

How To Land A Great Deal

Whether you want to merge your business into a larger firm or exit, you need a healthy growing business and a plan. Growing firms are looking to expand rapidly as the population of financial advisors who are approaching retirement is significant. They are actively recruiting new advisors and looking to buy businesses from experienced planners. Put in place the seven critical pieces above and you’ll be positioned for success.


FAST Track Your Business

Discover the 7 steps to attract your ideal clients and grow your book of business.