Blog - Financial Advisor Coaching by Susan Danzig

How to Keep a Healthy Mindset Throughout COVID-19

It’s essential to maintain a healthy mindset during COVID-19, especially for financial advisors striving to normalize their operations. Prioritizing your own health and wellness will help to keep your mindset positive despite all the changes occurring worldwide and help you stay in the right frame of mind to continually serve your clients. Here are some tips to help keep a healthy mindset under the current circumstances:

Break Up Your Work into Manageable Chunks

One of the most challenging aspects of COVID-19 is keeping yourself motivated when so many external challenges keep popping up. While you can’t neglect your business, it’s important to be empathetic with yourself and understand that you may need more time to accomplish tasks during this challenging situation. To keep yourself motivated, break your workday into short, manageable chunks and take small breaks in between. By interspersing work with relaxation, you can keep your work on track while still taking time for self-care.

Express Gratitude

A lot is going sideways right now across the world, so it’s essential to take a step back and remember what truly matters in your life. Focusing on the gratitude you feel for your family, friends, and passions will help you remember what you’re working for, allowing you to stay motivated throughout the coming weeks. To remind yourself of all the things you might be grateful for, make a long list and keep it next to your workstation. If you haven’t already, I recommend you surround your workstation with photos of your friends and family to brighten your workday. Whenever you feel stressed or helpless, look at this list and the photos to remind yourself of your motivations.

Try to Establish Routine

One of the biggest challenges of this stay-at-home order has been the interruption of the daily routine. People have been conditioned to drive to work in the morning and follow a strict schedule, and this routine provides a sense of stability and comfort. Though you may have to adjust your usual routine, it’s important to schedule your day to create a sense of normalcy. Having a set time for making coffee, exercise, meditation, answering emails and scheduling regular meetings can help you adjust more easily to the new normal.

Remember You’re Not Alone

All across the world, people are experiencing the same dilemmas that face us every day. While this may not make the immediate situation better, it does help to maintain compassion for everyone you cross paths with. Take the time to support your friends, neighbors, and those in your network from afar, and let them know that they aren’t alone. By working together and maintaining compassion, our communities will make it through this unprecedented situation.

Take a Breather

The one downside to remote work is that it blurs the lines between your office and home. While it can be tempting to sneak in some emails on the weekends, be sure to create distinct chunks of time off to maintain your mental health. Dedicate at least one day and ideally two days a week where you “unplug” and don’t check your work email. To further improve your mental health, I challenge you to take a complete break from the news and social media during your day(s) off. By separating yourself from the demands of the modern world, you’ll actually rejuvenate yourself and be more energized throughout the rest of the week.

Conclusion

Since COVID-19 presents a new set of challenges for financial advisors, it’s essential to commit more time to self-care. By setting boundaries throughout your work week, taking time off, and focusing on what you’re grateful for, you’ll be in a better space to efficiently run your business!

How Financial Advisors Should Maintain Their Business During COVID-19

This is an unprecedented time, and financial advisors are under unique stress trying to maintain their business during the quarantine. Though some aspects of your day-to-day business will change, you still have opportunities to delight your existing clients and attract new ones. Ultimately, if you proceed strategically, you can place your business in a better position than it was even before the crisis.

Maintain Client Relationships

Though you are likely working remotely, you should still stay in contact with your entire book of business. Talk with every one of your clients and offer them guidance through this changing financial market, as well as asking after their family’s health and wellness. This is where you can have the biggest impact by sharing your perspective on the unfolding situation. These actions ultimately encourage client loyalty and future referrals.

Given the unpredictability of the market, any clients who were thinking about changing advisors are more likely to do so now. The bottom line is: if you can’t be present for your clients during a challenging time, then you need to reevaluate your service model.

It’s also worth noting that younger investors haven’t seen this volatility before. This is an opportunity to establish yourself as a trusted partner in these matters and to deepen your relationships with your younger clients, which will reinforce the added value you bring to the table.

Don’t Disregard Opportunities for Growth

Though it may not seem like it, this is perfect timing to be focused on growing your business. When you are doing a great job of servicing your clients, you will naturally have the opportunity to grow your business with money in motion from your existing clients, as well as referrals. Given that everyone is experiencing the volatility of the market, many are looking for financial perspective during this unprecedented time. When clients feel taken care of, they will frequently express gratitude for your time and reassurance. This is the perfect timing to let them know that you are available to speak with their friends and family members who might have questions or concerns about their financial situation.

How to Conduct Referrals While Maintaining Social Distancing

Though social distancing has changed the way you conduct referrals, you can use technology to make a seamless introduction. Invite both parties (your existing client and their referral) to a zoom conference, and then your existing client can step off the call when appropriate. Alternatively, you can use conference calling, but don’t discount the personal touch of a video call.

After the referral signs up for your services, take the time to write a personal thank you card to your existing client. To encourage future referrals, I recommend including a gift card for Postmates or a similar food delivery service. This will encourage future referrals!

Conclusion

Though this is an unexpected situation, it provides the opportunity to truly enhance relationships with your clients. By adjusting your business model, you can continue to deepen your client relationships and establish yourself as a trusted resource in this challenging time.

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 losing 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.

Developing Your Uniquely Branded System

Once you’ve defined your ideal client, area of specialization, and slogan, it’s time to think about how to really sell your services to the people you meet. This is ultimately the “how” of your business—the expertise and day-to-day work that allows you to deliver results for your clients. It’s essential to create a list of examples to help guide conversations with potential clients, and this blog will help you determine what you need to create that confident message.

Think About Your Value Adds

Ultimately, what you’re coming up with at this stage is a value add. You want to make it clear exactly what you deliver, using both hypotheticals and concrete examples. Thinking back on specific clients, there may be one instance that truly stands out. You can begin your pitch by giving a generic presentation of how you helped this client—though obviously, keeping confidentiality in mind, you want to avoid specifically naming this person.

From there, you can explore the hypothetical needs of your future clients, and examples of how you meet these needs. I recommend dividing these needs into two distinct categories: Emotional and Technical. A combination of both of these sides of the equation will help give a well-rounded impression of the work you do.

Emotional Value Adds

The first value add you want to address is the emotional component. How do you simplify your clients’ lives? Do your services and your client experience leave them with peace of mind or a hard roadmap to follow that helps enable them to live their lives? Though this should be a briefer exploration than your technical value adds, it provides a hook and encourages future clients to think about how simple life would be once they have your support.

Technical Value Adds

Once you’ve wet your prospect’s appetite with hypothetical examples and an emotional appeal, you can hit them with the technical areas of specialization that enable you to support your clients. For financial advisors, this might include financial planning, investments, retirement options as well as a number of tax preparation services, to enable your clients to seek a secure future. Though these will vary from firm to firm, all of the items support the emotional value add that you laid out in step one.

Don’t Forget to Follow Up

In order to fully drive your value adds home, ask your prospect for their contact information. You’ll then be able to send supporting documents that drive home both the emotional and technical value adds. Often the technical value adds will be listed specifically, while the emotional will be conveyed with imagery, color choice, and your slogan. You should also speak to both of these points on your website and social media marketing, enabling you to persuade prospects across multiple lines of communication.

By rehearsing your value adds ahead of time—both emotional and technical—you’ll be prepared to meet prospects wherever they appear. This last step of your branding should be supported by marketing materials and information on your website to drive home the points you make in conversation.

Perfecting Your Client Attraction Message

Have you ever had a moment when you were asked what you do for a living, and you stumble over your answer or aren’t sure how to respond? It’s extremely common for people in self-driven industries to struggle to answer these questions, and it makes it all the more important to create an “elevator pitch” about your business. As you seek out new clients, it’s essential to perfect your client attraction message and be able to quickly identify who you help and what your skillset is.

What Is a Client Attraction Message?

A client attraction message is a short pitch about what your business delivers. Ideally, it is a super short phrase, less than seven words, that you can consistently deliver when asked about your job. Essentially, it’s your slogan, directly answering the questions: what do you do, and for whom?

Examples of Effective Client Attraction Messages

Here are a few simple examples to get you started, along with some notes about why they’re effective:

Wealth Management for Executives in Transition
- Wealth management is an extremely general term, but it is an extremely attractive client attraction message. Tapering it down by focusing on a specific industry or ideal client helps specify your work and make it sound less generic.
Investment Management for Lottery Winners
- If you have a specific niche, it’s even more important to spread the word about your work far and wide. Though this is an extremely precise target market, it fills a direct need of potential clients.
Retirement Planning for Google Employees
- If you aren’t sure about how to focus your messaging, focusing on a specific field or industry can help make it clear who you’re targeting.

Rehearse Your Delivery

While you can use this message in your marketing, it is even more important to have it prepared for networking and day-to-day conversations. Practice your delivery of this slogan so you can sound polished and confident as you meet potential clients or acquaintances. It can also help to have a quick story showcasing one of your best wins so you can make it clear what skills you bring to the table.

If you’ve ever been in a situation where you couldn’t clearly communicate your role, you need a rehearsed client attraction message. This will help you network and get your name out there while being quick and polished. Once you’ve mastered your client attraction message, you’ll be able to casually mention your line of work without taking too much time or stumbling over your words.

How to Optimize Your Area of Specialization (And Why This Matters!)

Once you’ve determined the makeup of your ideal client and began planning how to market to them, your next step is to decide what services you need to offer to be attractive. People in different industries, life stages, and regions will have different expectations and needs, so you need to consider exactly what offerings will make you the most attractive to your future potential clients.

What Is an Area of Specialization?
Though the specifics will vary depending on the industry, an area of specialization is essential for almost all service providers, from plumbers to physicians to veterinarians. Having a specialty on top of more generalized work helps you to become a leader in that narrow field, while still gaining more general work as people search for your expertise. For example, many financial advisors offer comprehensive financial planning services while focusing on their favorite specific vertical, such as wealth management, 401k rollovers, retirement planning, or investments. They may offer every service under the sun, but much of their marketing will be focused on their area of specialization.

Ask Yourself: What Do You Love to Do?
Before you even get into the client-centric breakdown of your business plan, it can be helpful to consider what you love most. After all, people will be able to immediately sense your passion as you talk about something that’s important to you, and having a primary vertical that you enjoy will make it much easier to go to work in the morning. Consider the ideal breakdown of your workday and come up with a plan that can help you bring this ratio into reality!

What Is Your Experience?
Another thing that will help sell your expertise to your ideal client is highlighting your personal and professional expertise. Have you always been passionate about this line of work? Did your parents raise you a certain way that led you to pursue this career path? Or did you have an “ah-ha” moment while driving to class one day that started you off on your journey? Speaking to this expertise personalizes you, establishes trust, and helps your ideal client decide to make that initial connection.

Stand Out from the Crowd!
Let’s face it, the business world is crowded. Looking up financial advisors in my immediate area turned up hundreds of results, each with similar generic statements about how they help their clients. To stand out from the crowd, evaluate whether there are other less popular—but still essential—services that you can provide, especially if you’re keen to work with a specialized industry or client. Ultimately, even if you’re offering a service that everyone around you offers also, the easiest way to get business will be to put a unique spin on it. Why do you offer this service? Why is it important to you?

Conclusion
Once you’ve built out your ideal client profile, your next step will be determining your area of specialization and optimizing your marketing strategy with this vertical in mind. By taking the time to consider the best fits for your expertise, your ideal client, and how you can stand out from the crowd, you’ll be able to clearly define your area of specialization in a way that draws in potential clients.

How Defining Your Ideal Client Will Help Define Your Business

Whether your business is well-established or in its founding stages, taking the time to define your ideal client is essential to your success. Without taking the time to outline exactly who your ideal client is, you’ll waste time on your messaging, prospecting the wrong people, and lacking a clear idea of exactly what you bring to the table. It would be as if you are casting your fishing line randomly into the middle of the ocean versus into a well-stocked fishing hole. Taking the time to plan out your ideal client will improve your prospect-to-client conversions, and ultimately, your revenue.

The First Steps

If you’re unsure where to start, take a look at your current clients and the skillsets you use most. While you don’t necessarily have to follow the mold you’ve already created, it’s a good start to examine the most valuable things you have to offer. What feedback has your first client given about your services? Would your tenth say the same? It’s important to consider any potential changes as your business scales, and take the time to consider whether you should expand or rezone your offerings.

Creating an Ideal Client Profile

The first step in defining your ideal client will be to develop your ideal client profile. The metrics that matter most will depend on your industry and services, but here are some typical things to keep in mind as you create this profile. What is their age? Where do they live? What is their occupation? What is their income? What is the size of their portfolio? What prompted them to reach out to you at this time? What are they looking for specifically? Is there something beyond this list that makes them ideal for you that is notable to track?

By evaluating your perfect match for each of these questions, you’ll know where and how to focus your marketing efforts. For each of these qualifications, there should be an adjustment to your marketing strategy, specifically when, where, and how you advertise your business.

Outline Your Marketing Goals

Once you have your ideal client, sit down and determine your next steps. Given the age and income of your ideal client, where should you market? Is Facebook your best bet, or perhaps LinkedIn? The platform you use will ultimately change your marketing strategy, so research each demographic before you start considering your first marketing campaign.

Once you have your strategy outlined on paper, your next step will be to consider your budget and goals. If you’ve never marketed before, you’ll want to start with a small budget and pay close attention to the results. Conduct A/B testing to see what messaging and images work best, and don’t be afraid to start from scratch if you aren’t seeing optimal results.

Conclusion

Many businesses are so excited to start marketing that they leave out the most important step: Knowing who to reach out to. By building out your ideal client profile, you’re ensuring the success of your marketing efforts and preventing wasted time and energy. If you have any questions as you build out your ideal client profile, please reach out to me!

How to End Your 2019 On a High Note

As the end of the year approaches, it’s the perfect time to evaluate your wins, successes, and areas for improvement. Taking a comprehensive look at 2019 will prepare you for re-organizing your business strategy for 2020.

Evaluate Your Yearly Goals

The first step of your planning should be to look at the goals you set for January of 2019. Break these goals down into three categories: Accomplished, In Progress, and Needs Work. For each item, be honest with yourself about what made it a success, or what pushed it to the back burner. It’s important to be completely open about things that went wrong to perfect your process in the year to come.

When looking at the Accomplished and In Progress goals, take time to evaluate whether you should stay on the same course. If so, you may want to pick a numerical goal (like a 25% increase in ideal prospects or 20% increase in ideal clients) to help keep yourself on track. This can support your motivation and focus throughout the year.

Book out Your Calendar

The best way to keep yourself from stressing at the end of the year is to book out time to address your goals. This should be done at quarterly intervals at minimum, but it’s even better to book out monthly opportunities to assess what’s working and where you need to make changes to your strategy. Set specific goals for each session and add them to your appointment notes so you can quickly jump into the task and get the ball rolling.

While your schedule will fill up throughout the year, it’s essential to keep these appointments. If you have to move it to a different time slot in the same week, you can do so, but be careful about perpetually kicking the can down the road.

What Support Do You Need?

The end of the year is the perfect time to evaluate what’s working—and what isn’t—for your business. Take a look at the resources that you used throughout 2019, and if there are any gaps that could help you alleviate stress. Did you end up delaying your work due to lack of time or technical expertise? If so, it may be best to bring on a coach to help you fill in the gaps in your business. By gifting yourself support where you need it, you can focus your efforts on what you do best, helping to make 2020 your best year yet.

Consider Upgrading Your Technology

As you look back at your progress over the past year, think back on whether you have any major gaps in your technology. Is there any software that would be helpful in organizing and running your business? Some examples could be an email marketing service, scheduling software, or billing and accounting software. Start looking at these solutions now so you can implement in early 2020, getting ahead of the game for the year to come!

As you come to the end of a successful 2019, take a look back to see what could make 2020 even better! By taking a comprehensive and honest look at how your business is run, you can set yourself up for a more streamlined experience in 2020.

How to Create an Impactful Slogan

As your prospects browse through your industry to find the best fit, they’ll want a quick summary of exactly what to expect from your business. An impactful slogan is an easy way to convey your services, set expectations, and make a great first impression. Here are some tips to creating an impactful slogan:

Speak to Your Target Market

The first thing you should keep in mind is who you are looking to attract, as this will help you tailor your slogan from the start. Are you working with specific industries or life stages? What is the average age of your clients? For older clients, you should aim to sound established and trustworthy to build up that initial relationship, whereas the younger generations may respond to a more catchy and fun slogan. Regardless of which direction you go, sit down with your team and some trusted clients to get their input at the start of your process.

Focus on Solutions

It’s important to remember that both the problem and solution should be at the heart of your messaging. In order for clients to quickly understand what you bring to the table, you need to communicate the problems you solve right from the get-go.

Focus on Your Uniqueness

Especially in big cities or competitive industries, you’ll be competing against other firms for prospects’ attention. How can you communicate your uniqueness so prospects will remember you as they continue their search? A common mistake of financial service professionals is not having a memorable and concise marketing message. Having a slogan that is personalized for your business’s services—while still unique and memorable—is a critical piece to your overall branded system.

Make it Quick

In order to quickly communicate with prospects, a slogan should be no more than seven words. As you create your initial draft, see if you can cut down on the fluff to get to the heart of your message. Avoid filler words and ensure each verb is direct and powerful. Words like “helping” and “building” are a great start, but they’re overused and watered down. Is there a more impactful way to get across your core messaging?

Create Multiple Drafts

Given that this is such a huge part of your marketing, don’t expect to complete the task in a day. Sit with your different ideas and play with them to find a slogan you love. You may find it helpful to create a word document with about 20 different ideas, then trim it down to your favorites. Combine, refine, and rewrite over the span of a week until you find something compelling and special!

When creating an impactful slogan, it is essential to clearly communicate your specialty and unique offerings to your ideal prospects. Having a clear slogan allows you to quickly convey your services and expertise so prospects know from the get-go whether you’re an ideal fit. Creating a quick and catchy slogan will help you optimize marketing collateral, social media communications, and your website design to be consistent and memorable.

How to Scale Your Business Without Losing Focus

As your business grows, it will be essential to learn how to focus on your current clients while still expanding your business opportunities. By implementing a strategy long before you begin expanding, you can ensure that you are crafting the perfect balance between present and future success.

Fine-Tune Your Vision
As you begin ramping up your business, take a step back and fine-tune your vision. What did you define as success when you first started your business? Would you define it the same way now? Are there any immediate adjustments that you need to make to get to a place where you’ll be happy and healthy running your company? As soon as you have all of these parameters outlined, you’ll be in a good position to implement a plan to make changes happen.

Look at What’s Missing
It’s natural to hit some unexpected hurdles as you begin to expand, but many of them are easy to predict ahead of time. Will you need to hire more help in order to double your client base? Do you need to implement new technology to help automate your workload? Examine the average amount of time you spend on each task every week and see if there are solutions that might cut that wasted time down to the bone. As your business scales up, you can afford to implement new software and tools to free up your time for what matters most.

When it comes to hiring, a good approach is to set a certain profit goal. Once you pass that threshold, you know your business is ready to bring on another set of helping hands. When hiring, evaluate all the possible skills that this hire will need to service different parts of your business. For smaller companies, it’s ideal to hire someone who’s adept at many tasks rather than hiring an expert in a single field.

Explore Other Options
Almost every business starts with a single focus and grows their services over time, and it’s important to take an annual look at the market in your area as you plan ahead. In order to scale up your business, do you need to make any huge adjustments to your current plan? Take a look at how many potential clients are in your area that may benefit from your services. If the target market is too small, it may be time to expand your specialty or offer additional services.

Don’t Change What’s Working
Even as you make core changes to your business, be mindful of what brought you success in the first place. If you’re known for friendly, face-to-face interactions with your clients, don’t sacrifice that for the sake of volume. If the core of your business rests on a certain service, it would be counter productive to stop offering that service for the sake of bringing on new clients. Strike a balance between old and new and ensure your existing clients still receive the full value of your time!

While it can be stressful to drastically ramp up the scale of your business, it’s essential to stay focused on what has worked—and what needs improvement. Take an objective look at your business model and decide if any changes need to be made as you begin recruiting new clients to take your business to the next level.