Between Now And Success

Can you get a true understanding of a client's risk tolerance and place them in a portfolio with the appropriate portfolio risk by asking a few simple subjective questions? Robo Advisors Betterment (see my interview with Betterment founder Jon Stein) and Wealthfront believe they can but today's guest, Aaron Klein, co-founder of Riskalyze, believes those firms have it all wrong. Aaron's firm tackles the risk tolerance and portfolio risk challenge from a different angle by utilizing concepts borrowed from Prospect Theory. Prospect Theory was developed by Daniel Kahneman and Amos Tversky and essentially says, "People value gains and losses differently and, as such, will base decisions on perceived gains rather than perceived losses. Thus, if a person were given two equal choices, one expressed in terms of possible gains and the other in possible losses, people would choose the former." Source. We had a fascinating discussion about how investors deal with risk and we capped it off with some thoughts about the fut

We all love great stories and in today's podcast I share some insights on why stories are better than facts when it comes to influence. You'll also hear my conversation with academy-award winning producer Ed Saxon, as we discuss the power of story. But wait, there's more! At the T3 Technology Conference I also talked to Jay Jay French, a founding member of the popular band Twisted Sister. And you'll hear our conversation on this podcast as we discuss four ways to deal with setbacks. He also shares a story about Keith Richards that you won't want to miss. Fun stuff! Jay Jay is a columnist for Inc. Magazine so he knows more than just how to get a crowd rocking.

This is a jam-packed episode filled with my takeaways from the T3 Technology Conference as well as interview clips from six industry leaders. I cover four themes that emerged from the conference including: enhancing the client experience, offering a client portal, delivering a quality financial planning offering, and using big data to make better business decisions and personalize the client experience. In today's show, you'll hear from: Phil Cunningham, CEO of Advicent Kevin Knull, – President of PIETech Inc., the creators of MoneyGuidePro Drew DiMarino, Head of Sales for eMoney Greg Friedman, CEO of Junxure, CEO of a top RIA called Private Ocean, and author of Advisory Leadership: Kevin Cimring, CEO of Invesco Jemstep, and Josh Self, Envision Wealth Planning Greg Sauer, – Business Development at Oranj

I just got back from the TD Ameritrade National Conference and in today's show, I'll share a few quick comments from the event. Yes, the conference covered the usual slew of technology sessions dedicated to robo advisors and scaling your business. But what I found most interesting was the theme of putting the "human" into finance. TD Ameritrade clearly understands the importance of the "human" in the financial planning process and the importance of using story to connect with others. I start the podcast by discussing an important insight from keynote speaker Sally Hogshead and then wrap up with on-site conversations I had with Matt Brinker of United Capital, Spencer Segal of ActifFi, and Matt Ackermann of Investment News.

Podcasting is a great way for financial advisors to differentiate themselves in a crowded marketplace. My good friend, Bill Keen of Keen Wealth Advisors, joins me in the studio for today's podcast and we discuss how he got into podcasting and how it's working for him. Bill is one of a small number of financial advisors who are pioneering the use of podcasting as a way to educate investors and expand the reach of their business. If you are interested in learning more about podcasting and whether it might make sense for you to start your own podcast, then I suggest you do two things. Listen to today's show. Complete the podcast interest survey. As you can tell, I love podcasting and think it's a great way to get your message out and complement your other marketing/outreach activities. 

“All the world’s a stage” said William Shakespeare. Turns out we’re all actors playing multiple roles in our business and the better job we do “acting” in each of these roles, the more deeply we’ll connect with other people, says Steal the Show author Michael Port. On the surface, thinking of yourself as an actor playing a role sounds like I’m asking you to fake it, to be someone you’re not. Actually, it’s just the opposite. Today's guest, Michael Port, is a New York Times best-selling author, professional speaker, and former TV and movie actor. Michael wrote a book titled, Steal the Show, where he talks about how to apply the methods of top actors to, “connect with, inspire, and persuade any audience.” In today's show, you'll learn how to use actors' tools such as honesty, rehearsal, blocking, and silence to own the stage and deeply connect with your audience.

Optimism is only half of the equation to overcoming a tough situation. Regarding the current volatile financial markets, I hear many advisors talking right now about staying the course, we're in it for the long-term, "this too shall pass," and other similar comments. Intellectually, that makes sense as over the long-term, the odds are high we'll hit new all-time highs in the market again. But if this optimism prevents you from taking action because it will all work out in the end anyway, well, I think that's a mistake. "Action" does not mean you start timing the market and make bold portfolio moves. Rather, I'm talking about proactive client communication and other things you can do to deepen your client relationships and show your value in times like this. I'm talking about having a contingency plan in place that you can spring into action on short notice should this current turbulence turn into a major tailspin. In today's show, I discuss the "Stockdale Paradox" from Jim Collins and how it is timely and rel

With the turbulence in the financial markets and client accounts running near the flatline over the past couple years, it’s easy to get discouraged. Yet now more than ever it’s critical that you maintain one key characteristic. The importance of this characteristic was driven home to me during an interview I did last week with Sheldon Wolitski. Sheldon is a hugely successful entrepreneur (Inc. 500/5000 winner for 9 consecutive years) who learned a business-saving lesson during the depths of the tech recession in 2001. In today’s show, I tell Sheldon’s story and the lesson he learned that is directly applicable to each of you. If you maintain this “one key characteristic” that Sheldon discovered, you’re not only going to survive these rough times, you’re going to absolutely crush it and come out much stronger. I also share many of the “My 3 Words” that listeners posted on my blog, on Linkedin and emailed to me. I also reference a panel I was on last week at Mariner Wealth Advisors National Advisor Meeting and

Can you organically grow a multi-billion dollar RIA? Many of the large RIAs you read about got there because they acquired firms or they were part of a banking, accounting, or law firm that fed them a large number of clients. Today's guest, Scott Hanson of Hanson McClain, built the firm with his partner Pat McClain the old-fashioned way--one client at a time. Using gorilla-marketing tactics, a radio show, and smart marketing, these guys built a $2 billion RIA with about 4,000 clients and an average account size of $500,000. Similar to Edelman Financial Services, Scott and Pat built a hugely successful RIA with relatively modest size clients. I've known Scott for more than 20 years and in today's show, we take a chronological look at what he systematically did to build a top RIA from scratch and the strategies he's now using to keep the machine humming.

Well, it's been an ugly start to the New Year in the stock market. And in today's episode, I share three things financial advisors can do right now to prepare for the next bear market. Whether what's happening now is the start of one, nobody knows, but the top advisors are doing a "bear market drill." I also share an idea on how to move beyond the "overwhelming tasks" that probably are lining your "to do" list this time of year. You'll also learn what golfers Phil Mickelson and Roger Sloan can teach us about the big difference small incremental improvements can make in your business. I end the show with a quote from Ralph Waldon Emerson.

Welcome to 2016! This is the perfect time to look back on the past year and forward to the New Year. In today’s show, I cover three topics related to looking back and forward. Three key questions to ask yourself as you reflect on 2015. Yes, it’s important to look back so you can use the year’s experience to propel you in the New Year. Use the year ahead to “risk walking new ground.” Three important steps to take that will make 2016 your best year yet. I end the show with a quote from a daily email I receive called “Our Daily Bread.”

How will you succeed in the years ahead? Multiple trends are shaping the industry and how advisors respond to those changes today will determine whether they thrive or just barely survive over the next few years. Will Robos drive down pricing and push mainstream advisors out of business? Will Vanguard, Schwab, Fidelity, and TD Ameritrade grab the lion’s share of the mass affluent market with their hybrid robo offerings? Can lifestyle practices survive? Those are just a few of the questions I discuss with today’s guest, Chip Roame. Chip is the Managing Partner of Tiburon Strategic Advisors and a leading strategic consultant to CEOs, other senior executives, & boards of directors in the banking, insurance brokerage, & investments markets. While it’s easy to dismiss “the future” as something you don’t have to worry about today, the reality is, change is happening faster and with more ferocity than most people think. Listen to today’s show to catch up on some of the big trends and learn how to make your b

What is the most important part of a happy retirement? Here's a hint--it's not financial security. A recent study from Age Wave said 81% of retirees felt health is the most important part of a happy retirement. That was followed by financial security at 58%, family and friends at 36%, and having a purpose in life at 20%. In today's show, I discuss the idea of helping your clients take more control over their health situation--not from a diet and exercise standpoint--but by helping them become better consumers of healthcare services. See below for a link to a resource that will help you do that. Given how important health is to a happy retirement, you may want to add this as an agenda item to your next review meeting.  In addition, I talk about making a shift from focusing on the "destination" in what you do to focusing on the experience for your clients. I also make an offer to review the completed business plan of three advisors who completed the business plan template I discussed last week. I end the show w

Are you feeling too busy? Not enough hours in the day? The problem may not be your level of productivity. The problem may be you’re doing way too many activities that bear little fruit. Instead, in today’s show I share one question you can ask yourself that will force you to zero in on the leading activities you need to do to get the results you want. In addition, I discuss a simple three-step framework you can use to bring about behavior change in you–and in your clients–and I share a key insight from an earlier podcast with Hollie Fagan of Blackrock. I end the show with a quote from Aristotle and challenge you to put your “real” self out there even if some people disagree with you.

The unstoppable pace of technology innovation and market competition could put you out of business unless you take steps today to add value far above and beyond traditional investment management.Robo advisors, Vanguard’s Personal Advisor Services, and Schwab Intelligent Portfolios are just a few of the firms who are transforming the delivery of financial advice. And these firms have bigger brands, huge resources, and offer their services at a fraction of the cost when compared to traditional financial advisors.So here’s the deal–financial advisors who want to remain relevant for years to come, who want to maintain their profit margins, and who want to offer services that clients are willing to pay dearly for, will need to completely rethink the services and type of advice they offer.Today’s show with guests Alan Spector and Keith Lawrence discusses retirement coaching as one possible advice area where advisors can add value to fend off competitive attacks.

Is it a good idea to set stretch goals? Yes. Stretch goals, set and managed properly, could catapult your business 10X. Stretch goals make you realize you have to change your level of thinking. With stretch goal thinking, you have to ask yourself, “What new strategy or business model could enable me to grow 10 times bigger than I am today?”Clearly, the answer involves leverage—not financial leverage—but people and technology leverage. This is how the largest RIAs grew to billions in assets under management. In this episode, I discuss three things: 1) how to set stretch goals, 2) the need to make the shift from just managing money to managing lives, and 3) I share insights from two of my 10 most popular podcasts in 2015. I end the show with a tribute to adventurist, entrepreneur and deep ecologist Doug Tompkins who passed away this week.  

Here’s a short but very powerful exercise. What three words could you come up with that would set the course, give you direction, and totally excite you as you move through 2016? In my financial advisor coaching, we dig deep to get focused on the key things that will make the desired outcomes happen. This three-word exercise is one simple way to help the focusing process. In this episode, I discuss how to come up with your own three words for 2016 as well as review my three words for 2015 and my assessment of how well (or not so well) I executed on them. Plus, I share one other idea on a one-sentence strategic plan and leave you with a meaningful insight from Roy Disney.

Do you know where your new revenue will come from in 2016? When I coach financial advisors, I often find they have a goal to generate a certain amount of new assets under management. What's frequently missing, though, is a detailed breakdown of where those new assets will come from and a specific plan on how they will be generated. In this episode, I discuss how to specifically identify where your new revenue will come from and how to ensure you achieve your new AUM goal. Plus, I share two other ideas and leave you with a key insight from Jim Rohn.

In addition to volatility in the financial markets, financial advisors have to worry about other threats to their business including regulations coming out of Washington and cyber attacks. Today’s guest, Skip Schweiss, keeps a close eye on all these non-market related issues and we go through the list and discuss simple steps you can take to mitigate the risks. Skip is responsible for TD Ameritrade Institutional’s Retirement Plan Services platform. He is also the Managing Director of Advisor Advocacy & Industry Affairs. And as I’ve witnessed firsthand (more in the podcast), Skip is a skilled and avid outdoorsman. In his spare time, he climbed all 54 of Colorado’s 14,000-foot mountains.  

Four tips today about a bucket list, not settling for average, starting anew, and thinking much bigger about the impact you can make. I close with an inspirational quote that has been very meaningful to me.