The ClientWise Blog

Setting the Stage for a Strong 2016

Posted by Ray Sclafani on Oct 29, 2015 4:05:11 PM

While the final quarter of the year tends to be a hectic time, it’s a critically important time for your business. If you want to have a strong first quarter of 2016, you need to finish out 2015 with a flourish. Advisors who are still scrambling in January to make their previous year’s goals all too often find themselves like Sisyphus – doomed to spend the rest of their year endlessly rolling a huge boulder up a steep hill.

If you want to ensure that you hit the ground running after the holidays, now is the time to get a jumpstart on several essential year-end activities. 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Organizing Priorities, Business Development, Planning

How to Refresh Your Team in 2015

Posted by Alix Purcell on Jan 8, 2015 9:00:00 AM

kidsThe beginning of the year is an exciting time, especially after the close of a successful previous one. All too frequently however, we simply “reconfigure” our strategic plans from the previous year, rather than adjusting our plans moving forward to seriously take into account the growth and success our team has gained over the past 365 days. Sure, this feels like a giant task, and it seems easier to repeat what we’ve done and what we already know, at least in some respects, works. But think about the opportunity you’re missing out on.

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Communication, Business Development, Team Development, Innovation, Planning, Learning, Goals, Change, ClientWise, Time Management

5 Measurements to Consider in Your 2015 Strategic Business Plan

Posted by Alix Purcell on Dec 17, 2014 11:01:40 AM

Most financial advisors are incredibly focused on measuring their assets under management and anything else that impacts their production, but there are several other important measurement opportunities you may be missing that could directly impact your assets under management.


In 2015 think about your strategic planning a little differently by coming up with processes and tools that take into account the following in your work-flow:

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Business and Operations Management, Planning

7 Strategies to Effective Client Communication in a Volatile Market

Posted by Alix Purcell on Nov 3, 2014 10:30:00 AM

I recently had a conversation with an investor who expressed frustration regarding her financial advisor’s lack of urgency in reaching out to her after the recent market adjustment earlier this month. In these times of market volatility, how much volatility is enough for you as an advisor to feel inclined to reach out to your clients? I’ve heard some investors say that several days in a row of 300-400 points would get their attention, for others it might take much less.  With the anxiety around the recent market correction, it is tough to know how to react in front of clients. On the one hand, you don’t want to overreact and cause unnecessary concern for your clients, but on the other hand you don’t want to leave them feeling as though they aren’t getting the attention or information they deserve. Here are some tactics to consider, and some to start implementing today, to avoid frustrated investors in the event of another market change:

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Communication, Client Engagement, Planning

To Plan for Succession or To Determine Enterprise Value?

Posted by Alix Purcell on Jul 8, 2014 10:21:09 AM

As advisors you are tasked with the job of measuring value: The value of assets, the value of a trade, the value you bring to  your relationships with your clients. But the ultimate value, that all of these things constantly build to, is the total value of your business. A financial advisory firm’s business is measured in several ways, and a recently prevailing one is what’s known as enterprise value. Enterprise value is the theoretical takeover price for your firm in the event that you are selling it to someone else. It varies significantly from standard market capitalization because it takes into account more measurements of your business, including its debt and, what might be considered by some, the less tangible measurements of your firm’s success.

 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Leadership, Planning, Change

Consider This Before Teaming up with Another Financial Advisor

Posted by Alix Purcell on Jun 5, 2014 8:05:00 AM

At ClientWise we work with a lot of financial advisors who are either considering partnering, or in the process of partnering, with another advisor. The temptation is not unfounded. In addition to providing companionship in what can feel like a lonely business, there are obvious financial benefits as well. Practices that form financial advisory teams with multiple partners generate on average 38% more revenue per team member and manage 97% more assets per team member than their single owner peers.

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Organizing Priorities, Team Development, Planning, Goals

Letting Go to Grow - Team Building for Financial Advisors

Posted by Ray Sclafani on May 20, 2014 1:24:00 PM

Often in life and in business we’re faced with the challenge of letting go of old belief structures in order to create the space necessary to make room for new ones that prepare us for greater successes. In my 20 years of coaching financial advisors, I’ve come to realize that the biggest transition many advisors experience is in reframing their image to clients when they move from being soloprenuers to creating their own team or firm. This can potentially make them more profitable and provide great learning opportunities for them as leaders, but it is not without its challenges.


While this transition is different for every team leader based on his or her individual goals and financial advisory team dynamic, there is a “letting go process” that seems to work for many of our coaching clients. When asked the question “how do I even begin?” I tend to reply with something along the lines of the following:

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Coaching, Organizing Priorities, Business Development, Team Development, Client Engagement, Planning, Trust

Is Your Strategic Mindset Out of Shape?

Posted by Ray Sclafani on Apr 24, 2014 9:03:00 AM

If you’re like many successful advisors who come to our offices, you probably have an innate ability to run your firm. In all likelihood you spent a considerable amount of time learning, and then naturally began the process of running your business by producing and acquiring a variety of clients. Probably without really taking the time to consider the process you were using. Perhaps you’ve even built out what you feel is an effective team, by hiring people to fill certain roles over the past couple of years.

 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Coaching, Organizing Priorities, Business Development, Team Development, Planning, Learning, Goals, Change, ClientWise

"Add Water and Stir" Approach to Process Design for Financial Advisors

Posted by Mitch York on Apr 16, 2014 9:19:00 AM

I coach a group of financial advisors that recently joined forces and became a financial advisory team. One of their challenges is that they are pretty light on documented processes. Last week the team enrolled a new client with about $1 million in assets, and it set off a bit of a scramble. Who’s doing the ACAT? Who’s got the onboarding planned? Who’s going to review the first statement with the client?

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Coaching, Business and Operations Management, Planning

Financial Advisors: The Top 13 ClientWise Blog Posts for 2013

Posted by Chris Holman on Dec 12, 2013 11:08:00 AM

 

Below are links to the “Top 13” ClientWise blog posts for 2013, i.e. the most widely-read articles that we’ve published over the past year. They cover a range of topics that address some of the important issues that successful financial advisors face.

 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Planning

Your Business Plan: Play to Your Strengths, and Follow Your Passion

Posted by Chris Holman on Nov 19, 2013 12:04:00 PM

We have observed that financial advisors who are focused on building their business plans each year tend to begin the planning process early.

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Planning

Financial Advisors: Re-Commit to Your Goals

Posted by Chris Holman on Sep 17, 2013 12:57:00 PM

In previous posts, (hereherehere…and here) we’ve commented on the 12 weeks between Labor Day and Thanksgiving. By our observation, financial advisors who excel during this period, tend to do exceptionally well through the remainder of the entire year.

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Coaching, Planning, Goals

August Is the Time to Dial Up Your Financial Advisor Business Plan

Posted by Chris Holman on Aug 15, 2013 10:52:00 AM

Attention: All financial advisors. We are fast approaching your most important 12 weeks of the year from a business and marketing perspective.

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Planning

Financial Advisors: The 3-R’s of Post-Workshop Success

Posted by Ray Sclafani on Aug 7, 2013 2:41:00 PM

 

Have you ever returned from a workshop or conference ablaze with enthusiasm and ideas, and place the workshop materials on the pile of other things that you intend to get to eventually? Over time, your excitement gradually dies down, and your pile of "things-to-get-to" grows ever taller.

To help guide you to implement all the good learning from your time away from the office that you spend in workshops, conferences, seminars, etc., you might consider the 3-R’s of post-workshop success:

 

  • Relevant
  • Realistic
  • Refine

 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Planning

The Spring Sprint: Our Top 16 Financial Advisor Posts on Planning

Posted by Chris Holman on Apr 2, 2013 10:13:00 AM

Today is the 92nd day of the year, with 273 days remaining in 2013.

Yikes!

I know that it’s a cliché to say this, but does the year seem to be flying by for you? Maybe, it’s the stormy weather interruptions that much of the country experienced earlier in the year? Or, it might be that for the first Spring in eons (2007 anyway), the markets and investor confidence both seem noticeably improved? 

 

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Planning