The ClientWise Blog

Alix Purcell

Recent Posts

Part II: Questions to Ask When Building or Structuring Your Team

Posted by Alix Purcell on Jan 21, 2015 3:00:00 PM

 

If you’ve had a chance to read Part I of this blog, then you probably have a clearer understanding of your team vision and structure, your team members, and their roles both collectively and individually. 

Now it’s time to dig a little deeper and get into the specifics of how your team works together by considering the questions below. If you have yet to build a team, consider your ideal and how to move forward from there in the building process. If you are working with an existing team, look at these questions based on your current situation and the experiences you’ve had with your team thus far. 

 

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

Topics: Team Development

Part I: Questions to Ask When Building or Structuring Your Team

Posted by Alix Purcell on Jan 19, 2015 1:00:00 PM

 

Building a team is a complicated endeavor. Bringing more people under your business umbrella means you are expanding your capacity, capabilities and range of services, but it can also feel like clouding what once seemed like a very straightforward approach: providing your clients with services that only you—and you alone—could offer. 

I'll save the benefits of building a team for another blog (we outline many here) but suffice it to say that, for successful advisors, the benefits of having a team in your corner far outweigh the benefits of going it alone. But how do you know if you’re making the most of it? Whether you are in the process of building your team, or you have already built one, carefully consider the following questions to ensure that you are really getting the greatest impact from your investment in human capital.

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

Topics: Business Development

The Porcupine in the Room

Posted by Alix Purcell on Jan 12, 2015 10:00:00 AM


Have you ever experienced a “coaching momentwhere an emotionally charged issue came up for the person you were coaching?

In a recent Certified Financial Services Coach Training Program course, Lyn Allen, one of our Master Certified Coaches at ClientWise, provided an example of one such coaching moment. In this example, the financial advisor being coached compared her interactions with her assistant to dealing with a “porcupine”. The assistant was incredibly difficult to be around and made the coachee feel as though she couldn’t approach her for help with even the smallest task. It was clear that the coachee had some negatively charged emotions surrounding her assistant that would continue to come up for her at work and during her coaching sessions. 

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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, Business Development

How to Refresh Your Wealth Management Team in 2015

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


The 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

The Best Leadership Books from 2014

Posted by Alix Purcell on Jan 6, 2015 9:30:00 AM


Team Leadership is an incredibly important and in-depth topic in today’s world. It’s so important to our financial advisor clients that most of the workshops we hold at ClientWise focus on the techniques of becoming a true team leader. Lone Ranger to Leader and Building the Billion Dollar Business, as well as many of our other ClientWise programs, teach advisors how to step out of the role of solopreneur and into the role of team leader, and to build teams that eventually achieve Total Team Leadership™. 

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

Topics: Leadership, Business Development, Team Development, Learning, team leadership

The Word of the Year: Culture

Posted by Alix Purcell on Dec 22, 2014 1:50:00 PM


“A nation, a workplace, an ethnicity, a passion, an outsized personality. The people who comprise these things, who fawn or rail against them, are behind Merriam-Webster's 2014 word of the year: culture.” The introduction to AP Mobile’s announcement that Merriam Webster has named ‘culture’ the word of the year got us thinking more about the role that culture plays in the financial advisory space. 

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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, Business Development, Team Development

Financial Advisors! 6 Keys to Change Your Client Conversations

Posted by Alix Purcell on Dec 19, 2014 1:46:00 PM


As you wrap up the New Year it’s important to set aside some time to sit down with clients, whether to tie up loose ends from 2014 or begin preparations for 2015. As you think about how to make these conversations more meaningful, try reflecting back on the conversations you’ve had that resulted in impactful changes for you. How were they different? What was it that made them stand out in your mind?


The great thing about coaching financial advisors is that the same tactics we use in coaching can be learned and mirrored by our financial advisor clients to deepen the relationships they have with their investor clients.  Powerful questioning, for example, is a tactic we use at ClientWise to partner with our advisors in helping them to achieve their business goals. However, it can also be a key component understanding your clients’ financial needs, oftentimes to a greater extent than even they themselves understand.

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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

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

5 Takeaways for Succession Planning from Built To Sell

Posted by Alix Purcell on Dec 12, 2014 10:49:00 AM


In his best-selling book, Built to Sell, John Warrillow writes what appears at first glance to be a guidebook for creating a solid sales platform. In actuality, the tips outlined help solve one of the biggest challenges of running a sustainable financial advisory business: The art of creating value in your business that is separate from you as the founder or owner. While geared to benefit any business, many of these tips can be applied directly to our industry to help advisors prepare for the eventual succession of their business.


According to Fidelity research, 75% of financial advisors have no succession plan for their businesses. Many advisors ignore the importance of succession planning because, at their most successful, they feel invincible. This is an understandable and powerful feeling that leads 43% of advisors to believe they’ll work "forever". They don't consider succession planning a “top of the list” necessity.

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

Topics: Selling, Succession Planning

7 Smart Tips for Leading & Working with Millennial Financial Advisors

Posted by Alix Purcell on Dec 10, 2014 1:50:00 PM


As the leader of a successful financial advisory team your greatest asset is your human capital. And if you’re looking to increase the sustainability of your business it might be wise to look into hiring a younger generation of advisors to help grow and prepare your team for the future. Millennial financial advisors hold incredible knowledge and first-hand experience regarding the new generation of investors and approaches to their financial planning. Their relationship management skills are beneficial in connecting with the heirs of your clients’ wealth. 


Millennials are also an asset because they bring a very different kind of thinking to the table; born from involved parents, incredible access to information, and the perspective that anything’s possible. While a more seasoned advisor may find it difficult to bridge the gap between his or her mindset and that of the younger generation, it’s worth it to invest in their growth to ultimately help the sustainability and succession planning of your practice. The tips below will guide your thinking as you begin to grow your financial advisory team and welcome these nextgen financial advisors:

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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, Team Development, Millennials

10 Questions to Ask Before You Partner with Another Financial Advisor

Posted by Alix Purcell on Dec 8, 2014 12:24:00 PM


Teaming is becoming an increasingly popular way to provide improved wealth management services to increasingly sophisticated investors seeking more comprehensive and effective guidance with their financial planning and investments. In most cases, a partnership is as beneficial for the advisors who partner as it is for the investors who work with them. In fact, our ClientWise statistics indicate that practices with multiple partners generate on average 38% more revenue per team member and manage 97% more assets than their solopreneur peers.


And yet anyone in the industry will tell you that partnering isn’t a simple endeavor. More financial advisors choose to work alone rather than attempt to build a partnership or financial advisory team. Why? Because, like any relationship, problems arise when they haven’t fully explored how their current and future endeavors will align. Avoid this problem by asking yourselves the following questions before partnering with another financial advisor:

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

Topics: Team Development, Succession Planning

A Holiday Package from ClientWise to Prepare Your Team for 2015

Posted by Alix Purcell on Dec 5, 2014 11:09:25 AM


They say that the best leaders know how to delegate. At ClientWise we’d argue that the best leaders know how to collaborate. However, part of the challenge of transitioning to a leader is learning to let go of certain responsibilities to share them with team members. The same is true of partnering and collaborating with outside entities who can help you develop that team and gain an outside perspective for greater understanding of exactly how your team collaborates.

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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, Business Development, ClientWise, Holiday

How To Host A Client Appreciation Event with Purpose

Posted by Alix Purcell on Dec 4, 2014 10:51:54 AM


So you're thinking of hosting your own client appreciation events? So how do you get people to come, how do you get them to stay, and—most importantly—how do you achieve the REAL objective of making your clients aware of just how much you appreciate them?

Well, the most obvious is to show your clients that your objective is different from all the other events that crowd their calendar. So rather than generating the reaction “Oh, another cocktail party where I’ll be faced with sales pitches disguised as awkward conversation and over-eating,” go for something else.

Think about the real purpose behind your client appreciation event by considering the following in your planning:

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

Topics: Client Acquisition, Client Engagement

The Honest Conversation that Financial Advisory Teams Need to Have

Posted by Alix Purcell on Dec 1, 2014 12:10:00 PM


Working as a true financial advisory team requires a certain amount of vulnerability and a ton of honesty on your part as the leader. It means letting go of some of the control you’ve had, and in some cases admitting that you’ve been doing this whole teaming thing wrong. Here’s why: Great producers are accustomed to doing everything on their own. Their success is marked by what they alone have accomplished. They’re in competition with everyone else as individuals. However, as indicated by some of the best leaders in the financial services industry, and our Barron’s ranked advisors, true leadership is attained through collaboration and co-creation with your team members. It’s about stepping outside of your role as producer and stepping into your role as CEO and leader of a team.

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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, Leadership, Communication, Team Development

Financial Advisors! Make the Transition to Leader for 2015

Posted by Alix Purcell on Nov 26, 2014 11:00:00 AM


Earlier this week we posted a blog about the difference between true teams and work groups. While this may have seemed clear on paper, the execution requires some key transitions and some considerable thought on how you want to execute things moving forward.


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

Topics: Team Development, Goals, Change