Best Practices: Video Podcasts

If you think mastering the basics means getting them out of the way so you can get to the important stuff, you are doomed to mediocrity at best and failure at worst. A successful career consists of and depends on executing the basics to the very best of your abilities. Your goal should be to be brilliant at the basics.

Focus on your added value when you de-commoditize yourself, not your basic value. In the eyes of the consumer, you are charging a fee for something that others appear to be giving away. If it's all about price, Fidelity wins with zero pricing for ETF’s. So how do you compete in that kind of an environment? You show that the added value you bring to the relationship far outweighs your fee.

Learn to do something right and then do it right every single time. If you get this process down pat, three wonderful things will happen to you. You will have consistency of behavior, which clients love, you will have predictable results and you will have fewer decisions to make. That’s a great place for any Advisor to be.

Do not be drawn into the argument that all you do to justify your fee is manage money. You do far more than that, including simplifying people’s lives and providing peace of mind. You are not selling products that others are practically giving away. You are selling your advice and your wisdom. It’s not about the money. It’s about the value.

If you ask an elite Advisor, what one skill contributed most to his or her success, most likely the Advisor will tell you it was his or her ability to listen. Average Advisors ask questions. Elite Advisors listen. Clients want to be heard. They want to know that you get what they are telling you. Listening is hard because concentrating is hard. We all have a lot going on and we live in a sound bite world. It takes work to be a professional listener. The payback is huge.

You do a lot more than offer investment advice. A Robo-advisor sells investments. You sell peace of mind. To invest with a Robo-advisor is to focus on the journey. To invest with you is to focus on the destination. Robo-Advisors focus on cost. You focus on trust. And having someone to trust is worth a lot more than twenty-five basis points.

This lesson comes courtesy of Dave Hubbard. Elite Advisors focus on those activities essential to building a successful business. This ability to focus on the most important things separates great Advisors from mediocre Advisors.

Successful Advisors are in the habit of doing those things unsuccessful Advisors don’t like to do. Unsuccessful Advisors spend their time getting ready to prospect. Successful Advisors prospect.

Here are twelve quick things to keep in mind as you build your practice. Get good at what you do is one of them.

Here’s a quick story I urge you to pass on those folks who think they can get by with cheap advice. It’s called the Springfield Story.

This is the tongue-in-cheek obituary of common sense. It illustrates how crazy the world has become of late. It’s fun to read, but underneath the mirth is a very serious message people need to hear.
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Do not undervalue your good work. You alter lives for the better. I am not suggesting you be arrogant. I am suggesting that you be aware of how highly you are regarded by your clients.
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The secret to success can be explained in two steps. And here they are.
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This is a simple story that wonderfully illustrates the power of focusing on our goals to get us past the things that stand in our way and all too often frighten us.
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Always be alert for opportunity. Too many times opportunity presents itself and we don't recognize it. Or, equally as bad, we recognize it after the opportunity passes.

Investors tend to make the same mistakes over and over again.  Look no further than Charles Merrill’s thoughts in 1911.
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Do not think you can rush your way to success. Great businesses are built slowly, over time.

3 questions every Financial Advisor should be asking.
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The two characteristics we talk about here are the CEO state of mind and knowing your limitations. This goes over making strategic decisions that align with your goals and knowing what you can do and what you shouldn't do.
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Show your clients how passionate you are about what you do.
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Be alert to opportunity. Do not fail to recognize an opportunity and do not throw that opportunity away.
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What you learned in training were the hard skills, the skills needed to function as a Financial Advisor. Mastery of the hard skills will constitute only a portion of your success. More of your success will come from a mastery of your people skills.
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Every day you must sell your ideas, beliefs and convictions. Be proud of that fact.  Do not be concerned that you might be perceived as a sales person. You have a gift that most people can only wish they had. Maintain a positive attitude and a strong self-image; and never forget how important you are. A Financial Advisor is an important member of the community. Don't let anyone tell you differently.
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Predicting the future with any degree of certainty is impossible.The key is to react accordingly to any situation as it arises.
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A few great suggestions to continue applying to your everyday 'Best Practices'.
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Don's observations on the industry and the best practices of successful Financial Advisors.
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More great suggestions to keep you on the path to success.
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Creating a business plan by itself is not enough.
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Don's observations on the industry and the best practices of successful Financial Advisors.
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A great way to clearly define and analyze those factors that will help you reach your goals and create a business plan that's right for you.
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Napoleon Hill spent his life studying and observing the standards of success. In an interesting survey, he talked with people who had made $1 million a year for at least three years in a row. He found that these people had five things in common.
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Don's observations over the years on the industry and the best practices of successful Financial Advisors.
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Six suggestions to help you perform at peak efficiency.
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Don's observations on the industry and the best practices of successful Financial Advisors.
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When Advisors in a slump come to me for a cure, the first thing I focus on is their enthusiasm. Nine times out of ten, it has slipped. If you find your enthusiasm has waned, which is often the case, crank it up.
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Your job is to educate and make clients feel comfortable.
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A great way to stay on your client's mind
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You're allowed to make mistakes, as long as you don't overpromise.
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Make sure you're the most enthusiastic person you know.
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Why was Larry Bird such a great basketball player? He stuck to the fundamentals of the game.
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