Competing In the Wealth Management Marketplace for Ultra High New Worth Clients – Part 1 of 212/5/2019
This is Part 1 of a two-part paper. The thesis of this paper is that from a technical solutions perspective, every true financial advisor / wealth manager is capable of providing all the solutions that UHNW and HNW clients want and need. Multi-family offices and boutiques do not likely have a leg up on you from this perspective. However, there is also an emotional perspective that has major influence on whether a prospect or client will do business with you. The majority of the decisions individuals make are based on emotion not on logic. This is the real challenge you must overcome to work with the HNW and UHNW investor.  Loyalty and differentiation is a function of being extremely satisfied...”raving fans”[1] [1] https://hbr.org/2008/07/putting-the-service-profit-chain-to-work In the Silicon Valley, it is not uncommon for executives of various firms and start-ups to be granted stock options as part of their compensation for investing themselves into new ventures which also turn out to be riskier situations than joining a more typical, stable, established organization.
Some of these firms take off and become fantastic successes, e.g., Uber, Airbnb, Stripe, Pinterest, etc. A Forbes article stated that “that while it is commonly assumed that 90% of startups fail, this isn’t supported by the data. The numbers show that only 50% of startups fail -- those that are backed by venture capital firms (VCs) fair worse, failing 75% of the time. So, you already have a 50-50 chance of making it, which are pretty good odds in my book. Add to that an ability to execute well, and you will materially increase your chances.” Therefore, FAs in “the Valley” have clients that sometimes become “uber” wealthy as these situations turn into windfalls of perhaps tens of millions of dollars or more. In working with a client, we wanted to be prepared by understanding what services might be required or desired by newly minted UHNW clients so we could retain those clients after a windfall. It is obvious that many wealth management firms, including boutique firms and multi-family offices, focus on these situations and target these individuals. We should note that an existing relationship with a newly minted UHNW client and their current wealth management firm client might be highly satisfactory. This was the case in a recent situation on which we worked. In fact, the advisory team went to many lengths to ensure they were meeting both the client’s wants as well as their needs. The team maintained a solid relationship with both spouses and provided services to their adult children. They brought forward the range of services available from a world-leading provider of comprehensive wealth management and investment products and services for individuals and businesses. The team was always doing “retention thinking”© as we all must in competitive businesses. A term I have borrowed before and written about is the team went “beyond better sameness.” It is critical to point out that these services and the “retention thinking”© this team does is the kind of thinking every FA needs to do every day not only to “protect and serve” its client base against the occasional “attacks” by boutique firms that focus on UHNW clients but from every other wealth management firm that wants “your” clients in “their” book of business. What Do UHNW Clients Want? Once you have answered the question of what clients want, you can determine if you are delivering or can deliver on those wants and needs and identify any gaps in your offerings. The purpose of searching for potential gaps is to determine if and how you can be competitive with high-end multi-family offices and boutique competitors as well as all other wealth management firms that would like to acquire your clients and/or compete with you for high value prospects. Technical Solutions – The Easier Part Let’s start by understanding that you will not likely win a prospect’s business or retain a client’s business solely based on your technical solutions. Many of your competitors can provide at least the same level of products, technical services and solutions as you can. Having said that, you MUST still show your technical competence and the excellence of your products, technical services and solutions. Your minimum goal is not to lose the business because you have a technical or competence shortfall. You MUST also ensure your prospects and clients understand the full range of solutions you offer whether or not at any moment those solutions are wanted or needed. Having said this, your client and prospect interactions should only be 20% to 30% on the technical aspects of your relationship. As we will discuss later, you will win and retain the business because you provide high value products, technical services and solutions based on the emotional connections you MUST make with your prospects and clients. In my book, “The Financial Advisor’s Success Manual”, I discuss the core deliverables that can and likely should be offered to retail investors based on their value to the business. Each of these services can provide value to the client if they want and need them. However, I do not view these services as unique or able to differentiate an FA. What could differentiate an FA are client discussions of all the potential deliverables available to the client and discussing the value of each to the client. Solutions could include all or some combination of deliverables in the areas of:
There are few if any technical solutions that boutique firms and multi-family offices can deliver that wirehouses and quality RIAs cannot also deliver. Many firms will partner with other high value resources like tax attorneys, trust and estate attorneys, CPAs, insurance specialists and others. Even multi-family offices don’t keep all these experts on staff. Some larger RIAs do have multi-skilled staffs. Doing a modicum of research as represented by the articles and conversations with advisors asking the question “Are there any services potentially provided by boutique firms and multi-family high end competitors that cannot be effectively addressed by your organization?” Our answer at this point is no certainly from a technical perspective of products and services. We identified several elements that UHNW clients have identified as important to some of them. All of these elements can be addressed in the above laundry list. It is a matter of execution rather than these elements requiring any special skill a boutique firm or multi-family office might have.
While these are all important solutions and services, you can see there is no magical element that quality WM advisors cannot provide. The questions are what does each client want and need and can those wants and needs be delivered profitably. If not the advisor has additional decisions to make which has little to do with their technical capabilities. One recent article, “10 Strategies to Protect Ultra-High Net worth Family Wealth” (https://www.ktva.com/story/40907122/10-strategies-to-protect-ultra-high-net-worth-family-wealth) would have you offer:
Again, except perhaps Vacation Property Planning are all within the purview and capabilities of FAs serving most investors and are part of the core deliverables outlined. Another recent article “What Your High-Net-Worth Clients Want to Talk to You About” (https://www.thinkadvisor.com/2018/12/17/what-your-high-net-worth-clients-want-to-talk-to-y/) is on point and based on the 2018 U.S. Trust Insights On Wealth and Worth study, which surveyed nearly 900 respondents... The five topics these HNW individuals wanted to discuss more with their advisors:
Technical Solutions – In Summary:
David I. Leo David Leo is Founder of Street Smart Research Group LLC. He is an author, speaker, coach, consultant and trainer to financial professionals. David is an experienced business manager who works solely with Financial Advisors, Planners and firms who want to organize, structure & grow their businesses by attracting, servicing, and retaining affluent clients. If you would like additional details or have any questions about his articles or an interest in coaching schedule a free 45 Minute Strategy Session @ https://calendly.com/davidileo or contact him @ David@CoachDavidLeo.com. Call 212-598-4229 (Office) or 917-379-1249 (Cell) and visit @ www.CoachDavidLeo.com.  All of us are challenged to follow through regardless of who we are or what are intentions are. This is pure fact! In an article by David Rock and Jeffrey Schwartz, “The Neuroscience of Leadership,” they state that “...changing behavior is hard, even for individuals, and even when new habits can mean the difference between life and death. In many studies of patients who have undergone coronary bypass surgery, only one in nine people (11%), on average, adopts healthier day-to-day habits. The others’ lives are at significantly greater risk unless they exercise and lose weight, and they clearly see the value of changing their behavior. But they don’t follow through.”
This is merely one example albeit a dramatic one. There have also been some estimates that 90 percent of books purchased in bookstores never get read past the first chapter, and that nearly three out of four new health club members stop going within just three months of signing up. Forbes reports that self-improvement, or at least the desire for it, is a shared American hobby. It's why so many of us—some estimates say more than 40% of Americans—make New Year's resolutions. But for all the good intentions, only a tiny fraction of us keep our resolutions. In fact, a University of Scranton research suggests that just 8% of people achieve their New Year's goals. In another article I learned the problem is so timeless in fact, that ancient Greek philosophers like Socrates and Aristotle developed a word to describe this type of behavior: Akrasia. Akrasia is the state of acting against your better judgment. It is when you do one thing even though you know you should do something else. Loosely translated, you could say that akrasia is procrastination or a lack of self-control. Akrasia is what prevents you from following through on what you set out to do. In our business, it’s not only a natural type of behavior, it’s daily unplanned interruptions from clients, staff and the firm, local, national and international events over which we have no control that we need to understand and react to, and like everyone, unexpected family matters. The point here is not to attempt to control the uncontrollable but to manage the controllable. There are perhaps five critical task over which you MUST be in control:
Have you ever left a conference inspired with ideas that could greatly help you with any or all of these five critical tasks only to find your notes 3 months later and realize one or more could have resulted in new business or created a “signature experience” for a client or clients? Do you realize your PSG (primitive guidance system) listens for squeaks and greases the squeakiest wheel? Your PSG couldn’t care less about intelligent guidance; all it cares about is squeak. The fact is, we don’t have a problem knowing what we should do. The problem is we just don’t do it! According to a survey of 400 advisors by SEI Advisor Network, which could be repeated annually, advisors want to generate growth through referrals in 2018. What was your commitment for 2018 and are you on track to meet that commitment? The number one resolution for advisors for 2018 is to take steps to increase referrals because most are having difficulty generating as many referrals as they would like in order to reach growth goals, the survey said. What was your commitment for 2018 to acquire 1, 2 or 3 introductions from COIs (Centers of Influence) or even develop 1, 2 or 3 COI relationships in 2018 and are you on track to meet that commitment? What is your contact strategy goal for 2018 and are you on track to meet that commitment? What was your plan for deepening your financial planning offerings and 2018? How are you doing with that commitment? Follow through can be improved by:
It’s not about luck, it’s not about trying, it’s not even about caring, it’s about commitment to your own success, hour by hour, day by day, week by week, month by month with CONSISTENCY!!! If you want to improve your business by exploring ways to create new levels of client service, “signature experiences” if you will, make an appointment on my calendar to discuss if and how I can help you. David I. Leo David Leo is Founder of Street Smart Research Group LLC. He is an author, speaker, coach, consultant and trainer to financial professionals. David is an experienced business manager who works solely with Financial Advisors, Planners and firms who want to organize, structure & grow their businesses by attracting, servicing, and retaining affluent clients. If you would like additional details or have any questions about his articles or an interest in coaching schedule a free 45 Minute Strategy Session @ https://calendly.com/davidileo or contact him @ David@CoachDavidLeo.com. Call 212-598-4229 (Office) or 917-379-1249 (Cell) and visit @ www.CoachDavidLeo.com  Many FAs select a top down growth target, e.g., $100,000 new production or $10,000,000 in net new assets or perhaps 15% growth year over year. Another way of estimating your growth for the year is a bottom’s up approach that focuses on how you plan to grow your business. In this approach, you calculate where your new business is going to come from by category.
Start with the categories for organic business growth, i.e., There are essentially four ways to increase a client’s value to the business. You can and should develop plans for each of these areas:
There are 15 to 20 ways to grow the business externally from client introductions to cold calling and cold walking. All approaches for new client acquisition work for some advisors to some degree. I believe in focusing on what we view as the five primary methods that are most productive and develop plans for each of these primary client acquisition approaches:
Networking and continuing development of client social relationships are a natural part of business acquisition and may or may not be “programmatic.” Let’s convert all growth opportunities in production as some opportunities generate revenue and some asset growth, which converts to revenue, so revenue is a common base. Organic Growth Opportunities Planning fees – Let’s say your firm allows you to charge for financial plans or you are in fact a planner, a CFP. Fees for plans vary widely but let’s assume a modest fee of $2,500 for a plan and you have a goal to sell six plans per year. Resultant revenue = $15,000 which equates to $2,000,000 in new assets at 75 BPS. Increasing client returns on assets (ROA) – You select perhaps 20 clients whose ROA is less that say 50 BPS. Review their portfolios and as part of your next proactive contact, you suggest various portfolio improvements that are appropriate for your client. Because of DOL, you may also need to move the client’s assets to a managed account. Let’s assume 10 clients agree to the recommended changes and you yield $2,000 per client. Resultant revenue = $20,000 which equates to $2,670,000 in new assets at 75 BPS. We would not to make any recommendations that are not warranted but if portfolios have not been reviewed for over a year, the asset allocation might be out of balance with the client’s current wants and needs or current market conditions. (See my paper “A Five Step Process for Moving from a Transactional to a Fee Based Practice”) Acquire assets held away by current clients – While most FAs believe they have 100% of client assets, firms believe that number is perhaps only 50%. Many HNW clients maintain more than one advisor. In many cases, there is value in having your assets managed by a single advisor in order to have a comprehensive and logical asset allocation and a holistic portfolio diversification by client. The client also gets more efficient financial planning, less effort, single view of net worth, etc. Set a goal of increasing assets from current clients of $4,000,000. At 75 BPS, this equates to $30,000 in revenue. Increase savings and provide asset protection and other insurance – Of course, there are many types of insurance and annuities you can offer to clients. For sake of simplicity for this example, let’s say we just focus on Long Term Care. Let’s target four policies of $100,000 each. If each policy yields $2,500 in revenues this would be $10,000 revenue in total. This equates to $1,333,000 in new assets at 75 BPS. Total revenue from organic growth =
Total = $75,000 in revenue or an equivalent of about $10MM in new AUM at 75 BPS. New client Opportunities Introductions from clients – You have put the proper plans in place and deliver high quality service so you are referable. Clients know you are open to a select number of new clients mode. You have a comfortable and consistent way of seeking introductions. Throughout the year, you receive six introductions to client family members or friend and business colleagues. You convert three prospects to clients who have an average AUM of $500,000 clients. This is $1,500,000 in new assets. At 75 BPS, this is $11,250 in revenues. Introductions from centers of influence (COI) – You have built strategic relationships with a four COIs. You contact them every 6 weeks or so to provide valuable information on the markets, to check in, to invite them to your events, and share ideas over meals. You have been doing this for 2 or 3 years with those COIs and eventually receive introductions. Let’s assume you get four introductions over the year and convert two million dollar clients. This brings in $2,000,000 in AUM. At 75 BPS, this is $15,000 in revenues. Book of Life -- Networking (personal and corporate) – You have built a current list of your family members, people from places of previous employment, your country club, the Rotary or similar organizations to which you belong, religious affiliations, small businesses you may work with, medical/dental/legal practices you know and/or use, employees affected by layoffs, school classmates, people who you participate with in hobbies and other life interests, etc., etc., etc. Generally it has been said people know at least 250 other people. If you construct a list, without judging their potential for client-ship, you may identify dozens of quality prospects. Let’s assume four individuals are willing to meet with you over the year and you convert two to $250,000 clients. This is $500,000 in AUM. At 75 BPS, this is $3,750 in revenues. Niche Marketing -- There are many ways to develop niches. Using “client wisdom” will identify opportunities for introductions whether one on one or through group meetings. For example, who does your client work for, what hobbies do they participate in, etc. You may be able to conduct “targeted roundtables” for small groups of employees, e.g., sales people, in one or more of the companies where your clients work. For these groups or “niches” either after work or at a “lunch and learn,” you can meet people by discussing relevant topics like “State of the Markets” or “The Value of a Holistic Financial Plan. For groups of women, you can conduct a targeted roundtable for “Financial Needs of Women in Transition.” Conduct one seminar per quarter with a goal of meeting with two individuals over the year from each event. Meet with only eight individuals and convert only four prospects to $250,000 clients results in another $1,000,000 in AUM. At 75 BPS, this is $7,500 in revenues. Use LinkedIn to Identify Connections of Your Connections and Get Introductions at Lunch or Dinner – Conduct lunch or dinner a quarter for a connection of a connection. If you convert only two $500,000 clients that results in another $1,000,000 at 75 BPS or $7,500 in revenues. Total revenue from new client acquisition =
Total = $45,000 in revenue or an equivalent of about $6,000,000 in new AUM at 75bps. Total Business Development = $16MM in equivalent new AUM or $120,000 in revenue from your nine business development programs over the year. If you run a hundred million dollar book, this is a 16% increase in AUM. If you plan each marketing activity and block time for execution, you can get this done. The key is to execution. Some of these projects will take more time than others. I suggest devoting at least 20% of your time to Business Development. This gives you at least 400 hours a year or 10 full weeks over a year’s time, more if you work longer than a 40-hour week. Naturally, you can see that the sum of small numbers of organic growth and new client acquisitions from multiple sources adds up to meaningful new business. You choose the paths you wish to follow based on your skills and interests, and yes, ambition. Using a simple methodology, you can put plans in place to make your growth objectives come true. Whether you do a tops down or bottoms up approach or both, it’s critical to plan your work and work your plan. Tops down and bottoms up are plans that must be followed up “religiously” by strategies, tactics, and actions to implement your plans, i.e., working your plan. Peter Drucker once said, “Plans are only good intentions unless they immediately degenerate into hard work.” Which opportunities will you incorporate into your growth plans and how much time will you block to execute on your strategies, tactics, and actions? By when will you start and how will you measure your results? If you want to improve your business by exploring ways to create new levels of client service, “signature experiences” if you will, make an appointment on my calendar to discuss if and how I can help you. David I. Leo David Leo is Founder of Street Smart Research Group LLC. He is an author, speaker, coach, consultant and trainer to financial professionals. David is an experienced business manager who works solely with Financial Advisors, Planners and firms who want to organize, structure & grow their businesses by attracting, servicing, and retaining affluent clients. If you would like additional details or have any questions about his articles or an interest in coaching schedule a free 45 Minute Strategy Session @ https://calendly.com/davidileo or contact him @ David@CoachDavidLeo.com. Call 212-598-4229 (Office) or 917-379-1249 (Cell) and visit @ www.CoachDavidLeo.com  Many advisors fall into the trap of thinking about doing some great new thing for the business but never getting around to it because there is so much other stuff to do. If you are ready to break that cycle, here’s a proven way to follow through on your best ideas.
Advisors, just like people in general, don’t usually have a problem knowing what we should do. The problem is that we just don’t do it! Even when we know how much better things could be if we did!
Did you know it happens in professional sports as well? If you follow basketball and its history, you know that Wilt Chamberlain once scored 100 points in a single professional game. You also know he was a lousy foul throw shooter, though in that game he was 28 of 32, shooting underhand like Rick Barry. In his autobiography, Chamberlain wrote this on the subject of shooting underhanded: “I felt silly, like a sissy, shooting underhanded. I know I was wrong. I know some of the best foul shooters in history shot that way. Even now the best one in the NBA, Rick Barry, shoots underhanded. I just couldn’t do it.” Shooting underhanded is known as “the granny shot.” Speaking of knowing what to do and not doing it! Rick Barry also tried to get Shaquille O’Neal to shoot underhanded. Shaq said, “Forget it, I’d rather shoot zero than shoot underhanded.” In the world of football, research by Thaler and Massey said football teams should trade away their first round picks. They should stockpile players in the second and third rounds, who can be paid a lot less and are nearly as good. This is how you build a winning football team. NFL teams spoke with Thaler and Massey, yet no one took their studied advice. NFL owners sometimes trade a pick in this year’s draft for a pick in some future draft. They use a rule of thumb to figure out how to value the difference between a player you can use this year versus a draft pick you can’t use until some future year. Thaler and Massey discovered the rule of thumb makes no sense. It’s completely irrational; it massively overvalues current picks and undervalues future picks. They valued that rule of thumb as borrowing money at an interest rate of 137% per year. The owners pay a huge premium, but again, no one has ever followed the researchers’ advice. In your business life…
I could go on…but you get the point. What do you know you “should” do but have not done? How can you get off the hamster wheel? You are not alone Look, you are not alone. I, and many others, are right there with you. Following through is a challenge for all of us. The questions are:
Let’s first understand what’s going on with us. Why don’t we follow through? Mike Lejeune in his article “The 7 Reasons People Don’t Follow Through and What To Do About It” says there is a common thread in all of the reasons that stop people from following through on their word or plans. And he defines seven root causes and nine actions you can apply to overcome those causes. Lejeune’s article identifies several related reasons for not following through including:
These are all good points. His article suggests nine actions you can apply right away to overcome this…
The 3 secrets to follow-through for advisors As an advisor, you can boost your follow-through by creating a business plan that will address all seven reasons and all nine actions. And you’ll build this business plan through a particular approach, which I’ll describe below. Yes, I know, you’ve heard it before and you hate doing business plans whether one-page or 50 pages. Get over it. If you want to be a better FA, build a business plan. The “secrets” are...
A good business plan can be completed easily and quickly if you have a good team putting it together and take just one day in an offsite location. That is how it is best done. The team should include all team members, including junior members. For all members, it’s a great learning experience. Junior members often have fresh ideas viewed and view things from differing perspectives. And of course, it’s a bonding experience for all. An outside facilitator can also be an excellent addition to this process, whether it is a manager who has done this before or a business coach (yes, a shameless plug). The power of your plan What does your practice look like? Is it managed chaos or calm and effective? The key question is: Why are the calmer, effective teams able to manage their time more effectively and efficiently? The answer lies in the planning that these teams do in advance. These teams have a very deliberate business plan. They have decided whom they want to work with and how many clients they can serve effectively, and they have a clear service definition for exactly what they are going to provide for each client. They have a set of goals, strategies, tactics, and action plans. The calm effective teams have realized they cannot run a practice without having a business plan and without planning their time well. A plan gives you purpose A full business plan is used to help run your company with a more cohesive vision. It is your roadmap. By truly analyzing your plan for marketing, sales, manufacturing, website design, etc., you greatly improve your chances for following through and succeeding in these areas. The type of plan we discuss below is primarily oriented to business development/growth, efficiency and effectiveness. What is included in your business plan? In its simplest form, a business plan is a guide—a roadmap for your business that outlines goals and details how you plan to achieve those goals. For many, if not most, FAs and planners, we suggest a base business plan should include the following sections:
How to develop your FA business plan It is a fairly simple and fast process that can be done by the advisor and her or his team in a planning session and fleshed out quickly. (You can find a detailed example in my book, The Financial Advisor’s Success Manual.) Before going into the business plan, I believe it is an imperative to have completed a client segmentation analysis, dividing clients into appropriate service tiers and to have a well-constructed service strategy. Then your planning approach can essentially be a marketing and sales plan, as suggested above. Start your process with a number of key questions so you know how to get from where you are to where you want to be. The focus in this plan is on client and asset growth. We start the plan with several base questions in the review of last year:
Attach a value to each strategy The plan should include enough detail to establish rough value for each marketing and sales strategy.
Does the first example have a higher priority than the second? Yes, in the near term. In the longer term, it depends. That’s a judgment the team will have to make when you do time planning, which was mentioned previously. Budgeting your time Part of the business planning process is determining how much time you can and want to devote to each major task. You will also want to define roles and responsibilities at a high level.
A word (or two) about the stress factor A survey by psychologist and self-help author Robert Epstein found that the stress management technique that worked best is planning. In other words, “fighting stress before it even starts, planning things rather than letting them happen,” says Epstein. “That means planning your day, your year and your life so that stress is minimized.” Let’s face another reality. If you have 100–150 clients (or are striving to get there), $100,000,000 to $200,000,000 in AUM entrusted to you (or are striving to get there), and you are earning $100,000 to $250,000 to $500,000 a year or more, your work is complex and stressful. Especially if you are a person prone to feel stress anyway. As Tom Hanks said in A League of Their Own, “It’s supposed to be hard. If it were easy, everyone would do it.” Remember also that the June 2018 median household income in the United States according to Sentier Research was $62,175. Keep things in perspective. There are many techniques to reduce stress and some to make your work easier, but you know you have a lot of responsibility to a lot of people. It comes with the territory, as they say, but having a solid plan in place, reviewing it with your team on a very regular basis, e.g., monthly and quarterly, will contain stress. It will help you know what you should be doing and whether you are doing it. As Gandhi advised us: “Happiness is when what you think, what you say, and what you do are in harmony.” Once the plan is in place, execution is critical, i.e., time to follow through! Get to work with the same admonishment as before, “Don’t do it alone.” You have a team! Accountability Your last step is to establish accountability for all tasks and assignments using the tools we put in place. “Accountability eliminates the time and effort you spend on distracting activities and other unproductive behavior. When you make people accountable for their actions, you’re effectively teaching them to value their work. When done right, accountability can increase your team members’ skills and confidence.” Check out this article from Forbes, in which the writer argues that “…accountability is probably the single most important element fueling truly successful organizations.” He goes on to say: Poor follow through—failing to keep important promises to ourselves and others—does a lot more than just threaten our health. It takes a toll on virtually every aspect of our lives. It prevents us from achieving personal, financial, and career goals that should be well within our reach. It damages our relationships, produces stress, and creates regrets. It robs us of credibility, self-esteem, and peace of mind. Poor follow through deprives us, our families, our businesses, and our communities of the full benefit of our intelligence, talent, imagination, and hard work. I’ve learned that a good intention won’t work unless I can find a way to keep it on the front burner. That’s just the way it is. You can have an accountability person on your team who is rewarded for that work and is part of her or his metrics and success. Or again, consider hiring a coach. Now start planning—and following through—on your steps to success! David I. Leo David Leo is the founder of Street Smart Research Group LLC. He is an author, speaker, coach, consultant and trainer to financial professionals. David is an experienced business manager who works solely with financial advisors, planners and firms who want to organize, structure and grow their businesses by attracting, servicing, and retaining affluent clients. Contact him at David@CoachDavidLeo.com or call 212-598-4229. Some of the material from this article comes from several sources including:
 Why I Write and Coach
The motivation for writing my book and for my articles and coaching is that I feel it is my responsibility not to lose what I have learned over a lifetime of business if it could be of value to you and others. As a young salesman some decades ago I learned many lessons but perhaps the most important is that people just do not follow through even if they know what is best for them and even if they know what to do. We don’t have a problem knowing what we should do. The problem is that we just don’t do it!
All of us are challenged to follow through regardless of who we are or what are intentions are. This is just the fact! As a coach, my work is to keep you off of that hamster wheel of good ideas followed by inaction. Is Your Business Where You Want It To Be or Are You...
We can help. This is what our coaching is about! What We Do We will help you walk the talk. We will help you:
Mostly we will hold you accountable for the actions you need to and agreed to take to get your business where you want it. My work in a wirehouse and in the last 18 plus years of coaching, I have seen it over and over again. Given how busy advisors are and how many activities they try and do, many just do not have:
These experiences led me to do what I do, why I do it and how my coaching helps . Here’s one more interesting fact. I recently learned that coaching came into sports as a very American idea. In 1875, Harvard and Yale played one of the very first American-rules football games. Yale hired a head coach; Harvard did not. The results? Over the next three decades, Harvard won just four times. Harvard hired a coach. Next Steps If you found this article helpful and you want to take the next step to organizing a great practice and getting new clients, I want to help you implement your success in your unique business. I want to offer you a free strategy session to help you apply these approaches. You can find a link to my calendar at www.calendly.com/davidileo. Pick a time and I am happy to go through a session with you to apply this to your business...no cost, no obligation! From there you can continue on your own with our book as a guide or if you want help with implementation, I am available to work with you. In either case, I hope you got good value from this article and I look forward to talking to you soon. David I. Leo David Leo is Founder of Street Smart Research Group LLC. He is an author, speaker, coach, consultant and trainer to financial professionals. David is an experienced business manager who works solely with Financial Advisors, Planners and firms who want to organize, structure & grow their businesses by attracting, servicing, and retaining affluent clients. If you would like additional details or have any questions about his articles or an interest in coaching schedule a free 45 Minute Strategy Session @ https://calendly.com/davidileo or contact him @ David@CoachDavidLeo.com. Call 212-598-4229 (Office) or 917-379-1249 (Cell) and visit @ www.CoachDavidLeo.com |
