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Could You Come Up With $400 If Disaster Struck?

If a financial emergency struck — say, a health problem or a car that needed repair — would you be able to come up with $400? According to the Federal Reserve Board, 47 percent of Americans would have trouble doing so — they would have to sell something, borrow money or simply couldn’t pay.

 

And this is true even for people who consider themselves middle class. Neal Gabler is one of them. He’s a successful writer with five books under his belt, and he’s a visiting professor at the State University of New York, Stony Brook. But in a new article in The Atlantic, he admits to having “financial impotence”:

“I know what it is like to have to juggle creditors to make it through a week. I know what it is like to have to swallow my pride and constantly dun people to pay me so that I can pay others. I know what it is like to have liens slapped on me and to have my bank account levied by creditors. I know what it is like to be down to my last $5 — literally — while I wait for a paycheck to arrive, and I know what it is like to subsist for days on a diet of eggs. … And I know what it is like to have to borrow money from my adult daughters because my wife and I ran out of heating oil.”

Gabler spoke with NPR’s Rachel Martin about this secret “shame” of millions of Americans, and why he wants to redefine what it means to be a success.

 

Interview Highlights

On what success means

I think by many measures in society I’m a success, I like to think. And if you were to look at me, you certainly wouldn’t think that I would have trouble scrounging up $400. Or if you were to look at my resume you wouldn’t think that — I’ve written five books. If you looked at my 1040, you probably wouldn’t think that.

 

But that is really the whole point. Despite all of those things, I still have a difficult time making ends meet, as many, many, many Americans do.

 

On how he ended up needing to borrow money from his adult daughter

Well, simple answer is — and I think this is true for many people — too little income, in a society where wages have been stagnant for almost 40 years, and too many expenses. I am in a situation that tens of millions of Americans share. And I’m not talking about poor people. I’m not poor. We’re talking about middle-class Americans, even upper-middle-class Americans, who live paycheck to paycheck.

 

On the disconnect between the official end of the recession and many people’s finances

Well, there’s a gigantic gulf between macroeconomics and microeconomics. The macroeconomic figures do not reveal what’s going on in the microeconomic world. People are having a difficult time living. There is always a car that needs repair. A pet — my dog — who’s limping. A faucet that leaks. There is always an emergency, and we live within that.

 

On whether people are living beyond their means

I think that’s part of it. I think we’ve been taught to expect more. We have been taught that a middle-class existence is … maybe a $250,000 house, and a vacation every year, and a car for each adult, and education for the children. And, indeed, those are the very metrics that the commerce department has used in defining what a middle-class life is. But as I point out in the article, if you put a price tag on that middle-class life, as USA Today did several years ago, the price tag for that middle-class life is $130,000. Only 1 in 8 Americans makes $130,000. So the middle-class life that we’ve all been taught is ours — if only we work for it — is out of the reach of all but a very small number of us.

 

On the shame of “financial impotence”

That shame weighed on me — and I am not overstating the case — on not only a daily basis, but an hourly basis. It keeps you up at night. It is ruinous for relationships, the shame is so great. The ongoing sense of shame, that in a country where we are told anyone can be successful, and where, as Donald Trump has told us endlessly, if you don’t make it you’re a “loser.”

 

So, yes, did I feel like a loser? You bet I did. But what can you do with that sense of shame? You can’t share it with anybody, because to expose it is, like sexual impotence, something you just don’t want to talk about.

 

On redefining what it means to be part of the American middle class

We do need to redefine that. But that’s a very, very tall order. But the beginning is to have Americans who are suffering from financial impotence — which is nearly half of America if you believe this data — it’s them coming out and saying, “You want to know something? I’m tired of feeling like a failure because I’m told that everybody in America ought to be rich if only they work hard.”

 

Surveys show, and I don’t cite this in the article, that Americans are the only people who believe that in the industrialized world. If you look at the English or the French or the Germans, they don’t believe that they’re totally responsible for not having achieved financial success. Americans do. And we’ve got to stop people telling us that it’s all in our hands as to whether we’re going to be successful, because frankly it is not.

 

This Article was taken from NPR on April 23, 2016

https://www.npr.org/2016/04/24/475432149/could-you-come-up-with-400-if-disaster-struck

The 7 Critical Conversations to Build & Maintain a 7-Figure Business – Part 7

Critical Conversation #7: Mastery to articulate your value promise and make your offer for them to become a client.

 

This is where the rubber meets the road. If you do not get hired by the clients you would like to get hired by, all of the time and effort up to this point is wasted. This is where you monetize.

 

How succinctly and effectively can you articulate your value promise? How well can you answer the two simple client questions, “How much does it cost?” and, “What do I get?” without over-explaining the details or giving a lecture that would only interest a graduate student in economics, but bores your prospects and clients to tears.

 

If you “had them at hello” you can easily lose them here. The conversation virtuoso orchestrates the face-to-face meeting so the client has a great experience and is more inclined to say, “let’s get started” rather than, “We need to think it over.”

 

The most brilliant financial planning technician, the most savvy investment advisor, the most talented wealth manager, or the most knowledgeable insurance, estate planning, or tax expert does not stand a chance of building an Ideal Clientele without a high level of skill and confidence with these 7 Critical Conversations.

 

The collective mastery of these 7 Critical Conversations will give you the skill and the confidence to talk to anyone, anytime, anywhere. The skill and confidence to speak with any one, anytime, anywhere is how you get the clients you really want, build the business you really want, and live the life you really want.

 

 

AdvisorRoadmap™ Virtual Training for Financial Advisors is a web-based, virtual training platform unlike anything in the industry. This state-of-the-art platform will help you maximize your client value promise, grow your business, and master client acquisition. The training utilizes Adult Learning Theory which helps to accelerate learning, retention, and results. This unique training platform takes most of what Bill has been teaching for the past 25+ years and condenses it down so you receive proven processes and skills (via interactive training courses, videos, scripts, interviews, live webinars with Bill, monthly podcasts, and demonstrations) in the following 4 main areas:

  1. Client Acquisition
  2. Client Service
  3. Leadership
  4. Time / Priority Management

 

To discover all 7 Critical Conversations in depth, go to: http://www.youradvisorroadmap.com/

 

Are You Tired of Working Too Many Hours and for Too Little Money?

If you are, you can change it!

 

When you participate in the upcoming LIVE, online training, in addition to getting the most clear and concise definition of “client acquisition” you’ve ever heard, in about an hour, you will discover the answers to 4 vital questions that can help you more quickly grow your business: 

1. Who should be your target client and why?
2. Why is it easy to “steal” (rescue, as we like to call it) the best clients from established Advisors? 
3. What’s the BIG mistake that most Advisors make and what to do about it?

4. What are the keys to successful Client Acquisition, like where to find higher-net-worth and covert them to clients?

 

Bill Bachrach also shares case studies, stories, and examples of what the best Advisors do well and what most Advisors are doing wrong.

 

In order to work fewer hours, acquire the RIGHT clients, and make more money, join us LIVE for this training session on June 21 by clicking the REGISTER NOW by going to https://youradvisorroadmap.lpages.co/clientacquisition-6-21-18/.

 

Register for this powerful training session to help you accelerate your 2018 results so you can stop working too many hours, for too little money, and with too many of the “wrong” clients.

 

Note: Too little money, too many work hours, and too many of the wrong clients didn’t happen by accident. This problem will NOT fix itself.

 

 

The 7 Critical Conversations to Build & Maintain a 7-Figure Business – Part 6

Critical Conversation #6: Mastery at Financial Benchmarking.

 

This is the skill to handle their financial documents with finesse… without getting deep into the details or the irrelevant stories about the history of each document. This is a 10-minute benchmarking exercise that establishes their current position on the road to achieving their most important goals and fulfilling their most deeply held values. Sometimes the skill is learning what NOT to say. It’s okay to have a thought you don’t express, right? Otherwise, you have LONG meetings that deter people from hiring you. The confused mind says, “We’ll think it over.” Why do they have to think it over? Because there is too much detail to make a decision right now. We value people who simplify our lives and save us time. Are you giving people more information and education than they want or need in order to make a good decision, now, to hire you?

 

The conversation virtuoso manages the flow so people can make a good decision about hiring you to be their financial advisor today. If more people than you would like are leaving your office to “think it over” you have an opportunity to improve in this area.

 

How would mastering this critical conversation help you grow your business with Ideal Clients?

 

AdvisorRoadmap™ Virtual Training for Financial Advisors is a web-based, virtual training platform unlike anything in the industry. This state-of-the-art platform will help you maximize your client value promise, grow your business, and master client acquisition. The training utilizes Adult Learning Theory which helps to accelerate learning, retention, and results. This unique training platform takes most of what Bill has been teaching for the past 25+ years and condenses it down so you receive proven processes and skills (via interactive training courses, videos, scripts, interviews, live webinars with Bill, monthly podcasts, and demonstrations) in the following 4 main areas:

  1. Client Acquisition
  2. Client Service
  3. Leadership
  4. Time / Priority Management

 

To discover all 7 Critical Conversations in depth, go to: http://www.youradvisorroadmap.com/

 

The 7 Critical Conversations to Build & Maintain a 7-Figure Business – Part 5

Critical Conversation #5: Mastery at helping people define clear targets with specific dates and amounts of money wanted.

 

Goals are the tangible what they want built on the foundation of their values. You can develop the skill to lead an emotionally compelling and inspiring goals conversation about. It’s a skill, an art form actually. And it’s learn-able.

 

One mistake often made by FAs is that instead of asking a question about goals they suggest goals with statements like, “If you’re like a lot of people in your 40s or 50s or 60s you are probably concerned about retirement.” The risk is that many people have a negative association with the term retirement. During our workshops for prospects and clients, as well as with advisors, I often ask, “How many of you have a negative association with the word ‘retirement?’” It’s common for more than half of them to raise their hands. Then I ask, “what are the words you associate with the term ‘retirement?’” Common responses are: “Uselessness. Unproductive. Death. Out to pasture. No longer relevant. Bored.” I know it’s not your intention, but when you broadcast the “retirement” word you may be moving the needle in the wrong direction, especially with financially successful people who like to work.

 

Instead ask an open-ended question like, “What’s one of your tangible goals that requires money and planning to achieve?”

 

How would mastering this critical conversation help you grow your business with Ideal Clients?

 

AdvisorRoadmap™ Virtual Training for Financial Advisors is a web-based, virtual training platform unlike anything in the industry. This state-of-the-art platform will help you maximize your client value promise, grow your business, and master client acquisition. The training utilizes Adult Learning Theory which helps to accelerate learning, retention, and results. This unique training platform takes most of what Bill has been teaching for the past 25+ years and condenses it down so you receive proven processes and skills (via interactive training courses, videos, scripts, interviews, live webinars with Bill, monthly podcasts, and demonstrations available 24/7 on your computer, laptop, tablet, and mobile phone for an extremely affordable price) in the following 4 main areas:

  1. Client Acquisition
  2. Client Service
  3. Leadership
  4. Time / Priority Management

 

To discover all 7 Critical Conversations in depth, go to: http://www.youradvisorroadmap.com/

 

The 7 Critical Conversations to Build & Maintain a 7-Figure Business – Part 4

Critical Conversation #4: Mastery at making an emotional connection in the face-to-face interview.

 

What follows the opening is a conversation with each spouse about personal core values. Core values are the emotional why that drive all of their important decisions. Most FAs jump too quickly into asking clients about goals, needs, or wants without laying an emotional foundation of why people want what they want. The skill to set this emotional foundation is crucial. Why always precedes what.

 

Values are represented by words like security, freedom, family, making a difference in the community or the world, satisfaction, fulfillment, inner peace, oneness with God, happiness, nirvana, etc.

 

Values are more about being, while goals are more about doing and having.

 

How would mastering this critical conversation help you grow your business with Ideal Clients?

 

If you haven’t done so already, get your complimentary copy of the “Enhanced” eBook, The Confident Advisor; How to Thrive in the New World of DOL Fiduciary Standard, Digital-Advisors, and the 5 Other Critical Industry Disruptions, by Bill Bachrach by going to http://www.billbachrach.com/e-book/. This book is much more than just words on paper. It contains short demonstrations, videos, audios, scripts, and additional proven resource tools to help you

  • get more clients,
  • generate more revenue and
  • become more refer-able.

 

AdvisorRoadmap™ Virtual Training for Financial Advisors is a web-based, virtual training platform unlike anything in the industry. This state-of-the-art platform will help you maximize your client value promise, grow your business, and master client acquisition. The training utilizes Adult Learning Theory which helps to accelerate learning, retention, and results. This unique training platform takes most of what Bill has been teaching for the past 25+ years and condenses it down so you receive proven processes and skills (via interactive training courses, videos, scripts, interviews, live webinars with Bill, monthly podcasts, and demonstrations available 24/7 on your computer, laptop, tablet, and mobile phone for an extremely affordable price) in the following 4 main areas:

  1. Client Acquisition
  2. Client Service
  3. Leadership
  4. Time / Priority Management

 

To discover all 7 Critical Conversations in depth, go to: http://www.youradvisorroadmap.com/

 

The 7 Critical Conversations to Build & Maintain a 7-Figure Business – Part 3

Critical Conversation #3: Mastery at opening the first face-to-face meeting.

 

People have embedded in their subconscious minds an imaginary trust dial. And everything you say and do moves the needle on the trust dial one direction… or the other. This is especially important to recognize during the first 45 to 60 seconds of your first face-to-face meeting with a future client. It HAS to be scripted. It has to be scripted word-for-word and you have to practice those words over and over and over again until you are brilliantly effective. Not just at delivering the words, but with the right tonality, the right facial expressions, and with a totally trustworthy way of being.

 

Do you remember the scene from the movie Jerry McGuire when Renee Zelweiger’s character said, “You had me at hello?” That’s your goal: to have them at hello.

 

Here’s our script: “Welcome to our office Bob & Susan. The fact that you took the time to gather your financial documents and made time in your busy schedules to be here today makes a statement about the importance you place on making smart choices about your money, is that true?” Pause so they can answer.

 

“Well, we take it seriously as well. We’ll ask you lots of questions today, take copious notes, and use some tools to help put our discussion in visual perspective. You’ll also notice that we are recording our meeting today. The reason we record is because we are very thorough. Do you know how you can watch a movie a second or third time and see things you didn’t see the first time?” Pause so they can respond. By the way, the answer is always “yes.”

 

“Well, Bob & Susan, our conversation today is clearly much more important than a movie. Should we decide to work together, my team and I will listen to this recording at least once to make sure that we get our advice…. just right… for you.”

 

Take a few moments to consider which direction the needle moved on the trust dial, and why, during that 45-second opening.

 

Can you imagine any virtuoso who does not record and review their performances? How else could you possibly become a virtuoso? You can’t.

 

How would mastering this critical conversation help you grow your business with Ideal Clients?

 

AdvisorRoadmap™ Virtual Training for Financial Advisors is a web-based, virtual training platform unlike anything in the industry. This state-of-the-art platform will help you maximize your client value promise, grow your business, and master client acquisition. The training utilizes Adult Learning Theory which helps to accelerate learning, retention, and results. This unique training platform takes most of what Bill has been teaching for the past 25+ years and condenses it down so you receive proven processes and skills (via interactive training courses, videos, scripts, interviews, live webinars with Bill, monthly podcasts, and demonstrations available 24/7 on your computer, laptop, tablet, and mobile phone for an extremely affordable price) in the following 4 main areas:

  1. Client Acquisition
  2. Client Service
  3. Leadership
  4. Time / Priority Management

 

To discover all 7 Critical Conversations in depth, go to: http://www.youradvisorroadmap.com/

 

 

The 7 Critical Conversations to Build & Maintain a 7-Figure Business – Part 2

Critical Conversation #2: Mastery at scheduling the appointment.

 

How do you inspire people, both spouses, to come to your office with all of their financial documents? Given all the demands on their time and all of their options for getting financial education, information, advice, and products… what will be the reason they agree to take the time to get their financial documents together and carve time out of their busy work schedules or retirement activities to come see you?

 

When they come to see you, what will you do for them that’s valuable whether they become a client or not?

 

Can you articulate how it’s in their best interest to come to you instead of meeting them in their home or office? What will you say is the benefit for their spouse to be in the meeting if they tell you that they take care of the money and their spouse is not interested in meeting with a financial advisor? How will your meeting be more interesting than discussions about finances, economics, investments, taxes, insurance, or markets?

 

How would mastering this critical conversation help you grow your business with Ideal Clients?

 

AdvisorRoadmap™ Virtual Training for Financial Advisors is a web-based, virtual training platform unlike anything in the industry. This state-of-the-art platform will help you maximize your client value promise, grow your business, and master client acquisition. The training utilizes Adult Learning Theory which helps to accelerate learning, retention, and results. This unique training platform takes most of what Bill has been teaching for the past 25+ years and condenses it down so you receive proven processes and skills (via interactive training courses, videos, scripts, interviews, live webinars with Bill, monthly podcasts, and demonstrations available 24/7 on your computer, laptop, tablet, and mobile phone for an extremely affordable price) in the following 4 main areas:

  1. Client Acquisition
  2. Client Service
  3. Leadership
  4. Time / Priority Management

 

To discover all 7 Critical Conversations in depth, go to: http://www.youradvisorroadmap.com/

 

The 7 Critical Conversations to Build & Maintain a 7-Figure Business – Part 1

There are critical conversations necessary to engage people in ways that predictably turn leads into prospects, prospects into clients, clients into people who take action on your advice, happily pay you for planning and advice, and refer you to their friends, family, and colleagues.

 

These 7 conversations are easy to understand but hard to master. Many FAs have a basic level of ability with these conversations, but this article is about elevating from basic ability to virtuoso skillfulness. Consider what could happen to the quality of your client service and the value of your business when you can artfully engage anyone, any time, and anywhere.

 

Critical Conversation #1: Mastery of the first conversation.

 

Every future Ideal Client relationship starts with a stranger. However, you choose to prospect and market, your ability to engage strangers is critical to your success.

 

How do you engage a person or couple, in any situation or environment, in a way that inspires them to want to talk to you again without coming across like a schmucky financial salesperson trolling for business?

 

This skill is about asking the right questions, listening with empathy, hearing what’s most meaningful, important, significant, and compelling to them, and then being able to make an offer to take a simple first step that’s relevant FOR THEM.

 

Let’s say you’re at a wedding. What’s the obvious first question when you meet someone new, aka: a stranger? “Are you a friend of the bride or the groom?” What’s the next question? “How do you know ________?” And the next question is what really separates the conversation virtuosos from most mortals with decent “social skills.” The typical person asks something superficial like, “what do you and _______ do for fun?” The virtuoso asks a question that’s more meaningful and emotional like, “You and ______ met at an important time in your lives. What did you learn from _______ that has helped you become a better human being?” Listen. Listen with empathy and ask, “and how has that impacted your life?” Continue to listen: “tell me more about that” several times.

 

This critical conversation process can be implemented as part of any prospecting or marketing strategy and when you meet new people in your normal course of living. Eg: at dinner parties, on the golf course, after church, at a charity event, etc.

 

The conversation virtuoso has no trouble engaging strangers in ways they position them to speak again… without ever talking about themselves or giving a tired FA “elevator pitch.”

 

How would mastering this critical conversation help you grow your business with Ideal Clients?

 

 

AdvisorRoadmap™ Virtual Training for Financial Advisors is a web-based, virtual training platform unlike anything in the industry. This state-of-the-art platform will help you maximize your client value promise, grow your business, and master client acquisition. The training utilizes Adult Learning Theory which helps to accelerate learning, retention, and results. This unique training platform takes most of what Bill has been teaching for the past 25+ years and condenses it down so you receive proven processes and skills (via interactive training courses, videos, scripts, interviews, live webinars with Bill, monthly podcasts, and demonstrations available 24/7 on your computer, laptop, tablet, and mobile phone for an extremely affordable price ) in the following 4 main areas:

  1. Client Acquisition
  2. Client Service
  3. Leadership
  4. Time / Priority Management

 

To discover all 7 Critical Conversations in depth, go to: http://www.youradvisorroadmap.com/

 

Do you currently have a Proven Process for Client Acquisition?

Do you currently have a proven process for client acquisition that will attract the type of clients you really want to be working with?

 

If YES, could that process be even better so you more quickly get even better results?

 

If NO, you need one!  Otherwise, you’ll get caught up in the cycle of working too many hours, for too little money, and serving too many of the wrong clients!

 

Join Bill Bachrach on May 24th at 11:00am Pacific / 2:00pm Eastern for a FREE LIVE TRAINING, Client Acquisition Mastery in the New World of High Regulation, Digital Advisors, and Disruptive Technology.

 

Claim Your Spot for The Free Training Right Now!

 

Since the industry is changing to become totally transparent, let me be totally transparent with you right now…Most Advisors work too many hours, for too little money, and for too many of the wrong clients! More importantly, this problem will NOT fix itself.

 

If you have a sincere desire to work less, get paid more, and work with the ‘right’ clients, you don’t want to miss this free training.

 

You will explore the answers to 4 vital questions:

 

  1. Who should be your target client and why?
  2. Why is it easy to “steal” (rescue, as we like to call it) the best clients from established advisors?
  3. What’s the BIG mistake that most advisors make and what to do about it?
  4. What are the keys to successful Client Acquisition, like where to find higher-net-worth prospects and convert them to clients.

 

Bill also shares case studies, stories, and examples of what the best advisors do well and what most advisors are doing wrong.

 

In order for you to work fewer hours, acquire the RIGHT clients, and make more money so you can improve your qualify of life, join Bill Bachrach “LIVE” for this training session.

 

Claim Your Spot for The Free Training Now!

 

Bill is looking forward to having you join him on this powerful training session to help you accelerate your results by being a master at client acquisition.