Category: Effective Communication

Are You Sick and Tired of Being Sick and Tired?

May 17th, 2018 by

If you are sick and tired of being sick and tired, join Bill Bachrach’s LIVE online training where you will discover the answers to 4 vital questions:

 

  1. Who should be your target client and why?
  2. Why is it easy to “steal” (rescue, as Bill likes 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?

 

Not only will you get the answers to these questions, Bill 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, so you can improve your quality of life, join us LIVE for this training session. Register at: https://youradvisorroadmap.lpages.co/clientacquisition-5-24-18/.

 

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.

4 Characteristics of Great Opening Questions

May 1st, 2018 by

The easiest way to start a conversation with a stranger, after the standard exchange of names, is to ask a question — preferably something less bland than, “How are you doing?” or, “What do you do?”. There are better questions that create better conversations that can lead easily and naturally to an offer to talk again.

Great opening questions have 4 characteristics:

  1.  be-relevantThey’re relevant. In many situations, there’s an obvious relevant opening question. Recently my wife, Anne, and I went to a wedding. At the reception, we were seated at a table with 8 people we didn’t know. The obvious first question was, “Are you a friend of the bride or the groom?” In other social situations, you could ask, “How do you know our host/hostess/the honoree?” If you’re at a fundraiser or charity event, you could ask, “How did you get involved in supporting this cause?” At a conference, convention, or business-networking event, you could ask, “What do you hope to learn at this conference and how will that help you?”
  2.  Great opening questions get and keep people talking about themselves. Therefore, questions should be open-ended and require more than a one-word answer. In the wedding example, after I asked, “Are you a friend of the bride or groom?” I followed up with, “And how do you know him/her?” That question requires a much more detailed answer.
  3.  Your questions should get people to focus on the positive. Old-school, “sales-y” financial advisors would ask questions focusing on problems and fears. However, trusted advisors inspire people about the future, not scare them. One of my favorite positive questions is, “Tell me something good that’s happening in your life today.” If you just ask, “How’s it going?” there’s no telling what kind of response you might get. But when you ask, “Tell me something good,” even if someone has had a bad day, it moves him or her into a more positive emotional state.
  4.  Ask questions about topics that are likely to lead to more extended and meaningful conversations. There are 7 reliable topics that will get and keep people talking on subjects that are meaningful to them. I call them the 7 “F’s” (yes, I know that the last starts with a P, but it sounds like an F):
  •  Family
  •  Friends
  •  Fun
  •  Fitness/health
  •  Finances/career
  •  Faith
  •  Philanthropy

the-confident-advisorDownload your FREE copy of our new e-book, The Confident Advisor for more tips on how to improve your communication skills and the way you engage with your clients and prospective clients.

 

Get started now by becoming a member of the AdvisorRoadmapVirtual Training Platform community. You will experience a self-guided, online virtual training platform packed with interactive training courses, videos, scripts, demonstrations, and high-value resources to help you master the communication skills that are crucial to acquiring and serving Ideal Clients.

 

To Get More Ideal Clients, Achieve the Ideal Business, And Live Your Ideal Life…
Join the AdvisorRoadmap Training Platform Today!

 

Do you currently have a Proven Process for Client Acquisition?

April 20th, 2018 by

Do you currently have a proven process for client acquisition in the “new world” 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 April 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.

 

Don’t Miss Out and Claim Your Spot for The Free Training 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.

 

In a survey we recently conducted,

  • 93% of advisors say they need or want to make more money,
  • 83% say they want to work fewer hours per week and take more REAL vacation every year, and
  • 98% say they would like to have a smaller total number of clients who each pay them more.

 

If this is you, claim your spot for our FREE Training on April 24 at 11am Pacific Time / 2pm Eastern Time!

 

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.

 

In addition to getting the most clear and concise definition of “client acquisition” you’ve ever heard, you will discover 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 2018 results.

 

 

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

April 18th, 2018 by

If you are, you can change it!

 

The responses from our recent surveys indicate that:

  • 93% of advisors say they need or want to make more money,
  • 83% say they want to work fewer hours per week and take more REAL vacation every year, and
  • 98% say they would like to have a smaller total number of clients who each pay them more.

What about you?

Chances are very high that your current approach to client acquisition practically guarantees that you will work too many hours, for too little money, and for too many of the wrong clients.

Ironically, most Advisors want exactly the opposite: more money, less hours, and a smaller number of the right clients who each pay you more.
When you participate in this 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: 

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 convert 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 April 24 by clicking the REGISTER NOW button below or going to https://youradvisorroadmap.lpages.co/clientacquisition-4-24-18/.

 

We are looking forward to having you join Bill on 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.

 

P.S. 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.

 

 

Wouldn’t it be Great to be a Master of Client Acquisition?

April 11th, 2018 by

If you answered YES, chances are very high that your current approach to client acquisition practically guarantees that you will work too many hours, for too little money, and for too many of the wrong clients, so you need a proven client acquisition process.

If you are like many Advisors, you want to:
1. Make More Money. 
2. Work Less so you can spend your time doing more of what you want to do.
3. Have a smaller total number of clients who each pay you more. 

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: 

1. Who should be your target client and why?
2. Why is it easy to “steal” (rescue, as we prefer to say) 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? 

You will also hear 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 this  LIVE training session on April 24 by going to https://youradvisorroadmap.lpages.co/clientacquisition-4-24-18/.

Join this powerful training session to help you accelerate your 2018 results.

5 Things to Live By When it Comes to Longevity and Your Business

April 3rd, 2018 by

Every Advisor should re-do the math for their personal financial plan. Add another 10, 20, or even 30 years to the forecast to have enough money to maintain your lifestyle forever. How much do you need? How much do you have? What business decisions do you need to make today to bridge the gap?

For veteran advisors, it’s pretty simple:

1. Plan to work longer. One of the great things about our business is that it’s a great business to operate for a long time, even part time. Finally, once and for all, do what you’ve always known you should do to have the business you really want.

2. Focus on your Ideal Clients. Your best clients are going to live longer and want to keep their money and their lifestyle for their entire life, so it’s not as important as many would have you believe that you have to kiss the asses of their kids in order to keep the assets on the books. It’s much more important that you have a high-trust relationship with both spouses. 70% of widows leave their advisor within a year of their husband’s death. That’s the problem worth fixing.

3. Elevate your client experience and value promise. Embrace true, values and goals-based financial planning. Your clients need more than asset management or “financial planning lite” to prepare for and navigate the future. When mid-career and younger advisors realize that your clients control most of the money now and will be keeping much longer than previously believed, the competition for your clients will heat up. The advisors who work to “rescue” the high-net worth ($2M-$20M) ideal clients from apathetic veterans.

The "IT" Auditor4. Harness technology. If it’s over your head, make sure your staff gets it. It’s crucial to not compete with the machines. The machines are better at the hard skills and they can help you streamline your operational efficiencies and some of your client deliverables. For about $1,000 per/month, you can have all the best financial planning and client service technology you’d ever need to acquire and serve ideal clients.

5. Improve your people skills. Ask great questions, listen with empathy, make an emotional connection, build high-trust client relationships, counsel individuals and couples to establish goals that are crystal-clear and well defined, tease out their core values and other emotional drivers, inspire people to take the action required to achieve their most important goals and fulfill their most deeply held values, coach clients to stick to the plan during uncertain economic times, and hold clients accountable to do what needs to be done…especially when it’s not comfortable and they don’t feel like it.

the-confident-advisorMid-career or new advisor? We have tips for you too. Download your FREE copy of our “Ehanced” e-book, The Confident Advisor.

Get started now by becoming a member of the AdvisorRoadmapVirtual Training Platform community. You will experience a self-guided, online virtual training platform packed with interactive training courses, videos, scripts, demonstrations, and high-value resources to help you master the communication skills that are crucial to acquiring and serving Ideal Clients.

 

To Get More Ideal Clients, Achieve the Ideal Business, And Live Your Ideal Life…

Join the AdvisorRoadmap Training Platform Today!

 

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

March 21st, 2018 by

If you are, you can change it!

 

Advisor responses from the polls we have been running indicate that:

  • 93% of advisors said they need or want to make more money,
  • 83% said they want to work fewer hours per week and take more REAL vacation every year, and
  • 98% said they would like to have a smaller total number of clients who each pay them more.

What about you?

Chances are very high that your current approach to client acquisition practically guarantees that you will work too many hours, for too little money, and for too many of the wrong clients.

I’m sharing 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 March 22 by going to https://youradvisorroadmap.lpages.co/clientacquisition-3-22-18/.

 

I’m looking forward to having you join me on this timely 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.

 

P.S. 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.

 

 

What do the best Advisors do well and what do most Advisors do wrong?

March 17th, 2018 by

Register for this LIVE training to get the most clear and concise definition of “client acquisition” you’ve ever heard, in about an hour, while you also discover 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? 

In addition to the answers to these questions, I will share 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 by going to https://youradvisorroadmap.lpages.co/clientacquisition-3-22-18/.

 

I’m is looking forward to having you join me on 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.

 

REGISTER NOW by going to https://youradvisorroadmap.lpages.co/clientacquisition-3-22-18/.

 

 

Are you tired of working too many hours, for too little money, and for too many of the wrong clients?

February 19th, 2018 by

You don’t have to!

 

Attend my Feb. 20 LIVE training session where you will discover the answers to 4 vital questions:

  1. Who should be your target client and why?
  2. Why is it easy to “steal” (rescue, as I like to say) 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?

 

In addition to the answers to these questions, I’ll share case studies, stories, and examples of what the best advisors do well and what most advisors are doing wrong.

 

Claim Your Spot for my Free Training Right Now!

https://youradvisorroadmap.lpages.co/clientacquisition-2-20-18

Too Many Clients, Working Too Many Hours, for Too Little Money

February 8th, 2018 by

A businessman stressed outThe title of this article describes how most established Financial Advisors exist in their financial services business: too many clients, working too many hours, for too little money. It’s a shame because this is such a great business. There are very few professions where you can earn all the money you want to pay for a truly great present lifestyle plus all you need to fund all of your future goals, including your own financial independence, while doing something valuable for other people. This really is an amazing business! Sadly, most Financial Advisors choose not to actualize the true potential that is inherent in our great business.

This does not have to be your reality, however. You have a choice. Choose to be one of the Financial Advisors who transcends the norm to experience something better.

We will examine why most Advisors end up with too many clients, working too many hours, for too little money. And we will identify some things you can do to create a business with the right number of clients, working the right number of hours, for the right amount of money… for you.

Too Many Clients:  Paradoxically, most Financial Advisors admit to being less than effective at consistently implementing prospecting, marketing, and client acquisition systems, yet they end up with too many clients, especially too many of the wrong clients. How does that happen?

  1. Continuing a pattern from early in their career of accepting as clients almost anyone who will do business with them.
  2. Inheriting “books of business” from Advisors who leave the industry.
  3. Buying “books of business” from Advisors who leave the business (or are smart enough to sell their non-Ideal Clients to another adviser).
  4. Successfully executing mass marketing prospecting systems (direct mail, seminars, radio shows, advertising, etc.).

Can you really have too many clients? Of course. Here are just 4 key indicators that you have too many clients, any one of which is enough to prove the point. You can probably think of others.

  1. At whatever point you have even one client who you would not recognize if you passed them on the street. (Exacerbated if you have clients you have never met face-to-face.)
  2. At whatever point you have even one client for whom you don’t have time to make sure all of the following action items are done for them, some completed by you and others coordinated through the appropriate subject-matter expert:
    1. comprehensive, written financial plan
    2. program to build and maintain adequate emergency cash reserves
    3. program to manage, reduce, and / or eliminate debt
    4. asset allocation, including assets not held with your custodian
    5. comprehensive insurance program covering every risk that could challenge their financial health and security
    6. legal documents that support excellent financial health (wills, trusts, durable powers of attorney, living wills, health directives, business succession plan, etc.)
    7. taxes filed on time, accurately, and paid in full
  3. When you have even one client who you can’t meet with the several times per year necessary to keep them on track to make smart choices about their money so they achieve their goals and keep their financial house in order.
  4. When you have even one client who does not pay you enough to cover their fair share of your business economic needs. (Especially if what they pay does not even cover your costs to have them as a client or justify your time investment.)

Most Financial Advisors I’ve met would love to have deeper, more meaningful relationships with their clients, deliver truly comprehensive financial services so every client has their financial house in perfect order, meet with their clients frequently enough to hold them accountable to keep their financial house in perfect order, and be paid enough by every client so they have all the business revenue they need to make their business and their life work. What’s the problem? Not enough time? It probably feels that way, but enough time is not really the problem. You have all the time there is. Everyone who survived the week had 168 hours. The real issue is choosing to allocate your time so you acquire the right clients and serve them fully. I call this the Rule of 168.

Working Too Many Hours: This challenge is driven by two admirable character traits. One is truly caring about helping people and, therefore, trying to serve them even though the amount of time that will take per client multiplied by the number of clients you have make it unworkable. Remember the Rule of 168. There are only 168 hours in the week. How you choose to invest those hours determines your success in business and your happiness in life. No matter how much you care, there is a limit to how many people you can help. Trying to serve too many people can wreck other areas your life and create an unsustainable business.

The other admirable character trait is integrity: “By God, I promised to take care of these people and I’m going to do whatever it takes to do that!” This is a noble goal, but futile given the unchangeable truth of the Rule of 168. Please don’t be upset with me for delivering this message about the Rule of 168. It wasn’t my idea. God did not consult with me when he or she decided how long it would take the Earth to achieve a full rotation or how long it takes the Earth to revolve around the sun. It is what it is. Your job is to make your business and your life work within the boundaries of the Rule of 168.

If you are working too many hours, it’s likely because you are choosing to do things with your time that are not as necessary or as important as you might think and because you are working with too many of the wrong the clients. Notice I didn’t say “bad” people. I said the wrong people to make your business life effective so you can work a reasonable number of hours to generate the money you need to make your life work.

What does it mean to make your life work? That’s really up to you. For most humans their life “working” includes some common elements: financial health, physical health, relationship health, mental health, and spiritual health. Exactly what you do and how you do it in each of these areas can vary greatly. It is a great life and this is a great profession for achieving success in all five areas.

For Too Little Money: Is there a “right” amount of money? Yes. That number is based on your and your family’s personal financial plan. What has to happen for YOUR financial house to be in perfect order? How much money is required to pay for the present lifestyle you truly want? How much do you need to save and invest to achieve all of your goals? How much insurance do you need to mitigate all of the risks to your family’s financial health and security, present and future? How much cash reserves? How much debt to be reduced or eliminated? How much to pay your taxes, in full and on time? How much to get the relevant legal documents in place?

Do you know your number(s)? Once you know your personal numbers you can then establish accurate business numbers. How much business revenue do you need to generate in order to cover your business expenses, pay your taxes, in full and on time, so there is enough left to pay for your present lifestyle and fund your family’s financial plan? There is a number. And that number is the right number for your business and your life. Until you know these numbers every money goal you set for yourself is just a guess. Or, just as bad, a random number established by something silly like how much production you need to qualify for the President’s Club conference.

There is a number. Knowing it is crucial to you building your business with the right number of clients, working the right number of hours, for the right amount of money… for you.

How Do You Shift? What has to happen for you to break free of the typical adviser syndrome of too many clients, working too many hours, for too little money to having a business with the right number of clients, working the right number of hours, for the right amount of money… for you? Here are 5 things to consider.

1. Reread this article and identify the action items. Will this be just another article you read or a call to action that makes a difference?

2. Look into the future by asking yourself this question, “If I continue to do for the next 4 years what I have done for the last 4 years, where will I be?” Do you like the answer? If not, now is the time to change course.

3. If you are a veteran, get sick and tired of being sick and tired. You’ve heard about how some overweight people look in the mirror one day and just decide their unhealthy lifestyle is no longer acceptable and change from that point forward or how cigarette smokers have an epiphany and quit cold turkey. You can do the same. At some point you are going to be absolutely sick and tired of being sick and tired of having too many clients, working too many hours, and earning too little money. Why not today? That’s why it’s called a “turning point.” There is literally a moment where things shift. It can be any moment you choose. It could be right now. It’s your choice.

4. If you are new in the business, don’t be mesmerized by the production of top-producers. You might want their revenue, but would you want their life? If you do what they did you’ll get what they’ve gotten… all of it. Instead of asking successful producers what they did to be successful ask, “If you knew then what you know now, what would have done to be even more successful sooner?” “What would you have done in order to have a better business and a better quality of life?” “It’s possible that what you did to be successful over the last 10 or 20 years will not make me successful in the next 10 – 20 years, so what would you do if you were in my shoes going forward?”

5. Accept the universal truths about being successful in business and in life. Truths like the Rule of 168, for example. The truth is the truth. Denying truth, looking for silver bullets to success, or hoping for a shortcut just wastes the valuable time you need to be investing to create a business with the right number of clients, working the right number of hours, for the right amount of money… for you.

Remember, how you experience this business is your choice. Your success will not be determined by the market, the economy, or all of the world events outside of your control. Choose to have the right number of clients, working enough to have a successful business leaving enough time for a great quality of life, and to earn all the money you need for your present and future lifestyle.

It’s a great time to be a Financial Advisor!

 

In order to help you improve working fewer hours, acquiring the RIGHT clients, and making more money, join us LIVE for this Feb. 20 training session by clicking the REGISTER NOW button below or going to https://youradvisorroadmap.lpages.co/clientacquisition-2-20-18

 

© Bill Bachrach, Bachrach & Associates, Inc.  All rights reserved. 

Bill Bachrach, CSP, CPAE is considered the financial services industry’s leading authority on building high-trust client relationships. He is a popular keynote speaker and successful financial professionals from around the world subscribe to the Values-Based Financial Planning™ turnkey business model to establish themselves as top 1% advisors in terms of value for their clients, financial success, and quality of life. Bill is the author of several books, including the best-selling Values-Based Financial Planning. Check out www.youradvisorroadmap.com to help you elevate your client value and accelerate the growth of your business 619-255-4888  (www.billbachrach.com)