‘Effective Communication’ Archive

10 Principles of Maintaining Client Trust: The Key to Long-Term Success – Complimentary Webinar September 29th

As you know, without trust nothing else matters. I’m sure you know what it’s like when a client trusts you. Have you had the experience of working overtime to earn someone’s trust and enjoyed the benefits building trust can bring? It’s a great feeling, isn’t it? One the other hand, you may have had the experience of not creating trust quickly enough with certain prospects. It’s not a good feeling to be trustworthy, but unable to create that belief in the eyes of the prospect. With trust, establishing relationships with the right clients seems almost effortless. Without trust, it’s an uphill battle. A battle, moreover, that can’t be won with experience, knowledge or even credentials. Remember, without trust nothing else matters.

The following 10 Principles have been developed to crystallize the actions that build and maintain trust with your clients. If you are reading one of these ideas and think “I know that” let that thought trigger the more profitable thought, “Am I doing that?” You always achieve greater levels of success doing what you know, not just knowing it.

If you are interested in attending a complimentary webinar I am hosting on September 29th, 2015 titled, “Mastering the Art of Client Acquisition and Business Development,” CLICK HERE to register.  If you cannot attend but would like to watch a replay, please register and the webinar replay link will be made available to you 24 hours after the live webinar.

ask questions1) We demonstrate our trustworthiness based on our ability to ask good questions and our willingness to listen. The flip side of this principal is that trust is not based on being told about individual credentials or company accomplishments. If you begin your relationships by talking about your personal credentials and how great your company is, you probably have a client who nods on the outside and thinks “Who cares?” on the inside. Ask good questions, shut up, and listen. Avoid listening for a need that you can fill with one of your products. Listen to truly understand your client. People will perceive you as knowledgeable, credible and trustworthy based on the quality of your questions and how you listen, not by your statements.

There was an agent friend of mine who went into an interview with a prospect. The agent set the stage perfectly by asking the client questions about what was important to him and then waiting for the prospect to completely answer the questions. After the agent completed the first three questions of the interview, the prospect said, “I can tell you are the kind of person I would like to do business with because of the kind of questions you ask.” This prospect has a $25 million business and doesn’t have any insurance or related products. The prospect sent the agent a thank you note for the time they spent together and said he was looking forward to working with him. How many of your prospects and/or clients send you thank you notes for the time you spend with them. What types of questions are you asking?

tell_the_truth_glow2) Often the shortest path to a trusting relationship crosses through some feelings of discomfort. We trust people who help us discover the truth even if it is uncomfortable. This can be difficult to accept for many salespeople because our goal has always been to make people feel comfortable. It’s a new perspective to realize people will trust you more when they become comfortable being sometimes uncomfortable when they are with you. The truth isn’t always pleasant. A good example is life insurance. When people think of life insurance, they naturally think of their own mortality, which sometimes creates discomfort. You can help them get past their discomfort and move toward decisions that will benefit their family and make them feel good. Help people recognize the truth, be willing to deal with their discomfort and they will trust you. Don’t confuse discomfort with negative emotions.

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Kill The Elevator Pitch

Perhaps one of the most ineffective ideas perpetuated in our industry is the “elevator pitch.”

elevator-pitchThe idea of the elevator pitch is that you say something so unique and clever that people will want to talk to you about becoming your client. Can you envision it? You just say the magic words and prospects clamor for your business card. It’s so alluring that I’ve been guilty of wanting to believe this is possible myself. However, I have come to recognize that the key to engaging people, especially wealthy people who have lots of experience with financial advisors and institutions, is to ask great questions. Especially in that first 30 seconds … even if you are actually riding an elevator.

People would rather talk about themselves than listen to other people talk. Even as a cold-calling rookie 30 years ago, I remember that nobody hung up the phone while they were talking! And the same is true in person. People don’t become bored talking with you when they are talking. People don’t perceive you as just another typical FA while they are talking. People don’t conclude that they already have all of their financial affairs taken care of while they are talking. People don’t become uninterested in speaking with you while they are talking.


Click play above to watch a special video.

So what do you do if you literally have that proverbial 30 seconds in the elevator with someone who could become your next ideal client? Or more likely when you meet someone at a cocktail party or fund-raiser? Ask a great question that gets them talking about something that is meaningful, important, significant and compelling to them. Imagine the elevator doors open, they are still talking, and they would like to continue talking to you. They will be much more receptive to your offer to continue the conversation and, eventually, to your offer to take the next step in the journey of becoming your next ideal client.

While this may seem self-evident, very few FAs have developed this skill.

What kind of questions?

First of all, these are definitely not simple-minded conversations about the weather, sports or the news headline of the day. Nor are they questions about the person’s money, the markets, economics or financial planning needs.

In fact, I asked the most interesting and successful people I know to send me their favorite questions and I put them together in a worksheet. I’ve included some of their contributions below:

Click Here to read the rest of Kill The Elevator Pitch.

PeopleSkills_LogoNew_1MoneyGuidePro®, FA Magazine, and I have partnered to present a brand new 3-Day Workshop titled, Mastering the Art of Client Acquisition and Business Development: The 7 Critical Conversations to Building and Maintaining a Seven-Figure Financial Advice Business.

A 3-Day Workshop + Robust Online Course Materials (Online Course Available Immediately Upon Registration)

Attend this special Workshop from November 13th – 15th in Atlanta, GA at a special discounted tuition and earn 16.5 CE Credits. Use Promo Code BAI1K to receive $1,000 off the published tuition at checkout.

Learn more or register for the 3-Day Workshop and Online Course here.

I look forward to working with you in the future.

The Relationship Bridges (Special Video Message from Bill Bachrach)

“If you don’t design your own life plan, chances are you’ll fall into someone else’s plan. And guess what they have planned for you? Not much.”

- Jim Rohn

My close friend and mentor couldn’t have said it any better.

For the last 27 years I’ve been helping Financial Advisors from around the world build their Ideal Life by building an Ideal Business with Ideal Clients. Watch a video message from me below about a special opportunity you are personally invited to that will help you build and maintain a seven-figure financial advice business and live your Ideal Life. Additionally, below the video check out my recent article, The Relationship Bridges, that will help you create more enjoyable and profitable relationships with each of your clients.


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MoneyGuidePro® (PIEtech, Inc.) Announces 3-Day Workshop in Association with Financial Advisor Magazine and Bachrach & Associates, Inc.

Mastering the Art of Client Acquisition and Business Development: The 7 Critical Conversations to Building and Maintaining a Seven-Figure Financial Advice Business

MoneyGuidePro-LogoMoneyGuidePro® in association with Financial Advisor Magazine and Bachrach & Associates, Inc. is pleased to announce a highly interactive workshop designed for financial professionals that want to learn how to more effectively engage higher net-worth prospects, more rapidly convert prospects to clients, and inspire clients to consolidate all of their business with you. This 3-Day Workshop will be hosted in Atlanta, GA from November 13-15, 2015.

During this 3-Day Workshop, attendees will learn how to:

  •     Attract better clients
  •     Implement full-service, goals-based financial planning with prospects and clients
  •     Gather more assets
  •     Generate higher planning fees
  •     Get more referrals
  •     Inspire clients to act quickly on advice

The interactive workshop includes powerful keynote presentations by industry leaders including Kevin Knull, CFP®, President of MoneyGuidePro®; Bill Bachrach, an expert trainer for top financial advisors and CEO of Bachrach & Associates, Inc.; and David Bach, a 9x best-selling author including Smart Women Finish Rich and Smart Couples Finish Rich. You’ve probably seen David on Oprah, NBC’s Today Show, and CNN.

Upon enrollment, attendees receive immediate access to video lessons, demonstrations, and scripts. The advanced content empowers participants to immediately start learning, improving, and getting results, while allowing more hands-on time during the workshop to develop and practice skills with like-minded financial professionals.

To register now for the 3-Day Workshop, please visit https://www.peopleskillsnetwork.com and be sure to use the promo code MGP1K for subscribers of MoneyGuidePro® to receive a $1,000 discount off the published tuition price. Clients of Bachrach & Associates, Inc. can use promo code BAI1K.

About MoneyGuidePro®

MoneyGuidePro®, innovated by PIEtech, Inc., is the industry’s leading financial planning software. MoneyGuidePro® makes powerful, profitable planning easy, allowing financial advisors to help more clients achieve their financial goals. MoneyGuidePro® provides college, retirement, estate and Social Security planning, investment and insurance needs analysis, technology integration and account aggregation. For more information on MoneyGuidePro® visit, http://www.moneyguidepro.com.

How to Speak the “Language of Trust”

PeopleSkills_LogoNew_1What’s more vital to your success and happiness as a Financial Advisor, your technical skills or your people skills? Tough question? Not really. It’s your people skills. Hands down. No contest.

How do you know that your people skills are more crucial to your success and happiness as a Financial Advisor than your technical skills? 1) It is your people skills that get you hired in the first place. 2) Everything technical can be outsourced or delegated and nothing “people” can be outsourced or delegated.

You can hire technical experts to write the financial plan, do the asset allocation, manage the money, assess risk and recommend appropriate insurance, do the tax planning and prepare the tax returns, and do the legal work.

But none of your people skills can be outsourced. You can’t hire someone else to be charming for you, ask good questions, listen with empathy, be trustworthy, build rapport, give advice with confidence, provide leadership, and hold people accountable to implement.

bigstock-Communications-607298I’m not suggesting that you can be a financial moron and be a successful financial advisor. What I am suggesting is that you invest more time in your people skills than your technical skills because it’s your people skills that get you in front of prospects and your people skills that get you hired. It’s your people skills that manage your clients’ expectations. It’s your people skills that help you help your clients manage their emotions during turbulent times. It’s your people skills that generate referrals and convert referrals into clients.

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The Singularity & Its Impact On Financial Advisors

roboThe single most important thing that will impact you and your clients’ futures is The Singularity.

What is The Singularity? According to Wikipedia: “The technological singularity is the hypothesis that accelerating progress in technologies will cause a runaway effect wherein artificial intelligence will exceed human intellectual capacity and control, thus radically changing civilization in an event called “the singularity”. Because the capabilities of such an intelligence may be impossible for a human to comprehend, the technological singularity is an occurrence beyond which events may become unpredictable, unfavorable, or even unfathomable.”

Why does it matter to your clients? Because the future they are preparing for is likely to be very different than the one being envisioned when you are working with them to create their plan. Most significantly, they are unlikely to die when they think they are, therefore, all of the projections for how much money they need are wrong. Way wrong.

Why does it matter to you? Because you care about your clients it’s your job to help them make the decisions today to prepare for a better future. And your future, professionally and personally, is likely to be very different than you think. Since you are just as unlikely to die when you thought you were, you are going to need a lot more money than you planned. You will likely work much longer than you intended in a world changing so rapidly that you may not feel equipped to handle it.

Listen to a short video from me, Bill Bachrach, about how to attract better clients, generate higher planning fees (up-front & ongoing), gather more assets, inspire clients to more quickly act on all of your advice to fully implement their plans and get more referrals.


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The Leadership Vacuum

drummerMy personal trainer, Rico, is also a drummer. He told me a story about being invited to play with a group of musicians who were more talented than he was. Being a little nervous to play with these musicians, he made the mistake a drummer can’t afford to make: He followed instead of led. Shortly into their first song, the lead guitar player stopped playing and waved off the other musicians, who stopped also. Then he turned to Rico sitting behind his drum set and yelled, “Hey, Rico, you’re the drummer! You’re supposed to be driving this train, not riding it!”

What about you? When it comes to your client relationships, are you riding the train or are you driving it? When dealing with financially successful people, you can’t afford to make the mistake of following when they need to be led.

The technical work of financial services continues to be commoditized by technology. Leadership is not being commoditized. The price of the products may continue to decrease, but the incomes of CEOs continue to rise? Why? Leadership is valuable, and rare.

leadership-vacuum1The smartest FAs have already moved away from being financial plan writers, investment advisors, asset gathering middlemen, insurance experts and accountants. If you are still doing the technical work, and not the leadership work it’s time to consider this transition or transformation. It’s better for the clients and it’s great for you.

It would be a mistake to think you can effectively do both the technical work (write the plans, manage the money, develop asset allocations, do the taxes, be the insurance expert, etc.) AND be the leader. That’s like the CEO of a car company also working in the factory. She should visit the factory, but she can’t be the leader and work on the assembly line. The orchestra conductor can’t play the violin and lead the other musicians. The coach can’t also be the quarterback. Even if you were smart enough and capable enough to do all these jobs, there simply isn’t enough time. Leadership is a full-time job.

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(VIDEO) Increase Your Advice Fee, Generate More Commissions, and Receive More Referrals

Learn how Chris, a Trusted Advisor, increased his predictable fixed-fee, generated more commissions, and received more referrals with the Financial Road Map®.

Get started today by scheduling your Business Accelerator Consultation here or calling us at 619.255.4888.


58% of Financial Advisors Will Be Replaced By Robots and Artificial Intelligence

Bachrach & Associates, Inc. is presenting a new live webinar series made up of 5 live webinars personally conducted by Bill Bachrach, ELEVATE Webinar Series. These webinars are focused on the current market trends and issues that Financial Advisors are facing right now all over the world including Robo-Advising, Fixed-Fee for Advice, Transparency and how to generate more business revenue now AND in the next 10-20 years.

If are you currently thinking to yourself, “This won’t affect me,” or “Why should I even care?” consider this quote: “In the next 10-20 years, 58% of financial advisors will be replaced by robots and artificial intelligence.” – Frey and Osborne

Whether you think this quote is legitimate or complete drivel, you simply cannot deny the fact that the financial services industry is evolving and technology is exponentially growing.

Enroll in this webinar series before May 8, 2015 and get a free copy of either book High-Trust Leadership or Values-Based Financial Planning!

Elevate Webinars

June 12th – How to Overcome Robo-Advising: Why You Shouldn’t Compete With The Machines
June 23rd – A Fixed-Fee for Advice Business: How Transparency is Changing Our Industry and What To Do To Stay Ahead of The Curve
July 14th – Leverage Change by Building Trust in an Industry That’s Not Trusted
July 28th – The Work Habits of the Most Successful Financial Advisors: How to Master 4 Key Elements That Will Transform Your Business
August 11th – An Introduction to Values-Based Financial Planning and How to Utilize the Financial Road Map

All webinars are 60 minutes long and include Q&A with Bill Bachrach. They start at 8:00am Pacific Time (U.S.). All webinar recordings and mp3s will be available for download.

Learn More or Register Today.

ELEVATE – Webinar Series with Bill Bachrach

elevate-headerElevate: To increase the level of something or raise to a higher place or state.


Elevate Your Business to the Next Level and Get On Track to Make 2015 Your Best Year Ever?: Enroll yourself in this 5-part Webinar Series presented by Bill Bachrach and the cumulative effect will be:

  • Inspiring your Existing Clients to do ALL of their business with YOU.
  • Improved focus and skill acquiring clients.
  • Offering and delivering a Client Value Proposition that no other Financial Advisor can offer.
  • Generating more revenue from planning / advice fees, AUM / FUM, other advice implemented.
  • Improved Quality of Life – Working fewer hours, serving the right type of clients and making more money so you can spend more time doing the things you truly want to do.


  1. Understanding Robo-Advising: Why You Shouldn’t Compete With The Machines
  2. A Fixed-Fee for Advice Business: How Transparency is Changing Our Industry and What To Do To Stay Ahead of The Curve
  3. Kill The ‘Elevator Pitch’: Leverage Change by Building Trust in an Industry That’s Not Trusted
  4. The Work Habits of the Most Successful Financial Advisors: How to Master 4 Key Elements That Will Transform Your Business
  5. An Introduction to Values-Based Financial Planning and How to Utilize the Financial Road Map

Tuition: $500 until May 8th ($650 after)

Dates: June 9th & 23rd, July 14th & 28th, August 11th

All Webinars will start at 8:00am PST.
(Duration = 60 minutes – Recorded Video / Audio Replays Will Be Made Available)


Be In the Top 1% of Financial Advisors Worldwide