‘Practice Growth’ Archive

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

Blog 3 ImageEvery 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.

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Staying Compassionate In An Evolving Robo-Industry

Robo-AdvisorNew competition in the form of digital or “robo-advisors” has many industry leaders and advisors concerned. For the most part, machines are currently just digital money managers or TAMPs. As the machines get better and better at increasing their capability, and as user interfaces become friendlier, it’s possible that machines will be able to do sophisticated financial planning and give advice without a human interface.

Naïve advisors discount the machine as a legitimate competitor. Machines are as dumb right now as they are ever going to be. Their capability is increasing exponentially, not linearly. How many humans do you know who are twice as smart, twice as fast, or twice as effective as they were a year ago? Competition from technology will continue to get stronger, faster. Those advisors who try to hang on to skills that machines can do better will likely not survive. Technology is much better at the “hard skills” of crunching numbers, aggregating data, automating follow-up, portfolio construction and management, creating reports, etc. The smart human advisors will not compete with the machines.

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From 1 Penny to Over $5M in 30 days: Exploring Exponential Growth

Today, unless you’re actively looking for the ways the world is changing exponentially, you’re going to get left behind.

jar-of-penniesAs a rookie financial advisor, I was asked a question designed to teach the power of compound interest: “Would you prefer to have $1 Million cash right now, or a penny that doubles every day for 30 days?” I suspected it was a trick to prove a point, but I couldn’t wrap my brain around the idea that a doubling-penny could be worth more than $1 Million in 30 days. Of course, I took the safe choice. I picked the million dollars cash. That’s because human brains are designed to think linearly, not exponentially.

Here’s why doubling a penny for 30 days is better than $1M cash. For most of those 30 days, the growth is far from impressive. By day 18 the penny has doubled to just $1,310.72. How is it ever going to get from there to $1 Million in just 12 more days? The power of exponential growth, that’s how. After 27 days, the doubling-penny has reached $671,088. By day 28, it breaks the million-dollar mark and hits $1,342,177. On the 29th day it eclipses $2.6 million, and on day 30 it is $5,368,709.

From 1 penny to over $5M in 30 days. That’s more than 5-times the hypothetical million dollars I received a month ago. Whoa!

That’s an impressive lesson in the power of compounding and exponential growth. Interesting, but what happens to the doubling penny in the next 30 days? On the 60th day, what started as a single penny is now worth $5,764,607,523,034,235. More than $5 quadrillion, which is over five thousand trillion dollars!

ExponentialGrowthWhen it comes to technological progress, we’re living in the second 30 days. In other words, change in the next 30 years is NOT going to be like the change of the past 30 years. It’s going to be much, much, much more significant. Exponential.

Want to learn more about this exponential growth experiment? Download your FREE copy of our new e-book, The Confident Advisor here.

Additionally, learn more about the new era of FA training. The AdvisorRoadmap Virtual Training Platform is a web-based, virtual training platform unlike anything in the industry. If you want to learn a proven process to improve your skills at confidently acquiring high net-worth clients, in any market, and effectively manage yourself and your business, the AdvisorRoadmap is for you. Learn more here.

(VIDEO) It’s Not About Retirement Planning Anymore, It’s About Life Planning: Increase Your Revenue By Improving Your People Skills

Kevin Knull, David Bach and Bill Bachrach discuss why people skills for financial professionals are more important than ever to succeed right now and in the next 5, 10, 20 years. In today’s world, it’s not about retirement planning, it’s about life planning.

Learn more about how to embrace technology and double down on your people skills here: www.peopleskillsnetwork.com

Bill Bachrach has teamed up with MoneyGuidePro® and FA Magazine to present a 3-Day Workshop & Online Course, Mastering the Art of Client Acquisition & Business Development: The 7 Critical Conversations to Building a Seven-Figure Financial Advice Business.

A 3-Day Workshop + Online Course. Earn 16.5 CE Credits. Register at www.peopleskillsnetwork.com. Use Promo Code BAI1K to receive $1,000 off tuition.

November 13th – 15th, 2015 in Atlanta, Georgia.

What If There’s No App For That

no-appI love the modern world. I love the computer, transportation, TiVo, and my iPhone.

Perhaps one of the reasons technology is so quickly embraced by us human beings is because we struggle to delay gratification. We spend more than we earn to live a lifestyle we can’t really afford, we get duped into believing we can get rich quick and without risk, we waste billions of dollars a year on fad diets that promise weight loss without effort, and we do the same with fitness equipment and programs that promise to make us fast and strong without breaking a sweat. Most of us joined the Financial Services industry, in part, for the unlimited income and total time freedom.

The “app” is the ultimate promise of instant gratification. Just download the app and you’ve got a way to do something you want done right now. It’s very cool. I love apps! Wouldn’t it be great if there was an app for everything? Need referrals instantly? There’s an app for that! Need to execute a brilliant client interview right now? There’s an app for that! Need to know the right advice to give a client so they achieve their goals for a meeting in 10 minutes? There’s an app for that! Need to hire a great assistant tomorrow? There’s an app for that! Need to know what to say to engage strangers at a social or business networking event so they want to meet you for business tomorrow? There’s an app for that! Need more confidence to build your business? There’s an app for that! Need to know how to get wealthy people to trust you with all of their money? There’s an app for that! And of course they are either free or only 99 cents and there is very little effort involved in using them and the results are guaranteed.

Sorry. I was being tongue in cheek to make a point. Of course, there are no apps for these things because not everything can be taken care of with an app.

What technology can’t change, not even the brilliance of the iPhone or the iPad or the many apps, is the fact that there are universal laws and principals that govern real and lasting success in life and in business. No matter how cool the technology becomes there will never be an app for those things that require mastery.

This is good news and bad news.

The bad news is that there is no app for that.

The good news is that there is no app for that.

There’s no app that will make you a black belt martial artist. Becoming a black belt will require a good instructor, lots of practice time, commitment, implementation in the real world, and dedication over several years.

Scratch golf? Sorry, no app for that.

Triathlete? Sorry, no app for that.

Tennis? Sorry, no app for that.

Guitar? Sorry, no app for that.

Piano? Sorry, no app for that.

Successful businessperson? Sorry, no app for that.

Good Spouse? Sorry, no app for that.

Good Parent? Sorry, no app for that.

Engineer? Sorry, no app for that.

Doctor? Sorry, no app for that.

Lawyer? Sorry, no app for that.

Mechanic? Sorry, no app for that.

Cop? Sorry, no app for that.

Firefighter? Sorry, no app for that.

Financial Planner or Advisor? Ditto. No app. Bummer.

There’s no app for conducting brilliant client interviews, effective implementation and progress meetings, asking for referrals, making follow-up calls, building the administrative and technical expert team to help you serve your clients. It’s all do-able, but there is no shortcut or silver bullet to produce results at the most important things in business and in life.

There’s no app, but there is a formula: a good instructor, lots of practice time, commitment, implementation in the real world, and dedication over several years.

The flip-side is that most Financial Advisors waste years, even decades, seeking and trying to circumvent a truth that cannot be escaped: there’s no app for lasting success. No shortcut. No silver bullet.

How is this good news? If you are one of the few who are actually willing to do the work, over time, to build these skills you have a distinct and substantial advantage over what will no longer even be called the “competition.” Embark on the Master’s journey and you will acquire all the Ideal Clients you need to generate all the business revenue to cover your expenses, pay your taxes, and have all the net income you want for a great present lifestyle, and all the money you need to fund your future goals and financial independence.

What does a Financial Advisor need to master in order to build a successful business? Just 6 things.

Client Service Mastery. Help your clients get their entire financial house in perfect order and keep it that way forever. This starts with the implementation meeting, which is the first meeting after you’ve been hired, and cycles through 3 meetings per year to help your clients keep their financial house in perfect order.

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Upcoming Webinars

Webinar #1: Introduction Webinar for Mastering the Art of Client Acquisition and Business Development

Date & Time: Thursday, October 15th at 11:00am PDT – Learn More / Register

Webinar #2: A Casual Conversation with David Bach

Date & Time: Wednesday, October 21st at 12:30pm PDT – Learn More / Register

If you cannot make a live webinar but would like to watch the replay, go ahead and register and we will send you a webinar replay link shortly after the live presentation.

(VIDEO) Why You Cannot Afford to Miss This Workshop & Online Course with David Bach, Kevin Knull and Bill Bachrach

Bill Bachrach has teamed up with MoneyGuidePro® and FA Magazine to present a 3-Day Workshop & Online Course, Mastering the Art of Client Acquisition & Business Development: The 7 Critical Conversations to Building a Seven-Figure Financial Advice Business.

A 3-Day Workshop + Online Course. Earn 16.5 CE Credits.

Register at www.peopleskillsnetwork.com. Use Promo Code BAI1K to receive $1,000 off tuition.

November 13th – 15th, 2015 in Atlanta, Georgia.

Powerful keynote presentations by industry leaders, a highly interactive workshop to develop skills and confidence you can apply immediately, and instant access to our robust Online Course Materials to get your next ideal client… and the one after that and the one after that and one after that.

Who Are the Keynote Speakers?

Kevin Knull, President of MoneyGuidePro® – As the president of MoneyGuidePro®, Kevin has a unique perspective on the action-able data that will help you make better business decisions and elevate the value of your client experience. In this session you will discover why and how being a great financial planner is also great for business.

David Bach, 9 Times New Work Times Best Selling Author / Expert Financial Services Marketer – You will learn how you can grow your business applying the same “people skills” that David used to become a 9x best-selling author, making over 100 appearances on the Today Show as their go-to financial guy, and appear 6 times on Oprah.

Bill Bachrach, Chairman & CEO of Bachrach & Associates, Inc. – Bill Bachrach has 27-year track record of training the best financial advisors in the world and those who aspire to be as measured by value delivered to the client, financial success, and quality of life. Hall of Fame speaking skills and humor combined with practical content that consistently produces excellent results have made him a popular resource for advisors who choose to be the best.

What Will Be the Result of Registering?

You will more effectively engage higher net-worth prospects, more rapidly convert prospects to clients, inspire clients to consolidate all of their business with you and get more referrals. In short, you will generate more revenue and grow your business more than you’ve ever thought possible. Don’t believe us? Check out just a few of our success stories here: https://peopleskillsnetwork.com/results/

Register or learn more at www.peopleskillsnetwork.com. Make sure to use Promo Code BAI1K to receive $1,000 off tuition during registration.

The Relationship Bridges

“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.

(Video) Don’t Be A Drum Machine, Be Like Neil Peart: How To Avoid Disruption In The Financial Services Industry

Don’t compete with the machines, let the machines do what they are better at. The machines however, cannot compete with humans with what humans are better at. Watch the video below to find out what that is.


If you are interested in taking your business to the next level and generating more income, join me for a new 3-Day Workshop titled, Mastering the Art of Client Acquisition & Business Development: The 7 Critical Conversations to Building a 7-Figure Financial Advice Business.

A 3-Day Workshop + robust online course materials. Earn 16.5 CE Credits. Register at peopleskillsnetwork.com. Use Promo Code BAI1K to receive $1,000 off tuition.

November 13th – 15th, 2015 in Atlanta, Georgia.

Powerful keynote presentations by industry leaders, a highly interactive workshop to develop skills and confidence you can apply immediately, and instant access to our robust Online Course Materials to get your next ideal client… and the one after that and the one after that and one after that.

You will more effectively engage higher net worth prospects, more rapidly convert prospects to clients, and inspire clients to consolidate all of their business with you, and get more referrals.

Register or learn more at peopleskillsnetwork.com.

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.

people-skills-intro

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