‘Practice Growth’ Archive

The Singularity and How Will That Affect Financial Advisors?

singulairtyThe 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 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….

Watch this informative, what-to-do webinar, and Bill Bachrach will uncover 3 truths:

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Trusted Advisor Life – A Word from One of Our Client’s Clients

success-storiesThe following is an excerpt from a testimonial written by one of Bachrach & Associates, Inc. Trusted Advisor client’s. The Trusted Advisor has been working with Bachrach & Associates, Inc. since 2010 and is currently on his journey to build his Ideal Life by building an Ideal Business with Ideal Clients.

When I first engaged with my Trusted Advisor I was frustrated and somewhat out of control. In hindsight I didn’t really know where I was going, what I was doing and whether it was sustainable. Today I’m calm, focused, pointed in the right direction and know substantially where I am going.

Firstly, they embodied all of my financial affairs including its current status, immediate goals and future planning into a single document. This included all my core agreements, trust deeds, mortgage arrangements, investments, insurance and wills, all gathered, scanned and archived onto a single disc so that they are readily available not only to myself but to my internal tax advisers and the lawyers for the purpose of drawing up my wills. It was really a breath of fresh air. This part alone is one of the best services that I have ever seen an organization provide.

It was the second bit, though, that made it all work. This was to bring together all of the different players that my Trusted Advisor has at his fingertips and because of his experience – they where identified and utilized as required. In my case he identified that I needed a productivity specialist to help me better organize my workflow and calendar. He then identified that I actually needed somebody to do the legwork for my personal bookkeeping. My Trusted Advisor also identified coaching from a lifestyle viewpoint and he introduced me to a specialist lifestyle coach who has been absolutely fantastic. The ability to bring together a truly outstanding team has made all the difference in my life.

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(VIDEO) Elevate Web Series – Webinar #1 How to Overcome Robo-Advising

The first webinar in our 5-Part Web Series was last Friday and we’ve been hearing some great feedback.

“Thought-provoking…inspirational…exactly what I needed to hear.”

Watch a short video below that contains some clips from Webinar #1 – How to Overcome Robo-Advising: Why You Shouldn’t Compete With The Machines.

To learn more about the Elevate Web Series CLICK HERE.

Bill Bachrach and his team train the best Financial Advisors in the world, and those who aspire to be, to create their Ideal Life, build their Ideal Business, and work with Ideal Clients. Email us at info@billbachrach.com or call 619-255-4888 if you wish to learn more.

Be In the Top 1% of Financial Advisors Worldwide

www.billbachrach.com

New Retirement Age Is Not 65, Not 95: It’s Higher

CNBC_LogoHuman life has reached an inflection point-one that matters a great deal for those planning for retirement.

One hundred years ago, the average lifespan was about 42. That’s now doubled. People are living longer and trying to stretch their income to make ends meet and stay ahead of inflation, but that’s not the inflection point financial advisors are really concerned about-that’s just the everyday blocking and tackling on behalf of client portfolios. The emerging challenge goes way beyond that.

Scientists have found the mechanisms that govern aging and are already doing experiments in rats on how to reverse it. They’ve found species that do not die of old age, such as the jellyfish Turritopsis.

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Exponential Finance: Financial Advice In the Age of AI and Long Life

This week I was asked to speak at a conference that was unlike any conference I’ve spoken at before, Exponential Finance 2015. This two-day conference by CNBC and Singularity University brought together top experts, such as Ric Edelman, Michael Rhodin, Peter Diamandis and Marc Goodman, to inform financial services leaders how technology is impacting business.

This year’s program provided insight regarding technologies that leaders need to understand in order to make the most of the accelerating changes happening across business sectors.

Aside from having a great panel discussion with Ric Edelman, my time there was nothing short of brilliant and gave me even more insight into the future of the financial services industry and advice.

Check out this article from Singularity University about some of these changes and learn how you can adapt today to be ready for tomorrow.

If you are interested in learning more, I am presenting an exclusive Web Series, ELEVATE. 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.

To learn more or to enroll, please visit www.billbachrach.com/elevate.

(VIDEO) Don’t Be A Drum Machine. Be Like Neil Peart.

The drum machine only replaced the bad drummers. The same will be true for Robo-Advisors. Make sure you are prepared.

www.billbachrach.com/elevate

Bachrach & Associates, Inc. is presenting a new live webinar series made up of 5 live webinars personally conducted by Bill Bachrach. 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.

Learn more or enroll at www.billbachrach.com/elevate

www.billbachrach.com

(WEBINAR REPLAY) The Pros and Cons of a Fixed-Fee Advice Business

Watch the Webinar Replay Here.

What would it be like to have a business that is not tied to market fluctuations? Would you prefer to have client relationships where the focus is on goal achievement rather than investment performance? Does the idea of being paid directly for your advice rather than a % of AUM or commissions on transactions appeal to you?

Some of the most successful FAs in the world are converting to a fixed fee for advice business model and in this high-content what-to-do and how-to-do-it webinar you will discover how they do it.

You will learn the answers to the following questions and more:

  • What is the client value proposition that warrants a fixed fee for advice?
  • How do you set your fee? ($20,000 – $50,000 per year, per client is viable.)
  • What are the benefits to you of being paid a fixed fee for your advice vs. a % of AUM?
  • What are the benefits for the client?
  • How do you articulate this value prop and pricing system to your existing clients and prospects?
  • What are the risks of NOT switching to a fixed advice fee?
  • What are the challenges of switching to a fixed advice fee?
  • How does the Fixed-Fee Advice Business align with the coming Fiduciary Standard financial services industry?
  • How can you use a fixed-fee for advice approach to “steal” the best clients from other successful FAs?

**The content of this webinar is best suited for FAs who are currently generating $500,000 of business revenue and up.

Watch the Webinar Replay here.

(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.

www.billbachrach.com

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.

Bachrach Weighs In On the Trowbridge Report

transparentThe Trowbridge Report is yet another step in the inexorable march toward a completely conflict-free, totally transparent and true fiduciary financial services industry where the client pays the adviser directly for his or her service and the value the adviser provides.

The only conclusion a rationale person can come to is to stay far ahead of the inevitable by delivering a comprehensive and powerful client experience, based on the clients’ goals and values, and charge for that experience in a way that is completely disconnected from investments or any other product. Don’t let government regulators determine your destiny! Instead, skip the FUM-based fee (including the game of setting a fixed annual fee based on a % of FUM) and insurance commissions, level or otherwise, altogether. Life can be so simple for you and your clients. Make it so.

We have helped thousands of financial professionals make this transition and we can do the same for you. www.billbachrach.com/oz-workshop