Category: Time Management

“Attract Trust: Build a community of right-fit clients by behaving in a way that earns trust.”

October 6th, 2018 by

Trust is not the objective in an advisor-client relationship. Rather, trust is a byproduct of the other things you do, such as your behavior, your communication, and the quality of your work.

If gaining your clients’ trust is your objective, then the focus is in the wrong place: you. When your goal is to establish trust, it might be to further your agenda: “I have to get them to trust me so they hire me, so they give me assets, so they buy my product or idea” and so on.

Consider this point of view instead: “I am going to show up relaxed, be authentic and professional, create a great client meeting experience, ask great questions, listen with empathy, be well-organized, respect their time by not bragging about myself or my company or over-explaining financial concepts and ideas, and be selective about letting only right-fit people join my community of ideal clients. If, in the process of behaving this way, they trust me and hire me, fine. If not, that’s OK, too.”

You may be concerned that relaxing or abandoning a more intense sales focus will diminish your results. Actually, the contrary is true. Which is more likely to attract successful people as clients: the relaxed trusted advisor or the intense salesperson? Relaxed doesn’t mean lacking in passion for helping people make smart choices about their money. It means that you don’t show up with what we used to call “commission breath.”

Below are nine time-tested ideas for behaving in ways that create the byproduct of trust.

  1. Look for right-fit people to join your client community versus going after anyone with money. Create an ideal client profile where personality is equally important to money for them to earn an invitation to join your client community. Notice the difference in how it feels to think of inviting people to do business with you versus thinking only of closing the deal.
  2. Ask good questions about your clients’ values and goals: What’s important about money to you? What are your tangible goals that require money and planning to achieve? How much do you want to have for that goal? By when? What are two or three words that describe what you are thinking and feeling once you have achieved that goal? Does the idea of having a comprehensive financial plan that gives you a higher probability of achieving your goals and fulfilling your what is truly important to you in life (your core values) appeal to you? Would you like to join our client community and have us do this work for you?
  3. Listen with empathy. The tendency, especially during an initial client interview, is to think about what you are going to say next while they are answering your question. When you do this, you don’t really hear what they said. It’s difficult to be empathetic to things you weren’t mentally present to hear. The solution is to have your questions memorized so you don’t have to think about what you are going to ask next, thus allowing you to be fully present and a much more empathic listener.

  1. Record your client meetings, especially the initial client interview. You may have seen one of my previous articles in a magazine before about recording client meetings.  To save you the trouble of searching back issues here’s a script for introducing the recorder.  “I appreciate the investment of time and effort you made to be here today. The fact that you have done so tells me that you must be serious about your money – is that true? (Pause for answer.) You’ll notice that I’ll ask many relevant questions, take copious notes, and I also record the meeting. (Refer to the recorder and pause.) The reason I record is because I’m very thorough. (Pause.) Do you know how you can watch a movie a second or third time and see things you missed the first time?” (Long pause for response.) “Well giving you advice about your money so you can achieve your goals is obviously much more important than a movie, so I want to make sure our advice is right for you. If we choose to work together, I’ll listen to this recording at least one more time to make sure to get it right.” (pause)  Ask your first question.
  2. Give advice with conviction. Salespeople tend to offer alternatives and let the prospect or client choose. Trusted Advisors gather all the information they need, consult with other experts where appropriate, and – with conviction – give the best advice for the client. There may be more than one way to achieve a goal, but there is only one best Find the best way and give advice with conviction.

  1. Tell the truth, even if doing so jeopardizes the relationship. Serious and successful people don’t want to pay good money for a rubber-stamp, “yes-person” telling them only what they want to hear. It’s your job to tell the truth, especially when it’s what they need to hear and not what they want to hear.
  2. Be inspiring. Focus on helping clients and prospective clients create a compelling vision for their future and become their bridge to make it happen. Being a future vision creator is much more trust-building than being a problem-solver.
  3. Be a comprehensive financial professional. It’s interesting that most financial advisors claim to be comprehensive, which implies “everything.” Do you really help your clients take care of everything related to their money?
  4. Put the client first. It sounds almost silly; yet, there is a lot of discussion and controversy by regulators and industry leaders about the fiduciary standard. It’s simple. In all situations, under all circumstances, put your client’s needs ahead of your own. Isn’t that what you already do? The good news is that your competition needs somebody else to define integrity for them.

Keep in mind that these are not tactics to build trust. They are powerful behaviors of financial professionals who are very good at what they do and who genuinely care about helping people get their entire financial house in order, achieve their goals and fulfill what is truly important to them in life (their core values). By behaving at this very high level of professionalism, your clients’ trust is the byproduct of that behavior.

Join Bill Bachrach on October 9 at 11:00am Pacific / 2:00pm Eastern for a FREE LIVE TRAINING, Client Acquisition Mastery in the World of Digital Advisors and Disruptive Technology. Register NOW by going to https://youradvisorroadmap.lpages.co/clientacquisition-10-09-18/

 

Check out the AdvisorRoadmap™ Virtual Training Platform that provides you with everything you need to know about Client Acquisition, Client Service, Leadership, and Time Management available 24/7 on your computer, laptop, tablet, and mobile phone for an extremely affordable price.  To discover more so you can build trust even more quickly and accelerate your results, go to: http://www.youradvisorroadmap.com/

Check Out The New Accountability Minute Briefing on Alexa, Google, and iTunes!!!

July 12th, 2018 by

My wife, Anne, has managed to get her Accountability Minute Briefings on Alexa, so you can subscribe to it at https://www.amazon.com/Accountability-Minute-Anne-Bachrach/dp/B07F5H2KGB.  You can also subscribe to The Accountability Minute on Google Home and Apple HomePod.  If you listen to any of these and find the messages of value, please leave her a review and let her know what you think.

 

If you don’t use any of these devices, you can always subscribe to get your daily dose of  The Accountability Minute brief message on iTunes by going to https://itunes.apple.com/us/podcast/accountability-minute-business-acceleration-productivity/id1406492556.

 

If you like longer high-value messages, you can subscribe to her iTunes Podcasts (typically 7-15 minute episodes) by going to http://itunes.apple.com/podcast/accountabilitycoach.com/id290547573.

 

What If There’s No App For That?

March 1st, 2018 by

street girl smartphoneI love the modern world. I love the computer, transportation, DVR, 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 rightnow. 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 your 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 business person? 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 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.

Client Acquisition Mastery. Master 4 elements: 1. Asking for referrals. 2. Making follow-up calls in a way that is engaging and leads to a reasonable percentage of referrals agreeing to a more indepth phone appointment about how you can help them. 3. Facilitating this phone appointment in an effective way so a reasonable percentage agree to a face-to-face initial client interview at your office. 4. Conducting brilliant client interviews so a reasonable percentage hire you.

Leadership Mastery. Building and leading a team of best-in-class subject-matter experts; technical and administrative, who help you help your clients get their entire financial house in perfect order and keep it that way forever.

Communication & People Skills Mastery. Asking the right questions, being an empathic listener, and when it is your turn to talk giving your advice with conviction in a way that’s all about them so your clients take action and implement.

Mindset Mastery. Thinking like a business owner instead of like a practitioner. Focusing on what you can control and not being distracted by events out of your control like the market, or the economy, or world problems and conflicts.

Time, Priority, and Calendar Mastery. You running your business instead of it running you. Know your priorities, put them on your calendar as appointments with yourself and others, and develop the habit of honoring your calendar.

These are the important things that are required to tap your true potential as a Financial Advisor. There will never be an app. The sooner you embark on the Master’s journey, the sooner you will enjoy the benefits of Mastery.


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

Join the AdvisorRoadmap™ Virtual Training Platform Today!

Success is a Choice! Success is NOT an accident. 

February 1st, 2018 by

Stephen CurryCheck out this powerful and inspirational short video about Steph Curry.

Watching this short video about Steph Curry had a profound impact on me and can inspire you to maybe do things a bit differently going forward in 2018 so you have the highest probability of making progress on creating your ideal business and life. 

 

Warriors point guard Stephen Curry became the first player in NBA history to be voted as the unanimous MVP of the league during the 2015-16 season.

 

One of the main concepts I got from listening to him was the fact that, Success is not an accident. It is a choice. 

 

How does watching this video impact what you will do in 2018 so you can accelerate your results in business and in life? 

 

To watch this powerful 4.52-minute video, go to https://www.youtube.com/watch?v=RbsmMnAKeOI&feature=youtu.be

8 Ideas for Getting Things Done…The Right Way

January 29th, 2018 by

Business person having an idea light bulb conceptWe all want more success and the fear of failure can often be the driving force of our actions.  We work long hours, sacrifice personal time, and even sleep.  We put our heart and soul into what we’re trying to achieve, only to find that we’re spinning our wheels.  We think we’re getting things done, because at the end of the day all of our Action List items are crossed out; but did we really get closer to achieving our goals?  The fact is, most of us accomplish a whole list of things by the end of the day, but have little to show for it.  Your success depends on what you are doing and the way you are getting things done.  If you’re not moving closer to your goal achievement, you are not getting things done the right way.

 

The good news is – getting things done the right way requires only a simple shift in your actions.  There are only two ways of getting things done; one way leads to your success, while the other keeps you in the same position you’re in right now.  There is no in between.  Getting things done right comes down to taking actions that support your forward progress and success.  If you feel like you’ve been spinning your wheels, you probably have been.  You might be getting things done, but your actions have been sabotaging your success.  You end up working twice as hard, only to stay in the same place.

 

Getting things done the right way, can take you from spinning your wheels to; creating more time, expending less effort, reducing frustration and moving you closer to your goals with every single action.  This is possible because success relies on one principle: success takes successful actions.

 

1. Organize Your Time for Optimal Performance

Success takes successful time management.  Whether you’re a corporate executive or an business professional, you must optimize your performance.  The universe will only deliver what you can handle, so if you want more, you have to do more without adding more hours to your day. 

 

Ascertain what you need to Do, Delegate, and Delay.  Since you can’t manifest any more hours in a day, focus on your highest pay-off activities.  In other words, do just those things that will lead to the highest probability of achieving your goals in the quickest timeframe possible. Put these things in priority order and then in your calendar.  You will quickly realize you don’t have time for anything that doesn’t get your closer to achieving your goals. 

 

To download a Free Delegation List Sample to help you identify more activities to delegate, go to http://www.accountabilitycoach.com/delegation-list-sample/.

 

Download my complimentary Time Log Sample to help you be even more time efficient so you are in a higher probability position to achieve your goals, by going to http://www.accountabilitycoach.com/time-log/.

 

Get my free audio training, Focus on Your High Pay-off Activities and Achieve Your Goals Using Effective Time Management, by going to http://www.accountabilitycoach.com/landing/.

 

2. Take Action with the End Result in Mind

Maintaining a constant focus on your goal will help you achieve it faster.  Remember, getting things done right means taking actions that are in support of your goals.  As an example, watching TV for 5 hours is not an action in support of your success.  You may have to learn to do the things you don’t necessarily want to do, but you do them because they will get you to where you want to be. 

 

Keep a working list of actions you need to do today, and place them in a prioritized order.  Check them off the list one at a time as you complete them. This leads you to focus on your highest payoff activities, not the ones that are the easiest to do.

 

3. Act with 100% Integrity

It’s not always easy to always to do what you say and say what you do.  But there is no way around it; acting with anything other than 100% integrity will sabotage your success.  The truth isn’t always easy, but it is the truth!

 

4. Act with the Best Interest of All Involved

Achieving your goals does not mean you step on people to get there; in fact it’s quite the opposite.  This principle follows the universal law of reciprocity; what you put out comes back to you.  Getting things done right, means you keep the best interest of all involved at all times, so the reciprocal comes back to you.  Every action you take has an outward effect, and long term sustainable success is only possible acting by this universal law.  Napoleon Hill explores the power of this law in great depth in his book, Think and Grow Rich.

 

5. Think “Outside the Box”

What got you to where you are today typically isn’t what will take you to where you want to be.  Get creative and brainstorm ideas and possibilities.  Ask friends and business associates for feedback.  Ask them what improvements you can make to improve your service and relationship with your clients.  Study someone you admire.  If you know someone who is successful and want to know how they did – ask them!  Think outside the box of where you are right now and discover how you can improve yourself to encourage your success.

 

6. Remove Negative Emotions

Taking action based on feelings of fear, anger, or jealousy will get you nowhere and caneven lead to goal regression.  Negative emotions sabotage your success – period.  Remove them from your thoughts and actions, and you will be getting things done the right way.  Pay attention to what you say to yourself.  Sometimes we don’t realize we’re feeding our minds with negative thinking until you consciously pay attention.  Ask a friend, peer, or significant other to share what they hear you say or do.  Having an occasional 5-minute pity party is acceptable – but then you’ve got to get over it and move on.

 

7. Write an Action Plan

You don’t have to know exactly what to do, some of it you will have to figure out along the way, but you must have a general plan of action.  Say you want to completely eliminate your $10,000 debt.  Write an action plan detailing exactly how much money you will commit to paying every month, or week, toward reducing your debt.  Create a detailed spreadsheet for every month, until your balance is zero.  Write down the Day, Month, Year and even a time your debt will be eliminated.

 

8. Write Weekly or Monthly Self-Evaluations and Look for Areas of Improvement

Ask yourself the following questions and think about your answers:

  1. Did I provide the best service I believe my clients deserve?
  2. Did I focus on the highest pay-off activities that allowed me to be the most productive and efficient I could be so I could achieve my goals?
  3. Did I effectively use my calendar and honor it?
  4. Did I delegate and delay everything I could?
  5. Did I reduce or eliminate distractions so I could stay focused only on those activities that put me in the highest probability situation for success?
  6. Did I make decisions that delivered the best results for all involved?  If no, how might I have reacted differently to improve end results?
  7. Did I act with 100% integrity in all of my personal and professional relations?
  8. Did I accomplish my goals?  If no, where were my thoughts and actions focused? 
  9. Did I allow myself to make excuses and then let myself off the hook?  What will I need to do to change this behavior?

 

If you have answered “no” to any of these questions, explore why and how you can improve future actions and desired end results.

 

Action is good, but it’s the way you take action that makes all the difference.  Action taken produces results, good and bad.  Successful action produces positive results and brings you closer to your goals – that’s getting things done in the right way.  Optimize your performance, act with integrity, keep the higher-good of all involved and every action you take will get you closer to your success.  Results do Rule!

 

Success comes to those who become success conscious.

Napoleon Hill

Author of the best-selling classic, Think and Grow Rich

Article by Anne Bachrach, aka The Accountability Pit-Bull

Anne is the author of  Excuses Don’t Count; Results Rule, Live Life with No Regrets; How the Choices We Make Impact Our Lives, and The Work Life Balance Emergency Kit, along with being a co-author of the Roadmap To Success with Stephen Covey and Ken Blanchard, and many other audio and e-books.

[VIDEO] Ask yourself…Are you confident in the future?

March 2nd, 2016 by

Ask yourself…Are you confident in the future? In the new world of the DOL Fiduciary Standard, Robo-Advisors and other industry disruptions, it’s possible for you to not only survive, but to THRIVE!

How? By focusing on the key areas that you can control and develop the skills and confidence needed to acquire high net-worth clients in any market and effectively manage yourself and your business. You control your client acquisition process and activities. You control the value you deliver to each client. You control how you lead your team and your business. You control how you manage your time and set your priorities. You control your quality of life and work / life balance.

Watch this two minute video and find out how to learn a 30-year proven process that’s completely turn-key for only $50 / month from Bill Bachrach.

Learn more or join the AdvisorRoadmap Community today.

5 Ways Financial Advisors Are Leaving Money On The Table and What to Do About It

September 15th, 2015 by

Decide Commit SucceedThe experts on achieving goals say the first, and a very important step, to achieving a goal is deciding to. My hope is that this article points out some opportunities for you to make more money and serve your clients at a higher level and that you decide to do something about it.

The 5 ways FAs leave money on the table are:

1.    Not charging a fee, or charging too small of a fee, for up-front planning and advice work.
2.    Not consolidating your client’s assets.
3.    Unimplemented advice.
4.    Referrals.
5.    Wasting time.

1. Not charging a fee, or charging too small of a fee, for up-front planning and advice work.

money-tableIf I had a nickel for every time I’ve heard an FA say, “I do the planning for free in the hopes of getting some of their assets” I’d have a lot of nickels. This is an amateurish approach. Instead, charge a fee for quality planning work that stands on its own merits, whether the client implements with you or not. And if they do choose to act on your advice with you then you deserve to be paid for that as well. How is this better for the client? Because when a person pays for advice they tend to be more inclined to act on it. And it’s acting on advice that produces results. No action. No results.

How much should you charge? A good starting place is $5,000 – $10,000. If your spine is still under construction or the idea of charging an up-front fee for planning and developing your advice freaks you out then at least start with $2,000. Just make sure that your fee doesn’t make you look like a weenie. E.g.: quoting a $2,000 fee to someone who has over $1,000,000 will make you look like a weenie. And don’t charge by the hour either. Charge for the value of your advice, not the hours it takes to create it.

The bottom line is that you must have confidence that the work you do is valuable in order to expect other people to value you and your work. It’s business. Value is measured by money. Stop leaving this money on the table and under-serving your clients. Charge a fee for up-front planning and developing advice.

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ELEVATE – Webinar Series with Bill Bachrach

April 29th, 2015 by

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

REGISTER NOW!

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.
  • More REFERRALS.
  • 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.

Webinars:

  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)

REGISTER NOW!

Be In the Top 1% of Financial Advisors Worldwide

www.billbachrach.com

619.255.4888

What Has Financial Training Done For You?

November 7th, 2014 by

Watch these Financial Advisors share their whole story in the videos to follow.

Learn more about the program at:
http://www.billbachrach.com/top-financial-advisor-training/

Get Started At:
http://www.billbachrach.com/business-accelerator/

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

July 31st, 2014 by

The title of this article describes how most established Financial Advisers 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 Advisers 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 Advisers who transcends the norm to experience something better.

In this article we will examine why most advisers 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 Advisers 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 advisers who leave the industry.
  3. Buying “books of business” from advisers 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.).

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