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

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)

Success is a Choice! Success is NOT an accident. 

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

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.

How much “REAL” vacation are you taking every year?

Photo-Success-shutterstock_37712386-300x300When Advisors are asked this question, they often respond to us with the question, “What do you mean by “REAL” vacation?”

REAL vacation is time away from the office where you are fully UNPLUGGED from work.  You are NOT checking email, NOT calling the office, NOT reading business books and magazines, NOT even following the markets or watching the news or doing anything that makes you think about work. One 22-year veteran recently said to us, “by those standards, I haven’t had a vacation in 22 years.”

Now knowing the definition, what is your answer to the question, How much “REAL” vacation are you taking every year?

Can you imagine a point in your near future where you can take as many weeks of REAL vacation as you want every year? This is a time where you are totally unplugged and purely having fun with your friends and family. What has to happen to make that real for you?

It’s not going to happen by accident. If you are ever going to tap your true earning potential and have the quality of life you really want, YOU are going to have DO something to make it happen.

One step in the right direction is to register for my complimentary LIVE training on January 23rd at 11:00am Pacific / 2:00pm Eastern.

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

https://youradvisorroadmap.lpages.co/clientacquisition-1-23-18

“I built my $1.5M fee-based business by implementing this powerful repeatable process.  I wish I had this process from my first day in the business!”  – Sybil P.

I’m looking forward to having you join me on this powerful training session to help you accelerate your 2018 results and take lots of REAL vacation.

 

 

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

Photo-Clock-MoneyIf 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.

Ironically, most Advisors want exactly the opposite: more money, less hours, and a smaller number of the right 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, from the comfort of your own office, 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) 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? 

I’ll also 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 me LIVE for this training session by going to https://youradvisorroadmap.lpages.co/clientacquisition-1-23-18.

I’m looking forward to having you join me on this powerful training session tomorrow 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.

 

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

trust level dialTrue or False: Most Advisors work too many hours for too little money for too many of the wrong clients.

Based on the responses from the polls we have been conducting indicate that this is TRUE:

  • 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.

 

Ironically, most Advisors want exactly the opposite: more money, less hours, and more of the right clients.

1. Money.
2. Time.
3. Smaller total number of clients who each pay you more.

If you have a sincere desire to get better in any, or all, of these areas enroll yourself in my complimentary, LIVE training session.

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) 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? 

I’ll also 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 Bill LIVE for this training session by going to https://youradvisorroadmap.lpages.co/clientacquisition-1-23-18.

I’m looking forward to having you join me on this powerful training session to help you accelerate your 2018 results.

 

Client Acquisition Mastery in the New World of High Regulation, Digital Advisors, and Disruptive Technology LIVE Training.

Button live webinarGet 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) 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 improve your quality of life, 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-1-23-18.

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-1-23-18

 

Stop trying to be different.

http://www.dreamstime.com/stock-photography-standing-out-image5826112How often have you heard the advice that in order to be successful you have to be different? You have to stand out from the crowd, right?

At the recent FA Mag Inside Retirement Conference, Gail Graham, the highly respected industry marketing expert from Fidelity and United Capital, described FA websites as the “sea of sameness.” Every advisor claims to be different because they have a better process, provide better service, and cares more. By trying to be different you all look the same.

Perhaps being different is the wrong goal…

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What Trump’s DOL Review Means For You

President Trump as called for the DOL rules that establishes the Fiduciary standard on retirement advice to be reviewed.

What exactly does that mean, and what should you do about it?

I filmed a quick video with my thoughts:

Watch the video (it’s less than 2 minutes long), and let me know your thoughts.

Deeper Relationships = Greater Client Loyalty, More Business, and More Referrals

question markThere are 3 kinds of questions that will help you take a client conversation deeper.

1. Clarifying questions: “What do you mean by __________?”

ClarifyClarifying questions provide more detail. Imagine that you’re on an airplane, and you strike up a conversation with the person sitting next to you with the comment, “Tell me something good that’s happening in your life today.” She answers, “My kids are going back to school!” A follow-up, clarifying question could be, “What do you mean by going back to school?” She tells you that her twin sons have been working all summer, living at home, and she’s looking forward to them getting back to college to start the next chapter in their growth and, as much as she loves having them at home, she’s also happy to have more time for herself. The clearer you are about the context, the easier it will be for you to go deep. Based on her response, what question would you ask next?

Continue Reading