Financial Advisor Marketing Opportunities Abound
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Financial Advisor Marketing Opportunities Abound

By Matt Oechsli | @mattoechsli “I don’t think I’ve ever seen a better time for client acquisition,” Mike (one of our coaches) tells me. He then says, “I’ve got advisors bringing in more assets than at any time in their careers.”  I heard from an advisor (Walter) recently that, “We’ve got $270 million of new assets year-to-date, but I want to step-it up in the 4th quarter as $400 million is now the new target.” He then went on to echo Mike’s sentiments, explaining why he’s raised his annual new asset goal, “It’s the perfect environment for bringing in new business.” It was these two conversations on financial advisor marketing opportunities that prompted me to write this article. Over the past three weeks I’ve been in front of 300 or so veteran financial advisors who were interested enough in acquiring more affluent clients to devote a full day to training on the topic. Although these groups were eager to bring in new business, it was obvious that few of these financial advisors were capitalizing on the opportunities that Mike and Walter were talking about. Between an unpredictable global economy, testy political environments, and the media fanning the flames of fear, affluent investors are on alert....

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Your Facebook Marketing Checkup
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Your Facebook Marketing Checkup

By Stephen Boswell and Kevin Nichols | @stephenboswell | @kevinanichols We often hear comments from advisors saying, “My clients aren’t on (insert social network).” Sometimes it’s LinkedIn, sometimes it’s Facebook, sometimes it’s Instagram. Sometimes they’re right, but oftentimes these advisors aren’t on the networks themselves, thus having limited information about who uses them and who doesn’t. We thought it might be helpful, as part of our 2019 research on investors with $500,000 or more investable, to determine the sites most frequented by the affluent. For us, it doesn’t matter the network as preferences shift over time. We just know that if your ideal client is there, you want to be too. Here’s some of the data we uncovered: Facebook is the clear favorite overall, with over half of the overall respondents reporting it to be their network of choice. LinkedIn is the runner up with those 45 and older, while Instagram takes second position in the under 45 group. This tells us clearly, even if LinkedIn is a natural first step for many financial advisors with social media, that Facebook deserves the bulk of your energies. So let’s take stock in how you’re using Facebook in your business. Facebook Marketing Checkup Do you have a personal Facebook account? No Yes Do you...

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How to Prepare for a Q4 Sprint
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How to Prepare for a Q4 Sprint

By Matt Oechsli | @mattoechsli How would you like to make your 2019 fourth quarter the most productive of the year? If you’re interested, and I’m sure you are, a recent Freakonomics podcast might provide the spark you need.   This episode highlights a project titled Behavior Change for the Good conducted by two researchers, Angela Duckworth and Katy Milkman, who gathered what they referred to as a “dream team of behavioral scientists” from all over the world. Their objective was to first facilitate behavioral change, and then determine whether or not the behavioral change would stick. In lay terms, they wanted to see if they could help people develop good habits.  To this end, they organized a massive randomized controlled trial consisting of 63,000 members of 24-Hour Fitness gyms. Members were enticed to sign up by “being part of a really cool behavioral-change program for free.” It was a 28-day program that offered 53 versions of simple motivation. One example was a 25 cent reward for each gym visit. The short-term results were extremely positive; 50% to 75% of the participants experienced a significant boost in exercise for the 28 days of the program.  However, according to Milkman “... after our 28-day program we saw...

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5 Habits of Successful Leaders
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5 Habits of Successful Team Leaders

By Matt Oechsli | @mattoechsli Much has been written about leadership principles – individuals, schools, executive consultants, even countries have been credited with disciples of one discipline or another. But is there a common thread found in such indispensable leaders? Is there a conceptual model to follow? Are there specific habits that can be duplicated? At The Oechsli Institute, we’ve conducted multiple research projects on wealth management teams and leadership over the past 20 years – and the answer is an unequivocal...yes!  Granted, successful team leaders are as different as they are similar, yet our studies have identified five particular qualities of great leaders...  Goal Driven Excellent Communication Skills Empower Others A Caring Attitude Total Commitment These qualities have become habits for these world class team leaders. And since habits are acquired behaviors, they can be adopted by anyone. There’s no magic leadership formula. All it takes is desire coupled with an investment of time, energy, and patience. Before thinking of these five team leadership qualities as a conceptual model that can be duplicated, it’s helpful to take a quick look at human nature. Which takes me to Abraham Maslow’s “Hierarchy of Needs” and Frederick Herzberg’s “Hygiene Factors.” Most people are familiar with Maslow’s Hierarchy: First: food...

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3 LinkedIn Sales Navigator Tips for Advisors
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3 LinkedIn Sales Navigator Tips for Financial Advisors

By Stephen Boswell and Kevin Nichols | @stephenboswell | @kevinanichols Have you been on LinkedIn lately? It’s much more vibrant than it was a few years ago. People are logging in more frequently, posting better content, and engaging more meaningfully. If LinkedIn once felt stagnant compared to Facebook and Instagram, it’s a different animal now.  When it comes to outbound prospecting, it’s hard to find a better tool than the upgraded version of LinkedIn, which they call Sales Navigator. It provides better search functionality, helps you organize your contacts more effectively, and alerts you to life and business changes that could mean money in motion. All great stuff for financial advisors looking to proactively market themselves on LinkedIn. The problem? Sales Navigator is packed with features and can be confusing. It feels like a totally different social network, which means yet another learning curve for financial advisors. We’ve gotten so many questions recently on this topic, so we thought we’d share a few insights to help you get the most from this ever-evolving sales tool. 1. Save prospects, clients, COIs, and competitors as “leads.” In the free version of LinkedIn, a contact is a contact is a contact. Sales Navigator gives you the ability to track...

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An Inconvenient Truth (Opportunity) for Financial Advisors
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An Inconvenient Truth (Opportunity) for Financial Advisors

By Matt Oechsli | @mattoechsli Wouldn’t it be nice to be immersed in a career that the American public ranked in the top quintile for ethics and integrity? The Gallup organization has been studying this for decades and the top 5 professions ranked “very high” to “high” have been consistent. As you can see below, for nearly the past two decades (2002 to 2018)... Very High / High Ethics & Integrity 2018 1. Nurses 84% 2. Medical Doctors 67% 3. Pharmacists 66% 4. High School Teachers 60% 5. Police Officers 54% What we found interesting, aside from police officers ranking higher than accountants (42%), was the consistency of these rankings. The only profession to have a significant change was clergy, dropping from a high of 56% in 2008 to 37% in 2018. Professions that were ranked as “low” to“very low” also had a similar level of consistency since 2002, with every ranking holding their place in ethics & integrity hierarchy. See the bottom quintile below … Very Low / Low Ethics & Integrity 2018 1. Members of Congress 8% 2. Car Salespeople 8% 3. Telemarketers 9% 4. Advertising Practitioners 13% 5. Stockbrokers 14% Now before you get all bent out of shape with Gallup about these rankings, there’s a real silver lining for financial advisors. First and foremost, please don’t be defensive. I get it, you’re a financial advisor...

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Raise Your Video Game...With Your Phone
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Raise Your Video Game…With Your Phone

By Stephen Boswell and Kevin Nichols | @stephenboswell | @kevinanicholsOne of the biggest hurdles for many financial advisors getting into video content is the technology itself.  People often ask us, “What kind of camera do I need to get? Do I need to hire a professional?” For many of you, the best place to start is with your phone.  We know…YouTube is riddled with poor examples of cell phone footage, but there are also some absolutely stunning examples as well.How do some people nail it while others go so wrong?  Sometimes it’s their technique; other times it’s simply the quality of the accessories they use.  From our vantage point, we often focus on three big categories. The first is….LightingIf you’re doing video content, the lighting is essential.  In this video, we’ll show you three separate setups: studio-quality lighting, inexpensive lighting, and no lighting at all.  Your choice here really depends on your budget. The most basic of LED light panels will run you in the neighborhood of $60.  If you can swing it, look for a higher-quality LED with a softbox to diffuse it.  Lighting (not camera, believe it or not) will make the biggest difference in your final output, so it’s a smart place to invest.https://www.oechsli.com/wp-content/uploads/2019/08/iPhone-Video-for-Advisors-Part-1.mp4AudioWhile your phone can...

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Let’s All do the S.H.R.E.D and Control Our Destinies
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Let’s All do the S.H.R.E.D and Control Our Destinies

By Matt Oechsli | @mattoechsli Recently I received a text from a friend who’s recently retired. It was a photo of a man holding a home-made sign, the type you probably saw someone holding on your drive to work today at a busy street corner – asking for money. Except this sign was markedly different, as you can see below, a healthy middle-aged man wearing sunglasses with a big smile, one hand holding his sign and the other with his thumb up… Been Working 40 yrs. RETIRED TODAY! I Need Nothing Want to Give You Hope And Wish You a Good day as my son says… Show up Hustle Repeat Every Day Wow!! What a message and what a prescient son, who obviously learned a lot from his father. I never cease to be amazed at how amidst what many argue as our “overdependence” on technology (just watch people glued to their smartphones) that the formula for success has never changed. Sure, the words describing success might change, any thesaurus can do that, but the actual process of hard work, hustle, and persistence are timeless. This father and son combo illustrated in the photo above serve to remind me how few people are willing to pay the price for success. In my mind, the acronym S.H.R.E.D....

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Understanding Our Top Fears
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Understanding Our Top Fears

By Matt Oechsli | @mattoechsli What do you think are the top fears of Americans today? It’s not public speaking, heights, spiders, snakes, or even terrorism. They’re not even close; today’s top fears are much more practical. I thought it might be interesting to veer off slightly from the prototypical financial articles (marketing, sales, practice management, teams, etc.) and take a peek into the psyche of today’s Americans. For the past five years Chapman University has been conducting research into the fears of everyday Americans. The topics covered the gamut from the environment, the government, terrorism, finances, health, disasters, technology, guns, and more. As you peruse The Top Fears of 2018 it’s important to keep in mind that you’re looking at fears that the “highest percentage of Americans reported being afraid or very afraid of" (you could also translate this into being worried about). Which is why you need to be thinking of how all of this relates to your role in overseeing the multi-dimensional aspects of your client’s financial affairs (what Oechsli Institute research says your affluent clients want). Top 10 Fears of 2018 % Afraid or Very Afraid Corrupt government officials 74 Pollution of oceans, rivers 62 Pollution of drinking water 62 Not having enough money for the future 57 People I love...

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Your Business is Begging You to Let Go
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Your Business is Begging You to Let Go

By Stephen Boswell and Kevin Nichols | @stephenboswell | @kevinanichols You might read the title and assume we’re suggesting that you be less involved in your business. Hardly the case. We want you to be more involved, but with the highest-impact activities possible. Too many advisors are stuck in day-to-day routines that are counterproductive. Our message is about letting go to gain control. Here are three ways to make that happen... Let Go of Always Being Right Some people fall into the trap of feeling like the right answer has to be their answer. For example, the senior advisor insists on doing client reviews a certain way, even as the team presents new and better ways of engagement.  Be in search of the best option available, regardless of source.  Not only does this result in better business practices, but better team dynamics as well. The need to be “right” has the tendency to push your team away. They learn that their ideas aren’t valued and start to provide fewer of them.  You’ve built a group of smart and talented people around you for a reason. Don’t let your own ego hijack your ability to lead.  Let Go of Always Being in the Middle As a leader, you may feel...

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