Quantity Leads to Quality
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Quantity Leads to Quality

By Stephen Boswell and Kevin Nichols | @stephenboswell | @kevinanicholsWe recently launched a turn-key video solution for financial advisors called Oechsli Mobile. We always learn a lot from running a new program and one thing we’ve learned in this one is...nobody really likes the way they look on camera. This tends to fade over time, but at first, it’s hard to watch yourself. Remember, this is in your head, not other peoples’. Also remember, nobody is great at video at first, but you only get better through volume.Recently we got an email from a client with a confession. He didn’t like how he presented on camera and was reluctant to post videos of himself for fear of being judged by his former coworkers.  We thought a lot about his situation and decided to send him an email with a segment from the book ‘Art of Fear.’ We’ve copied it below, in hopes that it squashes that little voice of doubt in someone else’s head as well: Hi X,I received your email on my morning run yesterday and I've given it some thought. Quitting, at this point, would be a mistake. We've produced hundreds of videos since launching this program and I can tell you,...

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Nicer Apparel, Instant Competence
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Nicer Apparel, Instant Competence

By Matt Oechsli | @mattoechsli When face-to-face in social settings, impressions of your competence are made within milliseconds, long before you’ve spoken your first word. According to a study published in Nature Human Behavior by Princeton University, authored by Donald Oh and Alexander Todorov, clothing perceived as “richer” by an observer – whether it was a t-shirt, sweater, or another top – led to higher competence ratings of the person pictured than clothes judged as “poorer.”  A variety of studies were conducted to further investigate this theory. In some of these studies, participants wore suits and ties, while others wore casual clothing. In subsequent studies, participants were told that there was no relationship between clothes and perceived competence. In yet another study participants were told the person’s profession and income. In a different study of close to 200 participants, they were instructed to ignore clothing entirely. However, none of these variations had an impact. The results remained the same: participants were thought to be more capable when their clothing was perceived to be “richer.” As relationship marketing has become the foundation for financial advisors targeting today’s affluent investor, attention to clothing should be a top priority. These researchers found that in less than a second,...

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John Wooden's Pyramid of Success & You
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John Wooden’s Pyramid of Success & You

By Matt Oechsli | @mattoechsli College basketball is already in full swing and conversations about March Madness (NCAA basketball tournament) are part of nearly every basketball conversation. Every year at tournament time, bracket sheets are filled out, money is involved, and even people who aren’t real fans find themselves following – hence the moniker March Madness. John Wooden, UCLA’s legendary basketball coach, winner of 10 national championships, is revered as the Gold Standard of college basketball coaches – but he was also known as a philosopher-coach. In that light, when asked about his success, Coach Wooden would be quick to reference his sophomore high-school math teacher Lawrence Scheidler, who instructed his class to write a paper defining success. “Mr. Scheidler wanted to get us thinking about the concept of success and whether it just meant getting rich or famous or beating somebody in a ball game.” After decades of thinking about Mr. Scheidler’s assignment, Coach Wooden’s The Pyramid of Success was born. Most basketball enthusiasts have heard of this pyramid, many of you have probably listened to a motivational speaker delivering an inspirational keynote on it. Yet, how many financial advisors do you think have incorporated these teachings of Coach Wooden into their business?...

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Succession Planning Essentials
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Succession Planning Essentials

By Stephen Boswell and Kevin Nichols | @stephenboswell | @kevinanichols The succession of your business is going to happen. Will it be orderly? Will it be positive for everyone involved? It’s never too early to start planning. Whether you’re the junior advisor, the senior, or somewhere in between, pause for a moment and think about the current state of succession in your practice. How are you positioned?  It might help to look at a couple of examples, starting with one that didn’t go very well:  Steve built a successful financial advisory practice over a 40-year career. His growth came early from public seminars and late from generating referrals, but in recent years he’s seen a decline. Instead of phasing into retirement or selling his practice, he’s working harder than ever. Steve was late to the game with succession planning. He’s hired three junior advisors in the last five years, all relatively inexperienced. In planning for his own retirement, he’s been divvying up clients amongst his junior advisors with little success. While there have been few defections, there have been even fewer referrals, and the assets are starting to dwindle. A number of factors are contributing to this decline. The newer advisors have struggled to develop personal relationships...

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Debunking the “Knowledge is Power” Myth
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Debunking the “Knowledge is Power” Myth

By Matt Oechsli | @mattoechsli Recently, I was on a prep call for a conference where I was scheduled to deliver a keynote presentation with the firm’s national manager, their meeting planner, and a couple of people from the fund company (who was my sponsor for the event). The national sales manager took the lead, complimenting me on a presentation I delivered a couple of years ago for his firm, explaining the focus of the conference was growth and then asking me if I had any new affluent marketing insights. “We have two more years of new financial advisor / affluent research,” I responded and received a “That’s great!” But then I asked, “Just out of curiosity, how well have your advisors been at executing the Super 7 affluent marketing tactics I shared with you two years ago?” An uncomfortable silence was followed by a profanity that led to an in-depth discussion about knowledge and performance. This firm’s financial advisors weren’t doing very well at acquiring new affluent clients (which isn’t unusual as this is an industry-wide issue). However, according to their national sales manager they knew the marketing activities they should be doing but simply weren’t doing them. Or if some were, they...

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9 Ways to Use Video Within Your Advisory Practice
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9 Ways to Use Video Within Your Advisory Practice

By Stephen Boswell and Kevin Nichols | @stephenboswell | @kevinanichols There’s no doubt that the future is video, but when most financial advisors think of video they typically just consider one application - education. While that’s great, the opportunity for utilizing video within your practice is much greater. Here are nine ways we’ve seen advisors utilizing video within their advisory business: 1. Event Videos: Hosting or attending an event? Consider creating a highlight reel of the experience. Film 15 second clips of your experience that can be used in editing. No one will watch your one hour speeches from every partner at the company, but a highlight film will give your audience a taste of the experience! 2. Humanizing Videos: Not all videos have to be business focused. Consider shooting a few videos with your children, local sports teams, or sharing your hobbies with your viewers. Show your personal side and watch your reach grow. 3. Personalized Sales Videos: Sending messages to a specific niche on LinkedIn? Consider shooting a video specific to your audience. Need to follow-up with a prospect who stopped responding? Consider shooting a video specifically for them and referencing them by name. When a video feels personalized it’s more likely to get a response. 4. Client Videos: There...

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The 2020 Team Resolution Challenge
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The 2020 Team Resolution Challenge

By Matt Oechsli | @mattoechsli I’m sure you’re aware that the typical New Year’s resolution doesn’t last very long. According to research conducted by Strava, the social network for active people (runners, cyclists, etc.), most people give up on their resolutions in less than two weeks. By analyzing over 30 million activities in January 2018, Strava was able to identify January 12th as the date by which most people had given up on their New Year’s resolution.   Other research on New Year’s resolutions reports that about 60 percent of the population makes a New Year’s resolution but only 8 percent are successful in achieving them.   We suggest raising these odds by having each member of your team establish a work-related resolution that is directly connected to the team’s 2020 growth goals. We call it the “Team Resolution Challenge.”   Before you discard this "Team Resolution Challenge" as unnecessary, consider the impact of each team member being highly committed to a new initiative. Also remember that only 8 percent of people achieve their resolution on their own. If you want results, you’ll need to guide the process. Here’s how it works: 1. Introduce the Concept Your first step is to meet as a team to review your 2020 team...

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How One Elite Team is Raising the Bar for 2020
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How One Elite Team is Raising the Bar for 2020

By Matt Oechsli | @mattoechsli I’d like to share a recent conversation from a long-time coaching client of ours. Not only did they have a record year in acquiring $250 million in new assets, their focus on 2020 was just as impressive, if not even more so. They had just gone through a critical assessment of their past year’s marketing initiatives. The goal was to identify what worked and what didn’t work so well. As for what worked, the team had outlined seven activities to which they attributed much of their 2019 success:   Intimate market update breakfasts for referral alliance partners (8-10 CPAs and or Attorneys per breakfast)  Hosting and attending niche events twice per month (socials, fundraisers, community involvement) Socializing with one top client a week (lunch, dinner, etc.) Business meeting with one client or referral alliance a day Each of the three partners attending one social event a week Sourcing one name (uncovering a prospect opportunity) with every client and referral alliance face-to-face interaction  Each partner getting personally introduced to one prospect a week (socially or otherwise) That’s a pretty straightforward list. Someone outside our industry might look at it and think, “that’s all you have to do to bring in assets...

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10 Tips for Preparing for a Sales Meeting
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10 Tips for Preparing for a Sales Meeting

By Stephen Boswell and Kevin Nichols | @stephenboswell | @kevinanichols Getting ready for a big meeting with a potential client? Preparation matters. This is a fact that’s most evident when you’ve under-prepared for a meeting. There’s nothing worse than that feeling of regret when you didn’t do your homework, forgot your files, or had a hard time finding the meeting location.   Here are ten tips for nailing it:  1. Research Your Prospect Chances are, this person came to you by way of referral. What could the referral source tell you about their background, family, and interests? How could you supplement this information with a Google search? 2. Research Your Prospect’s Company If the potential client is currently working, what could you learn about their company or industry? This is an easy way to showcase that you’ve taken your time to do your homework. 3. Prepare Your Questions When you’re prepared, you’ll ask better questions and be less likely to talk your way through the meeting. Instead of telling them about your expertise in a certain area, how could you showcase this expertise by the questions that you ask?  4. Dial-in Your Energy Sometimes what you say doesn’t matter as much as how you say it. Think in advance about the energy you...

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Understanding Cognitive Bias
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Understanding Cognitive Bias

By Matt Oechsli | @mattoechsli Recently I was having a conversation with a long-term friend. He knows that I am a healthy eater and that I eat little red meat, which is precisely why he brought up the subject. Looking to needle me a bit, he referred to my eating viewpoints as “misinformation by my so-called experts.” My experts?!? My friend has no great knowledge of proper eating (90% of what he eats is highly-processed), but that doesn’t stop him from grandstanding on the topic. Why? Because of a cognitive bias labeled the Dunning-Kruger Effect. It asserts that a person with a low level of knowledge on a subject tends to assess their knowledge as greater than it actually is. Conversely, experts on a subject often underestimate their knowledge.  An easy example of the Dunning-Kruger Effect in your business is the client who has a low level of investment knowledge, yet has a lot of opinions on how you should manage their money. They’re not disrespecting your expertise, it’s just a form of bias. When confronting this issue, understand it’s not personal, and work to educate them in small doses. Our goal is not to turn you from advisor to psychologist, but we do find...

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