Growing Your Practice The Cal Newport Way
[Prefer to listen to this story instead? Click here.] Like so many we’re caught up reading Cal Newport’s latest New York Times bestseller, “Slow Productivity.” Subtitled, “The Lost Art of Accomplishment Without Burnout,” Newport proposes that a path exists for true life quality AND high-level achievement (and that running yourself into the ground doesn’t have […]
15 Things You Can’t Afford To Overlook When Considering A Move To A New Broker-Dealer
1. Who Owns the Client: The Advisor or the Broker-Dealer? Understanding client ownership is crucial. If the broker-dealer owns the client relationships, transitioning away in the future might be more complicated. Ensure you have clarity on this to maintain control over your book of business. 2. When Was the Last Time the Broker-Dealer Changed the […]
Asking for Referrals the Nike Way
In the world of financial advising, referrals are a powerful tool for growth. However, many advisors struggle with asking for them. Understanding the dynamics of referrals is crucial, and the traditional 20/20/60 rule provides a useful framework: 20% of your clients are eager to refer you, 20% will NEVER refer you for reasons that have […]
Time Management Tips For Financial Advisors
As a financial advisor, effective time management is essential for maximizing productivity and achieving your business goals. Here are some time management strategies that can help you be more productive and efficient: Prioritize Tasks Identify the most important tasks you need to accomplish each day and prioritize them based on their level of importance and […]
Will U4 Dings Impact My Ability To Move To A New Broker-Dealer?
Transparency and integrity play an outsized role in the perception of financial advisors. But as we know, things happen. The U4 disclosure form, which outlines an advisor’s disciplinary history, can play a critical role in establishing (or diminishing) trust and credibility with clients. Negative entries or “dings” on this form can create hurdles when advisors […]
Breaking Down LPL’s Recent Recruiting Dominance
LPL Financial‘s popularity and momentum in the financial advisory sector are underscored by its impressive performance in recruiting assets. According to data from AdvisorHub, in 2023 alone, LPL managed to bring in a net of $91 billion in assets through its recruitment efforts. This figure is particularly remarkable when compared to its competitors; the next […]
What An In-House Recruiter Might Not Be Telling You
As a financial advisor contemplating a move to a new broker-dealer, understanding all your options is crucial for making an informed decision. Often, your first point of contact will be an in-house recruiter who is naturally inclined to present their firm in the best possible light. However, while in-house recruiters can be a valuable source […]
How Financial Advisors Can Manage Political Discussions with Clients
Election season is upon us and advisors may increasingly find themselves in uncomfortable territory. Politics can easily seep into discussions, potentially affecting client relationships. Here’s how financial advisors can maintain professionalism and focus on their clients’ financial goals, irrespective of political differences. Establish a Neutral Professional Environment The first step in keeping politics out of […]
Comp, Culture, and Control: Why Financial Advisors Switch Firms
Making a move to a new broker-dealer is often a strategic decision that can significantly enhance both professional success and personal satisfaction. Career-minded financial advisors may find themselves contemplating such a move, driven by the promise of better alignment with their goals and life values – not to mention the promise of a significant payday. […]