Industry Insightfuls Share Solutions to the Greatest Challenges Facing Financial Advisors Today

On September 16, 2011 in San Diego, California, several leading advisors and industry thought leaders took the mic at this year's FPA Twitter Live session. This year, the focus was the biggest challenge facing advisors as we round the corner and head into 2012 and, more importantly, how to overcome it -- according to these insightful contributors.

This is the third year FPA has asked me to organize and record Twitter Live. You can see the video clips from the 2011 conference as well as 2010 and 2009, below. 

 
I hope you'll watch each of the 2 minute videos. Do post your comments on this blog if you'd like to add to the conversation!

Marie Swift

 

More Video Clips on the Way!

Here are the first few video clips from FPA Twitter Live in San Diego (September 16, 2011).

I'll be posting the rest of the video clips, one per day, over the coming week.

To get automatic notices of new postings:

1.  Follow me on http://www.Twitter.com/MarieSwift
2.  Connect on LinkedIn or FaceBook
3.  Follow this blog (see right hand widget area and it should be obvious how to do that)

Coming soon - insights from:

- Bob Veres, Inside Information

Posted below, are insights from:

- Sheryl Garrett - Garrett Planning Network
- Ron Lieber - The New York Times
- John Brackett - BAR Financial
- Deborah Fox - Fox Financial Planning Network
- Kevin Condon - MyFinancialAdvice.com
- Dave Hubbard - Exemplar Financial Network
- Geoff Davey - FinaMetrica
- Cameron Thornton - The Heritage Institute
- Ed Jacboson - Appreciative Inquiry / Ed Jacobson & Associates
- Darryl Celkupa - Tamarac, Inc.
- Michael Kay - Financial Focus / Money Quotient

Sheryl Garrett Says Planners Wise to Offer Real Time Planning, Debt & Credit Counseling

Sheryl Garrett, CFP, AIF, founder of Garrett Planning Network, addressed the audience while at the FPA National Conference in San Diego, on September 16, 2011. One of the things that Garrett espouses is real time planning -- it's a way for planners to deliver information and advice that provides immediate gratification and helps many clients get what they need, right now. Garrett offers a couple other gems in her 2.5 minute video spotlight.

Watch this 2.5 minute video clip now.

John Brackett says advisors must work in groups, do the right thing, if they are to survive

John Brackett, partner, BAR Financial, a network of over 400 independent advisors and one of the top 3 Regional Directors with Financial Network Investment Corporation, one of the nation's largest independent broker/dealers, says that the way for advisors to battle margin compression is to work in  groups, focus on profitability and "do the right thing." Hear what he had to say while at the FPA National Conference in San Diego, on September 16, 2011.

   Watch this 2 minute video clip now.

Michael Kay tells Financial Planners at FPA National Conference: Time to Build a Better Business, Band Together is Now!

Michael Kay, CFP, founder and president of Financial Focus, LLC, an RIA that provides  a "tuck in" opportunity for smaller and emerging independent advisors who want to gain efficiencies and scale their  practices, says financial advisors need to band together, provide more holistic services and put the clients' best interests first. The president of the Advisory Board for Money Quotient, one of the industry's leading providers of financial life planning tools and training, Kay delivered his comments while at the FPA National Conference in San Diego, on September 16, 2011.

Watch this 2 minute video clip now.

Darryl Celkupa talks about succession planning and maximizing value in the financial advisory business

Darryl Celkupa, vice president of business development with Tamarac, Inc., a company that provides financial advisors with a web-based Investment Strategy Management platform, says financial advisors who do not institutionalize their businesses will be at a huge disadvantage when it's time to transition out of the business. Celkupa delivered his comments while at the FPA National Conference in San Diego, on September 16, 2011.

Hear his words of caution and advice in this 2 minute video clip.

 

Ed Jacobson Says Planners Must Practice Self-Care in the Days Ahead

At the FPA National Conference in San Diego, on September 16, 2011, Ed Jacobson, PhD,  author of Appreciative Moments: Stories and Practices for Living and Working Appreciatively and a psychologist, business coach, consultant and public speaker who works with financial planners and investment managers, said that financial professionals must put their own oxygen masks on first -- before helping other people during touch times.

Hear Dr. Jacobson's advice in this 2 minute video about improving your personal resilience.

Cameron Thornton Says Client Retention is Critical, Shares Thoughts on How to Build Relationships Across Multi-Generations

Cameron Thornton, partner at Navigator Legacy Partners, LLC, a firm that works on behalf of families, individuals and non-profit organizations (often in collaboration with their other advisors) to help the clients achieve what matters most for themselves and their families now, and for generations to follow, talked about client retention and building relationships across multiple generations while at the FPA National Conference in San Diego, on September 16, 2011.

See what he has to say in this 2 minute video clip.

Stephanie Bogan Talks About Building Value in Your Financial Advisory Business

Stephanie Bogan, CEO of Quantuvis Consulting, Inc., a national consulting firm that specializes in business consulting to financial advisors and institutions, talked about maximizing profitability and building enterprise value  while at the FPA National Conference in San Diego, on September 16, 2011.

See what she has to say in this 2 minute video clip.

Dave Hubbard says independent financial advisors must band together if they are to compete effectively with the big name brokerage firms and banks over the coming years

David Hubbard, president of Exemplar Financial Network, a network of over 100 independent advisory firms, and one of the top 10 Regional Directors with Financial Network Investment Corporation, one of the nation's largest independent broker/dealers, says that bigger firms will put smaller firms out of business unless the smaller firms find a way to band together and gain scale. Hear what he had to say while at the FPA National Conference in San Diego, on September 16, 2011.

  Unite or die? Watch this 2 minute video clip now.

 

Kevin Condon says financial advisors must embrace social media, real time planning to stay relevant in today's virtual world

Kevin Condon, PhD, CFP, EVP of MyFinancialAdvice.com, an online financial advice service powered by real advisors in real time for real people, said at the FPA National Conference in San Diego, on September 16, 2011, that financial advisors should embrace social media and real time planner - or risk becoming obsolete. The company is rolling out a new social media training solution to help advisors do just that.

Hear Kevin's insights this 1.5 minute video clip.

 

 

Deborah Fox says financial advisors must systemize their practices now

At the FPA National Conference in San Diego, on September 16, 2011, Deborah Fox, CFP, founder of Fox Financial Planning Network, a training and empowerment company that helps planners build more efficient and profitable businesses, said that financial advisors run the risk of going out of business if they continue to do business they way they always have. Clients are fearful. We are only part way through the recession. Workflows and systems are key.

Hear what Deborah says in this 2 minute video about surviving and thriving in uncertain times.

Geoff Davey says regulators turning an eye toward risk tolerance and suitability of investments

Geoff Davey, co-founder of Finametrica, an international company that offers a cloud-based psychometric risk tolerance assessment tool to financial advisors and savvy investors, sounded the alarm for financial advisors while at the FPA National Conference in San Diego, on September 16, 2011: regulators will be turning an eye toward client's investments and suitability regarding risk tolerance.

Hear his words of caution and advice in this 2 minute video clip.

Ron Lieber talks about the greatest challenge facing middle-market consumers today at FPA Experience 2011

While at the FPA National Conference in San Diego, on September 16, 2011, New York Times columnist and Bucks Blog author Ron Lieber shared his thoughts about the biggest challenge, as he sees it, facing middle-market consumers today: finding independent, objective financial planning and advice -- with terms they can live with and service they can afford.

Hear the challenge he issues to the financial planning community in this 2 minute video clip.

Kristin North, Vice President, Institutional Sales - TD Ameritrade - On Articulating Your Value

In a nutshell:

"At TD Ameritrade Institutional, we coach our clients -- financial advisors -- on various techniques and methodologies they may use to engage their clients and prospects.  Miller Heiman's Conceptual Selling Methodology can help anyone in a selling situation understand what is truly important to their clients.  Once a client's "concept" is understood, it is then possible to create a solution that will hopefully fulfill their need(s).  It's always important to realize that clients are primarily motivated by the need to "fix, accomplish, or avoid" an issue at hand.  By asking meaningful, probing questions and then carefully listening to the answers you can build credibility and work together with your client to create win-win solutions.

Additionally, it is important to incorporate the concept of working with buying styles.  By understanding an individual's buying style, it is much easier to tailor your own selling style to their needs. There are 4 primary styles to consider:

The Commander - likes to be in charge, is often guarded, and has a low tolerance for feelings, attitudes, and advice of others.  In order to engage this type of client, the focus needs to be on facts and the dialogue needs to be clear, direct, and formal. 

The Analyzer - is often soft-spoken, asks lots of detailed questions, and uses few gestures.  An Analyzer wants organization, documentation, and detailed facts to make a decision.

The Performer - is very enthusiastic and spontaneous, talks a lot, and laughs easilty.  This individual needs their ideas to be supported, a high level of energy and a perceived audience to commit.

The Empathizer - avoids risk and change, won't easily commit, needs signficant relationship building.  To effectively work with this type of client, you must understand that an empathizer takes things very personally, address any of their concerns, and show sincere interest in them.

The sooner that you can understand both a client's "concept" and understand their buying style, the more quickly you can mold your solution to meet the needs of that client and secure the relationship and a solution (or sale)."

Learn more about Kristin and TD AMERITRADE at www.tdainstitutional.com.

Ed Jacobson, Ed Jacobson & Associates - On Articulating Your Value

In a nut shell:

"The aim is to build a positioning statement – and a practice -- based on your positive core:  the person and professional you are when you are at your best.

Think about your most valued (cherished) client relationships where:

1. You clicked with the client;
2. You were at your best, when with them; and
3. You delivered more than you even dared promise.

What was there about them? About you? About the chemistry?

What do people turn to you for, because they know you’ll come through? (Note: this could be something people have always turned to you for, even as a child, or of more recent vintage.)

Clients? Family? Friends? Colleagues?

What skills, talents, qualities do you prize most about yourself?

Six Things to Do When You’re Anticipating Being Asked, “What You Do?”

1. Remember to breathe – and not just once!
2. Smile. (It will make you attractive, and fool your brain into thinking you’re relaxed and happy.)
3. Recall a client who is irrationally exuberant about you.
4. Imagine that you’re going to be in conversation about your work, and the other person will be fascinated and intrigued, and time will fly by; keep that image of success in mind. (Keeps your amygdale from firing, and hijacking your relaxed alertness.)
5. Be curious about, interested in, and fascinated by them; ask questions that reflect that interest. They will think you’re intelligent, empathic, and a good person to be around.
6. Remember: even though they’re asking about you, it’s not about you: they’re asking if you can solve a problem or make their circumstances better.

MY POSITIONING STATEMENT

What do you do?

Do you know how so many advisors are searching for a way to take their practice and their business – and maybe their life – to the next level, whatever that is for them?

Well, I work with them so that we get very clear on their great strengths, and their proven successes, and on what that next level really looks like. Then, we create ways to leverage those best qualities so they can be successful in getting to that next level – or beyond.

How do I do that?

I create a climate where it’s safe and even exciting for them to explore who they are when they’re at their best, and what they truly want—as individuals or as a firm.

Very often, that means I change the focus of their internal and external conversations from weakness, failure, and doubt to proven successes, positive possibilities, and realistic optimism. That way, my clients become inspired and catch fire, which gives them the drive and courage to take risks for success.

I have mastered a wide range of approaches, and have decades of experience with individuals and firms, which makes me confident that I deliver for (and with) my clients. They sense this, and they trust me to select the right method or tool at the right time."

Learn more about Ed and his Appreciative Financial Planning methodologies at www.edwardjacobson.com. 

Gary Klaben, ChFC, Coyle Asset Management Company - On Articulating Your Value

In a nutshell:

"We focus on the needs of our clients. We do not add new technology, process or system without first asking: Will this help our clients gain greater clarity, improve their lives or eliminate a danger they are encountering? We provide deep support and act as an advocate for our clients. We are in the service business that is based on leadership, a strong relationship and ever increasing new capability. We are the first phone call. We are either a family CFO, coach, ombudsmen, advisor or consigliore to our client families."

Hear Gary's comments by watching the video below. Visit www.protinuspro.com, Gary's second business (an intellectual property company providing custom service offerings that help financial advisors deliver deep support to their clients) to learn more about the mindmapping software he's developed.

Kim Jones, CFP, Jones Strategic Financial Planning - On Articulating Your Value

In a nutshell:

"I help people feel happy about their money by providing them tools to organize their financial lives so that they can have confidence in the future.  Most people have some concern about their money that causes them to feel unease.  It seems to me that money can’t buy you love or happiness.  But having your financial life in order can give you options and it’s those options that give you freedom and peace of mind.  What about your money causes you concern?

This puts the ball in the prospect’s court. Many people laugh and say, “My biggest money problem is I don’t have enough!”  If they say that I ask them to tell me more about that.  What does not having enough money mean?  What’s enough?  They then usually disclose a more precise concern such as their finances being in chaos. They don’t have enough money because they haven’t made good investment choices or because they’re not getting enough income from their investments.  They have too many accounts in too many places.  They have old 401k’s that they think they probably need to roll over.  Or, they just don’t know where their money goes.  The point is, whatever they say, it is their concern.  It’s not my agenda.  And, it’s not me providing a solution before I even know what’s bothering them.  Once I’ve heard their concern, then I describe how I can help."

Listen to Kim's comments. Visit www.garrettplanningnetwork.com to learn more about the "all american planners" network to which Kim belongs.

Andy Millard, CFP, Millard & Company, Inc. - On Articulating Your Value

In a nutshell:

"Our market is retired couples and individuals whose adult children are scattered across the country. They need a reliable, trustworthy financial partner who can stand with them to help manage their assets and make smart decisions. Our slogan is 'Low-stress portfolio management for cautious investors.' (We own the trademark for the term "Low-Stress Investing," and I have published a book under that title.)"

Listen to Andy's comments at #FPA2010. To learn more about Andy's practice, visit his Website. 

Tom Rabaut, TFG Advisors - On Articulating Your Value

In a nut shell:

Tom has been in the financial advisory business for over 30 years, but 5 years ago, he suddenly realized he didn't know what he wanted to be when he grew up. Thanks to his relationship with TD AMERITRADE Institutional, he had the opportunity to participate in a coaching program that changed his life. Today, Tom focuses on serving 3 niches in the Michigan area:

1. University professors
2. Automotive executives
3. Health Care executives

All of whom are going through life transitions and are between the ages of 50 and 65 years old.

He has a defined process that he and his team take them through. This differentiates his firm. And instead of focusing on the numbers, Tom and his team help their clients "maximize the return on their lives" (not simply maximizing the return on their investments).

Here Tom's observations first hand by watching the video below. Learn more about Tom and his firm on LinkedIn.