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.

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.

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.