The day we start writing meaningless business jargon like “a shifting paradigm,” will be the day we turn off the lights
and shut the door.
– John Casey
Periodically, we will endeavor to share with you some of the advisor marketing insights, learnings, tips and tricks we’ve accumulated over the years. You see, we fervently believe that as your practices grow, our business will only get stronger. So, we have a vested interest in helping you to more effectively market your firms.
We know that the demands on your time are excessive, and therefore will strive to offer practical and actionable insights that you can easily integrate into your day-to-day operations.
Why advisors should worry about generational wealth
My sixteen year-old son has begun to roll his eyes at my taste in music. My predilection for bands like the Red Hot Chili Peppers and Foo Fighters is met with a somewhat dismissive head shake and a barely audible sigh, signaling my clearly misguided musical appreciation. Come to think of it, I’ve seen that expression before, about 30 years ago, as I looked in the mirror while the sounds of Tony Bennett and Mel Torme drifted up from the basement where my father was relaxing.
Let’s face it; it’s a generational rite of passage to rebel against your parent’s taste in music. So, why would their taste in financial advisors be any different?
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Creating a mystique isn’t a mystery.
For those familiar with the film The Usual Suspects, the name Keyser Soze will no doubt be immediately recognizable – and wholly unforgettable. Yet, while the illusive Soze is indeed the driving force of the film, he remains an invisible phantasm throughout. As the character Verbal Kint explains it, “nobody ever saw him or knew anybody that ever worked directly for him, but…anybody could have worked for Soze. You never knew. That was his power.”
In fact, the power of Keyser Soze is something that every advisor can replicate – a power so strong that it has raised certain individuals in this business to almost mythic status – it’s the power of reputation.
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Let your data drive your referrals.
A few years ago, I was spending the afternoon with a South Florida RIA, helping the firm work through an exercise to more effectively segment their client base. As I delved into their ACT database, it struck me that amidst all the client data that this firm had accumulated over the years (and I’m talking minutia here…to the point of tracking the name of their clients’ family pet) there were two pivotal questions that shockingly had never been asked of any client. What is the name of the attorney you work with? And who is your CPA?
When I pointed out this omission to the principal of the firm, his head tilted a bit to the side and he looked at me with that same vacant expression that eerily reminded me of my dog watching TV.
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