Ineffective Habits of Financial Advisors (and the Disciplines to Break Them) (eBook)

STEVE MOORE is a leading management consultant, mentor, and coach. Moore developed High Speed Strategic Planning, a year-long coaching program for advisors, which has helped more than 750 wealth management teams achieve their business goals. Moore's strategic planning expertise began as a football coach. He spent more than a decade in the NFL (Buffalo Bills, Seattle Seahawks, and Los Angeles Rams). He also has significant strategic consulting experience with Microsoft, Toyota, and many other prominent companies. Steve is the former managing director and chief operating officer of the Pacific Institute, an international corporation specializing in performance improvement, professional growth, change management, and leadership development. He holds a masters in education from Seattle University. GARY BROOKS, CFP¯®, is the President of Brooks, Hughes & Jones, a Registered Investment Adviser, and a financial columnist for The News Tribune in Tacoma, Washington.

Foreword.

Introduction.

Setting the Stage.

Business Disciplines.

The 7 Ineffective Habits and the Disciplines to Break Them.

The Framework of the Book.

INSIGHTS.

DECISIONS.

ACTIONS.

Acknowledgments.

1 Stop Living Their Dream and Start Living YourDream.

The 1st Ineffective Habit: Living Their Dream.

INSIGHTS.

PURPOSE: The Primary Reason for the Work you do.

Business Goals: Specific Objectives that Support yourPurpose.

Guiding Principles: The Rules that Guide Daily DecisionMaking.

Vivid Description: A Narrative of the Business Success YouIntend to Create.

The Charle Young Story.

DECISIONS.

Determing Your Purpose.

Determining Your Business Goals.

Determining Your Guiding Prinicples.

Determining a Vivid Description.

Determing How You Plan to Keep the Dream Alive.

ACTIONS.

Chapter Summary.

2 Stop Focusing on Quantity of Clients and Start Focusing onQuality of Clients.

The 2nd Ineffective Habit: Focusing on Quantity ofClients.

INSIGHTS.

Target Market.

Service Focus.

Competitive Differentiation.

DECISIONS.

The Common Sense Principle.

ACTIONS.

Chapter Summary.

3 Stop Hoarding Unprofitable Clients and Start DisengagingUnprofitable Clients.

The 3rd Ineffective Habit: Hoarding UnprofitableClients.

INSIGHTS.

Segment 1--The 20 to 40 Percent That Represents 1 Percentof Revenue.

Segments 2 and 3--Others you are Considering forDisengagement.

DECISIONS.

ACTIONS.

Chapter Summary.

Stop Hoarding Unprofitable Clients and Start DisengagingUnprofitable Clients.

4 Stop Providing Only Investment Advice and Start ProvidingWealth Management Advice.

The 4th Ineffective Habit: Providing Only InvestmentAdvice.

INSIGHTS.

Start Providing your Top 20 Percent with Wealth ManagementAdvice.

Step 5: Present the Wealth Management Solution--TheFinancial Vision Document and Client Engagement Roadmap.

DECISIONS.

ACTIONS.

Chapter Summary.

5 Stop Delivering Only Investment Reviews and StartDelivering WOW Wealth Management Reviews.

The 5th Ineffective Habit: Delivering Only InvestmentReviews.

INSIGHTS.

Client Needs Analysis.

Client Satisfaction Window.

Building the WOW Review System.

DECISIONS.

WOW Wealth Management Review Package.

ACTIONS.

Chapter Summary.

6 Stop the Rainmaker Approach and Start the TeamApproach.

The 6th Ineffective Habit: The RainmakerApproach.

INSIGHTS.

Team Core Competency Audit.

Team Development Evaluation.

Team Alignment and Empowerment Evaluation.

Internal Challenges.

The Organizational Structure of the Team Approach.

Role Clarity.

Managing the Team Approach.

Coaching the Team.

The Acquisition of Talent.

Team Incentive Compensation.

Create a Best-of-Kind Team of Experts and Suppliers.

DECISIONS.

ACTIONS.

Chapter Summary.

7 Stop Selling to Prospects and Start Selling ThroughClients.

The 7th Ineffective Habit: Selling to Prospects.

INSIGHTS.

Client Introductory Event.

Center-of-Influence Marketing.

Managing the Sales Pipeline.

Qualify a Call-in Lead.

Fact Finding, Planning, Solutions.

DECISIONS.

ACTIONS.

Chapter Summary.

8 Jack's Awakening: An Elite Wealth ManagementCompany.

Bibliography.

About the Authors.

Index.