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Ineffective Habits of Financial Advisors (and the Disciplines to Break Them): A Framework for Avoiding the Mistakes Everyone Else Makes

ISBN: 978-0-470-91032-0
256 pages
November 2010
Ineffective Habits of Financial Advisors (and the Disciplines to Break Them): A Framework for Avoiding the Mistakes Everyone Else Makes (0470910321) cover image
A how to guide to avoiding the mistakes ineffective financial advisors most often make

Based on a 15-year consulting program that author Steve Moore has led for financial advisors, Ineffective Habits of Financial Advisors (and the Disciplines to Break Them): A Framework for Avoiding the Mistakes Everyone Else Makes details proven techniques which allow advisors to transform their business into an elite practice: business analysis, strategic vision, exceptional client service, and acquiring high net worth clients. Told through the story of a purely fictional and completely average financial advisor, each chapter begins with an ineffective habit that is then countered with a discipline that improves business results and adds value. The book

  • Details a step-by-step strategy for working through current clients, rather than relying on cold calling to form new relationships
  • Includes anecdotes collected through both personal experience and stories relayed to him by clients and colleagues
  • Provides question and answer segments, examples, and homework assignments

Ineffective Habits of Financial Advisors (and the Disciplines to Break Them shows you how to deliver exceptional service while generating higher revenue per client.

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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 Your Dream.

The 1st Ineffective Habit: Living Their Dream.

INSIGHTS.

PURPOSE: The Primary Reason for the Work you do.

Business Goals: Specific Objectives that Support your Purpose.

Guiding Principles: The Rules that Guide Daily Decision Making.

Vivid Description: A Narrative of the Business Success You Intend 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 on Quality of Clients.

The 2nd Ineffective Habit: Focusing on Quantity of Clients.

INSIGHTS.

Target Market.

Service Focus.

Competitive Differentiation.

DECISIONS.

The Common Sense Principle.

ACTIONS.

Chapter Summary.

3 Stop Hoarding Unprofitable Clients and Start Disengaging Unprofitable Clients.

The 3rd Ineffective Habit: Hoarding Unprofitable Clients.

INSIGHTS.

Segment 1—The 20 to 40 Percent That Represents 1 Percent of Revenue.

Segments 2 and 3—Others you are Considering for Disengagement.

DECISIONS.

ACTIONS.

Chapter Summary.

Stop Hoarding Unprofitable Clients and Start Disengaging Unprofitable Clients.

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

The 4th Ineffective Habit: Providing Only Investment Advice.

INSIGHTS.

Start Providing your Top 20 Percent with Wealth Management Advice.

Step 5: Present the Wealth Management Solution—The Financial Vision Document and Client Engagement Roadmap.

DECISIONS.

ACTIONS.

Chapter Summary.

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

The 5th Ineffective Habit: Delivering Only Investment Reviews.

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 Team Approach.

The 6th Ineffective Habit: The Rainmaker Approach.

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 Through Clients.

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 Management Company.

Bibliography.

About the Authors.

Index.

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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.

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