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You've Been Framed: How to Reframe Your Wealth Management Business and Renew Client Relationships

ISBN: 978-1-119-06201-1
272 pages
October 2015


Reframe "wealth management" to achieve sustainable success in financial services

You've Been Framed™ is a step-by-step guide for achieving ultimate profitability and sustainability for your financial advisory firm. Whether you're a savvy entrepreneur ready to dominate your competitors, or a more experienced advisor moving toward selling your practice, this guide will help you proactively reframe your business. You'll learn how to grow your pipeline of prospects, win the next generation of clients, and deepen your business so it can thrive without you—leaving you free to pursue what matters to you. Build your business on a holistic foundation of wealth management and assemble the team that will take you to the top as you develop a whole new perspective from which to offer your services. Transform your role from "directive advisor" to "trusted advocate." Completely shift the paradigm, and make yourself the de facto solution to your clients' wealth management issues.

Whether it's the firm with which you're affiliated or the types of products and services you offer, you've been "framed." As a wealth management advisor, your clients have little understanding of what you do or why you do it. Even your team may have the wrong idea. This book helps you clarify and demonstrate the value of your knowledge and skills, so you can frame your work on your own terms.

  • Build and showcase your enterprise value
  • Renew client relationships and attract new demographics
  • Become a leader with proven team-building tools
  • Shift your role from advisor to advocate

If you haven't effectively led discussions to co-create what your business stands for—and what differentiates it from competitors—you're losing talent, prospects, and business. You've Been Framed™ gives you the perspective you need to thrive in the new financial environment, and achieve sustainable success.

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Table of Contents

Foreword Mark C. Tibergien ix

Acknowledgments xi

Introduction 1

Part I You Gotta Believe 13

Chapter 1 You’ve Been Framed! 15

Chapter 2 What the Best in the Business Don’t Want You to Know: The Five Wealth Management Reframes 29

Chapter 3 Death of a Salesman/Saleswoman and Rise of the Wealth Advisor 51

Chapter 4 The Big, Fat Lie 69

Chapter 5 Lone Ranger to Leader™ 83

Part II Five Steps to Reframing Your Business 101

Chapter 6 Discovering Your Current Frame: The ClientWise Conversation™ 103

Chapter 7 Defi ning Your New Frame by Discovering Your Value 133

Chapter 8 Building Your New Frame 161

Part III Now What? 187

Chapter 9 Teaching Others How to Frame You: Renewing Relationships 189

Chapter 10 Sharing the Frame: It’s All About Advocacy 207

Conclusion Ten Signals of a Successful Reframe 239

Additional Resources 249

About the Author 253

Index 255

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Author Information

RAY SCLAFANI is the founder and head of ClientWise, the premier coaching and training company exclusively serving the financial services industry. He holds a Professional Certified Coach designation from the International Coach Federation and a master's certification in Neuro-Linguistics from the International Association for Neuro-Linguistic Programming.

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Press Release

October 27, 2015
Ray Sclafani's New Book Details Process for Re-Framing of Advisor Teams to Stay Competitive in Evolving Financial Landscape

Ray Sclafani, CEO of ClientWise, the executive coaching and training company exclusively serving the financial services industry, announced the launch of his new book today, "You've Been Framed: How to Reframe Your Wealth Management Business and Renew Client Relationships," a detailed guide for advisors that offers a step by step guide to "re-framing" their practice. Sclafani defines "framing" as the way in which the outside world perceives an advisor and their business. Left to chance, advisors run the risk that the public perception of their practice, their services and even themselves, becomes mis-aligned with how they want and in fact need to be perceived by clients if they are serious about serving those clients through generations to come.

The book is broken down into three easy to read and implement sections: part one examines "why" the re-frame is important and the purpose and benefits of such an exercise; part two walks the advisor through the precise steps to a successful re-frame; and part three explains how to evaluate the re-frame and its effect on the business. In addition to offering a tactical playbook to re-frame, re-energize, and re-tool a practice, Sclafani is clear in his explanation of who the book is meant for: ALL financial advisors, not just one channel or sub-group. He makes a case that there are good and "noble" professionals in every channel within the industry, and calls for advisors to stop squabbling inwardly but rather rise up as advocates for this great profession.

"The external pressures and forces bearing down upon the financial advisor of today seem daunting at first glance -- take your pick, the fiduciary standards debate, robo-advisors, the "graying" of the industry, more technology than one knows what to do with…the list goes on," says Sclafani. "But for an agile advisor equipped with the ability to re-frame themselves effectively, these challenges not only become manageable, but in many cases are a competitive advantage when used properly."

Sclafani identifies "innovation" as the single biggest differentiator between top advisors and the rest of the pack.

Perhaps the most important thing to keep in mind as the advisor goes through the process is that it is entirely built around the most important component of any practice: the client. If an advisor's clients have the wrong impression of the advisor, or the firm, it does not matter what anyone else's perceptions are -- the client, is everything. The book walks the reader through the five levels of a re-frame: personal, firm, team, advocate and industry.

Among the benefits to an advisor as a result of a successful re-framing are:

  • Informed clients who actively seek your services
  • Increased enterprise value
  • More client introductions
  • A bigger, healthier practice
  • Chance to leave a real legacy
  • Opportunity to make a greater impact upon clients' lives and the world at large

Beyond the specifics around executing a re-frame, You've Been Framed explores the evolution of the financial advisor in the minds of the public, explores theories about advisor compensation, leadership, succession planning and how to build the best possible advisory team. All of these are tied back to the core tenet of the book -- that advisors must evolve.

Woven throughout the book is a set of extremely detailed implementation tools and resources found on the website. In addition, the ClientWise eXchange™, an online community designed exclusively for advisors and their teams to learn and network with one another, discuss best ideas and consistently improve -- a concept based on a process the Japanese call Kaizen-- is available to engage with Sclafani and other professionals committed to building excellent businesses and client relationships.

Whether used selectively in parts as a tactical guide to re-frame an advisory practice, or as a comprehensive overview of the state of the financial industry and where it is headed, You've Been Framed is a must read for anyone in the industry looking to improve their relationships with clients, and an important work for the financial industry itself.

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