Why And How To Charge Clients For Financial Plans
April 5, 2011 by Simon · Leave a Comment
Jim Rogers, chairman emeritus of Rogers Group Financial, describes how advisors can separate financial planning fees from product recommendations, including plan pricing. He spoke with Gavin Adamson of Investment Executive at the TMX Broadcast Centre in Toronto.
For more, see: Make the transition to fee-based compensation
Free One Page Business Plan Webinars May 11th & 26th – Register Now!
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Announcing Leading Advisor’s One Page Business Plan(TM) Free Webinars and the One Page Business Plan(TM) Webinars!
“If you don’t get the words right, you might build the wrong business and may never get the numbers right.” The dates for the One Page Business Plan(TM) Free Webinars are:
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Who should attend?
- Do you have too many scattered ideas?
- Do you need to focus on a few?
- Do you need to jumpstart your business right now?
- Do you have no time or interest in writing a 50 page business plan?
- Do you need to determine if you’re focusing on the right things?
- Do you need an effective blueprint to keep yourself and team focused?
Then consider a fresh, simple approach to business planning that will enable you to focus on what is important…the One Page Business Plan(TM) – a powerful tool for building and managing a business. It’s short, it’s concise, and it delivers results quickly and effectively. There can be no question as to where your business is headed when it is in writing, especially when you have the key essentials about growing your business clearly specified on a single page.
Is this another ho-hum course on business planning like the ten others you have attended – no way! I know how to capture the essence of any business in just a few minutes using the innovative key word and short phrase techniques using the One Page Business Plan(TM).
To Register for the One Page Business Plan(TM) Free Webinar:
Call Laura at 250 248-6012 / 1 877 248-6012 or e-mail Laura at lreilly@leadingadvisor.com and you will receive your GoTo Meeting Webinar Link, Phone Number and Access Code.
- Wednesday, May 11that 11:15am EDT
- Thursday, May 26th at 12:30pm EDT
We Have Definitely Outsmarted Ourselves Now – Jim Ruta
October 14, 2009 by Simon · Leave a Comment
Seems to me that the unmet needs that some non-values based financial advisors and investment advisors are trying to fulfill through money are not doing it and this is what I suspect is contributing to the problems that Jim Ruta is talking about in is October 6th, 2009 Blog – We Have Definitely Outsmarted Ourselves Now.
Financial advisors and investment advisors need to switch to becoming values based financial advisors and values based investment advisors.
Here are a few of Jim’s thoughts from his Blog;
- The average number of insurance sales per agent in Canada has dropped to fifteen (15). Yep, just 15. This used to be what you had to hand on the first day of a sales campaign to stay in the top five. 1.25 sales per month?
- Even then, more than 50% of life insurance sales are still replacements of existing business. So, just how much new “human life value” are we really protecting anymore?
To read all of Jim’s Blog, click We Have Definitely Outsmarted Ourselves Now.
Maslow’s identified the concept of unmet needs theory back in 1955.
This was right at the time of the advent of the electronic babysitter. 1955 was the advent of the electronic babysitter where children were put in front of this device and it took care of getting all their needs met instead of the parents. What am I talking about? TV. Now, to a certain extent, these same baby boomers have grown to adulthood and sometimes they, along with their generation X & Y offspring can’t put down their new electronic baby sitter, the Blackberry, iPhone, iPod or MP3 player.
The baby boomers’ parents were the Traditionalists born between 1927 and 1945 who went through a world war or two and the great depression. It’s my guess that they had no idea how to deal with their emotions and just stuffed them below the surface so they could go through the pain that they were going through.
When the boom of post world war two came along with the onslaught of the baby boomers, baby boomers were told, you are never going to have it as tough as I had it, you can have everything, but you may not deserve it while today’s generation X & Y children were told you can have everything that you deserve and have it all right now.
The electronic baby sitter and you can have set the stage for the lack of fulfillment that many baby boomers are starting to feel because while they have the art, boats, cars, clothes, cottages, homes, money, motorcycles, relationships, wine and travel an emptiness prevails along with; “is this all there is?”, and “what am I doing this for?”, and “what is the use?”. What’s worse, some of their offspring generation X & Y children lack ambition because they live an even more instant gratification world with the attention span off a nat.
This helps to explain why a lot of generation X & Y are not joining the ranks of the financial advisors where the average age of today’s financial advisor is 59 years old.
Why should generation X & Y want to be a financial advisor? The answer might lie in their observation of their parents chasing the dream of you can have it all, medicating their unmet needs outside of themselves, chasing art, boats, cars, clothes, cottages, homes, money, motorcycles, relationships, wine and travel while leaving their families behind to emotionally fend for themselves. You can’t give what you don’t have.
This explains the advent of the coaching movement, people might even want to hire a coach or a “fulfillment planner” rather than a financial advisor because they have got the money and it does not mean a lot to them.
This also explains the lack luster performance of a lot of financial advisors and investment advisors because they unconsciously thought that they could get their unmet needs met from money and possessions and when the reality of money and possessions don’t buy you happiness sets in with “is this all there is?”, and “what am I doing this for?”, and “what is the use?”, they have a total lack of inspiration.
Perhaps this ties in the concept of Affluenza.
Affluenza is what people go through when they get instant money through an inheritance or through winning a lottery.
They believe all along that if they could just get this money along with the art, boats, cars, clothes, cottages, homes, motorcycles, relationships, wine and travel that went along with it, then they would truly be happy.
Problem is, once the feeling of the windfall is over they are right back where they started except they now have the negative belief of “what is wrong with me” combined with the negative emotions of despair and sadness all fueled by the granddaddy of all unmet needs; worthiness.
What is really sad here is The Laws OF Attraction Are Absolute; you create what you focus on. If you keep asking “what is wrong with me” you will find the answer.
Be careful what you wish for.
EGO Time Management
October 9, 2009 by Simon · Leave a Comment
Here is a portion of an e-mail that I sent to one of my financial advisor coaching clients / investment advisor coaching clients after a coaching call.
You have everything that you need.
To think with the ego is to think like a victim with thoughts like; I am too busy or I have too much to do or I’ll never it all done.
Get that the ego;
- Has only one focus and that is surviving the present moment
- Tricks you into thinking that everything is urgent and has to be done right now and that everything is an A priority
- Has no concept of time because all it can think of surviving the present moment
- Has no scope of the infinite power of time
- Runs you with busy thoughts and busy work versus you running your company, life and time
- Keeps you busy to avoid the emotions that are tied to the unmet needs of approval, control, recognition, safety and worthiness … what would happen if you stopped to manage your life, your business and your time … what would that feel like … better get busy, no time to do that … I have to keep on surviving, chasing approval and recognition taking too much time to over control everything to prove that I am worthy!
- Wants to keep com- “pounding” you with fear and limiting beliefs all fueled by unmet needs.
You get the infinite power of time when you identify all of your projects, prioritize them, estimate the time required, delegate what can be delegated, block out / schedule the time and act … the infinite power of time is getting that things take less time than the ego thought 90% of the time. With this realization your can celebrate what you accomplish versus I am too busy or I have too much to do or I’ll never it all done.
To avoid urgent client requests;
- e-mail your group insurance clients requesting 72 hours notice to process their information requests in preparation for union meetings
- call your group insurance clients every two weeks and ask them if they are going to require anything in the next two weeks
- stop answering the phone, reply to your clients by e-mail asking them what they need and they will get the best way to contact you is via e-mail which will allow you to be in charge of your time … not more time wasted on hold or with telephone tag.
Two New Financial Advisor Speaking Presentations
October 8, 2009 by Simon · Leave a Comment
Breakthrough! – How To Breakthrough “The Plateauing Out Syndrome”!
• Have you managed to maintain the same levels of production in “The New Normal”?
• Are you struggling to figure out how to “grow” your business in real terms?
“The Plateauing Out Syndrome” was coined by the members of The Million Dollar Round Table. With the advent of “The New Normal” contributing to clients taking longer and longer to make decisions, Breaking Through “The Plateau” seems more daunting than ever.
For some, the pace of business isn’t what it used to be contributing to thoughts like, “is this all there is?”, and “what am I doing this for?”, and “what is the use?”.
“When there is no understanding, there is judgment. When there is judgment, there can be no understanding or inspiration”.
Join Simon Reilly to Understand How To & What To Do to Breakthrough “The Plateauing Out Syndrome”.
There Is Nothing New! – How To Use Old Ideas In “The New Normal”
- There’s nothing new out there – except the internet
- All the old ideas about time management and personal effectiveness
- All the old ideas about business development
- All the old ideas about marketing and selling …
Are Still Great Ideas!!
But how do you adapt them to the 21st Century, real-time news and information, instant global communication, and the rise of “FREE”?
In this session, Simon will help you to re-learn the good old basics like Time Management that was fathered by Alec MacKenzie’s “The Time Trap”, 30 years ago before technology was invented. Since then, the landscape of Time Management has changed with the advent of the Blackberry, iPhone, Mac and PC. Join Simon Reilly to learn How To Use Old Ideas In “The New Normal” and Breakthrough “The Time Trap.”
The Invention Of Lying
October 7, 2009 by Simon · Leave a Comment
The Invention of Lying is really about The Invention of Telling The Truth.
Aside from the movie offending some Christians in the way that the film’s main character comes to “positive truth” which he posts on what look like tablets and reads to the people; to me, there is one thing about the following synopsis from the film that is all incorrect.
“The Invention of Lying” takes place in an alternate reality in which lying-even the concept of a lie-does not exist. Everyone-from politicians to advertisers to the man and woman on the street-speaks the truth and nothing but the truth with no thought of the consequences. But when a down-on-his-luck loser named Mark (Gervais) suddenly develops the ability to lie, he finds that dishonesty has its rewards. In a world where every word is assumed to be the absolute truth, Mark easily lies his way to fame and fortune. But lies have a way of spreading, and Mark begins to realize that things are getting a little out of control when some of his tallest tales are being taken as, well, gospel. With the entire world now hanging on his every word, there is only one thing Mark has not been able to lie his way into: the heart of the woman he loves.
To me, all the characters in the film who are telling the truth in this alternate reality … were doubting, insulting, judging and making everything wrong most of the time and there didn’t seem to be a lot of “positive truth” about anything until Gervais’ character starting telling the truth with a positive spin on it.
Gervais’ charter discovered telling the truth with a positive spin on it after he discovered he could tell either a lie or a truth in the alternate reality of the film.
As soon as Gervais’ character started telling the truth, everyone started to feel happy and more positive which included Gervais’ character. He started to point out the positive with everyone he met and had a positive outlook towards winning the woman in the movie played by Jennifer Garner.
The other odd thing was that while all the characters in the movie were vocalizing their “negative truths” to each other; “you are fat”, “you are a loser”, “this product sucks”, “we are selling you this product even though we know it sucks” … and Laura and I are laughing – not at the doubting, insulting, judging and making everything wrong comments from everyone’s ego in the movie, but at the honest reality that a lot of this is what goes on in present day reality, not just in the “The Invention of Lying” alternate reality. At the same time, no one in the audience was laughing at a lot of the “negative truths” because in truth they are not funny and it may have been a sobering reality that these “negative truths” may be going on in their ego’s reality.
While I would not recommend that you run out to the theatre to see The Invention of Lying, it will sure make you pay attention to telling the “positive truth.”
Accelerate Your Healing
October 6, 2009 by Simon · Leave a Comment
I’ve had the odd client with the flu over the course of the past five weeks. Not sure if it is the H1 N1.
I remind them that they have an inherent and powerful immune system that works 24 hours a day without them even thinking about it and it is my belief that they can magnify their immune system’s powers by consciously triggering and magnifying its power.
I talked with Chris Barrow in the UK a couple weeks back about what’s going on over there.
The dental clients that he works with and the financial advisors that he knows are having excellent years because they have a vision, business plan and goals while the average person is struggling.
I asked if he was noticing a lot of people in airports wearing viral masks as I am curious as I am traveling a lot over the next two months and wanted to find out what the lay of land looks like.
“We were wearing viral masks two months ago and they have all been thrown away … nobody is dying, if a person has a healthy immune system and they use common sense they will be OK.
We have just gone through the anniversary of the start of the Second World War.
Everyone thought that we were going to be bombed and gassed.
The government shipped over a million children from the cities to board with families out in the country and issued gas masks to everyone in the cities.
By December, the children had all found their way home and the gas masks where all in the rubbish.”
Financial Advisers Struggle To Survive
October 5, 2009 by Simon · Leave a Comment
There is a new Peak on the horizon yet there is another Valley to traverse which could eliminate one-third of financial advisors in some parts of the world by the end of 2012 and it has nothing to do with the Mayan Calendar. The depth of the Valley does not matter as long as the Vision is clear.
The Valley that I am referring to is this news out of the UK;
Financial advisers struggle to survive - Advisers who take a commission for financial advice face extinction after the Financial Services Authority confirmed in June that the practice will be banned from 2013
There are those that will thrive and there will be those that try to survive. What is it about the human condition that is always posturing itself to survive the next cataclysmic event?
Some say that Canada is just a few years behind on Fee For Service and I believe that five percent of financial advisors have already set the stage for an easy transition.
The reinvention of the financial advisor’s offering would go something like the following.
We specialize in working with clients that have an asset base of $___________ – $___________ that want to grow and protect their assets by working with a team of professionals that provide the following service offering;
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- 2
- 3
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- 5
Our fee for this service is $_______ per annum payable in advance.
Would you like to know more?
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Dates for 2012 TBA - stay tuned!
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Now Reading
Planned books:
- Prayer for Owen Meany by John Irving
- The Book Of Air And Shadows: A Novel by Michael Gruber
Current books:
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Onward: How Starbucks Fought for Its Life without Losing Its Soul by Howard Schultz, Joanne Gordon
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Paulo Coelho: A Warrior’s Life: The Authorized Biography by Fernando Morais
Recent books:
- The Cellist of Sarajevo by Steven Galloway
- The Angel’s Game by Carlos Ruiz Zafon
- Shadow Of The Wind by Carlos Zafon
- The Outlander by Gil Adamson
- The Book Of Negroes by Lawrence Hill
