The Reg Report Ep 03 - REG BI Deep Dive - Form COS

We're about to have a "Family Moment"…

This is when we have a tough-love conversation about the fact that things will never be the same again -- And that it's not a "bad thing" if you embrace and capitalize on the change. In fact, we are seeing a major “COVID bounce” that spans across multiple business sectors!

1. Today, your business should be hitting new high-water marks.
   1. Retooling for a New World.
   2. USAF is a Mirror-Reflection of Financial Advisors.
2. I know this because we are simply an aggregate mirror-image of the advisors who are affiliated with us, and WE are hitting new high-water marks -- Therefore, THEY are hitting new high water marks.
3. The revenue structure of your business is essential.
   1. Fee & transactional (commission) revenue go hand-in-hand.
   2. Certain products, necessary for planning, dictate the fee vs. transactional choice. NOTHING ELSE DOES -- Not your licensure, not your personal preference.  
   3. Your best clients expect both.
4. People want to KEEP the newfound convenience and benefit of dual communications.
   1. In-Person Office visits.
   2. Video visits

Articles referenced:

https://www.wsj.com/articles/cheesecake-to-go-saved-the-cheesecake-factory-11635450438?mod=Searchresults_pos2&page=1

https://www.mckinsey.com/industries/financial-services/our-insights/the-value-of-personal-advice-wealth-management-through-the-pandemic

https://www.cnbc.com/2021/04/13/advisors-are-changing-how-they-interact-with-clients-due-to-pandemic.html

Consider subscribing for continued insights from Advisor Advancement:
https://www.youtube.com/AdvisorAdvancement
https://advisoradvancement.com/

For more of The RARE Advisor:
http://www.therareadvisor.com

The RARE Advisor is a business model supercharged by Recurring And Repeatable Events. With more than thirty years of working with and coaching successful advisors, host Mike Walters (along with other leaders in the industry), discusses what it takes to grow a successful practice. With the aim of helping financial professionals and financial advisors take their business to the next level, Mike Walters shares insights and success stories that make a real impact. Regardless of the stage of your practice, The RARE Advisor will provide thoughtful guidance, suggestions for developing systems and processes that work, and ideas for creating an authentic experience for your clients.

The RARE Advisor is part of the Advisor Advancement Network, powered by USA Financial and committed to empowering financial advisors and financial professionals since 1988.
Advisor Advancement was born from a desire and a need for our contributors to communicate with the financial advice community in a much different way. Created by industry professionals committed to advancing the advisor profession one video, blog, podcast, and tweet at a time. We talk about practice management, marketing, compliance, business development, and a myriad of other things financial advisors may want to hear, rant, or lament about.

Contact us:
Phone (888) 444-0125
https://www.usafinancial.com/
https://www.facebook.com/usafinancial/
https://www.linkedin.com/company/usafinancial1/

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#usafinancial #advisoradvancement #therareadvisor #rareadvisor #efficientbusiness #financialbusiness #businesscoaching #financialadvisor #financialadviser #growfinancialbusiness #growfinancialpractice #growfinancialfirm #advisorybusiness #covidbounce #newworldforadvisors

Baby Boomer retirements DOUBLED in year 2020 over what took place in 2019!
Oct. 25, 2021, Investment News: Early Retirement surging as a result of Covid, research finds.

An estimated 5.25 million people who left the workforce during the Covid-19 pandemic and of that, 3 million (which is over 57%) appear to have retired earlier than they planned to.

Baby boomer retirement shot up in 2020, with 3.2M boomers retiring, more than double the rate of 1.5M seen in 2019.

Articles referenced from Investment News and Pew Research:

- https://www.investmentnews.com/covid-early-retirement-rearch-213183

- https://www.pewresearch.org/fact-tank/2020/11/09/the-pace-of-boomer-retirements-has-accelerated-in-the-past-year/

Consider subscribing for continued insights from Advisor Advancement:
https://www.youtube.com/AdvisorAdvancement
https://advisoradvancement.com/

For more of The RARE Advisor:
http://www.therareadvisor.com

The RARE Advisor is a business model supercharged by Recurring And Repeatable Events. With more than thirty years of working with and coaching successful advisors, host Mike Walters (along with other leaders in the industry), discusses what it takes to grow a successful practice. With the aim of helping financial professionals and financial advisors take their business to the next level, Mike Walters shares insights and success stories that make a real impact. Regardless of the stage of your practice, The RARE Advisor will provide thoughtful guidance, suggestions for developing systems and processes that work, and ideas for creating an authentic experience for your clients.

The RARE Advisor is part of the Advisor Advancement Network, powered by USA Financial and committed to empowering financial advisors and financial professionals since 1988.
Advisor Advancement was born from a desire and a need for our contributors to communicate with the financial advice community in a much different way. Created by industry professionals committed to advancing the advisor profession one video, blog, podcast, and tweet at a time. We talk about practice management, marketing, compliance, business development, and a myriad of other things financial advisors may want to hear, rant, or lament about.

Contact us:
Phone (888) 444-0125
https://www.usafinancial.com/
https://www.facebook.com/usafinancial/
https://www.linkedin.com/company/usafinancial1/

Powered by USA Financial

#usafinancial #advisoradvancement #therareadvisor #rareadvisor #efficientbusiness #financialbusiness #businesscoaching #financialadvisor #financialadviser #growfinancialbusiness #growfinancialpractice #growfinancialfirm #advisorybusiness #babyboomer #earlyretirement

Overlapping the areas that matter with the areas that can be controlled is a recipe for a successful business model…but then overlapping your passions as the third dimension, that is what can build a dynasty!

Consider subscribing for continued insights from Advisor Advancement:
https://www.youtube.com/AdvisorAdvancement
https://advisoradvancement.com/

For more of The RARE Advisor:
http://www.therareadvisor.com

The RARE Advisor is a business model supercharged by Recurring And Repeatable Events. With more than thirty years of working with and coaching successful advisors, host Mike Walters (along with other leaders in the industry), discusses what it takes to grow a successful practice. With the aim of helping financial professionals and financial advisors take their business to the next level, Mike Walters shares insights and success stories that make a real impact. Regardless of the stage of your practice, The RARE Advisor will provide thoughtful guidance, suggestions for developing systems and processes that work, and ideas for creating an authentic experience for your clients.

The RARE Advisor is part of the Advisor Advancement Network, powered by USA Financial and committed to empowering financial advisors and financial professionals since 1988.
Advisor Advancement was born from a desire and a need for our contributors to communicate with the financial advice community in a much different way. Created by industry professionals committed to advancing the advisor profession one video, blog, podcast, and tweet at a time. We talk about practice management, marketing, compliance, business development, and a myriad of other things financial advisors may want to hear, rant, or lament about.

Contact us:
Phone (888) 444-0125
https://www.usafinancial.com/
https://www.facebook.com/usafinancial/
https://www.linkedin.com/company/usafinancial1/

Powered by USA Financial

 

#usafinancial #advisoradvancement #therareadvisor #rareadvisor #efficientbusiness #financialbusiness #businesscoaching #financialadvisor #financialadviser #growfinancialbusiness #growfinancialpractice #growfinancialfirm #advisorybusiness #venndiagram #dynasty

Achieving your ideal practice requires you to be a contrarian.  You will never get there following the mainstream down the path of products, pricing, and performance.  But you can get there through Process and Platform Partnership.

1. Understanding What Matters & What Can be Controlled.
   • Working too many hours?
   • Inconsistent revenue streams?
   • Do you live and die on prospect flow?
   • Do you run endless seminar events?
   • Staff turnover?
   • Chained to your desk?
   • Unable to regularly duplicate your best clients?
   • THIS ALL MATTERS & CAN ALL BE CONTROLLED
2. What WILL NOT help any of this is Products, Pricing & Performance.
3. What WILL help is Processes & Platform Partner.
4. Your IDEAL Practice Requires and IDEAL Partner.
   • Ivy League Universities = 5% Community Colleges = 100%
   • Law of Familiarity / Loyalty Fatigue.
     • Are you just a number?
     • LPL has 19,000 today -- CEO is targeting 300,000
       • Financial Advisor IQ & Barrons

5. Your Story
   • Your Goals
   • Your Barriers
   • Your List that Makes up Your Ideal Practice
   • How your Ideal Partner can get you there.

Sources Referenced:

-Financial Advisor IQ, September 16, 2021, LPL Capable of Growing to 300,000 Financial Advisors: CEO.

-Barron's Advisor, September 13, 2021, LPL Financial is Growing Like Gangbusters.  Expect More, CEO Says.

Consider subscribing for continued insights from Advisor Advancement:
https://www.youtube.com/AdvisorAdvancement
https://advisoradvancement.com/

For more of The RARE Advisor:
http://www.therareadvisor.com

The RARE Advisor is a business model supercharged by Recurring And Repeatable Events. With more than thirty years of working with and coaching successful advisors, host Mike Walters (along with other leaders in the industry), discusses what it takes to grow a successful practice. With the aim of helping financial professionals and financial advisors take their business to the next level, Mike Walters shares insights and success stories that make a real impact. Regardless of the stage of your practice, The RARE Advisor will provide thoughtful guidance, suggestions for developing systems and processes that work, and ideas for creating an authentic experience for your clients.

The RARE Advisor is part of the Advisor Advancement Network, powered by USA Financial and committed to empowering financial advisors and financial professionals since 1988.
Advisor Advancement was born from a desire and a need for our contributors to communicate with the financial advice community in a much different way. Created by industry professionals committed to advancing the advisor profession one video, blog, podcast, and tweet at a time. We talk about practice management, marketing, compliance, business development, and a myriad of other things financial advisors may want to hear, rant, or lament about.

Contact us:
Phone (888) 444-0125
https://www.usafinancial.com/
https://www.facebook.com/usafinancial/
https://www.linkedin.com/company/usafinancial1/

Powered by USA Financial

Introductions are light years better than referrals; however, most advisors don't know how to duplicate the clients that are likely to make those introductions! It’s crucial that you must first uncover and quantify them.

1. Total Customer Value (TCV) = 1 Yr Revenue |  3 Yr Revenue  |  5 Yr Revenue
2. Total Maven Value (TMV) = TCV + TCV of those they've introduced.
3. Identify Your BEST Customers & BEST
4. Identify the Demographics & Psychographics of Mavens.
5. Target them for duplication via introductions.

Consider subscribing for continued insights from Advisor Advancement:
https://www.youtube.com/AdvisorAdvancement
https://advisoradvancement.com/

For more of The RARE Advisor:
http://www.therareadvisor.com

The RARE Advisor is a business model supercharged by Recurring And Repeatable Events. With more than thirty years of working with and coaching successful advisors, host Mike Walters (along with other leaders in the industry), discusses what it takes to grow a successful practice. With the aim of helping financial professionals and financial advisors take their business to the next level, Mike Walters shares insights and success stories that make a real impact. Regardless of the stage of your practice, The RARE Advisor will provide thoughtful guidance, suggestions for developing systems and processes that work, and ideas for creating an authentic experience for your clients.

The RARE Advisor is part of the Advisor Advancement Network, powered by USA Financial and committed to empowering financial advisors and financial professionals since 1988.
Advisor Advancement was born from a desire and a need for our contributors to communicate with the financial advice community in a much different way. Created by industry professionals committed to advancing the advisor profession one video, blog, podcast, and tweet at a time. We talk about practice management, marketing, compliance, business development, and a myriad of other things that financial advisors may want to hear, rant, or lament about.

Contact us:
Phone (888) 444-0125
https://www.usafinancial.com/
https://www.facebook.com/usafinancial/
https://www.linkedin.com/company/usafinancial1/

The single question that outperforms every customer survey, customer satisfaction score and quality assessment tool -- plus uncovers your best customers for introductions.

1. The net promoter score is the single best gauge for your marketplace success.
2. "How likely is it that you would recommend INSERT COMPANY NAME HERE to a friend or colleague?"
3. Overall potential scoring range of -100 thru +100.
4. Scale of 0-10.
5. Promoters = 9-10
6. Passives = 7-8
7. Detractors = 0-6
8. Score = %Promoters - %Detractors (use visual).

Consider subscribing for continued insights from Advisor Advancement:
https://www.youtube.com/AdvisorAdvancement
https://advisoradvancement.com/

For more of The RARE Advisor:
http://www.therareadvisor.com

The RARE Advisor is a business model supercharged by Recurring And Repeatable Events. With more than thirty years of working with and coaching successful advisors, host Mike Walters (along with other leaders in the industry), discusses what it takes to grow a successful practice. With the aim of helping financial professionals and financial advisors take their business to the next level, Mike Walters shares insights and success stories that make a real impact. Regardless of the stage of your practice, The RARE Advisor will provide thoughtful guidance, suggestions for developing systems and processes that work, and ideas for creating an authentic experience for your clients.

The RARE Advisor is part of the Advisor Advancement Network, powered by USA Financial and committed to empowering financial advisors and financial professionals since 1988.
Advisor Advancement was born from a desire and a need for our contributors to communicate with the financial advice community in a much different way. Created by industry professionals committed to advancing the advisor profession one video, blog, podcast, and tweet at a time. We talk about practice management, marketing, compliance, business development, and a myriad of other things that financial advisors may want to hear, rant, or lament about.

Contact us:
Phone (888) 444-0125
https://www.usafinancial.com/
https://www.facebook.com/usafinancial/
https://www.linkedin.com/company/usafinancial1/

The Time-Lag Property and Loss (P&L) statement is the only real-life financial view of your business.  Understanding it can drive strategy and solve many, many problems in running your practice. 

1. P&L statements are a vertical snapshot frozen in time. The balance sheet or net worth statement is also a snapshot.
2. Revenue and Expense seldom start and end in the same month.
3. Expense = Investment in future revenue.
4. Time delay (Seminar example).

Consider subscribing for continued insights from Advisor Advancement:
https://www.youtube.com/AdvisorAdvancement
https://advisoradvancement.com/

For more of The RARE Advisor:
http://www.therareadvisor.com

The RARE Advisor is a business model supercharged by Recurring And Repeatable Events. With more than thirty years of working with and coaching successful advisors, host Mike Walters (along with other leaders in the industry), discusses what it takes to grow a successful practice. With the aim of helping financial professionals and financial advisors take their business to the next level, Mike Walters shares insights and success stories that make a real impact. Regardless of the stage of your practice, The RARE Advisor will provide thoughtful guidance, suggestions for developing systems and processes that work, and ideas for creating an authentic experience for your clients.

The RARE Advisor is part of the Advisor Advancement Network, powered by USA Financial and committed to empowering financial advisors and financial professionals since 1988.
Advisor Advancement was born from a desire and a need for our contributors to communicate with the financial advice community in a much different way. Created by industry professionals committed to advancing the advisor profession one video, blog, podcast, and tweet at a time. We talk about practice management, marketing, compliance, business development, and a myriad of other things that financial advisors may want to hear, rant, or lament about.

Contact us:
Phone (888) 444-0125
https://www.usafinancial.com/
https://www.facebook.com/usafinancial/
https://www.linkedin.com/company/usafinancial1/

Understanding and applying the Cost-Credibility Matrix will keep both your time and your money focused on promotional opportunities that you can control and that matter most.

1. High Cost + Low Credibility = Worst combo possible. (cringy billboards)
2. Low Cost + Low Credibility = Next worst quadrant.
3. High Cost+ High Credibility = Most controlled quadrant of value.
4. Low Cost + High Credibility = the Holy Grail of Marketing and positioning. (buy your way hear thru quad 3)

Consider subscribing for continued insights from Advisor Advancement:
https://www.youtube.com/AdvisorAdvancement
https://advisoradvancement.com/

For more of The RARE Advisor:
http://www.therareadvisor.com

The RARE Advisor is a business model supercharged by Recurring And Repeatable Events. With more than thirty years of working with and coaching successful advisors, host Mike Walters (along with other leaders in the industry), discusses what it takes to grow a successful practice. With the aim of helping financial professionals and financial advisors take their business to the next level, Mike Walters shares insights and success stories that make a real impact. Regardless of the stage of your practice, The RARE Advisor will provide thoughtful guidance, suggestions for developing systems and processes that work, and ideas for creating an authentic experience for your clients.

The RARE Advisor is part of the Advisor Advancement Network, powered by USA Financial and committed to empowering financial advisors and financial professionals since 1988.
Advisor Advancement was born from a desire and a need for our contributors to communicate with the financial advice community in a much different way. Created by industry professionals committed to advancing the advisor profession one video, blog, podcast, and tweet at a time. We talk about practice management, marketing, compliance, business development, and a myriad of other things that financial advisors may want to hear, rant, or lament about.

Contact us:
Phone (888) 444-0125
https://www.usafinancial.com/
https://www.facebook.com/usafinancial/
https://www.linkedin.com/company/usafinancial1/

There is one overarching directive that elite advisors realize consciously or unconsciously. The things that matter most and are also controllable.   

1. When you first launch and are still small, TIME is your cheapest commodity.
2. But when you have reached a level of success or are growing rapidly, TIME becomes your most valuable resource.
3. The space where Things that Matter overlaps with Things you can Control… This is What you should Focus on. 
4. Keeping your focus on what matters and is controllable is where your time is best well spent.

Consider subscribing for continued insights from Advisor Advancement:
https://www.youtube.com/AdvisorAdvancement 
https://advisoradvancement.com/

For more of The RARE Advisor:
http://www.therareadvisor.com

The RARE Advisor is a business model supercharged by Recurring And Repeatable Events. With more than thirty years of working with and coaching successful advisors, host Mike Walters (along with other leaders in the industry), discusses what it takes to grow a successful practice. With the aim of helping financial professionals and financial advisors take their business to the next level, Mike Walters shares insights and success stories that make a real impact. Regardless of the stage of your practice, The RARE Advisor will provide thoughtful guidance, suggestions for developing systems and processes that work, and ideas for creating an authentic experience for your clients.

The RARE Advisor is part of the Advisor Advancement Network, powered by USA Financial and committed to empowering financial advisors and financial professionals since 1988.
Advisor Advancement was born from a desire and a need for our contributors to communicate with the financial advice community in a much different way. Created by industry professionals committed to advancing the advisor profession one video, blog, podcast, and tweet at a time. We talk about practice management, marketing, compliance, business development, and a myriad of other things that financial advisors may want to hear, rant, or lament about.

Contact us:
Phone (888) 444-0125
https://www.usafinancial.com/ 
https://www.facebook.com/usafinancial/ 
https://www.linkedin.com/company/usafinancial1/

How to conduct pandemic sensitive events so that your clients and prospects will be comfortable and excited to attend. Much has changed, and the positioning of your events must evolve to compete.

1. Old days of meal vs no meal.
2. Today is about masks and social distancing.
3. Be sensitive. People are in different camps with differing mindsets. (airport example)
4. Be transparent -- explain the set up on the invite.
5. You can please some of the people some of the times, some of the people all of the time -- But you cannot please all of the people all of the time. (and that is OK)
6. Again, be sensitive -- provide alternative (record meetings, etc.)

Consider subscribing for continued insights from Advisor Advancement:
https://www.youtube.com/AdvisorAdvancement
https://advisoradvancement.com/

For more of The RARE Advisor:
http://www.therareadvisor.com

The RARE Advisor is a business model supercharged by Recurring And Repeatable Events. With more than thirty years of working with and coaching successful advisors, host Mike Walters (along with other leaders in the industry), discusses what it takes to grow a successful practice. With the aim of helping financial professionals and financial advisors take their business to the next level, Mike Walters shares insights and success stories that make a real impact. Regardless of the stage of your practice, The RARE Advisor will provide thoughtful guidance, suggestions for developing systems and processes that work, and ideas for creating an authentic experience for your clients.

The RARE Advisor is part of the Advisor Advancement Network, powered by USA Financial and committed to empowering financial advisors and financial professionals since 1988.
Advisor Advancement was born from a desire and a need for our contributors to communicate with the financial advice community in a much different way. Created by industry professionals committed to advancing the advisor profession one video, blog, podcast, and tweet at a time. We talk about practice management, marketing, compliance, business development, and a myriad of other things that financial advisors may want to hear, rant, or lament about.

Contact us:
Phone (888) 444-0125
https://www.usafinancial.com/ 
https://www.facebook.com/usafinancial/ 
https://www.linkedin.com/company/usafinancial1/