This week I had the honor to speak at the Million Dollar Round Table (MDRT). It became immediately clear that the challenge of creating a powerful and precise description of what you do, your value, and why someone should work with you – is a WORLDWIDE issue for financial professionals.
Attending MDRT were financial professionals from across the globe that spoke many different languages (the presentation translators were amazing). Across borders and continents,
It’s conference time once again with many firms hosting their large summer meetings. When you attend these meetings, do you get ideas to improve your business, increase revenue, or create other efficiencies?
Most meetings actually do bring many ideas that will help improve your business. The key is having a plan to get them home with you and implement them. Oftentimes, we return to the office with good intentions to get new initiatives started,
Don’t assume that people are excited to talk about the core deliverables of your firm. After all, those things are supposed to be there (i.e. sound investments, good service, good food, etc.). What people will remember and talk about are the unexpected things you have done or said that set you apart. And, it’s often the small things that grab their attention.
A memorable interaction should result in leaving something behind with the people you encounter: a thought,
The industry discussion of advisor fees realistically is not an issue with fees. The issue is with the communication of the value associated with the fees. Most advisors provide value beyond the assets under management fee structure. But in many cases, the fees are presented only in relationship to assets under management. Do you see how that can become problematic?
When fees are presented only as AUM-related, then the only value really is the investment process that drives the investments.
I have observed many firms attempts to create loyalty amongst their staff. The problem: loyalty is not something you can force upon people or manufacture.
But we all want our best staff, teams, and coworkers to be loyal – so how can that be achieved?
Leadership 101, the Hawthorne Effect (study by Harvard)*, and almost all research conducted on workforce development have suggested that the way you create a loyal and inspired workforce is through changing the way employees feel about the organization,
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