Let’s say you’re meeting with a prospect. I want you to discard everything you typically do at these meetings (talk about yourself, your firm, your expertise, spin the conversation to financial goals, pursue an agenda, assume you are in charge of the meeting, etc.).
Dan Solin's Advisor Newsletters
Dan Solin's weekly newsletter for financial advisors, offering tips and advice to help your AUM grow.
Not a subscriber? Sign up!
There’s only one surefire way to get people to like and trust us: Empower them to talk about themselves. Let them guide the conversation.
Rather than denying the existence of conflicts, a better approach would be to adhere to the fiduciary Best Practices formulated by the Institute for the Fiduciary Standard.
With investments becoming a commodity, advisors have shifted to demonstrating “value” by offering a wide range of other services. At their core, these services involve comprehensive financial planning.
A recent study described my flawed process as “perspective mistaking.” Through an elaborate series of experiments, the authors concluded our assumptions about the perspectives of others – including people we presumably know really well – are often incorrect.
If you’re like most of your competitors, you’re still charging a fee based on assets under management. Here’s where I see trouble on the horizon.