You spend a lot of time trying to differentiate yourself. How many times have you seen this menu item on advisor’s websites: Why we’re different?
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Instead of focusing on the looming threat of fee compression, give your clients service that exceeds their expectations. There’s value to having a trusted advisor.
I wonder why so many advisors believe prospects and clients are interested in being “educated” about investing and financial planning.
I’ve found it fosters a series of mistaken beliefs, that prevent you from gathering more AUM.
You can use empathy when dealing with a prospect who expresses reservations about your approach to investing. Listen to their point of view with an open-mind.
A very small change in how you interact with others can pay big dividends. This is especially true when you are trying to convert a prospect into a client.