Afleveringen
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This episode is packed with practical tips and real-life examples that can help you transform your meetings from mundane to memorable. Whether you’re a seasoned advisor or just starting out, there’s something here for everyone. Plus, Andy and I share some personal stories and experiences that I think you’ll enjoy.
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In the podcast, I talk with Justin Goodbread who shares his four-point framework for maximizing the value of financial advisory firms.
Key points include consistently knowing your company's value, understanding the potential worth of a best-in-class business, focusing on increasing value rather than just profitability, and having a strategic plan with actionable items. His application of these principles led to seven- and even eight-figure exits for his businesses.
Join us in Nashville for our next How To Charge LIVE workshop
http://www.HowToChargeLive.com
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Zijn er afleveringen die ontbreken?
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Discover how MassMutual has transformed its approach to financial planning, making it a core part of the advisor-client relationship. You’ll hear about the shift from traditional methods to a more dynamic, fee-based model. Enjoy this peak behind the scenes of a major company in our industry.
Thank you to our guest Brian Mawhinney, VP- Head of Financial Planning & Practice Management at MassMutual.
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Today we dive into the metaphor of map-making and its profound relevance to the financial advisory industry. Advisors, much like historical explorers, can guide their clients through the uncharted territories of financial planning.
Here are the key takeaways:
1. Embracing Uncertainty: Navigating Without a Map
When was the last time you tried to find your way without a map? We discuss why the map maker has all the power.
2. The Role of Financial Advisors as Mapmakers
Effective advisors are like historical explorers who document new paths. This willingness to embrace the unknown is crucial for guiding clients.
3. Creating Clarity and Systems
Developing clear, understandable systems is essential. Advisors must ensure their processes are transparent and easy for clients to follow.
4. Building Relationships and Networks
Just as explorers relied on relationships, advisors need to build networks. These connections can provide vital resources and support for navigating complex financial landscapes.
5. Embracing Change and Innovation
Step outside your comfort zone, and innovate. Seeking mentorship, accountability, and collaboration will accelerate growth.
6. The Path Forward: Proactive Mapmaking
Proactive mapmaking involves creating clarity in processes, building relationships, and embracing uncertainty.
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This episode is a goldmine of practical advice and strategies that can help you enhance your practice through college planning.
We had the pleasure of chatting with Joel Wymer, a seasoned financial advisor from Kent, Ohio, who brought a wealth of knowledge on the ever-important topic of college planning. Whether you're a seasoned advisor or just starting out, this episode is packed with insights that can help you connect with clients and grow your practice.
Here are the key takeaways you won't want to miss:
The True Value of College Planning:
Joel explains how a fee can be justified by the immense value provided. This initial engagement can lead to long-term relationships.Effective Marketing Strategies: Practical tips for attracting clients, such as hosting informational sessions at local libraries or schools, leveraging social media, and engaging with parent-teacher associations (PTAs).Gaining Knowledge and Expertise: In just ten hours you could study the intricacies of college costs and financial aid. This focused study can significantly enhance your ability to assist families.Tricks of great planning: Understanding the FAFSA form. Joel shares a personal story about how a simple mistake in filling out the FAFSA cost him tens of thousands of dollars in potential aid.Who to target: Business owners represent a valuable niche for college planning services. Many are unaware of strategies that could help them save significantly on college expenses for their children.Ready to dive in? Listen to the full episode now and start transforming your approach to college planning!
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Wholesalers can be a waste of time or they can help you grow your business, but how do you develop meaningful relationships with them while not wasting time in meandering meetings?
Wes Young, a long-time member of our Elite Advisor Network coaching community, shares his wisdom after 20+ years in the business on how to maximize those relationships to help the wholesaler and you.
Learn more about Wes at WesYoungLive.com
Sign up for our next Whiteboard University training at WhiteboardU.com
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In this episode of our “Niche Series,” Andy talks with advisor Mark Hansen to discuss the niche of financial advising for younger clients, particularly those in their 30s.
Younger clients, especially those in their 30s, are at a pivotal point in their financial journeys. They’re experiencing life changes like starting families and increasing incomes, making financial guidance crucial.
Andy and Mark explore the challenges and opportunities of targeting this demographic, emphasizing the importance of patience and long-term planning.
Mark shares his strategies for connecting with younger clients, and the need for clear guidance and structured financial plans.
This episode highlights the urgency of proactive financial planning and the potential for referrals within this age group. Listen now.
There are limited seats left for our next How To Charge LIVE event on October 28th & 29th. Get your seat now using code PODCAST at checkout for $300 off your ticket.
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I’m excited to share some insights from my latest podcast episode with Brittany Anderson of Sweet Financial. This episode is packed with valuable lessons and practical strategies that you won’t want to miss.
Brittany’s Unconventional Journey:
From jewelry sales to finance, Brittany’s path is anything but typical.
Discover how an entrepreneurial culture helped her thrive and rise to the top.
Embracing the Entrepreneurial Spirit:
Learn why fostering creativity and innovation within your firm can drive success.
Brittany shares how advisors can add value without starting their own companies.
Team Dynamics & Technology:
Explore the evolution of team structures and the role of technology in boosting productivity. Brittany highlights how AI and tech advancements can streamline operations and enhance client relationships.
Accountability & Motivation:
Dive into the challenges of holding team members accountable and motivating them effectively. Brittany’s tips on understanding individual motivations and creating action plans are game-changers.
Practical Strategies for Advisors:
Forget traditional reviews; informal check-ins foster open dialogue and growth.Ensure everyone knows their role and how they contribute to the firm’s vision.Create a culture where team members feel comfortable sharing ideas and feedback.Empower team members with leadership potential to take on more responsibilities.Stay ahead by adopting new technologies that streamline processes and free up time for client-facing activities.This episode holds insights for anyone in the financial advisory industry. Whether you’re a seasoned professional or just starting out, Brittany’s journey and advice will inspire you to rethink your approach to team management and leadership. Plus, her practical tips are easy to implement and can make a significant impact on your business growth.
Connect with Brittany:
Brittany’s LinkedIn
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Ready to attend How To Charge LIVE? Click here to get your seat at our next event on October 28th & 29th. Use code PODCAST at checkout for $300 off your ticket.
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In this episode, we discuss the details of our in-person training event, How To Charge LIVE, coming up on October 28th & 29th.
The Magic of In-Person Training
Virtual training has its perks, but nothing beats the depth and focus of in-person events. Stepping away from daily distractions and spending dedicated time to focus can lead to profound growth and transformation.
Understanding Your Value
We’re sharing personal journeys on overcoming mental roadblocks about pricing and value. It’s all about seeing your expertise as valuable and moving away from just selling products. Learn how to build a sustainable business model that allows you to be compensated fairly for your expertise.
Building a Network of Idea Partners
You don’t need to be an expert in everything. Think of yourself as a project manager who curates the best ideas and resources from a network of specialists. This approach not only improves your service but also builds trust with clients, who appreciate comprehensive support.
Mastering Effective Communication
Elite Advisors are exceptional communicators. We discuss how to move away from static presentations to more interactive and inspiring discussions. Learn key phrases and communication techniques that can significantly improve client interactions, leading to quicker decision-making and stronger relationships.
Transformative Experiences
Hear anecdotes from past attendees who have experienced significant transformations. They leave our events feeling empowered and ready to implement new strategies.
Ready to attend How To Charge LIVE? Click here to get your seat at our next event on October 28th & 29th. Use code PODCAST at checkout for $300 off your ticket.
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In today’s episode, Andy and I continue our conversation about effectiveness as a leader.
We’re diving into the importance of self-awareness, adaptability, and intentionality. We discuss common leadership mistakes, such as defaulting to personal preferences and failing to recognize diverse team motivations.
We also highlight the need for mentorship and constructive conflict resolution, and we talk about the balance between caring for team members and maintaining high standards.
Through our own experiences, we see the need for leaders to foster a supportive and engaging work environment by understanding and adapting to the unique needs of each team member. Ultimately, this can increase employee retention and growth.
Want to attend our next How To Charge LIVE event in October? Click here to purchase your ticket.
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In this podcast episode, we dive into the intricacies of effective leadership.
Key Takeaways:
Leadership Effectiveness:
Results Matter: Good leadership is about achieving results while ensuring team members find fulfillment in their roles.
Measuring Leadership:
Beyond Profitability: Great leaders maximize their team's potential, not just the bottom line.
Feedback Mechanisms: Input from team members is invaluable but should be balanced with actual results.
Team Dynamics:
Right People, Right Fit: Selecting the right team members and making tough decisions about personnel is key.
Self-Reporting Culture: Encourage openness about successes and failures to foster growth.
Setting Clear Expectations:
Clarity is King: Clear goals and expectations prevent confusion and misalignment.
Accuracy Over Speed: Prioritize doing tasks correctly, even if it takes longer initially.
Creating a Safe Environment:
Open Communication: Cultivate a culture where team members can express themselves without fear.
Celebrate Wins: Small gestures of appreciation can significantly boost team morale.
Self-Leadership:
Self-Care: Personal well-being is foundational to effective leadership.
Reflection and Accountability: Regular self-reflection and seeking feedback help avoid negative patterns.
Practical Tips:
Set Clear Benchmarks: Regularly ask your team about their understanding of success and how they measure it.
External Feedback: Consider third-party assessments for honest feedback on your leadership.
Personal Insights:
Self-Care Practices: Maintaining a healthy diet, regular exercise, and mental clarity are crucial.
Positive Mindset: View self-care and personal development as privileges that enhance your leadership.
Get your seat to Whiteboard University, go to www.WhiteboardU.com.
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In the first episode of our Niche series, Andy Traub talks with Veronica Redfield, a financial advisor who has found success working with federal employees. She shares her journey into this niche market, highlighting the unique challenges and opportunities it presents.
Veronica talks about the complexity of federal benefits and the importance of educating employees about their financial options. She emphasizes the value of building trust and relationships within this community, noting that referrals play a significant role in her practice's growth.
This episode provides insights into effective strategies for advisors targeting federal employees and the benefits of specializing in a niche market. Whether you're a seasoned advisor or just starting out, there's something here for everyone.
Get your seat to Whiteboard University, go to www.WhiteboardU.com.
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Get your seat to Whiteboard University, go to www.WhiteboardU.com.
In this episode, Sten talks with entrepreneur, author, and speaker, Rob Dube. Through his work, Rob challenges business leaders and entrepreneurs to look inward with mindfulness and meditation by sharing his own mindful leadership journey.
This one is packed with insights, stories, and practical advice that you won't want to miss
They discuss the intricacies of entrepreneurship, leadership, and personal development.
Rob shares his journey of starting, selling, and buying back a business, and the significance of corporate culture and personal growth.
He talks through the “Ten Disciplines for Managing and Maximizing Your Energy”, a concept he learned from Gino Wickman, creator of the Entrepreneurial Operating System (EOS).
Their conversation highlights the importance of long-term thinking, self-awareness, and making decisions from a place of love rather than fear, ultimately encouraging everyone to embrace their true selves for greater success and fulfillment.
Resources:
Rob’s Website: https://robdube.com/
Rob Dube LinkedIn
Rob Dube Facebook
Rob Dube Twitter
Leading with Genuine Care YouTube
Click here to purchase tickets to our upcoming Whiteboard University training.
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Get your seat to Whiteboard University - http://www.WhiteboardU.com
In this episode, Sten and Andy explore the concept of "necessary endings" based on the book by Henry Cloud, and discuss the challenges of ending relationships that are no longer beneficial.
There are three types of necessary endings:
good but not best relationshipschanged circumstancesdead relationshipsThey share personal experiences, and talk about the importance of recognizing when to let go for growth and success.
Though difficult, embracing necessary endings can be a powerful step towards personal and professional growth.
Click here to purchase tickets to our next Whiteboard University training.
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In this episode, I sit down with Nancy Hetrick, who is the founder and CEO of Smarter Divorce Solutions LLC, the Divorce Financial Planner Training Center as well as a Financial Planner with Strategic Portfolio Solutions.
She has over 25 years of experience in both investment management and financial planning and has specialized in divorce since 2011.
As a Certified Divorce Financial Analyst and forensic specialist, she assists divorcing clients by providing the financial expertise necessary to ensure the best possible outcomes. For financially complex cases, her team ensures all of the puzzle pieces are clearly identified, and all strategies for division are explored.
Nancy and I discussed the challenges of managing a growing business and the importance of specialization in the field, particularly in the context of divorce.
She shared her expertise on the complexities of divorce financial planning and the necessity of understanding tax implications and asset division.
I'm thrilled to share some incredible insights from the episode and I trust you’ll find it valuable as well.
Resources:
Nancy has become a nationally known trainer for Divorce Financial Planners and offers continuing education and intensive advanced training for CDFA® holders through www.DivorceFinancialTraining.com.
She is the author of “Divorce Financial Planning; Building a Successful Niche Business”, Divorce Is Not For Dummies; How To Cover Your Assets and the co-author of The Stress-Free Divorce, Volume 2.
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In the next installment of our Leadership Mistakes series, Sten and Andy focus on financial advisors who become bottlenecks in their businesses.
Recognizing the Bottleneck Phenomenon
Are you the bottleneck? If you can’t spot the bottleneck in your business, it might be you. Andy and Sten use a clever card game metaphor to explain this common issue.
Overwhelmed by Roles
Financial advisors are unique as they are both business owners and primary service providers. Many advisors juggle multiple roles—marketer, operations manager, and primary service provider. This multi-tasking can lead to stagnation and a structural challenge that can lead to inefficiencies.
Delegation is Key
Realizing that operational tasks detract from client service is the first step towards effective delegation. It’s also important to recognize when to delegate tasks like paperwork or meeting preparation to junior advisors or support staff.
Scaling with a Small Team
Sten emphasizes that significant revenue growth can be achieved with a small, effective team—typically four to six people.
Identifying Your Superpowers
Assess what you excel at and enjoy doing, then hire around those strengths. This allows you to focus on high-value activities that drive business growth.
The 10-80-10 Principle
Be involved in the initial 10% of a project, delegate the next 80% to your team, and review the final 10% for quality control. Start with less critical tasks to build trust and confidence in your team.
Fostering a Culture of Ownership
Encourage open communication and constructive debate. Allow team members to challenge ideas and contribute their perspectives. Create an environment where team members feel empowered to make decisions and take risks. Communicate that not every idea is fully formed and encourage feedback and alternative solutions.
Moving Beyond Bottlenecks
It can be challenging to identify issues when you’re deeply entrenched in day-to-day activities. External perspectives can provide valuable insights.
This one’s a must-listen, especially if you’re a financial advisor feeling the weight of your dual roles. By embracing delegation, understanding personal strengths, and fostering a culture of ownership and open communication, you can break free from bottlenecks and create a thriving business.
Click here to join our online EAN community for free access to our resources, interaction with hundreds of Elite Advisors, and weekly insights from Sten.
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In this episode, Andy Traub interviews Tim Dyer, a seasoned financial advisor and member of the Elite Advisor Network.
Tim shares his journey from his upbringing in New Hampshire to his education at Babson College, and his early career during the dot-com boom and the 2008 financial crisis.
They discuss the importance of proactive business development, the challenges within corporate structures, and the critical role of client trust.
Tim emphasizes creating personalized paths in financial advising, leading to the establishment of his own firm, Dyer Wealth Management.
Click here to join our online EAN community for free access to our resources, interaction with hundreds of Elite Advisors, and weekly insights from Sten.
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In this podcast episode, Sten talks with Hurley Fox, the owner of Fox & Partners, to explore the critical role of outsourced CFO services for small to midsize businesses.
Hurley shares his journey from construction management to identifying a gap in financial services for business owners.
The discussion emphasizes the importance of financial literacy, understanding the connection between personal and business finances, and the need for collaboration among financial professionals.
This episode is packed with actionable insights and practical advice for financial advisors looking to better serve their business owner clients. Whether you're a seasoned advisor or just starting, Hurley's expertise will provide you with valuable tools to enhance your practice.
Tune in to the full episode to dive deeper into these topics and discover how you can make a significant impact on your clients' financial health.
Resources:
Hurley's website
Click here to read some of Fox & Partner’s case studies and other writings.
Click here to join our online EAN community for access to our resources, interaction with hundreds of Elite Advisors, and free weekly insights from Sten.
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In this episode, Sten sits down with public speaking consultant and former speechwriter for Dave Ramsey, Eva Rose Daniel, to discuss the vital role of communication skills for financial advisors.
Eva shares her journey from radio to becoming a speaking coach and offers practical tips for improving communication. Key strategies include simplifying messages, making strong first impressions, practicing active listening, and being mindful of body language.
This episode emphasizes that effective communication can significantly enhance client relationships and career success.
Eva also highlights the importance of thought leadership and self-assessment, encouraging listeners to seek feedback and continuously improve their speaking abilities.
Download Eva’s free resource: "12 Questions You Must Ask for a Killer Speech" at www.thespeakshop.com
Follow Eva on LinkedIn
Want to attend our How To Charge LIVE event next month? We want to pay for the cost of your flight or hotel. Click here to schedule a call with Andy, or email him at [email protected] with the subject line “The Big Deal” to discuss your discount.
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