Includes anecdotes collected through both personal experience and stories
Table of Contents
Foreword x
Introduction: Setting the Stage xiii
Business Disciplines xvii
Ineffective Habits of Financial Advisors and the Disciplines to Break Them xviii
The Framework of the Book xxi
Insights xxi
Decisions xxiii
Actions xxiv
Acknowledgments xxv
Chapter 1 Stop Living Their Dream and Start Living Your Dream 1
The First Ineffective Habit: Living Their Dream 1
The First Discipline: Start Living Your Dream 3
Insights 4
Purpose: The Primary Reason for the Work You Do 4
Business Goals: Specific Objectives That Support Your Purpose 6
Guiding Principles: The Rules That Guide Daily Decision Making 23
Vivid Description: A Narrative of the Business Success You Intend to Create 29
Decisions 32
Determining Your Purpose 32
Determining Your Business Goals 33
Determining Your Guiding Prinicples 33
Determining Your Vivid Description 33
Determining How You Plan to Keep the Dream Alive 34
Actions 35
Chapter Summary 37
Chapter 2 Stop Focusing on Quantity of Clients and Start Focusing on Quality of Clients 41
The Second Ineffective Habit: Focusing on Quantity of Clients 41
The Second Discipline: Start Focusing on Quality of Clients 43
Insights 43
Target Market 44
Service Focus 51
Competitive Differentiation 51
Decisions 60
The Common Sense Principle 60
Actions 61
Chapter Summary 62
Chapter 3 Stop Hoarding Unprofitable Clients and Start Disengaging Unprofitable Clients 65
The Third Ineffective Habit: Hoarding Unprofitable Clients 65
The Third Discipline: Start Disengaging Unprofitable Clients 67
Insights 68
Segment 1: The 20 to 40 Percent That Represents 1 Percent of Revenue 73
Segments 2 and 3: Others You Are Considering for Disengagement 77
Decisions 81
Actions 81
Chapter Summary 83
Chapter 4 Stop Providing Only Investment Advice and Start Providing Wealth Management Advice 85
The Fourth Ineffective Habit: Providing Only Investment Advice 85
The Fourth Discipline: Start Providing Wealth Management Advice 87
Insights 87
Start Providing Your Top 20 Percent with Wealth Management Advice 89
Step 1: Determine the Clients to Reengage with Wealth Management 90
Step 2: Have a Deep Re-fact Meeting with Your Clients 91
Step 3: Financial Planning 97
Step 4: The Wealth Management Solution 98
Step 5: Present the Wealth Management Solution—The Financial Vision Document and Client Engagement Roadmap 106
Decisions 107
Actions 108
Chapter Summary 110
Chapter 5 Stop Delivering Only Investment Reviews and Start Delivering WOW Wealth Management Reviews 113
The Fifth Ineffective Habit: Delivering Only Investment Reviews 113
The Fifth Discipline: Start Delivering WOW Wealth Management Reviews 116
Insights 117
Client Needs Analysis 118
Client Satisfaction Window 119
Building the WOW Review System 132
Decisions 136
WOW Wealth Management Review Package 136
Actions 137
Chapter Summary 139
Chapter 6 Stop the Rainmaker Approach and Start the Team Approach 141
The Sixth Ineffective Habit: The Rainmaker Approach 141
The Sixth Discipline: Start the Team Approach 143
Insights 143
Team Core Competency Audit 143
Team Development Evaluation 146
Team Alignment and Empowerment Evaluation 147
Internal Challenges 150
The Organizational Structure of the Team Approach 151
Role Clarity 156
Managing the Team Approach 159
Coaching the Team 168
The Acquisition of Talent 175
Team Incentive Compensation 177
Create a Best-of-Kind Team of Experts and Suppliers 179
Decisions 180
Actions 181
Chapter Summary 183
Chapter 7 Stop Selling to Prospects and Start Selling through Clients 187
The Seventh Ineffective Habit: Selling to Prospects 187
The Seventh Discipline: Start Selling through Clients 189
Insights 189
Client Introductory Event 195
Center-of-Influence Marketing 197
Managing the Sales Pipeline 201
Qualify a Call-In Lead 201
Fact Finding, Planning, Solutions 202
Decisions 203
Actions 203
Chapter Summary 205
Chapter 8 Jack’s Awakening: An Elite Wealth Management Company 209
Bibliography 215
About the Authors 219
Index 221
