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Best of the Blog 2019: Part II

We hope you got everything on your wish list this holiday season and that your credit card is starting to cool down from all that shopping.

We got what we wanted this year—lots of great content from our writers. Here is a continuation of the top 10 most-read posts of 2019.

In case you forgot what the first five were, see this post. Here’s the rest:

6.) Three Ways the SECURE Act Will Impact Clients with Stretch IRAs

This article by Matt Sommer of Janus Henderson Investors dove into how the SECURE Act would affect clients with Stretch IRAs. Key takeaways regarding the Stretch IRA provision include a new 10-year period for non-spouse beneficiaries, existing stretch IRAs are grandfathered, and there are exceptions to the new rules. Stay tuned to the Journal of Financial Planning’s February issue for a deeper dive into what the SECURE Act means for you and your clients.

7.) “Buying” College in the 21st Century: Clients Should Search for Colleges They Can Afford

You wouldn’t pick out your dream car and then ask how much it costs, right? Robert J. Falcon, CFP®, CPA/PFS, of College Funding Solutions, LLC, said you shouldn’t do that for college either. This information can help you help your clients figure out how to “buy” a college and pick something that will give students a good return on their investment.

8.) How to Write Like Someone Might Actually Read Your Work

FPA’s membership and marketing director, Dan Martin, lays out the writing tips that have helped him in his career, including writing like you speak, reading your work out loud and not sterilizing your work when you edit.

9.) 3 Steps to Mastering the Art of Excellence for Financial Planners

Daniel C. Finley of Advisor Solutions explores how to create excellence by continuously learning and honing your skills until excellence becomes a habit. He suggests committing to a new level of greatness, model after those who have mastered their craft and map out your milestones so you can see your progress.

10.) What You Should Know Before Leaving Your Firm

Freelance writer Sarah Li Cain penned this piece for FPA’s Next Generation Planner, an app-only publication for the next generation of financial planners, regarding the correct protocol for leaving a firm so you don’t burn bridges or do anything that could get you into legal trouble.

That’s all, folks. One more Tuesday in 2019, which means one more post, then we look forward to seeing what our writers have in store for 2020!

Ana TL Headshot_Cropped

Ana Trujillo Limón is senior editor of the Journal of Financial Planning and the FPA Next Generation Planner. She also edits the FPA Practice Management Blog. Email her at alimon@onefpa.org, or connect with her on LinkedIn


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Best of the Blog 2019: Part I

We’re wrapping up a decade, readers! And the last year in this decade has been another good one for the FPA Practice Management Blog powered by the Journal of Financial Planning.

This holiday season, we’re recapping the top 10 most-read blog posts of 2019 in two separate posts.

Take a look part one of the top blog posts of 2019.

1.) Are You and Your Clients Making These Estate Planning Mistakes?

This piece originally appeared in the Journal of Financial Planning’s Observer section. It recapped the top estate planning mistakes, like not having a will, only having a will, not updating beneficiaries or neglecting digital assets.

2.) Should You Include Social Security in Your Clients’ Financial Plans?

This piece, written by Mark Friedenthal, founder and CEO of Tolerisk, and Dylan Zhou, a high school senior who interned at Tolerisk, explored how to include Social Security in a client’s financial plan because while the Social Security system needs reform, it isn’t going away.

3.) 8 Components of a Social Media Policy

It’s been seven years since we first published this piece by Claudio Pannunzio of Curex Group (but formerly of i-Impact Group). This is the epitome of evergreen content, because even though the social media landscape has changed since 2012, Pannunzio’s advice for developing a policy are still valid and relevant.

4.) Setting Your OOO Message: Best Practices

This post by Joni Youngwirth of Commonwealth Financial Network explores best practices of your out of office message so your clients and colleagues don’t feel abandoned by you when they email you when you’re away. There’s even a handy template in this post for you to use.

5.) How to Handle Clients with Estate Tax Issues: A Financial Planner’s Guide

David D. Little of Hartog, Baer & Hand gives planners handy tips to educate clients on the costs, complexities and risks of various estate planning tools like grantor-retained annuity trusts and qualified personal residence trusts, among others.

Stay tuned to the blog on Thursday for the remaining top most-read posts of 2019.

Ana TL Headshot_Cropped

Ana Trujillo Limón is senior editor of the Journal of Financial Planning and the FPA Next Generation Planner. She also edits the FPA Practice Management Blog. Email her at alimon@onefpa.org, or connect with her on LinkedIn

 


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The Three-Step Formula for Business Fearlessness

In the financial services industry, advisers are surrounded by clients’ fears—fear of the market going down, fear of the economy not recovering and/or fear of making the right investment decisions, just to name a few. For some advisers, handling clients’ fears can feel like a daunting task while for others it’s all in a day’s work. For the latter, the formula for managing fear is increasing knowledge.

If this has happened to you, take comfort in knowing that your clients hired you because they like you, trust you and believe that you have their best interests at heart. Prove your clients right by believing in yourself, in your integrity, your honesty and your commitment to helping them. When you focus on things that you can control, you harness the power of belief.

Ralph Waldo Emerson said it best when he said, “Knowledge is the antidote to fear.”

So how can you face your fears, increase your knowledge and be the adviser that your clients want you to be?

Let’s take a look at a step-by-step approach for building up your “business fearlessness.”

Step 1: Acknowledge Your Current Business Concerns

The first step is to get completely honest with yourself by asking, “What am I most concerned about in this business?” Sit with the question for as long as it takes until you find a truthful answer. Next, ask, “What do I need to know in order to overcome this concern?” and “Who has the information that can help me?”

Take Michael S., a veteran financial adviser with five years of experience who had noticed he was holding himself back from working with higher net-worth clients. After he asked himself these types of questions he realized that he didn’t feel qualified to help them because he hadn’t done enough research on what product and services this niche demographic would be interested in much less had done some inquiry to confirm what issues/concerns they might have. Thus, he had spent five years building a business of hundreds of clients with very little in investable assets.

Step 2: Become the Expert

The next step is to do the research and make some calls to find out who could assist you in your desire to work with a new demographic. I have found that the best way to become an expert is to find a mentor in the office who has accomplished what you would like to accomplish.

I recommended to Michael that he make a list of the most successful advisers that he knew (in his office or elsewhere) that work with high net-worth clients. Then, approach the one person who he felt closest to and ask if he could take that person to lunch or for coffee to understand more about how he/she had grown their business. Take notes about their process and research all the types of products and services they mention. Michael did this and was ready for the next step. 

Step 3: Be the Message

The final step is get your message heard! It’s one thing to know what to do but it’s another to be doing it. That’s why you need to take deliberate action steps.

Once Michael got direction from a mentor in the office, we mapped out what to say to potential clients, how to frame it, how to handle objections, what the first appointment process as well as the second appointment process. We did all of this before he ever picked up the phone to make his first prospecting call. As a result of his due diligence and efforts, within weeks he had built a huge pipeline of qualified prospects and now has a thriving practice.

Why Being a Wealth of Knowledge Works

The foundation for making any sound recommendation is based in the amount of information or knowledge that you have for your clients. The more informed you are, the more confident you will be when sharing those recommendations. Clients need, want and deserve a well-informed financial adviser. So the next time you find yourself with fearful clients or faced with fears yourself, take the time to query the reasons for your decisions, support them with facts then share this insight with your clients and watch their fears (and subsequently yours) subside.

If this blog resonates with you and you would like to have a free consultation with me to see if professional coaching is a fit for you, email Melissa Denham, director of client servicing for Advisor Solutions at melissa@advisersolutionsinc.com.

Dan Finley
Daniel C. Finley is the president and co-founder of Advisor Solutions, a business consulting and coaching service dedicated to helping advisers build a better business.