Be a Renewable Resource

I’m sure you’ve seen all the articles recently talking about how this market may be the best time ever seen in history for financial advisors to acquire new clients, especially if you are an independent.  Clients are questioning their advisors even when they come with big, fancy, old school names behind them. The tried and true has been tested and in many cases, has failed.  This has brought about a whole new fear for investors.  The “guaranteed” is no longer…

But there is another group that needs your help.  Your strategic alliances.  The CPA’s, attorneys and insurance folks who work with your clients alongside you.  They are experiencing the same fears as your clients AND in many cases, they are being asked for their opinions on what is going on.  Frequently, they don’t have any more answers than their clients.

You can help them.  Make is a policy in your office to take four or five pieces of information every two weeks or so and distill it down to five or six bullet points for for them to use with their clients. Give them the answers in a short and concise manner so they can answer some of those questions.  Also use this email blast as a way to educate them about your business and things are you doing to help your clients.

I believe if you do this, when they have a client ask for a recommendation on a financial advisor, they will think of you.  You have demonstrated the ability to simplify their lives and after all, isn’t that the Holy Grail we are all so desperately seeking?

Let me know how it works!  Take care, Ginny

Don’t Forget About Your Staff

Okay, I know, one more thing to think of in this awful market but hey, you wanted to be an entrepreneur so this is what it really is…so glamorous, isn’t it?

Just kidding, I love being an entrepreneur but it does involve keeping a lot of balls in the air and one of those is the successful management of your greatest asset…your employees.

These are scary times for all of us and it can be even scarier for your employees because they are not privy to your thoughts most of the time.  They don’t know what you’re thinking…can you survive this market, will you be able to retain everyone, will pay cuts, benefit cuts, etc. be necessary.  Other than quitting and taking another job, they have very little control over their destiny as an employee!

So what can you do?  Here are some suggestions:

1.  Plain talk – tell the truth, the good, the bad and the ugly…be totally honest about where things stand and what you’re thinking;

2.  Encourage them and reassure them where you can but don’t make promises you might not be able to keep;

3.  Listen to them – give them the freedom to express their fears

4.  Hold periodic rally sessions – have lunch together, reiterate your vision for the firm, talk about why what you do for folks is so important ESPECIALLY in these times;

5.  Team building – some great exercises can be found at www.teambuildinginc.com

A few other Do’s and Don’ts

1.  Don’t lie under any circumstances or gloss over the truth;

2.  Don’t let poor performance slide

3.  Do keep a compassionate heart

4.  Do seek out peer or coaching support for yourself

5.  Don’t be a caretaker – be the employer

Again, we’re all in this together.  This a great time to create even more team cohesion – be transparent, be honest and be compassionate and you’ll build even more loyalty and further cement your employees as fellow visionaries.

As always, I welcome your thoughts.

2009 T3 Conference…lots of “cool” stuff

I just returned from the 2009 T3 Conference in Dallas, TX.  Let me just say again, Dave Drucker and Joel Bruckenstein do a fantastic job with this!  Pulling together all this great technology in one room cannot be an easy job (just coordinating calendars has to be a nightmare!).  Additionally, the speakers and panels just get better each year.  If you’ve yet to attend, you should mark your calendars for next year (I can’t remember the date but watch their website at http://virtualofficenews.com/index.asp for updates – I do remember it’s being held in San Diego at Torrey Pines!).

I got a chance to see a lot of technology and kick the tires on several.  I’ll hit some highlights of what I saw:

Redtail Technology- this CRM has come a long way in the last year.  It is very robust and yet very easy to use.  I was impressed by the amount of data that can be stored but also by the ease with which you can find it.  They have an imaging add on for an additional fee but honestly, for a small advisory office, I can’t get my arms around the advantage.  However, at $65 per month for 15 users (yes, not per user but up to 15 users), with no conversion or set up fees, this CRM is, in my opinion, the front runner for advisors right now.  I highly suggest you visit their website at www.redtailtechnology.com

Finance Logix – this planning software will WOW you from the get go.  It is “real time” during use.  In other words, if you change a number on a screen, there are sliding bars that show the effect of that change immediately.  You don’t need to close the report, change the number and re-run the report.  There is also a client page where your clients or prospects (if you give them permission) can enter any amount of information and begin to see how their savings, withdrawals, retirement age, etc. are effected.  One potential downside- I have been told the audit trail (which is apparently a fairly good size Excel spreadsheet) is difficult to read so I would advise you check this out carefully first.  Still, definitely worth a look at www.financelogix.com

3.  Scottrade- I believe these folks are serious about improving their institutional presence.  They have just purchased portfolio director which is a portfolio management software that can run either as a desktop application or web-based. While it sounds as though it might be a while before you see this and it remains to be seen what features will be offered on their platform, this is definitely a step in the right direction.  Additionally, these guys have no minimums and welcome relationships with advisors who are just getting started.  Check them out at www.scottradeadvisor.com

I’ll probably have more to come in the days ahead but wanted to give you a heads up on these now.

Call me with any questions.  Take care, Ginny