The Elite Financial Advisor Podcast With Sten Morgan

Have any questions for us? Send them to Sten@eAdvisorNetwork.com In our 100th podcast episode, we are celebrating the milestone by sharing practical advice on how to avoid being an average advisor and instead striving for excellence. To become elite you must be open to new ideas and take action on what you learn. Add in coaching and accountability and you’ll become what you’re capable of becoming.Successful advisors are curious, humble, and willing to invest in their own growth. This episode includes a surprise segment featuring feedback from listeners who have implemented the hosts' advice and experienced positive changes in their practices. We are making some changes to the show format, including solo episodes and guest appearances, to provide diverse insights and practical implementation stories from other advisors.Have any questions for us? Send them to Sten@eAdvisorNetwork.com

Registration has opened for our April How To Charge LIVE workshop. http://www.HowToChargeLive.comEver wonder how financial advisors like me manage to connect with the right clients? It's not just about casting a wide net; it's about speaking the right language and having the right systems in place, both inside and out. Instead of hard-selling products, I've learned to focus on conveying the real value and potential outcomes my services offer.Today we discuss the progression of prospecting methods as you grow in the business so you can attract the clients you want to work with. 

Join our free podcast listener community at http://www.EANcommunity.comAttend our next How To Charge LIVE training at http://www.HowToChargeLive.comHiring can be daunting, but as we discuss today, the key is to be strategic and patient. It's not about filling a seat but finding the right person who aligns with your vision and values. Imagine building a team so strong that running your business feels less like a job and more like a well-oiled machine. Leadership isn't just about giving orders; it's about inspiring growth. In our conversation, we explore how to lead with passion and create an environment where every team member thrives. I've learned that being a great boss isn't a myth – it's a choice. And I'm here to guide you on that journey.

Now open for all podcast listeners at no cost: http://www.EANcommunity.comWatch us LIVE as we record future episodesMeet other advisors who listen to the showSubmit questions for us to cover in future episodesIn this episode, we discuss the critical role of team building in scaling a financial advisory business. Sten shares his journey and the transformative impact of hiring key roles like a relationship manager, paraplanner, and junior advisor to delegate tasks and concentrate on client value and business growth. We explore the mindset shift needed for advisors to embrace hiring, the progression of learning business management, and the importance of cultural fit and setting clear expectations. The episode emphasizes advisors' need to recognize their strengths, build a supportive team, and work within their superpowers for sustained success and scalability.

Find out more about the estate planning software Steve Lockshin helped create -  https://www.JustVanilla.com/Today we had an enlightening conversation with Steve Lockshin, a seasoned financial advisor with a wealth of knowledge and experience.Steve's journey into the financial advisory industry is a testament to the power of seizing opportunities. His unpaid internship at was a stepping stone that led him to fall in love with the financial services industry. His story is a reminder that sometimes, the best opportunities are the ones you create. The Power of Mentorship: Steve credits his success to the invaluable lessons he learned from his mentors. He emphasizes the importance of seeking out mentors and actively contributing to the relationship. His advice? Be curious, constantly improve your knowledge, and don't be afraid to ask for help.Standing Out in the Crowd: In an industry where many advisors echo the same advice, Steve stresses the need to differentiate oneself. He shares his own evolution from diversifying investments to focusing on performance reporting, taxes, and financial planning. His secret? Add value to your clients and stand out from the crowd.Transparent Fees and Trust: Steve advocates for a transparent fixed fee model, moving away from the traditional assets under management (AUM) model. He believes that this approach allows advisors to focus on delivering value rather than just increasing AUM.Estate Planning for All: Steve argues that estate planning isn't just for the ultra-affluent. He believes that advisors should cover the foundational components of a client's relationship, such as family, money, and loved ones.The Power of Technology: Steve introduces us to Vanilla, a software that helps financial advisors streamline their practice and provide value to their clients. It simplifies complex data and delivers concise, actionable information, bridging the gap between overwhelming data and decision-making.Find out more about the estate planning software Steve Lockshin helped create -  https://www.JustVanilla.com/

In 2024, you’ll have more chances than ever to connect with other advisors, learn how to become an Elite Advisor, and grow your business. Here’s what you can expect from us in 2024.Sten will release a book dedicated to helping you improve your prospectingWe’ll be traveling to more firms to teach our How To Charge LIVE WorkshopsWe’re hosting How To Charge LIVE Workshops at our offices four times We’re going to increase the number of episodes of this showWe’re inviting a select group of advisors to our How To Charge 2.0 WorkshopWe’ve hired a new full-time coach to help develop advisors in our communityWe’re launching a unique platform to house our courses, podcasts, community resources, and a place for advisor collaboration.We’re opening two tiers to our EAN community. EAN and EAN+To join our new free community go to http://www.EANcommunity.com

I'm thrilled to share some exciting insights from my recent podcast episode, where I discussed the art of client relationships with Dave Resseguie.Dave shares his transition from working with a major financial planning firm to launching his own company. It’s common that two-thirds of total revenue comes from the top 20% of clients. It's all about focusing on those who bring the most value to your business.Giftology: Dave has learned the importance of showing appreciation to those who've helped build client relationships. Inspired by John Ruhlin's book, he adopted the practice of reinvesting 10% of the financial value of a relationship back into it through thoughtful gifting or other forms of appreciation.From sending a simple thank you note to recording short selfie videos, showing gratitude can significantly impact client relationships.Building Deep Relationships: Dave has found success in not only investing in my clients but also their families and inner circles. It's about valuing the person for who they are, detached from any business outcomes.Dave addresses the common mindset about limitations that prevent advisors from implementing specific appreciation strategies. There are always solutions, such as making charitable contributions on behalf of clients or working with consultants.I hope these insights spark your curiosity and entice you to listen to the full podcast episode. It's packed with practical advice, unique perspectives, and intriguing ideas that I believe will be beneficial to you.Stay tuned for more!Sten J. Morgan, CFP®, ChFC®

Today we explore the concept of breaking out of the 'average' mold and embracing personal transformation.The Power of Reading: We discussed the transformative impact of daily reading. It's a simple habit with profound effects, expanding our knowledge and perspectives. Why not start with a recommended book list?Habits as Appointments: We acknowledged the struggle of maintaining habits, but emphasized their importance. Treat them like appointments in your schedule, and watch them become ingrained over time.Sharing Your Journey: We believe in the power of community. Sharing your challenges and goals with others can increase your chances of success and accountability. Don't hide your aspirations!Extreme Accountability: We explored the idea of using accountability and even punishment as motivators. However, we cautioned against the trap of constantly generating new ideas without follow-through.Disrupting Routines: We stressed the importance of being aware of our routines and disrupting those that don't serve us. For example, mindlessly using a phone can be replaced with more productive habits.Designing Your Environment: We discussed the benefits of physical movement in unlocking new thinking and the importance of designing our environment to support our goals.Expanding Your Circle: We emphasized the need to attend events and workshops outside of your comfort zone, initiate new friendships, and audit your circle of influence. Surround yourself with people who inspire and uplift you.Hiring to Grow: We discussed the practicality of hiring someone to help grow your business. It's a big step, but with the right planning and support, it can free up your time and generate income.Pursuing Discomfort: We explored the idea of seeking discomfort as a means of personal growth. It's about pushing your boundaries, not reckless behavior.Remember, small changes can lead to significant growth and success. 

Today we dive deep into the book "Atomic Habits" and its application to your life as an advisor.We know that the most important part of building habits is to make them obvious. It's not just about what you want to achieve, but how you plan to get there. Time and Location Matter: We explore the role of time and location in forming new habits. It's not just about setting a goal, but also about creating a specific time and place to make it happen. This is known as implementation intention, and it's a game-changer.Habit Stacking: We also talk about the concept of habit stacking - attaching a new habit to an existing one. For example, placing a book on your bed after making it can be a trigger for a new habit of reading. It's about making space in your life for new habits and prioritizing them.Prospecting as a Habit: We discuss how advisors can build a healthy habit around prospecting. Setting aside time for prospecting and using that time to learn, question methods and dream about new ideas.Accountability and Commitment: We emphasize the importance of accountability and commitment. Protecting the time set aside for prospecting, seeking outside help, and being open to feedback are all crucial for success.Are You Ready for Change?: Are you willing to make the necessary changes and seek outside help to achieve your goals? It's about taking the harder path and committing to improve, rather than settling for average results.

We have five tickets left for our next How To Charge LIVE workshop. Get yours at:http://www.HowToChargeLive.comWe’re revisiting a popular topic today. Head trash is the pesky limiting beliefs and negative thoughts that hold us back. We all have them, but their intensity and impact vary. They're often formed by external influences and personal experiences, and they can be as subtle as a belief about money or as intense as a scarcity mentality.In our conversation, we shared personal examples of our own head trash and how it can sometimes feel embarrassing. But here's the thing - recognizing and addressing our head trash is crucial. It's about being open to the possibility that some of our beliefs may be holding us back.We also discussed how environmental factors can contribute to head trash. Ever walked into a room and been overwhelmed by the scent of air fresheners? That's a bit like how some people try to mask or distract themselves from their head trash instead of confronting it head-on.The good news? Head trash can be managed and changed over time. It's about being open to feedback, embracing discomfort, and surrounding ourselves with people who provide honest perspectives. It's about not tolerating negative beliefs or behaviors and seeking help when needed.One of the most powerful ways to tackle head trash is to quantify its impact. How is it limiting your potential? How is it hindering your personal and professional growth? By putting a number to it, we can realize the importance of addressing it.Remember, successful people are aware of their head trash and have clarity in their decisions. Addressing head trash can be challenging, but taking the first steps towards clarity is crucial. It's like going to the gym - it may be difficult at first, but the results are worth it.I encourage you to listen to our podcast episode and reflect on your own head trash. Share it with others who may benefit from it. Let's start the conversation and help each other grow.Until next time, keep pushing forward!To your success, Stenhttp://www.HowToChargeLive.com