The Elite Financial Advisor Podcast With Sten Morgan

Financial advisor Matt Reiner and AI expert discuss the importance of embracing innovation in the advisory industry. They explore the concept of 'lazy man's utopia' and the need for advisors to become more innovative and efficient. They also discuss the power of content creation and how technology has allowed advisors to build personal relationships with a wider audience. The podcast delves into the practical steps advisors can take to start using ChatGPT and overcome objections to adopting new practices. They also highlight the potential of AI tools in various areas.

Registration for January’s How To Charge LIVE event is 20% sold so get your ticket below before they are sold out. http://www.HowToChargeLive.com The Balance of Custom and Scalable: We explored the myth that personal touch is lost when a business scales. It's possible to maintain an outstanding client experience while growing a successful business. The key lies in building systems that can handle increased demand without relying on temporary fixes. The Power of Scalable Systems: You can build scalable systems if you define who you serve and how you serve them. The Role of Personnel in Scaling: Adding team members should be a multiplier for your business. As you grow your team, delegate tasks and create space for higher-quality actions. Remember, each new hire should ideally bring your company a 5 to 10 times return on investment. The Importance of Clarity and Accountability: Many advisors need help with quantifying the value of their advice. By clarifying your practice and the value you deliver, you can right-size your practice, cut out unnecessary tasks, and scale. Surround yourself with coaches and advisors who are better than you to course correct and think differently. The Mindset of Possibility: Adopt a mindset of possibility and learn from others who have successfully scaled their businesses. Even if your firm generates $400,000 a year and feels busy, it may only be two hires away from becoming a $2 million firm.

I'm thrilled to share with you some insights from my recent podcast episode with Brad Johnson, founder of Triad Partners. Brad's journey from a small-town boy to a successful financial advisor and now coach to advisors is worth learning about. https://triadpartners.comhttps://bradleyjohnson.com In our chat, Brad shared his transition from the corporate world to finance, a field he found himself deeply passionate about. His fascination with stocks led him to get into this business, and later he took a leap of faith and embarked on an entrepreneurial journey with Triad Community Coaching.   Brad's mission with Triad Partners is to create a community of growth-minded individuals. He aims to help financial advisors not only succeed in their businesses but also find balance in their lives. He believes in building businesses that bless lives, a philosophy that we share.  One of the most intriguing parts of our conversation was about the "head trash" and challenges that people face in the finance industry. Brad shared a powerful story about a successful financial advisor who ended up burnt out due to the constant pursuit of success. This story serves as a reminder that true success is not about working harder and longer but about working smarter. Brad also shared Triad's unique "advisor in charge model," a three-phase framework that evolves from a task-driven approach to a responsibility-driven one, eventually leading to a true CEO mindset. This model emphasizes empowering team members and letting them take ownership of the thinking process. We also discussed the different stages of being a business owner in the financial advisory industry. The journey from being an employee to a business owner is filled with challenges and learning experiences. But it also comes with freedom and flexibility. Brad highlighted the value of coaching and learning from others who have walked the path before you. Mindset, according to Brad, is a crucial factor in separating successful advisors from those who are still struggling. He encourages advisors to embrace the journey, commit to the work, and be prepared for the challenges that come with being a business owner. I know that embracing discomfort and challenges is a sign of progress. I've also learned the importance of surrounding oneself with knowledgeable people who can offer valuable insights. Brad and I agree that mindset is the foundation for success. Whether it's in sports or entrepreneurship, a positive mindset can make a world of difference. So, surround yourself with people who inspire growth and improvement. I hope you find these insights as enlightening as I did.  To your success   Sten J. Morgan, CFP®, ChFC®  

This podcast discusses the factors that influence clients' buying decisions, including needs and wants, emotions and desire, perceived value, social influence, discounts, product quality, convenience, cultural and personal values, FOMO, and research and information. The hosts emphasize the importance of understanding clients' emotions and desires, communicating perceived value, building personal connections, and providing research and information in the buying process.

Learn about the different ways advisors determine their pricing and the importance of choosing the right model for your service. Explore the pros and cons of fear pricing and why it's crucial to provide high value to justify costs. Understand the significance of going through the pricing and planning process and the importance of supportive communities. Discover a pricing model for financial advisors that involves upfront and ongoing fees, as well as the challenges in determining pricing strategies based on various factors. Delve into different pricing models for engagements and the significance of onboarding and delivering value to clients.

Matt Jarvis, successful financial advisor and founder of the Perfect RIA, shares inflection points that shaped his career. He highlights the power of mentorship and appearance, the importance of a proactive team, and the concept of superpowers. He also introduces the surge concept in a financial advisor's practice.

Get your Planning Readiness Score - http://www.StenMorgan.com/Ready Attend the How To Charge LIVE event - http://www.HowToChargeLive.com This episode is a recording of a recent training session we hosted on the six steps to charging for your advice.  Our training session was designed to help financial advisors understand how to charge for their advice effectively. We've even created an assessment to measure readiness for starting a planning business, which you can access at  http://www.StenMorgan.com/Ready.  I'd like to thank Craig Peterson, Robert Allen, and Wes Young, members of our advisor network community, who participated in the recent live training session. Upcoming Live Event: How to Charge Live I'd like to invite you all to our upcoming live event, "How to Charge Live." I guarantee that the event will pay for itself with the first planning client. You can sign up at http://www.HowToChargeLive.com and use the discount code freehotel to save $500 on your registration. http://www.HowToChargeLive.com

Financial advisor Jay Duffy from Baltimore, Maryland shares his experience after attending the 'How to Charge LIVE' event. He implemented two changes in his approach: slowing down the prospect process to gather more information and quantify value, and presenting two options to involve clients in decision-making. The podcast also discusses the importance of charging for financial advice, utilizing templates, pricing and positioning, and life-changing investment ideas.

Hey friend, We’ve got a great episode and a free guide for you today.  http://www.StenMorgan.com/commitment Commitment: A Daily Practice, Not a New Year's Resolution We often think of commitment as a once-a-year event, but it's actually a daily and weekly practice. It's the missing piece in achieving our goals and desires, and it's all about follow-through and execution. The Natural Ability to Make Things Work Ever wondered why some people seem to have a knack for success? They've figured out a level of commitment that allows them to quickly determine what will work and what won't.   The Five Levels of Commitment We explored a framework by Dr. Robert Wubbolding and William Glasser that outlines five levels of commitment. From "lack of commitment" to "whatever it takes," understanding these levels can help us filter decisions and overcome our natural tendencies.  The Danger of Half-Hearted Commitment The fourth level of commitment, characterized by a higher level of effort but still falling short of true commitment, is the most dangerous. It's easy to justify lack of success by saying we tried our best, when in fact, we didn't. Pushing Beyond Perceived Limits We are capable of much more than we realize. By pushing beyond our perceived limits and fully committing to our goals, we can achieve results beyond our initial expectations. The Power of "Whatever It Takes" The highest level of commitment, "whatever it takes," involves cutting off all exit routes and staying committed to the goal no matter what. It's a level of commitment demonstrated by successful individuals and one that I personally experienced when starting my business. Seeking Input and Feedback Before pursuing a level five commitment, it's crucial to seek input from others. Feedback from a team, partner, or spouse can ensure that our commitment is aligned and that we're not blindly chasing an unattainable goal. I hope these insights spark your curiosity and inspire you to listen to our podcast. Remember, commitment is not just about achieving success, but also about redefining our best and pushing through challenges. Use your commitment guide to find out your true level of commitment.  http://www.StenMorgan.com/Commitment Sten J. Morgan, CFP®, ChFC®  

July 11th Elite Prospecting Webinar Registration - https://www.eAdvisorNetwork.com/webinar  Event Registration - http://www.HowToChargeLive.com In today’s episode, you’ll meet Myles and Robert, advisors who attended the "How to Charge LIVE event in 2023. When Robert first heard about the event, he was skeptical about charging for services that his firm was already providing for free. But attending the event completely changed his perspective. He learned a new approach to conversations and framing the value of their services. The event taught him how to quantify ideas and show clients the potential savings and benefits they could receive. Since attending the event, Robert has seen a shift in his belief and conviction about charging for planning services. He has been able to engage with clients in impactful ways, reinforcing his belief in the value they provide. In fact, he projects collecting over six figures of planning revenue in his first year. But Robert's success is not an isolated case. Many attendees of the event have experienced significant financial growth in their businesses. They have closed deals ranging from $8,000 to $50,000 for three to twelve-month engagements. And the average starting rate for attendees is around $4,000. It's incredible to see how this event has transformed their businesses. Now, you might be wondering who should attend this event. According to Robert, anyone who is client-facing should be there. Whether you're a partner or an advisor, this event will teach you valuable ideas, opportunities, and how to close business. Even if you do joint work with another advisor, attending together will create buy-in and a shared understanding of the concepts. I encourage you to visit http://www.HowToChargeLive.com to watch a testimonial video and learn more about the event. We are committed to supporting attendees and helping them take their businesses to the next level. In a separate conversation, Myles and I discussed his experience attending the event and how it helped him improve his skills and increase his fees for planning services. He initially had some doubts but decided to attend to learn how to charge more. And boy, did it pay off! The event guarantees that it will pay for itself with the first planning client. By being around advisors who had successfully charged higher fees and learning the tactics taught at the event, these advisors gained the confidence to quantify the value of their services and land planning clients. http://www.HowToChargeLive.com