The Elite Financial Advisor Podcast With Sten Morgan

Before you check out this week’s podcast, I wanted to remind you about our upcoming live event in September 2023. We have a special offer just for our loyal listeners - a $500 discount on registration that you can put towards your hotel stay. Use coupon code free hotel to get your discount. This event is all about adding six figures of planning revenue to your business, and we guarantee that it will pay for itself in the first planning client. So, make sure to sign up and secure your spot! You can find all the details at the URL below. http://www.HowToChargeLive.com.   We had a fantastic guest joining us, Bill Williams, the Executive Vice President of Ameriprise Independent Advisors. Bill brings a wealth of experience and knowledge to the table, representing over 8,200 independent financial advisors who generate over $5 billion in annual revenue for the firm.  Bill shares his journey, starting as a financial advisor back in 1989 and eventually transitioning into a leadership role. He opens up about the challenges and benefits of being a leader in the industry, giving us a unique perspective on what it takes to succeed.  Bill reveals some fascinating insights from surveys conducted by Ameriprise, showing that advisors who incorporate planning into their practice have better client engagement, handle more assets, sell more insurance, and have three times better client retention. It's clear that clients are craving a holistic and comprehensive approach to financial advising.   But here's the catch - many advisors are hesitant to charge for comprehensive planning services. Bill acknowledges that asset management is easier to sell, as clients are accustomed to paying a small percentage of their assets under management. However, he emphasizes the importance of separating asset management from comprehensive planning. Managing money is just one aspect of the services advisors provide. Comprehensive planning involves personalized attention, meetings throughout the year, and addressing all financial questions and concerns.  Many advisors are afraid to charge for planning because they've never done it before. But he urges advisors to recognize the value they bring and be willing to offer comprehensive planning to their clients. If they don't, clients may seek these services elsewhere, potentially leading to a loss of business.  Bill further emphasizes that relying solely on investment management as a value proposition is risky. With do-it-yourself firms improving their asset management offerings at lower prices, clients may be tempted to switch. That's why it's crucial for advisors to step up their game and provide comprehensive planning services that truly differentiate them.  We’re grateful that Bill joined us on today’s show. Here’s his bio page at Ameriprise.  

We’ve never done this before. We’re giving away our How To Charge online training program when you purchase your ticket to September’s How To Charge LIVE event. That’s a $1,500 value. Here’s how to get your free program. Purchase your ticket before July 1st, 2023, and we’ll respond with a code to get HTC Online for free. If you’ve already purchased the online program, we’ll pay for your hotel stay instead.  To register for the event or have questions, you can set up a 1:1 call below. http://www.HowToChargeLive.com Here’s what we cover at How To Charge LIVE (Episode 58) Today’s Episode: We exist to challenge the status quo of this industry. In this episode, Sten discusses why the industry operates the way it does and why most advisors follow the average path that the industry dictates. It’s time to step back and question the status quo, rather than just tweaking a bad system. You don’t have to give up your time with family to be successful. There is a better way to achieve success without sacrificing time. One of the first steps you can take is to attend our How To Charge LIVE event in September. We guarantee it will radically change your business in a day and a half. http://www.HowToChargeLive.com The financial advisory industry is trapped in the status quo because it works just well enough, and many decision-makers are detached from the individual lives impacted by the business. Your goal should be a better prospecting strategy that gives you more business with a higher close rate than traditional methods like cold calling or relying on referrals. To learn more about Lead Advisor Network's approach and attend the How to Charge Live event in Nashville in September, visit http://www.HowToChargeLive.com and purchase tickets before the end of June 2023. Those who purchase tickets will also receive a free How to Charge Online program. The industry's system is broken, and there is a better way to do things. Thanks for tuning in, and I hope to see you at the How to Charge Live event! http://www.HowToChargeLive.com  

Registration for our September How To Charge LIVE event is open. Get your seat at http://www.HowToChargeLive.com This is the first of a new series called "Learn the Hard Way" where we cover lessons advisors have learned through experience and how to avoid making the same mistakes. Today we cover: How process saves us from ourselves Why healthy people pursue hard conversations How boundaries with prospects will help you grow your business

Head trash is the umbrella term that covers the limiting beliefs that you may have, such as feeling inferior when working with clients who have more wealth or feeling demotivated when a potential client already has an advisor. Today we talk about how to overcome these beliefs and cultivate self-assurance in your work as an advisor. Fears must be confronted and today we’ll help you confront them so you can reach your true potential as an advisor.

In this podcast episode, Sten Morgan and Andy Traub discuss the fears and obstacles faced by financial advisors, particularly the fear of not knowing enough to charge for their services. They emphasize the importance of recognizing the value of one's time and expertise, and not letting fear hold them back from charging for their services. They also discuss the importance of continuous learning, growth, and collaboration in overcoming these fears. They provide practical advice for advisors to overcome these challenges, including admitting when they don't know something, building a network of experts, and setting boundaries to value their time.

This is the first episode in a series where we break down the limiting beliefs and fears in this business. It’s vital that you embrace this fear and tension, because they are ever-present companions on the path to success. Courage is taking action in the presence of fear and everyone needs to be courageous to make it in this business. Financial advisors commonly experience specific fears, including feelings of self-worth, scarcity, and inferiority. In this episode, you'll learn to recognize and embrace fear as a natural part of entrepreneurship. Right now, limiting beliefs hold you back from reaching your full potential. By listening closely and taking action, you can break free from these barriers and move towards your true capabilities.

Sten and Andy discuss Commitment Bias and how it holds you back from achieving even greater success in your business. It’s extremely difficult to identify this bias so listen closely and then look closely at your patterns. When you do find the bias, you must force yourself to create pattern interrupts.

It’s easy to fall into the average path of blindly following people that are closest to you geographically. It can also be easy to think you want to have someone’s life, but you don’t understand what they’re sacrificing in their life to achieve their current results. You need to evaluate your potential role models carefully. It’s true you need to be open to learning from people regardless of their age or experience and in this episode we talk through how to choose great heroes and perhaps most importantly why you need more than one.

In this episode we answer six questions from listeners like you. We discuss: The effectiveness of remote versus in-person meetings The value of driving to meet clients face to face How to convert old clients to fee-based clients The importance of financial advisors understanding their ideal consumer How to build relationships with idea partners How to introduce the idea of charging for advice to your company

The biggest obstacle that financial advisors face is not leads or the economy, it’s a lack of confidence. So, how can you gain confidence? What keeps you from trying? How can you understand fear and get past the obstacles that are keeping you from taking the action you know you need to take?  Confidence is the key and in this episode we teach you how to systematically look at and process your decisions in a way that will build confidence.