The Elite Financial Advisor Podcast With Sten Morgan

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

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