The Elite Financial Advisor Podcast With Sten Morgan

Hey everyone, Are you struggling with charging for planning services? In our latest podcast episode, we break down the obstacles a recent EAN customer is facing as he works to close more planning clients. We coach hundreds of advisors who face these same issues and offer valuable insights to solving his problems. By the end of the first meeting, you should be clear about your fee structure and the value you bring to the table. The goal in the first meeting is to present a few ideas that pay for themselves. Move on to a proposal in the second or third meeting, depending on the amount of data gathered. We also touch on the issue of minimum fees and hourly rates. It is required to have a minimum fee to ensure that you are compensated adequately. Instead of thinking in terms of hourly rates, we suggest a value-based proposition that establishes your expertise and the value of your advice. We encourage advisors to adapt to the changing industry landscape and to be confident in the value they bring to their clients. By setting clear expectations and communicating your value effectively, you can build strong relationships with clients and achieve better outcomes, all while increasing your revenue. As always, thanks for listening. Sten Morgan & Andy Traub

In this week’s episode, Andy interviews Kyle Kuyat, VP of Business Development and part of the recruiting team at Silver Oak, about why financial advisors switch companies and the process of switching. They discuss the different options available for financial advisors, such as wirehouses, banks, and independent broker-dealers, and how the industry has changed due to mergers and acquisitions. They also emphasize the importance of finding the right fit for both the advisor and the company, cautioning against the potential pitfalls of switching companies. This episode has a TON of practical advice for financial advisors considering a switch.

This podcast episode discusses what is taught at How To Charge LIVE, including mindset, creating urgency, and quantifying ideas to convince clients. The event aims to teach advisors to think differently, develop skills, and achieve greater success in their practice. It also explores the importance of breaking out of routine thinking, overcoming limiting beliefs, effective idea generation and communication, and determining the value of pricing services. The chapter concludes with a discussion on the importance of taking initiative in seeking growth and learning opportunities.

Today we discuss the frustration that comes with people settling for average and not taking action towards their goals. Sten emphasizes the importance of being self-aware and pushing yourself out of your comfort zone to achieve success. We discuss the unhealthy nature of a comfortable life and the need to constantly challenge yourself to avoid settling for mediocrity. This begins with being self-aware and constantly challenge yourself to achieve success. One practical way you can take action is to book a one-on-one session with Andy to save $500 on event registration. Book your call to get all of your questions answered about the May event by visiting this page. http://www.HowToChargeLive.com 

If you want to charge for your advice then join us at our offices outside of Nashville. Go to http://www.StenMorgan.com/HowToLive to book a time to meet with me 1:1 to discuss the event.

To get your free issue of The Virtual Advisor go to joinadv.com/eliteFA. We've opened registration for our may How To Charge LIVE event. If you want to save $500 then you can register by 5pm CT Friday, March 17th using code freehotel. http://www.StenMorgan.com/HowToLive 

Explore achieving success through attending events and how it can positively impact a business. Learn about the importance of collaboration and team workshops for growth. Gain insights on ending client relationships and evaluating client fit. Discover the challenges of client retention and the process of firing clients for constant evaluation of the client base.

If you want to learn how Sten uses big ideas to convert prospects you need to attend our How To Charge LIVE event in May. Find out more at: StenMorgan.com/HowToLive When you solve big problems for prospects they'll want to do business with you. Focusing on big problems separates you from the competition. Focusing on big ideas helps prospects have a larger vision for their finances, and get more excited about taking action. You'll also get more referrals when you focus on big ideas because big ideas are worth talking about.

If you want to get paid for your advice then our How To Charge LIVE event will pay for itself with ONE planning client. You can register for the event at StenMorgan.com/HowToLive We have 30 seats and you should be in one of them. Don't you wish there were magical words that would help a prospect become a client? Well, good news, there are. They're called power phrases and in today's episode we talk about one of Sten's favorites, when to use it in a meeting, and why it works so well in building trust with a prospect.

The best investment of capital is to improve yourself. Go to the URL below to join the Elite Advisor Network or to schedule an appointment to talk to us 1:1 about the decision. StenMorgan.com/ean Be cautious about throwing money at problems like marketing or leads. Instead, improve your skills and market with more specific targets.