The Elite Financial Advisor Podcast With Sten Morgan

StenMorgan.com/EAN - If you want to reach your full potential faster, then our Elite Advisor Network community will help you do it. With live calls twice a month, discounts on all of our live and digital programs, free memberships to industry resources, and discounts on tools, your membership with EAN will help you improve faster than you thought possible.  To learn more about the community go to StenMorgan.com/EAN. You can also book a call to talk with Andy if you have questions before you apply.

When you use targeting strategies well, you'll identify leads more easily and get into planning conversations more quickly. There are dozens of targeting strategies, and your COI network is the best place to find them. In this episode we outline what a targeting strategy is and how you can use it to increase your book of business faster than you think.  

Advisors who take the time to teach financial concepts to their clients will empower them to make confident decisions about financial strategies. When clients make confident decisions about financial strategies, they'll have better outcomes. Take time to teach concepts in your meetings. It will lead to better outcomes for your work with the client. Sten's most common concept that he teaches is the investment decision filter. When making an investment decision of any kind, clients should factor in fees, risk, performance, and tax implications. Once clients understand this concept, they feel empowered to make decisions about strategies. That's an ideal working relationship.

Having just had 20+ advisors from across the country attend our live event, we want to share some lessons we were reminded of about how close you are to charging for advice. We also want to encourage you to think through your expectations for events before you spend precious time away from your family and your business.

Why do 80%+ of advisors quit in the first three years? Can that number improve? Why does the industry set up advisors to fail? Can there be a better way? In this episode, Sten lays out ways that those who hire advisors can improve hiring and help their advisors stay in the business.

In this episode, Sten breaks down the options for you to add another advisor to your team. Why wouldn't adding a new advisor be a good thing? Well, it turns out that more is not always better. How do you handle splitting work? What happens when something difficult happens in someone's life, and business takes a back seat? What could change from your original agreement? Sten addresses those questions and many more in this episode.

Michael Kitces, a legend in the financial advisor space, discusses topics such as business growth and future plans, challenges and solutions for growing a financial advisory business, adapting to change and finding balance, moving up market in the financial advisory industry, and recognizing and charging for the value of an advisor's time.

The idea that "you are the product" gets to the core of financial planning. It celebrates your influence as the advisor and the value YOU bring to the relationship. We encourage you to adopt this view. There are a few more days to register for our How To Charge LIVE event at our headquarters outside Nashville. Go to https://www.StenMorgan.com/HowToLive to get your seat. If it's full, you can add your name to our list, and we'll notify you of our next event date. Thanks for listening. Remember to be kind to yourself and that life's too short to choose the average path. Choose the elite one! We appreciate you. 

You can find the scorecard resource that Sten mentioned at StenMorgan.com/Scorecard. Measuring progress over the past year involves looking at various categories, including finances, health, social life, career, spiritual, leisure, personal growth, family, and friends. To measure progress, you can look through your camera roll, emails, or calendar and evaluate what worked and what didn't. With the results, you can celebrate your victories and learn from your mistakes and/or failures. Being a financial advisor can be a lonely business, so share your results with someone else and use the results to inform your goals for the next year. Take the information you've gathered from looking back over the year and choose from these options on moving forward. Who, not how? - Did it fail because YOU tried to do too much? Rinse and repeat - Stay on the same track Tweak it - Make small changes to improve on it Double it - Step on the gas and make it bigger! Bury it - Not a goal worth pursuing There's also still time to register for our How To Charge LIVE event at our headquarters outside of Nashville. Go to StenMorgan.com/HowToLive to get your seat. If it's full, you can add your name to our list, and we'll notify you of our next event date. On behalf of Sten Morgan and myself, thank you for listening. Remember to be kind to yourself and that life's too short to choose the average path. Choose the elite one! We appreciate you. 

If you want a successful planning business, you must have these five spots filled. Lead advisor Secondary advisor Admin/customer support   Director of planning Director of operations After you build out those positions, you can add more. How do these positions complement each other and work together to help you build a thriving planning practice? We explain that in today's episode.