The Elite Financial Advisor Podcast With Sten Morgan

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. 

You will never become the Elite Advisor that you can become without a team. In past episodes, we discussed identifying your superpowers (20, 25, and 26) so that you can build a team around them, but once you have a team, you need to care for and develop them. In today's episode, we dive deep into how appreciation helps your business and your team reach their potential. Ways to show appreciation: 1. Salary - Your team wants to be paid well, and many of them want to be incentivized to make more. 2. Words of affirmation - Be specific in your affirmation, and remember it doesn't have to be because they did something amazing. Regular affirmation for smaller things is better than rare affirmation for great things. 3. Gifts - Try to give gifts that create a recurring reminder of how much you care about your staff. The more often they use a gift, the better. Seasonally, it's important to take time to celebrate what you've achieved in the past year. We only have a dozen spots left for our How To Charge LIVE event. Go to http://www.StenMorgan.com/HowToLive to get your seat so you can learn how to start charging for your advice or how to level up your current financial planning business.

Progress happens when you apply proven systems and habits. That's what today's episode is all about. We discuss seven different ways you can increase your planning and consulting revenue.  11/22/22 - Free Training - How To Add 50K In Planning Revenue Click here to register January 2023 - How To Charge LIVE - Our live event where you'll learn our system for financial planning and consulting.  Click here to register Click here to meet with Andy to ask a question about the event. 1. Find free ideas - Be relentless about learning from your COIs and other advisors. Be systematic about knowing the ideas they use to help their clients so you can suggest them to yours. It's like becoming a tax ninja without having to go to tax ninja school. 2. Quantify value of ideas - Always total the value of ideas you provide 5k + 8K + 20K etc. Some ideas are 10X ideas while others are soft results - Taking action when the client wouldn't have is a soft result that creates a measurable outcome.  3. Name your price - Don't undercut yourself - Borrow the confidence 4. Do what you do best - Optimize your situation with the right people or systems.  Coaches show up and put on a headset and coach 5. Take smaller clients - Have a Jr. advisor take smaller planning clients so you don't have to turn down a 3K plan if it's profitable. This will accelerate the growth of advisors on your team and pick up additional revenue for the firm. 6. Joint work - Doing joint work can open you up to working with clients you couldn't have handled otherwise. 50% of a planning fee is better than 0%. 7. Don’t give prospect all or nothing scenario – Give 2-3 price points for the prospect to engage with you. But make sure your service model aligns with that fee.

Free training - StenMorgan.com/50k January event - StenMorgan.com/HowToLive  $400 discount coupon code if you register before Thanksgiving: freehotel  We want you to be the first to know about a free training that Sten and I are offering twice on November 22nd called How To Add 50K In Planning Revenue. To register, go to StenMorgan.com/50k. Sten has generated over 1.7M in planning fees and will generate over $600,000 in planning fees in 2022 alone. So, whether you've never charged for advice or you've got a thriving planning business, you will learn how to add revenue to your business.  That registration link is StenMorgan.com/50k. If you're ready to invest in your personal development and the growth of your business then you should come to Nashville in January to take part in our first How To Charge LIVE event. You'll work with Sten and his team to make sure you're ready to start charging for advice or improve your current planning business so you can reach your true potential.  You can get your seat for the event at StenMorgan.com/HowToLive. If you register before Thanksgiving then we'll cover your hotel costs for the two days you're in town. Just use coupon code freehotel to receive $400 off your registration and put that towards one of the quality hotels within minutes of our event.  We'll see you at our live training on the 22nd and in January at our event!