Secrets of Successful Advisors℠ with Ken Haman

Financial advisor Rob Miles shares the importance of listening to clients' needs, emphasizing the power of actively exploring their hopes, dreams, and fears. Slowing down and allowing clients to reflect on their financial lives can redefine the advisor-client relationship, lead to tears, and open up more opportunities for solutions. Advanced listening skills positively impact advisors' businesses. The podcast delves into the significance of listening, strategies to enhance it, and the transformative experiences it brings.

The annual client review is one of the best times for a financial advisor to strengthen client trust and support retention. To reach its full potential, an annual client review meeting should be distinct from a typical portfolio performance review, and advisors should have an explicit plan for how to deliver their message. In this episode, Ken Haman, Managing Director of AB’s Advisor Institute, details how to develop and execute an effective client review. Note to All Readers: The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this podcast. AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates. The [A/B] logo is a registered service mark of AllianceBernstein, and AllianceBernstein® is a registered service mark, used by permission of the owner, AllianceBernstein L.P. © 2023 AllianceBernstein L.P.

Learn how a gifting capacity analysis can benefit wealthy families by addressing wealth transfer and philanthropic gifting decisions. Discover the importance of effective communication with centers of influence and presenting complicated ideas with the help of financial planning software. Find out how the analysis can reduce tension in wealthy families and open up new referral advocates for financial advisors.

Discover the power of using wealth-management checklists in financial advising, including how they can enhance the overall client experience, attract new clients by showcasing advisor expertise, and serve as an effective marketing tool. Learn about the benefits of utilizing checklists, such as managing complexity, demonstrating understanding, and prompting meaningful conversations. Explore the Alliance Burnstine Advisory Institute's wealth management checklist and additional resources.

The podcast explores the psychological challenges faced by newly wealthy clients, why they become controlling, and the difficulties advisors face in gaining their trust. It also discusses the concept of locus of control and the importance of engaging with these clients to guide them through the transition to wealth management.

The podcast discusses how checklists can help wealthy clients understand and manage their complex financial situations. It explores the use of checklists in the client experience, the benefits of using checklists in advisory practice, and the importance of providing visual representations of financial complexity. The podcast emphasizes the role of advisors in understanding clients' perspectives and addressing their unique challenges.

Exploring the importance of goal setting in managing high-performance teams in the financial advisory industry, including the significance of qualitative goals, team growth, and performance goals. Also, discussing the accountability of senior advisors, challenges faced by new generation rain makers, and the importance of setting performance goals for teams.

The podcast discusses the importance of team meetings for financial advisors, exploring how the concept of the heroic advisor clashes with team dynamics. It also highlights the characteristics and preferences of individuals in a team, emphasizing the need for empowering meeting approaches. Additionally, it emphasizes the importance of daily team meetings for managing workflow and communication, comparing them to a football huddle. Lastly, it discusses the value of quarterly team meetings in enhancing client experience and fostering creative thinking for future adjustments.

The podcast discusses how the human brain struggles with complexity and the use of mental shortcuts known as heuristics. It explores the concept of narrow framing and its impact on decision-making, as well as the challenges faced by advisors when working with wealthy clients.

In this podcast, Scott and Ken discuss the challenges of rejection in the financial advisory industry. They explore more efficient ways of finding potential clients, the risk-free approach to engaging with CPAs, and how case studies can liberate advisors. They also provide strategies for overcoming emotional barriers and having successful meetings with professionals.