Posts

Hire a Pro Wrestler

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The COVID pandemic has encouraged us to find new approaches.  Many celebrities have decided to use their skills on Social Media platforms.  The best person we need to emulate is The Rock.  We all know professional wrestling is fake, but we still watch.  This week we will summarize what many celebrities and pro wrestlers are doing.  Our belief is that their approach can work in the wealth advisory industry.  Wrestling is not as stupid as you think.  

200,000 followers
Social media metrics are seductive. The Seth Godin idea of MVA works for our industry because customized solutions and good customer service takes time. Followers work for a mass market solution but fail for wealth advisors and our children. Congratulations to The Rock for surpassing 200,000 followers. The metric works for movie stars and pro wrestling. 


Start Now
Technology makes it easier for us to convey our message but it also makes it easier to see what others are doing. We have learned that nobody’s life is as perfect a…

Gamification

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Many Independent Wealth Management websites have a link for people to request an appointment to discuss their personal financial information. We all can do better.  This week I’ll explain how we can use AI to help.  I’m using an AI tool called gamification to help us in three important areas. We often outsource these three needs to expensive professionals. I will propose that a computer can help, complemented with human professionals.  Computers can identify our tendencies and mistakes, but humans deliver empathy.  

Recruiting
Recruiting is on the top of most firms wish list. The recruiting game has standard questions that all recruiters have asked for years. Our game will include those questions, but also ask our colleagues what questions resonated for them. The other aspect of recruiting that can be improved is references. All of our current clients should be randomly chosen by the computer to eliminate using our Mom as a reference. The new recruiting game will be an improvement to th…

Oye!

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We all need to listen more and talk less. Our blog this week will cover the podcasts we listen to without guidance from The Presidential Debate Commission.   We also remember the Gloria Evestefan song
True Crime
Whistleblower
Broken: Seeking Justice

Piketon Masecre

Education
Amended
Masters of Scale
Take 15


I promise I’ll be quiet and follow the rules. 



Kierkegaard

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During the pandemic I have had a lot of downtime in the 200+ days. During this time I have decided to write a book using the guidance of Soren Kierkegaard. One of his many famous thoughts was “Life must be lived forward, but only can be understood backwards”. This week I’ll summarize three of the chapters in my upcoming book. 

A Coke a Day
In many sales jobs we use a script to insure we discuss all of the features our firm wants us to sell. My first sales job was selling new cars. We learned many sales quips to sell the car. My favorite script was to share that it looks like we are down to a Coke a Day to make the final decision. I would end the script with a question. Do you need anyone else’s permission to buy a Coke?  The answer to this rhetorical question was No.  I would close the sale by saying since we don’t need anyone’s permission. Let’s sign the contract  for your new car!  The script also taught me what I didn’t want use a script in my next job. Companies who use scripts ofte…

Adjusted Earnings

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The pandemic has showed us several items in our business and our economy that need to be improved. This week we will share components that need to be reduced and several new ideas we should add with the money we save. Cuts and changes are never easy but we will offset the cost savings with an equal amount of new professionals. Take a deep breath because none of our cost cutting ideas will be the from the founders. Hopefully, our recommendations will allow us all to make more after we have a vaccine. 



Experts The complexity of a credible wealth advisory solution requires numerous experts.  Historically we have outsourced this need and created a “my client” argument.  The top independent firms have all of the experts under one roof.  Many experts are being pushed out of their current firms and are looking for a new team.  Our industry has  experienced professionals being displaced in the accounting and brokerage businesses before.  The next experts we need to add are therapists and T&…

In Control*

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This week I was thrilled to read No Rules, Rules. It reminded me of the great professionals I have worked with that didn’t want to be told what to do. They could figure out their own superior solution to the Ivory Tower. This week I will summarize how we can apply Netflix’s ideas to the independent wealth advisory business.  We don’t have any movies, but we now have technology and a an advisor mindset that we can apply. 

Brady Belichick Kraft
Netflix reminds us that we are not family, we are a team. This speaks to me as a man, apologies to Kenzie Grant, and to my wife and two daughters . As a team we must hold all of our teammates to a high standard. If they can’t make the grade we need to replace them. If they do make the grade we need to pay them a free agent wage. Our teammates want to be a part of our team because we win and our success will trickle down to them and help attract great advisors and clients. 

Tools
Great teams have the money to spend on great facilities and state of the…

Corralling The Herd

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Many of us are still at home hoping doctors and drug companies can achieve Herd Immunity. While social media won’t solve COVID it does distract. My favorite distractions are listened below. 
Education
The Bomb educates us how people helped create the atom bomb.  It also describes the conflicts on the team.Hope Through History  History shows us that this is not our first crisis.It Was Said  Great speeches stick in our heart  Amended  The struggle of women inspires Behind The Talent  Many of us are looking for a new job.  This podcast can help.  
Entertainment
Billionaire Boys Club  Recent graduates try to get rich quick.Even The Rich  Rich families are dysfunctional too. 
I’m spending more time trying to educate myself for my next professional chapter.