I'm thrilled to share with you some insights from my recent podcast episode with Brad Johnson, founder of Triad Partners. Brad's journey from a small-town boy to a successful financial advisor and now coach to advisors is worth learning about.

https://triadpartners.com
https://bradleyjohnson.com

In our chat, Brad shared his transition from the corporate world to finance, a field he found himself deeply passionate about. His fascination with stocks led him to get into this business, and later he took a leap of faith and embarked on an entrepreneurial journey with Triad Community Coaching.

Brad's mission with Triad Partners is to create a community of growth-minded individuals. He aims to help financial advisors not only succeed in their businesses but also find balance in their lives. He believes in building businesses that bless lives, a philosophy that we share. 

One of the most intriguing parts of our conversation was about the "head trash" and challenges that people face in the finance industry. Brad shared a powerful story about a successful financial advisor who ended up burnt out due to the constant pursuit of success. This story serves as a reminder that true success is not about working harder and longer but about working smarter.

Brad also shared Triad's unique "advisor in charge model," a three-phase framework that evolves from a task-driven approach to a responsibility-driven one, eventually leading to a true CEO mindset. This model emphasizes empowering team members and letting them take ownership of the thinking process.

We also discussed the different stages of being a business owner in the financial advisory industry. The journey from being an employee to a business owner is filled with challenges and learning experiences. But it also comes with freedom and flexibility. Brad highlighted the value of coaching and learning from others who have walked the path before you.

Mindset, according to Brad, is a crucial factor in separating successful advisors from those who are still struggling. He encourages advisors to embrace the journey, commit to the work, and be prepared for the challenges that come with being a business owner.

I know that embracing discomfort and challenges is a sign of progress. I've also learned the importance of surrounding oneself with knowledgeable people who can offer valuable insights.

Brad and I agree that mindset is the foundation for success. Whether it's in sports or entrepreneurship, a positive mindset can make a world of difference. So, surround yourself with people who inspire growth and improvement.

I hope you find these insights as enlightening as I did. 

To your success

Sten J. Morgan, CFP®, ChFC®

This week we discussed the factors that influence clients' buying decisions.

To be great in sales, you need to understand every factor in a buying decision. Here are the ten areas we covered.

1. Their needs and wants
2. Emotions and desire
3. Perceived value
4. Social Influence (referrals)/ Peer recommendations
5. Discounts
6. Product quality and features
7. Convenience
8. Cultural and personal values
9. FOMO (Fear of Missing Out)
10. Research and information. 

There are six spots left for our September How To Charge LIVE event. If you want to stop hoping you get AUM or sell a policy to make your time and effort worthwhile and start charging for your time and ideas, then this event is for you.

We guarantee that your first planning client will pay for the event.

http://www.HowToChargeLive.com

Today we talk about how to price your services. One of the most common concerns advisors have when they want to start charging for their time is determining how to price their time and advice. Today we explore the different ways we’ve seen advisors determine their pricing and we learn how Sten has made changes to simplify his pricing after getting feedback from his staff. 

There is no perfect pricing model. It’s about choosing the right model for you and your service model. 

There are 10 seats left to our How To Charge LIVE event in September at our offices outside of Nashville, Tennessee. If you’d like to attend you can book a call to get your questions answered or get your ticket at http://www.HowToChargeLive.com.

I'm thrilled to share with you the highlights of my recent podcast episode where I was able to talk with my friend Matt Jarvis, a successful financial advisor and founder of the Perfect RIA. https://theperfectria.com/. We got personal and talked about the inflection points that shaped his career. 

• The Power of Mentorship and Appearance: Matt shared how one of his mentors advised him to dress better and how that helped him close sales. This small change boosted his confidence and altered the perception others had of him.

• Learning from the Best: Matt emphasized the importance of learning from someone who has achieved what you aspire to. 

• The Importance of a Proactive Team: Matt revealed his secret to taking time off without disrupting his practice - a proactive team. He has implemented systems like regular check-ins and scripts for client calls, empowering his team to handle client inquiries effectively.

• Unleashing Superpowers: We discussed the concept of superpowers and how advisors should focus on their strengths and outsource tasks that aren't their forte. Each team member's unique superpower contributes to the overall success of the practice.

• The Surge Concept: Matt introduced the concept of surge - designating specific days for client meetings to ensure availability for focused work. This approach not only streamlines scheduling but also increases efficiency and productivity.

• Embracing Change: We agreed that change is inevitable and should be embraced. A growth mindset and the willingness to try new ideas are crucial for success in the ever-evolving financial advisory industry.

• Delivering Maximum Value: Matt shared his commitment to always deliver incredible value to his clients, a game he believes he cannot lose.

Also, don't forget about our upcoming event - seats are limited, so grab yours now! It promises to be an investment worth making.

I believe in you!

Sten J. Morgan, CFP®, ChFC®

Get your Planning Readiness Score - http://www.StenMorgan.com/Ready

Attend the How To Charge LIVE event - http://www.HowToChargeLive.com

This episode is a recording of a recent training session we hosted on the six steps to charging for your advice. 

Our training session was designed to help financial advisors understand how to charge for their advice effectively. We've even created an assessment to measure readiness for starting a planning business, which you can access at

 http://www.StenMorgan.com/Ready. 

I'd like to thank Craig Peterson, Robert Allen, and Wes Young, members of our advisor network community, who participated in the recent live training session.

Upcoming Live Event: How to Charge Live

I'd like to invite you all to our upcoming live event, "How to Charge Live." I guarantee that the event will pay for itself with the first planning client. You can sign up at http://www.HowToChargeLive.com and use the discount code freehotel to save $500 on your registration.

http://www.HowToChargeLive.com

Save $500 on the HTC LIVE when you use code freehotel

http://www.HowToChargeLive.com 

We’re excited to share some valuable insights from my recent conversation with Jay Duffy, a financial advisor from Baltimore, Maryland. Jay attended our "How to Charge Live" event and has since implemented some significant changes in his approach to financial advisory services.

The Journey to Change

Jay and his team had already been charging for their advice, albeit on a smaller scale. Their average fee was around $2,000, which they viewed as a loss leader to get clients in the door. However, after attending our event, Jay implemented two specific changes that have revolutionized their approach.

Slowing Down the Prospect Process

The first change was to slow down their prospect process. Previously, they would quote fees in the first meeting, which often led to clients making a decision without having all the necessary information. Jay realized that they needed to gather more information and quantify the value they could bring to the client before discussing fees. This allowed them to provide more value and justify their fees in the second meeting.

Presenting Two Options

The second change Jay implemented was always presenting two options when presenting plans to clients. This gave clients a choice and allowed them to feel more involved in the decision-making process. Jay believes that offering two options shows respect for the client and avoids lowballing.

The Value of Quantifying Services

Leif emphasizes the importance of quantifying the value he provides to his clients and how it justifies his higher price point. 

He also shares a story about a client who had a relationship with another advisor but was willing to pay for Jay's planning services because he offered unique ideas and strategies that the other advisor had not discussed. Jay emphasizes that only a small percentage of clients raise objections about the planning fee, and he positions it as a valuable service that goes beyond just managing money.

The Importance of Practice and Preparation

In our conversation, Leif and I discussed the importance of practice and preparation in becoming an elite financial advisor. I personally set aside time to practice key concepts, such as the guaranteed lifetime withdrawal bonus, on a whiteboard. I believe that practicing is essential for refining skills and separating oneself from other advisors.

Conclusion

Thank you for being a part of our podcast community and I encourage you to attend our upcoming live event. I guarantee that the event will pay for itself with the first financial plan. You can visit http://www.HowToChargeLive.com to schedule a meeting with me or purchase your seats. Discounts are available for multiple attendees from the same office. I appreciate your continued support and look forward to helping you become an Elite Financial Advisor.

Hey friend,

We’ve got a great episode and a free guide for you today. 

http://www.StenMorgan.com/commitment

Commitment: A Daily Practice, Not a New Year's Resolution

We often think of commitment as a once-a-year event, but it's actually a daily and weekly practice. It's the missing piece in achieving our goals and desires, and it's all about follow-through and execution.

The Natural Ability to Make Things Work

Ever wondered why some people seem to have a knack for success? They've figured out a level of commitment that allows them to quickly determine what will work and what won't. 

 The Five Levels of Commitment

We explored a framework by Dr. Robert Wubbolding and William Glasser that outlines five levels of commitment. From "lack of commitment" to "whatever it takes," understanding these levels can help us filter decisions and overcome our natural tendencies.

 The Danger of Half-Hearted Commitment

The fourth level of commitment, characterized by a higher level of effort but still falling short of true commitment, is the most dangerous. It's easy to justify lack of success by saying we tried our best, when in fact, we didn't.

Pushing Beyond Perceived Limits

We are capable of much more than we realize. By pushing beyond our perceived limits and fully committing to our goals, we can achieve results beyond our initial expectations.

The Power of "Whatever It Takes"

The highest level of commitment, "whatever it takes," involves cutting off all exit routes and staying committed to the goal no matter what. It's a level of commitment demonstrated by successful individuals and one that I personally experienced when starting my business.

Seeking Input and Feedback

Before pursuing a level five commitment, it's crucial to seek input from others. Feedback from a team, partner, or spouse can ensure that our commitment is aligned and that we're not blindly chasing an unattainable goal.

I hope these insights spark your curiosity and inspire you to listen to our podcast. Remember, commitment is not just about achieving success, but also about redefining our best and pushing through challenges.

Use your commitment guide to find out your true level of commitment. 

http://www.StenMorgan.com/Commitment

Sten J. Morgan, CFP®, ChFC®

July 11th Elite Prospecting Webinar Registration - https://www.eAdvisorNetwork.com/webinar 

Event Registration - http://www.HowToChargeLive.com

In today’s episode, you’ll meet Myles and Robert, advisors who attended the "How to Charge LIVE event in 2023. When Robert first heard about the event, he was skeptical about charging for services that his firm was already providing for free. But attending the event completely changed his perspective. He learned a new approach to conversations and framing the value of their services. The event taught him how to quantify ideas and show clients the potential savings and benefits they could receive.

Since attending the event, Robert has seen a shift in his belief and conviction about charging for planning services. He has been able to engage with clients in impactful ways, reinforcing his belief in the value they provide. In fact, he projects collecting over six figures of planning revenue in his first year.

But Robert's success is not an isolated case. Many attendees of the event have experienced significant financial growth in their businesses. They have closed deals ranging from $8,000 to $50,000 for three to twelve-month engagements. And the average starting rate for attendees is around $4,000. It's incredible to see how this event has transformed their businesses.

Now, you might be wondering who should attend this event. According to Robert, anyone who is client-facing should be there. Whether you're a partner or an advisor, this event will teach you valuable ideas, opportunities, and how to close business. Even if you do joint work with another advisor, attending together will create buy-in and a shared understanding of the concepts.

I encourage you to visit http://www.HowToChargeLive.com to watch a testimonial video and learn more about the event. We are committed to supporting attendees and helping them take their businesses to the next level.

In a separate conversation, Myles and I discussed his experience attending the event and how it helped him improve his skills and increase his fees for planning services. He initially had some doubts but decided to attend to learn how to charge more. And boy, did it pay off!

The event guarantees that it will pay for itself with the first planning client. By being around advisors who had successfully charged higher fees and learning the tactics taught at the event, these advisors gained the confidence to quantify the value of their services and land planning clients. http://www.HowToChargeLive.com

Before you check out this week’s podcast, I wanted to remind you about our upcoming live event in September 2023. We have a special offer just for our loyal listeners - a $500 discount on registration that you can put towards your hotel stay. Use coupon code free hotel to get your discount. This event is all about adding six figures of planning revenue to your business, and we guarantee that it will pay for itself in the first planning client. So, make sure to sign up and secure your spot! You can find all the details at the URL below.

http://www.HowToChargeLive.com. 

 We had a fantastic guest joining us, Bill Williams, the Executive Vice President of Ameriprise Independent Advisors. Bill brings a wealth of experience and knowledge to the table, representing over 8,200 independent financial advisors who generate over $5 billion in annual revenue for the firm.

 Bill shares his journey, starting as a financial advisor back in 1989 and eventually transitioning into a leadership role. He opens up about the challenges and benefits of being a leader in the industry, giving us a unique perspective on what it takes to succeed.

 Bill reveals some fascinating insights from surveys conducted by Ameriprise, showing that advisors who incorporate planning into their practice have better client engagement, handle more assets, sell more insurance, and have three times better client retention. It's clear that clients are craving a holistic and comprehensive approach to financial advising.

But here's the catch - many advisors are hesitant to charge for comprehensive planning services. Bill acknowledges that asset management is easier to sell, as clients are accustomed to paying a small percentage of their assets under management. However, he emphasizes the importance of separating asset management from comprehensive planning. Managing money is just one aspect of the services advisors provide. Comprehensive planning involves personalized attention, meetings throughout the year, and addressing all financial questions and concerns.

 Many advisors are afraid to charge for planning because they've never done it before. But he urges advisors to recognize the value they bring and be willing to offer comprehensive planning to their clients. If they don't, clients may seek these services elsewhere, potentially leading to a loss of business.

 Bill further emphasizes that relying solely on investment management as a value proposition is risky. With do-it-yourself firms improving their asset management offerings at lower prices, clients may be tempted to switch. That's why it's crucial for advisors to step up their game and provide comprehensive planning services that truly differentiate them.

 We’re grateful that Bill joined us on today’s show. Here’s his bio page at Ameriprise.

We’ve never done this before.

We’re giving away our How To Charge online training program when you purchase your ticket to September’s How To Charge LIVE event. That’s a $1,500 value.

Here’s how to get your free program.

1. Purchase your ticket before July 1st, 2023, and we’ll respond with a code to get HTC Online for free.

2. If you’ve already purchased the online program, we’ll pay for your hotel stay instead. 

3. To register for the event or have questions, you can set up a 1:1 call below.

http://www.HowToChargeLive.com

Here’s what we cover at How To Charge LIVE (Episode 58)

Today’s Episode:

We exist to challenge the status quo of this industry. In this episode, Sten discusses why the industry operates the way it does and why most advisors follow the average path that the industry dictates.

It’s time to step back and question the status quo, rather than just tweaking a bad system. You don’t have to give up your time with family to be successful. There is a better way to achieve success without sacrificing time.

One of the first steps you can take is to attend our How To Charge LIVE event in September. We guarantee it will radically change your business in a day and a half.

http://www.HowToChargeLive.com

The financial advisory industry is trapped in the status quo because it works just well enough, and many decision-makers are detached from the individual lives impacted by the business.

Your goal should be a better prospecting strategy that gives you more business with a higher close rate than traditional methods like cold calling or relying on referrals.

To learn more about Lead Advisor Network's approach and attend the How to Charge Live event in Nashville in September, visit http://www.HowToChargeLive.com and purchase tickets before the end of June 2023. Those who purchase tickets will also receive a free How to Charge Online program.

The industry's system is broken, and there is a better way to do things.

Thanks for tuning in, and I hope to see you at the How to Charge Live event!

http://www.HowToChargeLive.com