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This is the first of a new series called "Learn the Hard Way" where we cover lessons advisors have learned through experience and how to avoid making the same mistakes.

Today we cover:

• How process saves us from ourselves
• Why healthy people pursue hard conversations
• How boundaries with prospects will help you grow your business

Head trash is the umbrella term that covers the limiting beliefs that you may have, such as feeling inferior when working with clients who have more wealth or feeling demotivated when a potential client already has an advisor. Today we talk about how to overcome these beliefs and cultivate self-assurance in your work as an advisor. Fears must be confronted and today we’ll help you confront them so you can reach your true potential as an advisor.

In this podcast episode, Sten Morgan and Andy Traub discuss the fears and obstacles faced by financial advisors, particularly the fear of not knowing enough to charge for their services. They emphasize the importance of recognizing the value of one's time and expertise, and not letting fear hold them back from charging for their services. They also discuss the importance of continuous learning, growth, and collaboration in overcoming these fears. They provide practical advice for advisors to overcome these challenges, including admitting when they don't know something, building a network of experts, and setting boundaries to value their time.

This is the first episode in a series where we break down the limiting beliefs and fears in this business. It’s vital that you embrace this fear and tension, because they are ever-present companions on the path to success. Courage is taking action in the presence of fear and everyone needs to be courageous to make it in this business.

Financial advisors commonly experience specific fears, including feelings of self-worth, scarcity, and inferiority. In this episode, you'll learn to recognize and embrace fear as a natural part of entrepreneurship.

Right now, limiting beliefs hold you back from reaching your full potential. By listening closely and taking action, you can break free from these barriers and move towards your true capabilities.

Sten and Andy discuss Commitment Bias and how it holds you back from achieving even greater success in your business. It’s extremely difficult to identify this bias so listen closely and then look closely at your patterns. When you do find the bias, you must force yourself to create pattern interrupts.

It’s easy to fall into the average path of blindly following people that are closest to you geographically. It can also be easy to think you want to have someone’s life, but you don’t understand what they’re sacrificing in their life to achieve their current results. You need to evaluate your potential role models carefully. It’s true you need to be open to learning from people regardless of their age or experience and in this episode we talk through how to choose great heroes and perhaps most importantly why you need more than one.

In this episode we answer six questions from listeners like you. We discuss:

• The effectiveness of remote versus in-person meetings
• The value of driving to meet clients face to face
• How to convert old clients to fee-based clients
• The importance of financial advisors understanding their ideal consumer
• How to build relationships with idea partners
• How to introduce the idea of charging for advice to your company

The biggest obstacle that financial advisors face is not leads or the economy, it’s a lack of confidence. So, how can you gain confidence? What keeps you from trying? How can you understand fear and get past the obstacles that are keeping you from taking the action you know you need to take? 

Confidence is the key and in this episode we teach you how to systematically look at and process your decisions in a way that will build confidence. 

Hey everyone,

Are you struggling with charging for planning services? In our latest podcast episode, we break down the obstacles a recent EAN customer is facing as he works to close more planning clients. We coach hundreds of advisors who face these same issues and offer valuable insights to solving his problems.

• By the end of the first meeting, you should be clear about your fee structure and the value you bring to the table.
• The goal in the first meeting is to present a few ideas that pay for themselves.
• Move on to a proposal in the second or third meeting, depending on the amount of data gathered.

We also touch on the issue of minimum fees and hourly rates. It is required to have a minimum fee to ensure that you are compensated adequately. Instead of thinking in terms of hourly rates, we suggest a value-based proposition that establishes your expertise and the value of your advice.

We encourage advisors to adapt to the changing industry landscape and to be confident in the value they bring to their clients. By setting clear expectations and communicating your value effectively, you can build strong relationships with clients and achieve better outcomes, all while increasing your revenue.

As always, thanks for listening.

Sten Morgan & Andy Traub

In this week’s episode, Andy interviews Kyle Kuyat, VP of Business Development and part of the recruiting team at Silver Oak, about why financial advisors switch companies and the process of switching. They discuss the different options available for financial advisors, such as wirehouses, banks, and independent broker-dealers, and how the industry has changed due to mergers and acquisitions. They also emphasize the importance of finding the right fit for both the advisor and the company, cautioning against the potential pitfalls of switching companies. This episode has a TON of practical advice for financial advisors considering a switch.