The Profitable Advisor Podcast

Have you ever heard the political phrase, "Never let a good crisis go to waste?" That's probably been attributed to a few different politicians through the years, but the underlying message is still the same.

In a much more benign sense, a financial advisor can also take advantage of a crisis to market their services. When things get uneasy, people are looking for help putting their mind at ease. We know that emotions often drive decisions and inflation is a driver of emotion.

That's why inflation is providing advisors with the perfect opportunity to motivate people to act. For many years, retirees have been able to ignore inflation with their investment decisions. Now that inflation is up over 6%, you should be using this as the message to make sure people understand it could cause a retiree to run out of money if not prepared.

If you aren't sure how to capitalize on this moment, listen to the podcast today to get some direction. We're also happy to sit down and discuss it with you directly if you want to book a chat.

Here's some of what we'll discuss on this episode:

• We see examples of how using a crisis for gain frequently. (1:10)
• Why inflation is the crisis financial advisors can find an opportunity in. (5:13)
• Most people aren't taking inflation consideration into account when they first meet with an advisor. (5:25)
• What history has taught us about the government and inflation. (10:55)

Schedule a meeting with Dan: http://bookachatwithdan.com

Read more and get additional financial resources here: http://renegadeadvisor.net

As we begin another new year, it's natural to start thinking about goal-setting and ways that we can improve the business in 2023. Even if you don't really care much for resolutions, putting some steps in place will allow you to measure and track your progress.

We spent some time in recent weeks looking ahead to the new year and thinking about the areas of importance, and we'll use this episode to share five useful action items that we will implement or have already implemented to help elevate your business in the new year.

Here's some of what we'll discuss on this episode:

• Why you should improve your wardrobe and how to do it. (2:28)
• Start creating personal and business budgets for yourself. (5:13)
• Nurture your prospects by communicating regularly. (7:53)
• Re-evaluate who you're working with and fire a client if you need to. (9:13)
• Find your niche this year so you can position yourself to become THE advisor in that niche. (10:36)

Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com

Read more and get additional financial resources here: http://renegadeadvisor.net

As financial advisors, a lot of us don't like to think of ourselves as someone who works in sales. But if you own any business, then you are in sales because without customers, you don't get to do what you do.

What we've learned through the years about sales is that what makes it work well is having a system, and we've tried many different types. Maybe the simplest system we've come across is the one by Dan Solin. Today we're going to share a conversation we had with Dan which focused on his book Ask: How to Relate to Anyone. This interview is one we feel is mind-altering and can provide you with a great perspective on what it takes to be successful selling your business to clients.

Here's some of what we'll discuss on this episode:

• What's the easiest way to get somebody to like you? (3:57)
• The distinctions between introverts and extroverts and how it affects sales. (5:47)
• What's the best way to approach introverts and not waste time? (6:07)
• Why it's important to understand attention spans during the sales process. (17:03)
• Why you need to move away from being the most interesting person in the room to becoming the most interested person in the room. (24:14)

Learn more about our guest: https://danielsolin.com/

Get Dan's Book: https://www.amazon.com/Ask-Relate-Daniel-R-Solin/dp/0974876321

Schedule a meeting with Dan Cuprill: http://bookachatwithdan.com

Read more and get additional financial resources here: http://renegadeadvisor.net

It's that time of the year when you should start thinking about plans for the new year, but trying to set goals for an entire year isn't the best approach.

When you set goals for a year, it's very easy to forget about them over the course of 12 months. But if you can break that down into three-month periods, it becomes much easier to track and you'll find it will stay top-of-mind.

Today we'll share our approach to planning that we've found helps ensure we always hit our profit goal. We've been big believers for some time that established advisors should be setting profit goals instead of revenue goals because profitability is what we're aiming for. So to help you hit those goals in 2023, we'll give you five action steps for the new year.

Here's some of what we'll discuss on this episode:

• Start the first quarter of the year by creating a budget. (2:10)
• Adopt the profit-first methodology. (4:28)
• Why you should charge fees in 2023? (6:07)
• Focus on managing all the assets for your client. (8:49)
• Improving the first impression you make. (10:08)

Schedule a meeting with Dan: http://bookachatwithdan.com

Read more and get additional financial resources here: http://renegadeadvisor.net

So much of our efforts as financial advisors are focused around getting new clients. From marketing to selling, you have to be able to attract clients to have a business so it is an integral part of what we do.

Sometimes, though, we make it so important that we're willing to put up with a difficult relationship just to maintain a client. At some point, we have to make some tough decisions like when is it no longer worth it? No one wants to lose money, but there comes a point where the revenue you're receiving pales in comparison to the grief you're having to put up with.

Today we'll explain the situations where we determine it's best to end a relationship with a client and why you should be considering doing the same.

Here's some of what you'll learn on this episode:

• The first reason we would fire a client is when they fail to follow the plan. (3:10)
• Why unrealistic expectations might lead to you being fired so is it best to take that action first? (7:07)
• Clients are occasionally just bad people and not worth the time. (8:48)
• How do make up for the lost business when you fire a client? (10:54)

Schedule a meeting with Dan: http://bookachatwithdan.com

Read more and get additional financial resources here: http://renegadeadvisor.net

We were talking with an advisor who's in our program recently and the topic of assets under management came up because he felt stuck on a rather modest number.

So it got us thinking about this issue and what keeps an advisor from the growth that they want to see. It's not your marketing that's driving whether you have a lot of AUM or annuity sales. It's you who drives and we'll explain why that is on the show.

Here's some of what you'll learn on this episode:

• Why you get what your business is set up to get. (2:06)
• Your client doesn't care about products. They want solutions. (2:58)
• An example of an advisor who shifted to stocks and bonds over annuities and insurance. (3:45)
• Why YOU drive your business, not your customer or marketing. (6:19)
• Making the transition in your business to improve lifestyle. (8:37)

Schedule a meeting with Dan: http://bookachatwithdan.com

Read more and get additional financial resources here: http://renegadeadvisor.net

Wanted to do everything he could on his bucket list during his 60s because he didn't think he'd have the energy and ability to do as much in his 70s based on what he had seen from family and friends.

This is why we like to push advisors to build their business in an entrepreneurial way so that the day-to-day still rolls along while you get a chance to enjoy your life and check off some of these items.

Now, as we talk about ways to build the business, we want to shift our focus now to live events as a marketing tool. With the world going back to a relatively normal routine after the pandemic shutdowns and slowdowns, the opportunity to get back in front of people is front and center again.

We have put together a list of eight rules, that if you follow, will make you a very successful marketer when it comes to live events. In this episode, we'll share a few of them with you and explain why they work.

If you want to get all eight rules, subscribe to our newsletter and we'll send them out to you this month.

Today's Key Points:

0:39 - What a client told us years ago that still resonates

1:37 - Dan's 'bucket list' goals

3:58 - Post-pandemic marketing

6:41 - Create your own list of prospects

9:56 - Ways to build your list

14:24 - Always charge to attend your workshop

17:15 - Be honest

18:58 - Final thoughts

Schedule a meeting with Dan: http://bookachatwithdan.com

Read more and get additional financial resources here: http://renegadeadvisor.net

Have you ever had someone show up at your office to get your advice? They might even be willing to pay for advice. But that same person isn't willing to let you manage their money because they feel like it's something they can tackle on their own.

If you haven't experienced this yet, you likely will soon because it's becoming more common. With more and more information available, it has become easier to do on your own so it's important that advisors adjust to these changes happening in the financial world.

So how do you remain profitable by only providing advice? The key to long-term profitability is recurring revenue, but how do you do that if you aren't managing investments?

Let's explore this question and discuss the optimal service to provide these prospects.

Today's Key Points:

1:58 - Adjusting to the changes in the world

4:08 - What's the optimal service?

5:33 - The fee charged

7:57 - The planning process and expectations

11:34 - Providing value every quarter

Schedule a meeting with Dan: http://bookachatwithdan.com

Read more and get additional financial resources here: http://renegadeadvisor.net

Nearly every investor has some amount of exsposure to the stock market, and that likely means clients have questions when things start to drag. That's to be expected in this current investing environment so what should you be telling people that want to know how to react?

On this episode of the Profitable Advisor, Dan will tell you how he approaches the conversation with clients and what key points he likes to get across to those that are worried.

If history is any guide, we'll find our ways to navigate these choppy waters. We always have and we always will, but that doesn't mean there's not some pain and discomfort along the way.

The number one concern we have as advisors is protecting clients. Sure, there might be negative returns that happen year to year. But what we're worried about is making sure you don't run out of money in retirement and the returns in the short-term aren't a big deal in the grand scheme of things.

If you struggle at all with having these conversations or just want to hear how other advisors handle bad markets, check out this episode and keep an ear out for the key points below.

Today's Key Points:

1:33 - What we're talking about today

2:54 - Market declines aren't bad news

5:22 - Markets are not linear

7:21 - Already factored into planning

8:47 - Discomfort in early stages

10:34 - This is normal

12:44 - So what?

Schedule a meeting with Dan: http://bookachatwithdan.com

Read more and get additional financial resources here: http://renegadeadvisor.net

One of the hardest things to is actually one of the easiest. Sounds strange, right?

Today we'll talk all about writing a book, which can seem like an overwhelming task for a financial advisor. We hear from people all the time that want to do it but have no idea where to start. This show will change that.

We won't get into the mechanics of publishing a book on this episode. Instead, we'll focus on what the book should say and why it's so easy to do. We're going to take you through the outline for doing this so make sure you take notes along the way. You'll want to reference this later when you sit down to start your book.

Since learning the process we'll share today, we've written four books including an entire book on a single airplane flight. So settle in, grab your notepad, and let's get started.

Today's Key Points:

1:40 - The goal for this episode

3:47 - Cover and title

7:49 - Add an offer

9:45 - Testimonial page

10:20 - Next sections

11:12 - Forward page and who should read book

12:20 - My promise to you

12:53 - Introduction

14:36 - The chapters

17:10 - Sales section

19:38 - Final thoughts

Read more and get additional financial resources here: http://renegadeadvisor.net

Schedule a meeting with Dan: http://bookachatwithdan.com