The Profitable Advisor Podcast

The goal for every advisor should be to manage 100% of your client's money but that might seem easier said than done. The truth is that having the right approach with prospects makes it a logical decision to place all of their confidence in the work you do.

On this episode, Dan will share his process for meeting with clients and setting expectations. This 'co-design' approach doesn't just provide prospects with a clear understanding of your planning philosophy, but it also helps them see why it also makes the most sense for their retirement. We'll also share the five areas that you'll want to make a part of that co-design process.

Hopefully by the end of the show, you'll have a clear vision for how to achieve this goal of managing 100% of your client's money. If you have any questions, you can get on Dan's calendar by visiting BookaChatWithDan.com.

So as you go through the episode today, keep an ear out for some of these topics that we cover:

• Why you don't have to work with more affluent clients.
• Explaining what we mean by requiring your clients to put all their money with you.
• What you should ask your clients before they even begin working with you.
• The 'co-design' process and how to explain that it's illogical to not have all of your money with one advisor.
• The five areas that you want to take the co-design approach with a client.
• Why you need to be a holistic advisor to get 100% of the money.
• What your marketing plan should be for this year.

For more on this topic and other strategies to growing your business, join us over at AdvisorArchitect.com

Here is today's show rundown:

0:45 – Equity markets responding to major events

1:45 – Affluent clients

3:22 – What I mean by 'require' 100% of money

5:41 – Show them why it's illogical to not have you manage it all

9:18 – 5 areas to co-design with a client

10:18 – Talking with your client

13:34 – Holistic advisor

14:30 – Your marketing plan for this year

15:32 – Tools you need

Today we want to spotlight one of the first people to enroll in the Renegade Advisor program. Not because of that early relationship but because he's incorporated many of the strategies we talk about and his success is taking off.

Ryan Fleming, MBA, RICP, CRPC has an incredible story as a former college football player and graduate of the Air Force Academy. He identified this niche and went all in on working with pilots. The business was profitable early on but the real growth came when he began trusting the marketing strategies we discuss all the time.

We asked him to join the podcast to share his journey as an advisor. Along the way, we expect you'll pick up a few things that you can use in your own practice.

So as you go through the episode today, keep an ear out for some of these topics that we cover:

• How he started reaching out to pilots and carving out this niche.
• His marketing systems and when it all started to click.
• What ways is he marketing his kit to pilots?
• The main things that held him back early on
• Uncovering landmines with prospects and how Ryan stays rigid to his approach as an advisor.
• Keeping the emotion out of your meetings with prospects.
• Generating referrals after taking a more holistic approach.

For more on this topic and other strategies to growing your business, join us over at AdvisorArchitect.com

What we discuss in this episode:

0:45 –Background on our guest

2:10 – His credentials

3:38 – Decision to work with pilots

5:30 – Spending money to market

9:38 – Two things that held him back

12:00 – His rigid approach as an advisor

16:57 – A more holistic approach

19:38 – Writing a book

22:40 – Client appreciation event

25:22 – Growth

28:37 – Recapping everything we've discussed

It's that time of the year when vendors are having their meetings and that means you need to understand what you're walking into.

The vendors want your business and they will do what it takes to keep you on board. Since they're essentially in the commodity business, they have to come up with reasons to convince you otherwise. One of the ways they do this is to create a Financial Advisor Hall of Fame to provide you with perks and highlight the work you do. This can and should feel great, but it's a tactic they will use to keep you locked up and make you keep pushing for these benefits.

But it doesn't always make sense to keep pushing to grow and chase this hall of fame when it comes down to the bottomline of your business. And that's what it's all about, right?

So as you go through the episode today, keep an ear out for some of these topics that we cover:

• What really is vendor?
• The ways in which they can try to convince you can be cultish.
• Vendors creating a hall of fame to entice you. Be aware of this tactic.
• Why adding to your team and bringing on more staff doesn't always mean more money.
• Hear about four Renegade Advisor members that had great success and how they did it.
• Understand what's at play when you go to these vendor meetings.

For more on this topic and other strategies to grow your business, join us over at AdvisorArchitect.com.

Show rundown:

0:55 – Vendor meetings

2:21 – Cultish behavior

4:22 – Financial Advisor Hall of Fame

6:08 – We're running a business

7:37 – Four successful Renegade Advisors members

12:16 – Is it worth the time commitment

With the new year beginning, we hope you are as excited about the future of your business and what you hope to accomplish. With 2022 arriving, we're always looking for ways to improve ourselves and our bottom lines, and that's why we choose today's topic.

Financial advisors are often wondering whether or not they should get a coach. Will it really help elevate your business? Can you see the impact?

Let's talk about that question and work through why it could be a tremendous business development investment. Coaches make an impact on many different aspects of life and finance is no different so if this is something you've been considering, you'll want to hear today's show. Find out what you're looking for, what makes a successful program, and why coaches aren't for everyone.

So as you go through the episode today, keep an ear out for some of these topics that we cover:

• Trying to accomplish all types of goals in life is achieved more often with the help of a coach.
• Why a coach isn't the answer for every financial advisor.
• A coach should have experience and a background in the area you're looking to get help with.
• Whatever you choose, it should have materials that allow you to work and learn on your own along with face-to-face meetings.
• Don't bankrupt yourself paying for a program.
• Great programs should have stages that allow for beginners to experts

What we discuss in this episode:

0:55 – Finishing out 2021

2:45 – Do you need a coach?

4:40 – The primary motivator for having a coach

5:19 – Having a coach isn't for everyone

7:10 – Your coach should have a background in the area you need help

9:40 – Necessary materials to learn on your own

12:44 – Find something affordable

14:03 – Stages to a program

We're going to get a little political today but not in the way you would think.

You might expect a show with criticism about judgment, but that's not what this episode is about.

The truth is the new administration in Washington D.C. has given financial advisors a lot of great opportunities to grow their business, and as a result, you should be ramping up your marketing efforts. Now, this isn't a discussion about whether or not we agree with the current policies. It's about leveraging the current environment to generate revenue for yourself.

We're going to use this episode to lay out a simple strategy for how to address the issues at hand and then provide a system to people that will help solve those problems. There's a lot of fear and concern from Americans right now and proper planning can help ease many of those financial worries. That's where you come in.

So as you go through the episode today, keep an ear out for some of these topics that we cover:

• The story behind the one and only Democrat that Dan has voted for.
• The reality of inflation and how to market around that issue.
• You want to appeal to what could be a worry or concern for your prospect.
• Why you should be talking about the news of the day.
• What questions you can ask at workshops
• Why you need to have a system in place

For more on this topic and other strategies to grow your business, join us over at RenegadeAdvisor.net.

1:19 – Background on Dan's political beliefs

3:29 – The marketing opportunities created by President Biden

4:14 – Inflation

5:42 – How to market around inflation

9:11 – Take advantage of the news of the day

12:19 – Questions to throw out at workshops

15:45 – Are you lacking a system?

17:56 – The takeaway from this topic

What can a financial advisor learn from their doctor? Well, the way we interact with our clients should resemble the way a doctor treats their patients. We are the professionals and we have to be able to communicate to our clients what is best for them, as a doctor would do for your health. On today's show, we will go over 5 things we can learn from our doctors that will make us better financial professionals.

You need to understand why your prospective client is coming to you. During a doctor's visit, they would ask you "Where does it hurt?" The same thing applies to your client's financial plans. Why do they need an advisor? Where do they feel they need help in their plan?

Don't make recommendations until your client agrees to a whole holistic study of their finances and financial plan. You can't tell a doctor to just check one part of your body. You are an expert in your field, as a doctor is an expert in their field. The client needs to trust your recommendations and process!

We want to be clear and confident when we are working with prospects and clients. You are getting paid for your service and your expertise. It's okay to tell clients no and to give them your honest opinion for the health of their financial plans. The more you start saying no, the more people will start saying yes to your recommendations.

So as you go through the episode today, keep an ear out for some of these topics that we cover:

• What questions do you need to be asking your prospective clients?
• Why do you need to provide a holistic opinion to your clients?
• Get paid for all of your time.
• Don't get lost in the details.
• Learn how to say no when you need to.

For more on this topic and other strategies to grow your business, join us over at RenegadeAdvisor.net.

What we discuss on this episode:

2:53 – Where does it hurt?

5:20 – Examine fully

6:44 – Getting paid for nothing

9:53 – Don't overdo the science

11:37 – Willing to say no

You've probably heard many times that authors have credibility. Even if the books aren't well-written, just becoming published establishes them as an expert on their subject matter. It's just a fact of life.

And there's never a better way to establish a relationship with a prospect than with your own book. As the guest on today's show will explain, you don't want to become a coffee bean on a table of coffee beans. You want to do something that separates and differentiates you from the competition. One of the best ways to achieve that is by publishing your own book.

Today we welcome Mike Delon, who is an author, speaker and marketing strategist that works with advisors to help write and publish books. He has the process down to a science and understands the strategy behind becoming a best-selling author on Amazon.

Ultimately we want you to see just how efficient the process is and why it won't take nearly as much time as you'd expect to write your first book.

So as you go through the episode today, keep an ear out for some of these topics that we cover:

• Why publishing your own book helps provide separation and differentiation from the competition.
• Is it better to aim for perfection or just get it all written?
• How to utilize the book to attract prospects.
• The approach he uses to create a book with clients.
• Why it only takes an hour or 1.5 hours each week to write the book.
• The secret to becoming a best-selling author on Amazon
• The way he leverages the book with podcasts

For more on this topic and other strategies to growing your business, join us over at RenegadeAdvisor.net.

What we discuss on this episode:

1:47 – The advantage of having your own book

3:33 – Aiming for perfection

4:57 – Payoff on the backend

8:04 – Referral tool

9:38 – Formula for creating the book

12:03 – The process for writing the book

14:24 – Becoming a best seller

19:27 – Using the book and podcast together

23:28 – Getting media credentials

25:24 – Orders

27:13 – How to connect with Mike

About our guest: https://paperbackexpert.com/

It's that time of the year when vendors hold their annual meetings, evaluate the upcoming year, and set new sales goals. The mission, as they'll explain, is to ramp up sales and increase the revenue you're bringing into the business.

But does that actually benefit you?

While these meetings might be great for catching up with old friends and learning about new trends, they aren't the best use of time when it comes to increasing your profit.

So today we'll going to tell you about the process you should be using to generate the revenue you need, and it's something the vendors will never agree with. We want to make it clear that businesses that aren't built on profit will continue carrying huge overhead managing dinner seminars and other large expenses. And that's never going to allow you to reach the profitability you desire.

The bottom line for the discussion today is determining how much money you need and how much profit you are required to generate to hit that critical mass number on your own personal net worth. This all leads to better results for you and the business. If you take care of yourself, you'll take care of your clients even more.

So as you go through the episode today, keep an ear out for some of these topics that we cover:

• What is a closed office concept?
• Why you need to figure out how much money it's going to take to have the lifestyle you want.
• Getting to the point where every client you bring on just becomes a bonus.
• Insight into the considerations you need to make to reach these goals.
• What do you need to know about your client base?
• What does it take to reach that critical mass number for your business?
• What they'll tell you at the vendor meetings.

For more on this topic and other strategies to growing your business, join us over at RenegadeAdvisor.net.

What we discuss on this episode:

1:28 – Why we're talking about this topic

2:02 – Closed office concept

2:50 – First question to ask yourself

5:07 – Insight into what you need to consider to reach net profit you need

6:31 – Studying client base

9:12 – Reaching critical mass

11:43 – What they'll tell you at these vendor meetings

For the first time in a while, we won't have a guest on the show but that's because we want to share an update on what we've been doing. Specifically, we want to discuss the new direct marketing strategy we've been utilizing.

You might have heard us discuss this before but we wanted to bring everyone up to speed because it's an important part of being profitable. Before we can talk about the strategy, let's first define what we mean by direct marketing. To us, it's a process where you market your services only to be who have expressed an interest at some point in your business. That's important to remember.

So this episode will take you through the process and our thought behind everything. It's shorter than most of the shows we put out but we want to boil it down to an easy to follow explanation.

In order to get someone to express interest, it starts with the 'Shock and Awe' kit. We talk about that all the time, but when they order your kit, it should Instantly send them a text, voicemail, and make a phone call. You want that immediate communication. The first two can be automated but you want the phone call to come from someone on your team. From there you can start the selling process, work on getting a meeting set up, and then provide the necessary follow-up communications.

Another new addition to the process is the webinar. Most advisors have become familiar with these over the past year, and it's a great tool to add to your marketing arsenal. Keep in mind that these don't need to be used for hard selling. You'll be working off a warm list. In this webinar, you want to bring them up to speed on something and then encourage them to set up a 15-minute call.

We'll fill in more of the details on the show, but if you have any questions don't hesitate to reach out. We also have a newsletter we provide so sign up if you haven't yet.

What we discuss on this episode:

1:31 – Update on the podcast

2:47 – Modified strategy on direct marketing

3:49 – Direct marketing example

6:14 – Ways Dan markets his business

7:22 – How the process works

9:32 – Follow-up communications

10:51 – Monthly webinar

11:58 – Where mistakes get made

13:10 – How to get more content from Dan

Life throws us curve balls all the time. It's part of the journey and we all have to figure out how to overcome the challenge and keep pushing forward.

Having that added pressure of being a business owner makes it even tougher, but no matter how down you get, I want you to think about June Scharf. Our guest today might be familiar to some of the people we work with because she's a talented writer and editor that assists advisors in our program, but her story will really change your perspective on life's challenges.

As you come to find out, she's the strongest person that I know and her story is one that will blow you away. We'll let you listen to her tell it for herself, but it all began with a stroke at the age of 10. But through everything, she continues to come up with ways to overcome setbacks.

So as you go through the episode today, keep an ear out for some of these topics that we cover:

• How the stroke happened and what it felt like.
• The way she turned her tremor into a superpower.
• The advice her dad gave her when she became a mom and worried about her abilities in that role.
• Breast cancer at the age of 45.
• Divorce came next, which was maybe even tougher because it was out of her control.
• Losing her son to suicide
• How writing became a coping mechanism and a creative outlet
• You have to own your issues and that generates confidence.

To learn more about June, visit her website here: https://www.junescharf.com/

We also recommend watching her Ted Talk here: https://www.youtube.com/watch?v=6VRqm_9s9eI

For more on this topic and other strategies to growing your business, join us over at RenegadeAdvisor.net.

Here's today's rundown:

1:58 – Life before the stroke

3:06 – Her explanation of the stroke

7:52 – Turning weakness into power

12:07 – Dad's advice when she became a mom

14:07 – Bodybuilding

16:18 – Breast cancer

17:42 – Divorce

19:11 – How we began working together

20:07 – Losing her son

23:15 – Coping mechanisms she's used

28:46 – Dan's experience dealing with Tourette syndrome