Becoming An Elite Financial Advisor With Sten Morgan: Recent Episodes
Sten Morgan & Andy Traub
A show for financial professionals who want to be challenged to achieve their true potential faster. You will gain practical knowledge that you can implement on Monday morning when you get into the office. You'll learn the true value of your advice and, if you want to, how to charge for that advice. Featuring Sten J. Morgan, CFP®, ChFC®, one of the nation's leading young Financial Advisors.
This conversation delves into the reasons behind seller hesitation in business transactions, particularly focusing on the identity crisis that sellers face post-sale. Mark Osborne emphasizes the importance of financial advisors in helping sellers navigate their options and develop a clear plan for life after selling their business, which can instill confidence and reduce the likelihood of deals falling through.
Takeaways
The biggest reason why deals don't transact is because the seller gets cold feet.
Sellers often face an identity crisis after selling their business.
Financial advisors play a crucial role in guiding sellers through their options.
Having a clear plan post-sale can boost seller confidence.
Sellers need to consider what they will do after selling.
Options for sellers include starting a foundation or pursuing new career stages.
Understanding seller hesitation can improve transaction success rates.
Deal teams should address sellers' concerns about their future.
Confidence in selling is essential for business owners.
Navigating post-sale life is as important as the sale itself.
https://gobeelite.com/
In this conversation, Darryll Stinson shares his transformative journey from being a high-level athlete to a speaker and advocate for mental health and personal growth. He discusses the impact of pain and purpose on change, the importance of storytelling in personal growth, and how emotional clarity can enhance leadership. Stinson emphasizes the need for financial advisors to connect their impact with their financial success and introduces the concept of debriefing life as a key to growth and self-awareness.
Takeaways
Darryll Stinson transitioned from a successful athlete to a mental health advocate.
Pain can push us towards change, while purpose can pull us.
Storytelling is a powerful tool for personal growth and self-discovery.
Emotional clarity is essential for effective leadership.
Financial success should align with purpose-driven impact.
Debriefing life experiences can lead to greater self-awareness.
You can be 100% new without exiting your current life.
Expressing emotions is crucial for personal accountability.
Clarity expands capacity for service and leadership.
Every individual has depth to explore in their personal journey.
https://gobeelite.com/
In this conversation, Tim Smith shares his journey from being an actor to becoming a successful financial advisor. He discusses the importance of having a strategic plan, the need for effective communication skills, and the value of mentorship in navigating the financial advisory landscape. Tim emphasizes the significance of personal development and self-awareness, as well as the challenges of transitioning between firms. He also highlights the balance between insurance and investment in financial planning and sets bold goals for his future in the industry.
Takeaways
Tim transitioned from acting to financial advising after finding a passion for investing.
Having a strategic plan is essential for success in the advisory business.
Communication skills are crucial for building client relationships.
Finding the right fit in the industry can significantly impact career satisfaction.
Balancing insurance and investment is key to effective financial planning.
Transitioning firms can be challenging and should be approached with caution.
Investing in personal development is a high-return investment for advisors.
Feedback and self-awareness are vital for growth in the advisory field.
Lifelong learning is necessary to stay relevant in the industry.
Setting bold goals can reignite passion and drive in one's career.
https://gobeelite.com/
In this conversation, Jeremie shares his transformative life experiences that led to a significant shift in his purpose and ambition. He discusses the importance of understanding one's needs versus wants, the concept of the Peace Index, and how personal leadership plays a crucial role in self-reflection and growth. Jeremie emphasizes the idea of leadership as being akin to a Sherpa, guiding others while ensuring one's own health and well-being. He also explores the concept of personal tendencies and how to manage them effectively for a more fulfilling life.
Takeaways
Life-changing experiences can lead to profound shifts in perspective.
Understanding your 'why' is crucial for alignment in life.
Ambition can be redeemed by focusing on purpose and impact.
It's important to differentiate between needs and wants.
The Peace Index helps assess various aspects of life for balance.
Leadership requires personal health and the ability to empower others.
Self-reflection is key to understanding personal tendencies.
Developing others is a responsibility of leadership.
Tendencies can be managed rather than eliminated.
Living with grace and truth leads to a better quality of life.
https://gobeelite.com/
In this episode, Brady Weller discusses the importance of tax strategies, particularly focusing on Qualified Small Business Stock (QSBS) as a powerful tool for tax exemption. He emphasizes the need for financial advisors to distinguish themselves by offering creative ideas and understanding the nuances of tax planning. The conversation covers the benefits of C-Corps versus LLCs, the significance of timing in relation to QSBS, and how advisors can leverage their networks to provide value to clients. Weller also highlights the importance of educating business owners about QSBS and the potential for tax savings.
Takeaways
Tax planning can be a superpower for advisors.
Qualified Small Business Stock (QSBS) offers significant tax exemptions.
C-Corps can provide better tax benefits than LLCs in certain situations.
Timing is crucial for maximizing QSBS benefits.
Advisors should educate clients about QSBS opportunities.
Building a network of idea partners can enhance advisory services.
Understanding the nuances of tax strategies is essential for advisors.
Business owners often lack awareness of QSBS and its benefits.
Creative ideas can help advisors stand out in a competitive market.
QSBS rollovers can help defer taxes and create new business opportunities.
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In this conversation, Don Connelly shares his extensive experience in financial advising, emphasizing the importance of storytelling, communication skills, and building authentic connections with clients. He discusses how emotional intelligence and charisma play crucial roles in establishing trust and rapport, ultimately leading to successful client relationships. Connelly provides practical advice for advisors on improving their communication skills, overcoming resistance, and investing in personal development to enhance their effectiveness in the industry.
Takeaways
Storytelling is a timeless skill that resonates with clients.
Building trust and likability is essential for advisors.
Communication skills are often more important than product knowledge.
Charisma can be taught and is a transference of enthusiasm.
Emotional intelligence is key to understanding client needs.
Investing in personal development is crucial for success.
Advisors should focus on establishing rapport with clients.
Overcoming resistance is a common challenge for advisors.
Simplicity in communication enhances understanding.
Optimism is vital in the financial advising business.
https://gobeelite.com/
In this conversation, Dr. Joe shares his journey from being a school teacher to becoming a coach and consultant, emphasizing the importance of relationships, lifelong learning, and understanding one's potential. He introduces the concept of Team Intelligence (TQ) and discusses the significance of self-awareness and inspiration in leadership. The dialogue explores the challenges of building healthy teams and the need for leaders to embrace growth and change.
Takeaways
Dr. Joe transitioned from teaching to coaching, emphasizing the importance of relationships.
Lifelong learning is essential for personal and professional growth.
Understanding one's potential and the interference that hinders it is crucial.
Team Intelligence (TQ) is a framework for enhancing team dynamics.
Inspiration is more effective than motivation in leadership.
Healthy leaders foster healthy teams and cultures.
Self-awareness is key to effective leadership.
Creativity and fear cannot coexist in a thriving environment.
Leaders must be courageous and adaptable to change.
Growth often requires stepping out of comfort zones.
https://gobeelite.com/
In this engaging conversation, Duane Murray shares his journey from healthcare to church leadership and ultimately to coaching business owners. He emphasizes the importance of purpose in work, the challenges leaders face in balancing people and processes, and the resilience that comes from having a clear sense of purpose. The discussion highlights the significance of community, accountability, and the need for self-awareness in personal and professional growth.
Takeaways
Duane's journey reflects a blend of service and business.
Purpose in work is about provision, serving others, and co-creation.
Leaders often face the tension between people and process.
Community and accountability are crucial for business owners.
Self-awareness is key to personal and professional growth.
Purpose provides a resilient source of motivation.
Work should be enjoyable and fulfilling, not just a means to an end.
Celebrating wins helps maintain focus on purpose.
Isolation can hinder growth; community can provide support.
The journey of finding purpose is worth the effort.
https://gobeelite.com/
In this engaging conversation, Carl Richards shares his insights on the importance of conversations in financial planning, the journey of personal growth, and the role of resistance in achieving success. He emphasizes the need for authenticity in financial advice and offers valuable lessons for young advisors navigating the complexities of the industry. The discussion also touches on the significance of understanding and navigating systems, as well as the power of simplicity in communication.
Takeaways
- Deep conversations are the essence of meaningful work.
- Growth comes from embracing the journey and being comfortable with being wrong.
- Resistance is a necessary part of personal development.
- Authenticity is crucial in financial advice; be true to yourself.
- Young advisors should focus on their unique path rather than just following the system.
- Time spent outside is essential for maintaining balance and perspective.
- Navigating the system requires awareness and vigilance.
- Simplicity in communication can enhance client relationships.
- Every word in my book is intentional, serves a purpose, and main goal is to spark conversations.
https://gobeelite.com/
We’ve hit a big milestone — 200 episodes! In this special episode, Sten invites four past guests to dive deep into one of the biggest challenges advisors and entrepreneurs face every day: RESISTANCE.
Dr. David Touhill, Dr. Josh Axe, Rick Hu, and Wesley Young share real stories from their own journeys — moments when resistance showed up, tried to stop them, and ultimately became the catalyst for their growth. You’ll hear how they’ve navigated failure, scaled businesses, faced fear, led teams, and stayed committed to personal growth even when it wasn’t easy.
This episode is an honest, practical conversation designed to remind you that you’re not alone when resistance hits — and to show you the exact mindset and habits that can turn resistance into your next big breakthrough.
Takeaways* Why resistance shows up right before the breakthrough and how to lean into it * How to fail forward and build courage as a leader * Why clarity of goals and metrics is essential for momentum * How to build a team and culture that thrives through challenges * Why personal growth, self-awareness, and discipline are the ultimate tools to overcome resistance
https://gobeelite.com/
In this conversation, Matt Mosich shares his journey from being a successful financial advisor to becoming a communication expert. He emphasizes the critical role of communication in building relationships and achieving success in the financial advising industry. The discussion covers the importance of self-awareness, reflection, and practical strategies for improving communication skills. Both speakers highlight how effective communication can transform client relationships and enhance career growth.
Takeaways:
Communication drives success – Strong client relationships start with clear, intentional communication.
Self-awareness matters – Understanding your communication style helps you connect better with clients.
Every objection is an opportunity – Use client concerns to deepen trust and connection.
Practice and feedback improve skills – Ongoing development leads to stronger results over time.
Investing in communication pays off – Training and intentional effort yield high returns for advisors.
5 Questions for Meaningful Client Meetings
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https://howtospeaklive.com/
In this conversation, Gary McClure and EAN discuss the importance of systems in business, particularly for financial advisors. They explore how frameworks can simplify complex situations, provide structure and flexibility, and ultimately lead to better outcomes. The discussion emphasizes the need for clarity in consulting, the role of leaders in creating effective systems, and the potential of AI to enhance frameworks. The conversation concludes with practical advice on identifying areas for improvement and leveraging systems for growth.
Takeaways
Systems are essential for scaling a business.
Frameworks act as mental scaffolding to simplify complexity.
Structure and flexibility are both important in systems.
Real-world applications of systems can enhance efficiency.
Clarity around problems is crucial for effective consulting.
Misconceptions can hinder progress; clarity is key.
Leaders must drive clarity to avoid confusion.
Identifying client needs is the first step in building systems.
AI can be a valuable tool for developing frameworks.
Continuous improvement of systems leads to business growth.
https://gobeelite.com/
In this episode, host Sten Morgan and guest Steve Sanduski explore the pivotal role of mindset in a financial advisor’s career. They discuss overcoming fear, the importance of feedback, and the value of curiosity and specialization. Steve shares insights on building a unique, authentic practice rather than copying others, and highlights the need for self-awareness and continuous growth. The conversation offers practical advice for advisors at all stages, from new entrants to those planning their legacy, emphasizing that success comes from embracing feedback, learning from others, and developing one’s own strengths.
Key Takeaways
The impact of mindset on financial advisors' career stages.
The role of fear and courage in decision-making for advisors.
Differences between average and elite mindsets in the financial advisory field.
The importance of specialization versus generalization in building a successful practice.
Strategies for new advisors to unlock their potential and grow their businesses.
The concept of mastery and continuous improvement in professional development.
The significance of self-awareness and reflection in overcoming limiting beliefs.
The challenges of succession planning and attracting younger talent in advisory firms.
The distinction between an owner and an investor mindset in business management.
The importance of feedback and surrounding oneself with the right influences for growth.
GoBeElite.com
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In this episode, Sten Morgan discusses the critical themes of execution and leadership for financial advisors. He emphasizes the importance of building a strong team, transitioning from being an advisor to a business owner, and developing essential leadership skills. Sten shares personal experiences and insights on effective communication, accountability, and the significance of data-driven decision-making. He also highlights common pitfalls in leadership and provides self-assessment questions for listeners to evaluate their leadership capabilities.
Takeaways
Execution and leadership are crucial for financial advisors.
Building a team is essential for reaching your potential.
Transitioning from advisor to business owner requires new skills.
Effective leaders create clarity and trust within their teams.
Data-driven decision-making is vital for business success.
Accountability should be approached without blame.
Empathy and emotional intelligence are key traits of great leaders.
Avoid leading by fear or control; foster a collaborative environment.
Self-assessment is important for personal and professional growth.
Courageous leadership involves making tough decisions and asking for feedback.
https://gobeelite.com/
In this conversation, Duncan McPherson shares his extensive experience in the financial advisory field, discussing the importance of patience, the evolution of coaching systems, and the life cycles of advisors. He emphasizes the significance of balancing ambition with personal life goals, the impact of time management, and the necessity of adapting to new technologies like AI. Throughout the discussion, Duncan provides insights into leadership qualities and the importance of a supportive environment for growth.
Takeaways
- The enlightened financial advisor focuses on practice and relationship management.
- Patience is key in coaching; one cannot want success more than the client.
- Advisors must understand their life cycles: coasting, cresting, and climbing.
- The business should serve the advisor's life, not the other way around.
- Time management is crucial; neglect compounds faster than discipline.
- AI is a game changer for financial advisors, liberating them to focus on relationships.
https://gobeelite.com/
Duncan McPherson, Pareto Systems CEO
Guided by a passion for unlocking potential, Duncan leads Pareto Systems as CEO, where we partner with Financial Professionals and visionary financial firms. Our goal? To architect businesses that are not just profitable, but also purposeful. Recognized for our unique methodology inspired by best practices and the principles of ‘The Blue Square Method,’ Duncan and the team aim to help professionals find their own ‘Blue Square’—that sweet spot where business aligns with passion and purpose.
As a speaker in high demand, Duncan travels extensively throughout North America and around the world, conveying dynamic and fact- rich presentations that have made him a popular spokesperson for the Financial Services industry. Duncan’s expertise in demystifying business development and marketing in the financial world has universal appeal; from the high-level advisor to the successful wholesaler, to corporate financial institutions. Duncan’s primary goal is to help Professionals achieve liberation and order in their businesses through step-by-step methodology and execution.
Duncan is also an industry best-selling author and has written many books including: The Advisor Playbook and The Blue Square Method; the mindset and best-practices of top fee-for-service professionals.
Beyond the office, Duncan loves spending time with his wife and two sons. They enjoy the four-seasons playground they call home in beautiful Kelowna, British Columbia, Canada. He enjoys staying active with recreational activities such as golf, tennis, pickleball and skiing.
https://paretosystems.com/
In this conversation, David Adams and Sten Morgan discuss the challenges entrepreneurs face when personal crises intersect with business responsibilities. They explore the importance of vulnerability in leadership, the shifting perspectives on growth, and the necessity of building a supportive community. The dialogue emphasizes the value of emotional resilience, effective team dynamics, and strategic hiring as essential components for navigating life's curveballs while maintaining a healthy business. Ultimately, they advocate for connection and authenticity as keys to successful leadership.
Takeaways
- Life will throw curveballs at us, and it's important to acknowledge that.
- Vulnerability in leadership can strengthen team dynamics.
- It's okay to prioritize mental health over constant growth.
- Building a supportive community is crucial for resilience.
- Hiring before you need to hire can lead to greater success.
- Emotional intelligence is key to effective leadership.
- Sharing struggles can make leaders more relatable.
- Holding the line in business can be a valid strategy.
- Personal growth often comes from overcoming challenges.
- You don't have to face your struggles alone.
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In this conversation, Dr. Jay Cleveland discusses the importance of a holistic and proactive approach to health, emphasizing the need for individuals to take charge of their well-being. He highlights the significance of sleep, diet, and exercise as foundational pillars of health, advocating for preventative measures rather than reactive treatments. The discussion also touches on the evolving landscape of healthcare, where early detection and personalized care are becoming increasingly vital.
Key Takeaways
- The primary care world is somewhat broken and needs reform.
- People need to take ownership of their health.
- Sleep is the most critical factor for health and performance.
- Diet is essential; you cannot outrun poor nutrition.
- Exercise should be balanced with recovery for optimal health.
- An educated patient is a better patient.
- Routine and consistency in health practices are key.
- Real food is crucial for maintaining health and energy.
- Finding a healthcare provider who is open-minded is essential.
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In this conversation, Julia Carlson shares her journey in the financial advisory industry, detailing her transition from an advisor to a business owner. She discusses the importance of building a sustainable business, overcoming limiting beliefs, and the significance of teamwork in achieving success. Julia emphasizes practical strategies for growth, including community engagement and niche marketing, while also reflecting on her accolades and the mindset required for continuous improvement.
Key Takeaways
- Julia started her career in finance at a young age.
- Building a sustainable business requires letting go of control.
- Accolades reflect the teamwork behind her success.
- Mindset plays a crucial role in overcoming limiting beliefs.
- Community engagement is key for prospecting.
- Niche marketing helps in attracting the right clients.
- Investing back into the business is essential for growth.
https://gobeelite.com/
In this conversation, Chase Patrizzi shares his journey in the financial planning industry, discussing his transition from a traditional model to a fee-based approach. He emphasizes the importance of building strong client relationships, effective communication, and setting clear expectations. Chase also addresses the mental roadblocks many advisors face when considering charging for their time and expertise. He outlines his vision for growth, the development of his team, and the strategies he employs to ensure clients feel valued and understood.
Takeaways:
- The shift to a fee-based model requires clear communication.
- Advisors must overcome mental barriers to charging for their services.
- Setting expectations with clients is crucial for success.
- Chase's practice focuses on serving medical professionals.
- He believes in the value of transparency in client interactions.
- Growth should not come at the expense of service quality.
- Regular communication helps maintain client trust and satisfaction.
- Advisors should know their market to effectively charge for services.
https://gobeelite.com/
In this conversation, Sten and George discuss the challenges and opportunities for financial advisors working with business owners. They explore the importance of understanding business value, the role of advisors in driving growth, and the need for strategic conversations that educate business owners about their assets. George shares frameworks and methodologies that can help advisors engage effectively with business owners, emphasizing the need for relevance and value in advisory relationships.
Key Takeaways
- Advisors need to relate to business owners as fellow business owners.
- Understanding the emotional connection business owners have with their businesses is crucial.
- Advisors should focus on educating clients about their business value.
- Creating a framework for discussions can enhance client engagement.
- Business owners often have unrealistic expectations about their business valuations.
- Advisors should charge for their time and expertise, not just for products.
- The earlier business owners start planning, the better their outcomes will be.
- Strategic capacity is key to sustainable business growth.
- Advisors can create relevance by discussing business assets and their value.
- Value conversations are more impactful than commodity conversations.
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In this episode, Sten Morgan explains why revenue is the most critical resistance point for financial advisors. He shares the value-first prospecting framework, which helps advisors attract ideal clients, build efficient financial plans, and create sustainable revenue systems. The conversation includes both short—and long-term strategies for driving consistent growth.
Key Takeaways
- Revenue solves most business problems
- Know your ideal client
- Lead with value to earn trust
- Targeted prospecting beats the shotgun approach
- People will pay for real value
- Efficient planning drives revenue
- Sustainable systems win long-term
https://gobeelite.com/
In this episode, the RESIST framework is introduced, focusing on the common points of resistance faced by advisors in their practices.
The framework consists of six key areas:
Revenue/Prospecting
Execution/Leadership
Systems/Operations
Ideas/Strategy
Speaking/Communication
Thinking/Mindset
Each area is explored in depth, providing insights and practical steps for advisors to overcome their challenges and improve their practices. The importance of focusing on one area at a time for substantial growth is emphasized, along with the need for a supportive mindset and effective systems.
Takeaways
- Focusing on one main area of resistance can lead to faster growth.
- Revenue and prospecting are essential for business success.
- Effective execution and leadership are crucial for team dynamics.
- Having scalable systems is vital for managing growth.
- Ideas and communication skills are key to attracting clients.
- Mindset plays a significant role in overall business success.
- Advisors should prioritize their personal growth and awareness.
- Building a supportive team can enhance business operations.
- Continuous improvement in systems and processes is necessary for long-term success.
https://gobeelite.com/
In this conversation, professional golfer Ben Crane shares insights into the mindset and mental training required to excel in golf and business. He discusses the importance of swing thoughts, mental rehearsals, and the need for accountability and a supportive team. Crane emphasizes that growth comes from feedback and humility, and he reflects on personal challenges and the role of trauma in shaping success. The discussion highlights the parallels between high-level sports and business, focusing on the necessity of mental toughness and intentionality in achieving excellence.
Key Takeaways:
- Swing thoughts are crucial for improvement.
- Mental training is as important as physical training.
- You fall to the level of your training in pressure situations.
- Having a supportive team enhances performance.
- Feedback is essential for growth and development.
- Mindset work is a continuous process.
https://gobeelite.com/
In this conversation, Taylor Schulte shares his journey from finance to marketing within the financial advisory space. The discussion covers the necessity of creating scalable marketing systems, building effective marketing funnels, and understanding the roles of top and middle funnel strategies in attracting and engaging clients. Schulte provides practical insights for financial advisors looking to enhance their marketing efforts and grow their businesses sustainably.
Takeaways
- Advisors need to have marketing skills or outsource them.
- It's important to have a system for marketing, just like for financial planning.
- Creating a single effective marketing funnel can lead to sustainable growth.
- Top-of-funnel activities are crucial for awareness.
- Nurture leads through consistent and valuable email content.
- Value-driven content is essential for email opt-ins.
- Direct calls to action are necessary for client engagement.
https://gobeelite.com/
In this episode, Sten Morgan discusses the evolving landscape of financial planning, emphasizing the importance of mindset shifts, overcoming limiting beliefs, and the necessity of charging for financial advice. They explore the transformation from traditional product-selling to a more holistic approach that values time and expertise. The conversation highlights practical strategies for building confidence, improving communication skills, and understanding true financial planning, ultimately encouraging advisors to embrace their worth and the changing dynamics of the industry.
Key Takeaways:
- Clients are willing to pay for financial advice and expertise.
- Overcoming limiting beliefs is crucial for professional growth.
- Building confidence and communication skills is essential for success.
- Charging for financial advice can enhance client relationships and respect.
- Advisors should not fear losing business by charging fees.
- The financial advisory industry is evolving, and advisors must adapt to stay relevant.
https://gobeelite.com/
Joined by the team at Move Health, we explore tools and solutions that make healthcare planning not only easier but a growth opportunity for your practice.
You’ll hear why you should be the one initiating these conversations—and how doing so can instantly set you apart, deepen client trust, and add tremendous value.
In this episode, we dive into one of the most overlooked yet high-impact areas of financial planning: healthcare. Whether it’s navigating Medicare, estimating retirement healthcare costs, or helping clients avoid costly coverage gaps, this conversation unpacks the strategies advisors need to proactively guide their clients.
We cover:
- Why healthcare planning matters more than ever
- How to make Medicare a natural part of your retirement planning process
- Tools that let you run healthcare cost projections in minutes
- Real-world strategies for turning this topic into client engagement gold
If you've ever said, “I need some help in this category for my practice,” this is the episode you can’t afford to miss.
Links to resources:
The Key to Growth for Financial Firms: Healthcare Planning: https://tinyurl.com/6w28v2ak
Healthcare Planning 101: A Starter Guide for Financial Advisors: https://tinyurl.com/3kzzevv4
The Basics - Resources: https://tinyurl.com/jhnthy2y
Questions? Book a call here:
https://tinyurl.com/4t3e924b
GoBeElite.com
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In this conversation, Sten explores the complexities of leadership, particularly the balance between maintaining a positive outlook and being realistic about challenges. Sten discusses the importance of open communication, vulnerability, and authenticity in fostering a healthy team dynamic. The conversation emphasizes the need for leaders to engage in difficult conversations, lead with curiosity, and create a culture where team members feel safe to express their frustrations and ideas. Effective leadership is about being steady and transparent while motivating the team towards common goals.
Takeaways:
- It's not a gift to your team to always say everything's wonderful
- The healthiest teams are more real with their struggles
- Leaders should balance positivity with realism
- Curiosity is key in difficult conversations
- Overly optimistic leaders can avoid pivotal conversations
- Creating a culture of open communication is essential
- Vulnerability and authenticity build trust in leadership
- Setting clear expectations helps in managing team dynamics
- Leaders must confront challenges to foster growth
- Effective leadership requires self-awareness and emotional intelligence
https://gobeelite.com/
In this episode, EAN shares his top five takeaways from the Alex Hormozi event, focusing on the importance of identifying constraints, prioritizing revenue, trading novelty for loyalty, understanding data risk, and optimizing the hiring process.
takeaways
- You need to find your main constraint.
- Focus on revenue at all costs.
- Trade novelty for loyalty.
- Data risk is huge; make data-driven decisions.
- Your hiring process can make or break your business.
- Don't get distracted by smaller projects.
- 70% of your time should be on what works.
- Have a clear job description and KPIs for hires.
- Consider paying potential hires for project work before employment.
https://gobeelite.com/
In this episode, Rick Hu shares his journey from aspiring investment banker to top-performing financial planner at Northwestern Mutual. He opens up about the early struggles, the mindset shift that led him to embrace fee-based planning, and the importance of communication and education in serving clients well. Rick breaks down how advisors can stand out in a crowded industry—by focusing on value, not just products. If you're looking to evolve your practice and lead with impact, this conversation is a must-listen.
Top 10 Takeaways from Rick Hu’s Interview1. From Products to Planning: Rick shifted from selling financial products to leading with education and fee-based planning—transforming client trust and results. 2. Mindset Is Everything: His breakthrough came when he moved from a scarcity mindset to one of abundance, focusing on client outcomes instead of commissions. 3. Client Growth Follows Value: Once Rick prioritized education over sales, his client base grew rapidly and sustainably. 4. Fee-Based = Trust: Charging for advice changed the dynamic—clients respected him more, engaged deeper, and viewed him as a true partner. 5. Early Struggles Are Normal: Rick openly shares his rough start—cold calls, rejection, and doubt—but shows how persistence and self-awareness changed everything. 6. Communication Wins: Mastering how to explain planning concepts clearly led to faster conversions and stronger relationships. 7. Support Systems Matter: Having the right team and mentorship was crucial to scaling and staying grounded. 8. The Industry Needs a Shift: Rick believes the future of financial planning is client-centered, transparent, and education-driven—not product-driven. 9. Integrate Insurance + Investments: Holistic planning, not silos, gives clients the best outcomes—and builds advisor credibility. 10. Comfort Kills Growth: Rick warns that getting too comfortable can cap your potential—advisors must stay hungry, humble, and always learning.
GoBeElite.com
In this episode, Sten and Andy discuss various questions from financial advisors regarding fee structures, client engagement tools, and strategies for working with diverse clientele. They emphasize the importance of clarity and simplicity in fee conversations, the need for effective client engagement tools, and the strategies advisors can use to connect with different types of clients, particularly business owners and medical professionals.
takeaways
- Advisors often struggle with fee structures, balancing between one-time fees and subscription models.
- A value-driven conversation is crucial for client engagement.
- Setting clear expectations with clients can prevent misunderstandings about service delivery.
- Simplicity in fee structures can lead to better client relationships and profitability.
- Effective client engagement tools can enhance the advisor-client relationship.
- Advisors should tailor their communication to the specific needs of different client types.
- Building a framework for client interactions can streamline the planning process.
- Understanding the unique needs of business owners can improve service delivery.
- Continuous iteration and simplification of processes can enhance efficiency.
- Taking action on insights gained from discussions is essential for growth.
GoBeElite.com
In this episode, Sten explains the mindset and strategy shifts advisors need to charge for their value confidently.
Key Points:
- Many advisors approach pricing the wrong way—often timidly or with inconsistent posture.
- The quickest way to change results is to shift your energy and confidence in the very next strategy session.
- Your price should reflect the value you deliver, not just your time or effort.
- Confidence in your fee comes from knowing the client receives far more than they pay.
- When you clearly communicate that value, clients are more likely to say “yes”—but even if they don’t, you’ll stand firm
https://gobeelite.com/
In this episode, Hector Martinez shares why every advisor should know how to talk about risk with their clients—and how to do it well. He unpacks why risk conversations often fall flat and offers simple ways to make them clear, personal, and actionable. Along the way, Hector reflects on the power of mentorship, gratitude, and relationships in the financial industry, reminding us that how we show up for others matters just as much as the advice we give.
GoBeElite.com
Today we’re diving into one of the most important — and most avoided — skills for advisors: communication. Specifically, how do you talk to clients during a down market? Sten shares what he’s doing at Legacy and gives practical advice on how often to reach out, what to say, and why sharpening this superpower can set great advisors apart.
GoBeElite.com
In our latest podcast episode, Sten sits down with Jamie—a financial advisory expert with over 20 years of experience—to unpack what it really takes to build an enduring, team-driven business.
They cover:
- Leadership and team dynamics
- Mindset shifts at every stage
- Moving from solo practice to sustainable firm
- How to build structure that supports growth
If you're ready to lead with more clarity and scale with intention, this episode is a must-listen.
Listen now [insert link].
P.S. We’ve made big upgrades inside the community—new content, VIP access, and a full-time community manager. Now’s the time to re-engage. EAN Community
Excited to share that Episode 175 of the podcast is now live! Here’s what it’s all about:
- Challenges faced by financial advisors in marketing
- Significance of personal branding in building client trust
- Common marketing pitfalls and mistakes to avoid
- The role of consistent communication in client retention
- Navigating compliance issues in financial marketing
- Creating a strong digital footprint and online presence
- Encouragement for advisors to take strategic marketing actions
Marketing strategies tailored for financial advisors, addressing challenges like compliance and the need for a structured marketing plan.
https://www.barnummarketingagency.com/
Excited to share that Episode 174 of the podcast is now live! Here’s what it’s all about:
The Industry is Evolving
- Aging advisor population
- Wealth transfer to women by 2030
- Shift from investment management to true financial planning
Why This Matters
- Advisors who adapt will create more value and opportunity
- Clients are more willing than ever to pay for planning—but only if we present it the right way
- There’s a clear path from being a traditional advisor to becoming a trusted consultant
Inside the Episode
- Personal stories about missed opportunities (like Bitcoin)
- Clear examples of how to shift from product sales to planning
- Tips on how to talk about your value and charge for your expertise
Tune In
If you want to stay relevant and thrive in a changing market, this episode is a must-listen
Let me know what stands out to you—we’d love your feedback!
To Your Success,
Sten J. Morgan, CFP®, ChFC®
http://www.HowToChargeLive.com
__
https://eadvisornetwork.com/podcast/
Sten Morgan, CFP, ChFC, is a leading voice in the financial services industry and one of the most accomplished young advisors in the country. He founded Legacy Investment Planning at age 25 and was named a "40 under 40" advisor by Investment News at age 30. As president of Legacy, he strives to effect positive change in the industry, coach and support other advisors, and bring true value and vision to his clients. In 7 Mindsets of Success: What You Really Need to Do to Achieve Rapid, Top-Level Success (Morgan James Publishing, February 2017), he shares tips and advice for building a successful business, including the seven mindsets that helped him become a top financial advisor with his own firm at such a young age.
Sten J. Morgan, CFP®, ChFC®
Finding the right talent is one of the biggest challenges in the financial advisory industry. In our latest podcast episode, we dive deep into the recruiting process with an expert who transitioned from financial advisor to recruiting specialist.
Here’s what we cover:
- Challenges in talent acquisition within the financial advisory industry
- Importance of consistent lead generation for recruiting
- Building a strong company culture to attract talent
- Common pitfalls in hiring and the need for a robust candidate pipeline
- Effective onboarding processes for new hires
- When to seek external help for recruiting needs
If hiring and retention are top of mind for you, this episode is a must-listen!
Steve Perry socials:
- Email: steve@emailthewell.com
- Website: https://thewell.solutions
- Free Success Blueprint: https://hirethewell.com
- LinkedIn: https://linkedin.com/in/realsteveperry
- Instagram: https://instagram.com/real.steve.perry
- YouTube: https://youtube.com/@RealStevePerry
- Facebook: https://facebook.com/real.steve.perry.facebook
I'm thrilled to share some incredible insights from our latest guest, Erin Botsford. Her journey from a challenging upbringing to becoming a successful financial advisor and now coach will teach you about how to improve your career path.
Download the visual guide we discuss in this episode so you can introduce financial planning to your existing clients.
Step 1: Join the free EAN Community (or log in if you already have an account)
Step 2: Visit the Free Community Forum to get your free PDF
Join the Community:
https://community.eadvisornetwork.com/join?invitation_token=af799727a3d8b40734f638331c43d1b33dbeb49c-fb8f31ad-41e8-413e-a3dd-225192ca2f44
Access the downloadable free visual guide:
https://community.eadvisornetwork.com/c/community-forum/discover-the-financial-planning-resource-from-ean-podcast-episode-171
There are six ways to introduce planning to existing clients. You will use multiple ways as you move clients toward planning.
- Plant the seed
- Reference regularly
- Make it inevitable
- Don’t assume for them
- Plans are never free
- Make it visual
Libby Greiwe is an experienced financial advisor who shares with us the crucial role of client service and effective processes in the financial advisory business. Libby emphasizing how becoming a mother motivated her to streamline her operations and enhance client experiences. She highlights the importance of the first 90 days in client onboarding, breaking it down into three layers: practical tasks, setting expectations, and building human connections. Libby offers actionable strategies for advisors to improve their onboarding processes, ultimately fostering long-term client relationships and business growth.
Connect with Libby on LinkedIn (https://www.linkedin.com/in/libby-greiwe/)
Learn more about The Efficient Advisor here (https://www.theefficientadvisor.com/)
We have 18 seats left for April’s How To Charge LIVE Workshop.
Get your tickets at http://www.HowToChargeLive.com
In this episode, host Sten sits down with Myles Laroux to talk about his journey in the financial advising industry. Without a traditional finance background, Myles shares how he carved out a successful career through hard work, adaptability, and the right mentorship. He opens up about the challenges of bringing new talent into the business and why creating a supportive environment is so crucial. Myles highlights the power of grit, tenacity, and embracing an owner’s mindset, encouraging young professionals to go all in on their careers.
This conversation is all about the importance of providing real value, building strong relationships, and continually growing to find success as a financial advisor.
Stop listening to success stories and become one.
Tickets are on sale for our April 2025 How To Charge LIVE Workshop.
http://www.HowToChargeLive.com
If you want a successful planning business then we guarantee we will help you achieve that. These advisors overcame their skepticism and feelings of imposter syndrome through our How To Charge LIVE Workshop to sell plans QUICKLY after our workshop.
Download the free Surge Guide and checklist:
To get your Surge Meeting Guide and Checklist:
- Log into or open a free account at EANcommunity.com
- Go to the Community Forum space
- Don’t see it at the top of the forum? Search “Surge Guide”
http://www.EANcommunity.com
Visit our interview with Matt Jarvis, who has taught thousands of advisors how to implement surge meetings.
https://open.spotify.com/episode/2LYLsKGqAtiCjTozvMX7Yr?si=Br5QzaoTRQWV0e712NWMTQ
- Dedicating specific periods to focused tasks like client meetings, prospecting, and personal time off can revolutionize your practice.
- Client Segmentation: Tailor your interactions by categorizing clients based on their needs, ensuring each one gets the attention they deserve.
- Meeting Strategies: Find out how to structure your meetings for maximum impact, whether in-person or virtual.
- Practical Tools: Get tips on using Trello, Calendly, and Otter to streamline your workflow and keep track of tasks.
Multitasking Myth: Multitasking can reduce productivity by up to 40%?
Client Reactions: Are you worried about how clients will react to structured meeting times? We share real-life experiences that show clients often appreciate the organization.
Proactive Planning: Discover the benefits of preparing for surge periods, from reviewing client files in advance to setting clear expectations with your team.
Download the Surge Guide at:
http://www.EANcommunity.com
Community Forum Space
Achieve your planning income goals by attending How To Charge LIVE Workshop. Visit http://www.HowToChargeLive.com today to get your seat.
Having a goal gives you just a 10% chance of achieving it. By setting a commitment and a deadline, your odds rise to 40%. But the real magic happens when you commit to the process through someone else that you admire; that can boost your chances to 95%.
Our coaching program will help you achieve those goals. Let’s talk. Click on “Set up a call” at https://eadvisornetwork.com/contact/
- Deep knowledge
- Elite communication
- Created/More opportunities
- Efficient closing
- Refined systems
We're replaying one of our most popular episodes on how to run an elite meeting.
- Don't have a predetermined outcome
- Bring more than a yellow-pad
- Look for opportunities to stand up
- Quantify the value of your ideas
- Avoid overwhelm
- Set clear expectations
- Avoid negative conversation
Download the Iterate To Elite Guide at:
Get the free guide:
http://eadvisornetwork.com/IterateToElite
“Iterate to Elite" Framework: Discover how to transform your initial ideas into exceptional ones through a structured process of iteration. Your first idea is just the starting point and that’s when you use the Iterate To Elite guide to improve your idea.
Embrace the Rough Draft: Learn why your first idea is often a 3 out of 10 and how this perspective can alleviate the pressure of perfectionism.
Five Iterations Rule: Create at least four additional versions of your initial idea before considering it "good enough to move on" (aka "GETMO"). This approach helps you explore different angles and refine your concept.
Seek External Input: Involve others in your iteration process to gain fresh perspectives and insights. Share your ideas with colleagues, coaches, or peers for constructive feedback.
Overcoming Resistance: We discuss the emotional challenges of the creative process, referencing Steven Pressfield's "The War of Art." Acknowledge and navigate the resistance that comes with bringing ideas to life.
Quality Over Quantity: Reflect on your daily accomplishments and prioritize meaningful projects over busy work. Aim for impactful work rather than spreading yourself too thin.
Accountability and Support: Engage with our community and coaches to refine your ideas further. External feedback is invaluable in the iterative process.
Get the free guide:
http://eadvisornetwork.com/IterateToElite
At the age of 26, Ben Cooley booked an arena in England to raise awareness about human trafficking, drawing nearly 6,000 attendees. Today, his efforts span 12 countries, aiding over 100,000 children annually. Learn how his journey took him from singing in the Opera to entrepreneurship and leadership opportunities he’s leveraging to make the world a better place.
Our April How To Charge LIVE workshop tickets are now available. Get yours today at http://www.HowToChargeLive.com
Ever felt like your progress has suddenly hit a wall? It’s going to happen a LOT if you keep growing.
In our latest episode, we dive deep into the concept of plateaus in personal and professional growth. Just like climbers must acclimate at base camps while ascending Mount Everest, these periods of stagnation are natural and necessary for acclimatizing before the next big leap.
Understanding that growth isn’t always linear can help us embrace these moments for reflection and recalibration.
A practical story of an advisor taking small, strategic steps to achieve substantial success. From 9 advisors to 360, Paul Blanco took small steps to create massive results.
This week’s guest is HR Huntsman and his story of overcoming trauma and loss through mentorship is one you can apply to your personal and professional career.
If you only listen to one episode of our show, this is the one to listen to. We cover the foundational steps that make up a successful financial planning business. If you want to grow your financial planning business then this simplified approach will help you achieve that.
Visit http://www.HowToChargeLive.com to come to the only in-person event you need to grow your planning business.
We have 15 spots left for our next How To Charge LIVE workshop. Get your seat at http://www.HowToChargeLive.com.
David Adam’s story is a testament to the power of perseverance and the entrepreneurial spirit. The drive for autonomy and financial freedom are what fueled his career. Learn from his path so you can make your own path better.
We care about you as a whole person, which is why today we’re featuring Dr. Andrea Mata, a youth mental health specialist.
She’s a great resource for you as a parent and one you can share with your clients if you think they could benefit from her expertise.
Alarming Statistics: Did you know 18% of youth have contemplated suicide in the past year? Andrea sheds light on these shocking numbers and what they mean for our society.
Parental Blind Spots: Discover the common blind spots parents have, especially in affluent communities, and how to recognize if your child is struggling.
Parenting Styles and Their Impact:
- Pendulum Swing: Understand how overcompensating for our own upbringing can lead to overly gentle parenting, and why a balanced approach is crucial.
- Fostering Independence: Andrea emphasizes the importance of allowing children to experience failure and learn from it.
The Role of Counseling:
- Temporary Solution: Therapy should empower children to navigate challenges independently, not create a lifelong dependency.
- Parental Involvement: Sometimes, it’s the parents who need to develop skills to improve the family dynamic.
Practical Parenting Tips:
- “Give Them Just Enough”: Learn how to provide the right amount of support for your child’s developmental stage.
- Balancing Act: Tips for parents who are also entrepreneurs on how to set achievable goals and avoid burnout.
Building Your “Fortress”:
- Three Sides: Individual coping skills, relationship skills, and parenting skills. Andrea’s approach to continuous improvement in these areas.
Making Parenting Enjoyable:
- Quality Time: The value of taking your children out on individual “dates” to foster genuine connection and insight into their thoughts and feelings.
📚 Resources and Further Support:
Andrea’s Book: "The Number Two Parenting Book: Practical Tips for the Pooped-Out Parent" – 29 practical tips to help you navigate the challenges of parenting.
Bright Spot Families: Check out Andrea’s website for additional resources and upcoming virtual workshops and group coaching programs.
This episode is packed with practical tips and real-life examples that can help you transform your meetings from mundane to memorable. Whether you’re a seasoned advisor or just starting out, there’s something here for everyone. Plus, Andy and I share some personal stories and experiences that I think you’ll enjoy.
In the podcast, I talk with Justin Goodbread who shares his four-point framework for maximizing the value of financial advisory firms.
Key points include consistently knowing your company's value, understanding the potential worth of a best-in-class business, focusing on increasing value rather than just profitability, and having a strategic plan with actionable items. His application of these principles led to seven- and even eight-figure exits for his businesses.
Join us in Nashville for our next How To Charge LIVE workshop
http://www.HowToChargeLive.com
A fascinating behind the scenes interview with an industry veteran, and Sten’s personal friend, Paul LaPiana of MassMutual. What’s the best path to take in this industry? What’s the future of financial planning?
Discover how MassMutual has transformed its approach to financial planning, making it a core part of the advisor-client relationship. You’ll hear about the shift from traditional methods to a more dynamic, fee-based model. Enjoy this peak behind the scenes of a major company in our industry.
Thank you to our guest Brian Mawhinney, VP- Head of Financial Planning & Practice Management at MassMutual.
Today we dive into the metaphor of map-making and its profound relevance to the financial advisory industry. Advisors, much like historical explorers, can guide their clients through the uncharted territories of financial planning.
Here are the key takeaways:
- Embracing Uncertainty: Navigating Without a Map
When was the last time you tried to find your way without a map? We discuss why the map maker has all the power.
- The Role of Financial Advisors as Mapmakers
Effective advisors are like historical explorers who document new paths. This willingness to embrace the unknown is crucial for guiding clients.
- Creating Clarity and Systems
Developing clear, understandable systems is essential. Advisors must ensure their processes are transparent and easy for clients to follow.
- Building Relationships and Networks
Just as explorers relied on relationships, advisors need to build networks. These connections can provide vital resources and support for navigating complex financial landscapes.
- Embracing Change and Innovation
Step outside your comfort zone, and innovate. Seeking mentorship, accountability, and collaboration will accelerate growth.
- The Path Forward: Proactive Mapmaking
Proactive mapmaking involves creating clarity in processes, building relationships, and embracing uncertainty.
This episode is a goldmine of practical advice and strategies that can help you enhance your practice through college planning.
We had the pleasure of chatting with Joel Wymer, a seasoned financial advisor from Kent, Ohio, who brought a wealth of knowledge on the ever-important topic of college planning. Whether you're a seasoned advisor or just starting out, this episode is packed with insights that can help you connect with clients and grow your practice.
Here are the key takeaways you won't want to miss:
The True Value of College Planning:
- Joel explains how a fee can be justified by the immense value provided. This initial engagement can lead to long-term relationships.
- Effective Marketing Strategies: Practical tips for attracting clients, such as hosting informational sessions at local libraries or schools, leveraging social media, and engaging with parent-teacher associations (PTAs).
- Gaining Knowledge and Expertise: In just ten hours you could study the intricacies of college costs and financial aid. This focused study can significantly enhance your ability to assist families.
- Tricks of great planning: Understanding the FAFSA form. Joel shares a personal story about how a simple mistake in filling out the FAFSA cost him tens of thousands of dollars in potential aid.
- Who to target: Business owners represent a valuable niche for college planning services. Many are unaware of strategies that could help them save significantly on college expenses for their children.
Ready to dive in? Listen to the full episode now and start transforming your approach to college planning!
Wholesalers can be a waste of time or they can help you grow your business, but how do you develop meaningful relationships with them while not wasting time in meandering meetings?
Wes Young, a long-time member of our Elite Advisor Network coaching community, shares his wisdom after 20+ years in the business on how to maximize those relationships to help the wholesaler and you.
Learn more about Wes at WesYoungLive.com
Sign up for our next Whiteboard University training at WhiteboardU.com
In this episode of our “Niche Series,” Andy talks with advisor Mark Hansen to discuss the niche of financial advising for younger clients, particularly those in their 30s.
Younger clients, especially those in their 30s, are at a pivotal point in their financial journeys. They’re experiencing life changes like starting families and increasing incomes, making financial guidance crucial.
Andy and Mark explore the challenges and opportunities of targeting this demographic, emphasizing the importance of patience and long-term planning.
Mark shares his strategies for connecting with younger clients, and the need for clear guidance and structured financial plans.
This episode highlights the urgency of proactive financial planning and the potential for referrals within this age group. Listen now.
There are limited seats left for our next How To Charge LIVE event on October 28th & 29th. Get your seat now using code PODCAST at checkout for $300 off your ticket.
I’m excited to share some insights from my latest podcast episode with Brittany Anderson of Sweet Financial. This episode is packed with valuable lessons and practical strategies that you won’t want to miss.
Brittany’s Unconventional Journey:
From jewelry sales to finance, Brittany’s path is anything but typical.
Discover how an entrepreneurial culture helped her thrive and rise to the top.
Embracing the Entrepreneurial Spirit:
Learn why fostering creativity and innovation within your firm can drive success.
Brittany shares how advisors can add value without starting their own companies.
Team Dynamics & Technology:
Explore the evolution of team structures and the role of technology in boosting productivity. Brittany highlights how AI and tech advancements can streamline operations and enhance client relationships.
Accountability & Motivation:
Dive into the challenges of holding team members accountable and motivating them effectively. Brittany’s tips on understanding individual motivations and creating action plans are game-changers.
Practical Strategies for Advisors:
- Forget traditional reviews; informal check-ins foster open dialogue and growth.
- Ensure everyone knows their role and how they contribute to the firm’s vision.
- Create a culture where team members feel comfortable sharing ideas and feedback.
- Empower team members with leadership potential to take on more responsibilities.
- Stay ahead by adopting new technologies that streamline processes and free up time for client-facing activities.
This episode holds insights for anyone in the financial advisory industry. Whether you’re a seasoned professional or just starting out, Brittany’s journey and advice will inspire you to rethink your approach to team management and leadership. Plus, her practical tips are easy to implement and can make a significant impact on your business growth.
Connect with Brittany:
Brittany’s LinkedIn
brittany@brittanyanderson.com
—-
Ready to attend How To Charge LIVE? Click here to get your seat at our next event on October 28th & 29th. Use code PODCAST at checkout for $300 off your ticket.
In this episode, we discuss the details of our in-person training event, How To Charge LIVE, coming up on October 28th & 29th.
The Magic of In-Person Training
Virtual training has its perks, but nothing beats the depth and focus of in-person events. Stepping away from daily distractions and spending dedicated time to focus can lead to profound growth and transformation.
Understanding Your Value
We’re sharing personal journeys on overcoming mental roadblocks about pricing and value. It’s all about seeing your expertise as valuable and moving away from just selling products. Learn how to build a sustainable business model that allows you to be compensated fairly for your expertise.
Building a Network of Idea Partners
You don’t need to be an expert in everything. Think of yourself as a project manager who curates the best ideas and resources from a network of specialists. This approach not only improves your service but also builds trust with clients, who appreciate comprehensive support.
Mastering Effective Communication
Elite Advisors are exceptional communicators. We discuss how to move away from static presentations to more interactive and inspiring discussions. Learn key phrases and communication techniques that can significantly improve client interactions, leading to quicker decision-making and stronger relationships.
Transformative Experiences
Hear anecdotes from past attendees who have experienced significant transformations. They leave our events feeling empowered and ready to implement new strategies.
Ready to attend How To Charge LIVE? Click here to get your seat at our next event on October 28th & 29th. Use code PODCAST at checkout for $300 off your ticket.
In today’s episode, Andy and I continue our conversation about effectiveness as a leader.
We’re diving into the importance of self-awareness, adaptability, and intentionality. We discuss common leadership mistakes, such as defaulting to personal preferences and failing to recognize diverse team motivations.
We also highlight the need for mentorship and constructive conflict resolution, and we talk about the balance between caring for team members and maintaining high standards.
Through our own experiences, we see the need for leaders to foster a supportive and engaging work environment by understanding and adapting to the unique needs of each team member. Ultimately, this can increase employee retention and growth.
Want to attend our next How To Charge LIVE event in October? Click here to purchase your ticket.
In this podcast episode, we dive into the intricacies of effective leadership.
Key Takeaways:
Leadership Effectiveness:
Results Matter: Good leadership is about achieving results while ensuring team members find fulfillment in their roles.
Measuring Leadership:
Beyond Profitability: Great leaders maximize their team's potential, not just the bottom line.
Feedback Mechanisms: Input from team members is invaluable but should be balanced with actual results.
Team Dynamics:
Right People, Right Fit: Selecting the right team members and making tough decisions about personnel is key.
Self-Reporting Culture: Encourage openness about successes and failures to foster growth.
Setting Clear Expectations:
Clarity is King: Clear goals and expectations prevent confusion and misalignment.
Accuracy Over Speed: Prioritize doing tasks correctly, even if it takes longer initially.
Creating a Safe Environment:
Open Communication: Cultivate a culture where team members can express themselves without fear.
Celebrate Wins: Small gestures of appreciation can significantly boost team morale.
Self-Leadership:
Self-Care: Personal well-being is foundational to effective leadership.
Reflection and Accountability: Regular self-reflection and seeking feedback help avoid negative patterns.
Practical Tips:
Set Clear Benchmarks: Regularly ask your team about their understanding of success and how they measure it.
External Feedback: Consider third-party assessments for honest feedback on your leadership.
Personal Insights:
Self-Care Practices: Maintaining a healthy diet, regular exercise, and mental clarity are crucial.
Positive Mindset: View self-care and personal development as privileges that enhance your leadership.
Get your seat to Whiteboard University, go to www.WhiteboardU.com.
In the first episode of our Niche series, Andy Traub talks with Veronica Redfield, a financial advisor who has found success working with federal employees. She shares her journey into this niche market, highlighting the unique challenges and opportunities it presents.
Veronica talks about the complexity of federal benefits and the importance of educating employees about their financial options. She emphasizes the value of building trust and relationships within this community, noting that referrals play a significant role in her practice's growth.
This episode provides insights into effective strategies for advisors targeting federal employees and the benefits of specializing in a niche market. Whether you're a seasoned advisor or just starting out, there's something here for everyone.
Get your seat to Whiteboard University, go to www.WhiteboardU.com.
Get your seat to Whiteboard University, go to www.WhiteboardU.com.
In this episode, Sten talks with entrepreneur, author, and speaker, Rob Dube. Through his work, Rob challenges business leaders and entrepreneurs to look inward with mindfulness and meditation by sharing his own mindful leadership journey.
This one is packed with insights, stories, and practical advice that you won't want to miss
They discuss the intricacies of entrepreneurship, leadership, and personal development.
Rob shares his journey of starting, selling, and buying back a business, and the significance of corporate culture and personal growth.
He talks through the “Ten Disciplines for Managing and Maximizing Your Energy”, a concept he learned from Gino Wickman, creator of the Entrepreneurial Operating System (EOS).
Their conversation highlights the importance of long-term thinking, self-awareness, and making decisions from a place of love rather than fear, ultimately encouraging everyone to embrace their true selves for greater success and fulfillment.
Resources:
Rob’s Website: https://robdube.com/
Rob Dube LinkedIn
Rob Dube Facebook
Rob Dube Twitter
Leading with Genuine Care YouTube
Click here to purchase tickets to our upcoming Whiteboard University training.
Get your seat to Whiteboard University - http://www.WhiteboardU.com
In this episode, Sten and Andy explore the concept of "necessary endings" based on the book by Henry Cloud, and discuss the challenges of ending relationships that are no longer beneficial.
There are three types of necessary endings:
- good but not best relationships
- changed circumstances
- dead relationships
They share personal experiences, and talk about the importance of recognizing when to let go for growth and success.
Though difficult, embracing necessary endings can be a powerful step towards personal and professional growth.
Click here to purchase tickets to our next Whiteboard University training.
In this episode, I sit down with Nancy Hetrick, who is the founder and CEO of Smarter Divorce Solutions LLC, the Divorce Financial Planner Training Center as well as a Financial Planner with Strategic Portfolio Solutions.
She has over 25 years of experience in both investment management and financial planning and has specialized in divorce since 2011.
As a Certified Divorce Financial Analyst and forensic specialist, she assists divorcing clients by providing the financial expertise necessary to ensure the best possible outcomes. For financially complex cases, her team ensures all of the puzzle pieces are clearly identified, and all strategies for division are explored.
Nancy and I discussed the challenges of managing a growing business and the importance of specialization in the field, particularly in the context of divorce.
She shared her expertise on the complexities of divorce financial planning and the necessity of understanding tax implications and asset division.
I'm thrilled to share some incredible insights from the episode and I trust you’ll find it valuable as well.
Resources:
Nancy has become a nationally known trainer for Divorce Financial Planners and offers continuing education and intensive advanced training for CDFA® holders through www.DivorceFinancialTraining.com.
She is the author of “Divorce Financial Planning; Building a Successful Niche Business”, Divorce Is Not For Dummies; How To Cover Your Assets and the co-author of The Stress-Free Divorce, Volume 2.
In the next installment of our Leadership Mistakes series, Sten and Andy focus on financial advisors who become bottlenecks in their businesses.
Recognizing the Bottleneck Phenomenon
Are you the bottleneck? If you can’t spot the bottleneck in your business, it might be you. Andy and Sten use a clever card game metaphor to explain this common issue.
Overwhelmed by Roles
Financial advisors are unique as they are both business owners and primary service providers. Many advisors juggle multiple roles—marketer, operations manager, and primary service provider. This multi-tasking can lead to stagnation and a structural challenge that can lead to inefficiencies.
Delegation is Key
Realizing that operational tasks detract from client service is the first step towards effective delegation. It’s also important to recognize when to delegate tasks like paperwork or meeting preparation to junior advisors or support staff.
Scaling with a Small Team
Sten emphasizes that significant revenue growth can be achieved with a small, effective team—typically four to six people.
Identifying Your Superpowers
Assess what you excel at and enjoy doing, then hire around those strengths. This allows you to focus on high-value activities that drive business growth.
The 10-80-10 Principle
Be involved in the initial 10% of a project, delegate the next 80% to your team, and review the final 10% for quality control. Start with less critical tasks to build trust and confidence in your team.
Fostering a Culture of Ownership
Encourage open communication and constructive debate. Allow team members to challenge ideas and contribute their perspectives. Create an environment where team members feel empowered to make decisions and take risks. Communicate that not every idea is fully formed and encourage feedback and alternative solutions.
Moving Beyond Bottlenecks
It can be challenging to identify issues when you’re deeply entrenched in day-to-day activities. External perspectives can provide valuable insights.
This one’s a must-listen, especially if you’re a financial advisor feeling the weight of your dual roles. By embracing delegation, understanding personal strengths, and fostering a culture of ownership and open communication, you can break free from bottlenecks and create a thriving business.
Click here to join our online EAN community for free access to our resources, interaction with hundreds of Elite Advisors, and weekly insights from Sten.
In this episode, Andy Traub interviews Tim Dyer, a seasoned financial advisor and member of the Elite Advisor Network.
Tim shares his journey from his upbringing in New Hampshire to his education at Babson College, and his early career during the dot-com boom and the 2008 financial crisis.
They discuss the importance of proactive business development, the challenges within corporate structures, and the critical role of client trust.
Tim emphasizes creating personalized paths in financial advising, leading to the establishment of his own firm, Dyer Wealth Management.
Click here to join our online EAN community for free access to our resources, interaction with hundreds of Elite Advisors, and weekly insights from Sten.
In this podcast episode, Sten talks with Hurley Fox, the owner of Fox & Partners, to explore the critical role of outsourced CFO services for small to midsize businesses.
Hurley shares his journey from construction management to identifying a gap in financial services for business owners.
The discussion emphasizes the importance of financial literacy, understanding the connection between personal and business finances, and the need for collaboration among financial professionals.
This episode is packed with actionable insights and practical advice for financial advisors looking to better serve their business owner clients. Whether you're a seasoned advisor or just starting, Hurley's expertise will provide you with valuable tools to enhance your practice.
Tune in to the full episode to dive deeper into these topics and discover how you can make a significant impact on your clients' financial health.
Resources:
Hurley's website
Click here to read some of Fox & Partner’s case studies and other writings.
Click here to join our online EAN community for access to our resources, interaction with hundreds of Elite Advisors, and free weekly insights from Sten.
In this episode, Sten sits down with public speaking consultant and former speechwriter for Dave Ramsey, Eva Rose Daniel, to discuss the vital role of communication skills for financial advisors.
Eva shares her journey from radio to becoming a speaking coach and offers practical tips for improving communication. Key strategies include simplifying messages, making strong first impressions, practicing active listening, and being mindful of body language.
This episode emphasizes that effective communication can significantly enhance client relationships and career success.
Eva also highlights the importance of thought leadership and self-assessment, encouraging listeners to seek feedback and continuously improve their speaking abilities.
Download Eva’s free resource: "12 Questions You Must Ask for a Killer Speech" at www.thespeakshop.com
Follow Eva on LinkedIn
Want to attend our How To Charge LIVE event next month? We want to pay for the cost of your flight or hotel. Click here to schedule a call with Andy, or email him at andy@eadvisornetwork.com with the subject line “The Big Deal” to discuss your discount.
In this episode, we kick off a new series focused on Leadership Mistakes and sharing some of the lessons I’ve learned. Today we dive into the necessity of managing difficult conversations.
Here are some key takeaways:
Curiosity Over Judgment: We emphasize the power of curiosity. Asking open-ended questions can transform a tough conversation into a productive dialogue. It’s all about understanding the other person’s perspective.
Data-Driven Discussions: In business-related talks, grounding your conversation in data can help keep things objective and focused on the company’s needs rather than personal feelings.
Vulnerability in Leadership: Leading with vulnerability by sharing your own feelings and concerns can create a safe space for open dialogue. It’s about being accessible and human.
Real-Life Example: We share a story about a marketing event that didn’t go as planned. By asking the right questions, we uncovered different perspectives and learned valuable lessons.
Frequency of Tough Talks: Some conversations need to be ongoing, while others should be clear and concise, allowing them to run their course. Knowing the difference is key.
Empathy and Honesty: Addressing uncomfortable conversations head-on with empathy and honesty is crucial for the growth and success of your team and organization.
Self-Awareness and Emotional Intelligence: Recognizing when a difficult conversation is necessary and approaching it with emotional intelligence can make all the difference.
Want to attend our How To Charge LIVE event next month? We want to pay for the cost of your flight or hotel. Click here to schedule a call with Andy, or email him at andy@eadvisornetwork.com with the subject line “The Big Deal” to discuss your discount.
In this episode, Sten and Andy are talking about the book “Thanks for the Feedback” by Sheila Heen and Douglas Stone and sharing their key takeaways.
They discuss personal experiences, highlighting their growth in handling feedback and the importance of constant feedback for personal and professional development, citing examples of successful individuals who actively seek feedback.
They explore different types of feedback and the emotional triggers that can block it.
The episode concludes with practical advice on seeking feedback from trusted sources and the necessity of embracing feedback to achieve continuous growth and self-improvement.
Click here to purchase your seat at our next How To Charge LIVE event, and get $300 off your ticket using the code “300OFF” at checkout.
In this episode, Sten talks with Ben Angel. They dive deep into the impact of AI (artificial intelligence) on the financial industry and the role of financial advisors in adapting to these changes.
Ben, who has 20 years of experience in educating entrepreneurs, highlights the potential benefits and risks of AI, emphasizing transparency, critical thinking, and the need for financial advisors to upskill.
He also addresses regulatory concerns and the emotional implications of AI advancements.
Ben’s latest book, "The Wolf is at The Door - How to Survive and Thrive in an AI-Driven World" explores societal, economic, and psychological impacts of artificial intelligence on the future of our existence.
This episode is a must-listen for anyone interested in the future of finance and technology.
Ben’s Website:
https://www.thewolfofai.co/
Ben’s Social Media
Facebook | Instagram | YouTube
Click here to purchase your seat at our next How To Charge LIVE event, and get $300 off your ticket using the code “300OFF” at checkout.
If you attended Whiteboard University, reach out to support@eadvisornetwork.com to get your discount code for How To Charge LIVE.
In this episode, Andy chats with Mihei Egoroff, a financial advisor with four and a half years of experience. Mihei shares his journey from focusing on AUM to emphasizing financial planning services. He discusses his early experiences with money, the influence of a mentor, and the pivotal shift inspired by Sten's teachings. Mihei highlights the practical aspects of charging for planning services, client interactions, and the benefits of a structured financial plan.
Early Money Lessons:
Mihei’s first job assembling vacuum cleaners taught him the value of efficiency and time management, a lesson that has profoundly influenced his career.
Career Shift:
Discover how Mihei transitioned from a traditional AUM model to a more holistic financial planning approach, emphasizing the value of charging for time and ideas.
Client Interactions:
Learn about Mihei’s strategies for engaging clients who are eager to maximize their financial lives, from simple HSA strategies to complex retirement planning.
Practical Implementation:
Mihei shares real-life examples of how his planning services have saved clients significant amounts in taxes and optimized their financial strategies.
Fee Structure:
Get insights into Mihei’s fee structure, including his minimum fees and payment methods, which ensure clients are committed and follow through with their plans.
Mentorship and Learning:
Mihei credits his shift in focus to influential mentors and podcasts, including Sten Morgan’s interview on the Financial Advisor Success podcast.
Client Success Stories:
Hear about a high-earning couple who, with Mihei’s guidance, are set to save seven figures over their lifetime through strategic planning.
Efficiency in Planning:
Understand how Mihei balances the complexity of financial planning with efficient client management, ensuring each plan is tailored and actionable.
Community and Growth: Mihei’s involvement in our community has not only enhanced his skills but also provided him with the tools to elevate his business and client service.
Click here to purchase your seat at our next How To Charge LIVE event, and get $300 off your ticket using the code “300OFF” at checkout.
If you attended Whiteboard University, reach out to support@eadvisornetwork.com to get your discount code for How To Charge LIVE.
In this episode, Sten and Andy discuss their experiences with creativity and resistance, drawing insights from the book "The War of Art” by Steven Pressfield.
The Struggle with Creativity:
They explored how resistance can be a formidable opponent in creative and entrepreneurial journeys.
The Power of Non-Finance Books:
Discover why stepping outside your usual reading genres can profoundly impact your thinking.
Insights from "The War of Art":
This book sheds light on the internal battles creatives face and the concept of resistance as a universal force that opposes our best efforts.
Turning Pro:
They discuss the journey from average to elite performance, and recognizing and overcoming resistance to achieve professional excellence.
Daily Strategies to Combat Resistance:
They share practical tips for addressing resistance every day, and the importance of accountability and surrounding yourself with supportive peers.
Click here to purchase your seat at our next How To Charge LIVE event.
Peer groups and accountability are the keys to surviving in this industry. Nothing ever reaches its potential alone.
In this episode, Sten and financial advisor Ben Hockema discuss their career journeys, challenges, and strategies for success.
Ben shares his path from an unplanned entry into the industry through an internship to launching his own wealth management firm. He highlights the importance of equity partners, team building, and peer groups in his growth.
He also emphasizes the value of networking, vulnerability, and continuous learning. He recounts forming a peer group of junior planners, which evolved into a supportive network of business owners.
This episode underscores the significance of seeking diverse perspectives and maintaining curiosity for professional development.
Want to attend Whiteboard University? Click here to learn more.
Click here to purchase your seat at our next How To Charge LIVE event in August.
In this episode, Sten and Andy discuss the significance of whiteboarding in the business.
Whiteboarding isn't just about drawing on a board; it's a game-changer for client engagement and communication in business.
By effectively using whiteboarding, you can transition from a transactional approach to a coaching mindset, helping clients understand the significance of their strategies.
They talk about Whiteboard University, a new training program designed to master this skill.
This episode covers the importance of visual aids, communication skills, and rapport with clients, leading to faster and more successful business outcomes.
Want to attend Whiteboard University? Click here to learn more.
Click here to purchase your seat at our next How To Charge LIVE event in August.
In this episode, Sten has a conversation with Stevyn Guinnip, the founder of Grow Wellthy, a company that helps financial advisors invest in their health.
Together, they dove into the striking parallels between managing wealth and health.
Stevyn draws from personal experience and shares the importance of a holistic approach to health. She identified common challenges advisors face, such as time constraints and confusion about health strategies.
They end their discussion emphasizing consistency and accountability, and the urgency of health prioritization.
Resources from this episode:
Health Quiz = https://www.growwellthy.com/quiz
Website = https://www.growwellthy.com
Linkedin = https://www.linkedin.com/in/stevyn-guinnip/
Want to attend Whiteboard University? Click here to learn more.
Click here to purchase your seat at our next How To Charge LIVE event in August.
In this episode, Andy interviews Jon Bass, a seasoned financial advisor with 14 years of experience.
They dive into the significance of joint work in the financial industry, with Jon attributing much of his success to collaborative efforts, especially when overcoming the credibility gap due to his youth early in his career.
Jon emphasizes the evolution of his business towards fee-based planning and offers practical advice for selling planning services. He also shares his passion for risk and tax management, drawing from lessons learned during the 2008 financial crisis.
Additionally, Jon highlights the importance of understanding clients' learning styles to improve engagement and the selection of compatible joint work partners.
The episode concludes with Jon discussing his favorite tax strategies, the expansion of his team, and the potential implications of estate tax changes and inflation.
Want to attend Whiteboard University? Click here to learn more.
Click here to purchase your seat at our next How To Charge LIVE event in August.
In today’s episode, Sten and Andy are discussing the profound influence Patrick Lencioni’s book "Getting Naked" has had on their professional development.
They explore how being genuine with clients creates a foundation of trust and sets the stage for more meaningful financial planning.
They also share insights on how to maintain a professional yet caring relationship with clients, ensuring we don't overstep or over-serve.
Sten & Andy emphasize the importance of a humble attitude when managing projects for clients, steering clear of any pompous or self-centered approaches.
"Getting Naked" isn't your typical business book. It's a story that resonates with real-world challenges and teaches us to be agile and comprehensive in our planning.
This episode is all about how embracing vulnerability and focusing on client-centric service can lead to a more successful and satisfying practice. They both agree that this book is worth revisiting every few years.
You can order a copy of Patrick Lencioni’s book here.
Get six free training videos and a dozen free planning resources at GoBeElite.com.
In today’s episode, we discuss the Elite Assumption mindset.
Embrace the Elite Assumption
We dove deep into the power of the 'Elite Assumption.' It's a game-changer. We're talking about shifting gears from the passive "someone might need us" to the proactive "everyone needs something from us." This mindset is the cornerstone of not just meeting, but exceeding client expectations.
Confidence is Key
We also unpacked the essence of confidence in our line of work. It's not just about feeling good; it's about being a beacon of solutions for our clients. When you pick up the phone or meet a prospective client, remember: you're not just a financial advisor; you're a problem-solver, a value provider, and a financial superhero.
Continuous Improvement is Non-negotiable
Lastly, we touched on the importance of never resting on our laurels. The financial world is ever-evolving, and so should our expertise. It's about staying hungry for knowledge and being the advisor who clients can rely on, no matter the challenge.
Get six free training videos and a dozen free planning resources at GoBeElite.com.
In this episode, Andy connects with Nelson Wood, an advisor with a family history in the industry dating back to 1888.
Nelson shares his journey from working in sales at Dewalt Industrial Power Tools to joining his family's business in insurance and financial planning.
They discuss the importance of not giving away planning services for free and how insurance can lead to more comprehensive planning conversations.
Nelson, based in Dallas, Texas, has expanded his practice to include a team that complements each other's strengths in insurance and AUM. His partnership Matt, who focuses on AUM, has reinvigorated his excitement for the future of their firm.
This episode emphasizes the value of asking the right questions to uncover client needs and the urgency of insurance in financial planning.
Get six free training videos and a dozen free planning resources at GoBeElite.com.
Sten and Andy explore the prospecting spectrum and strategies for attracting clients.
They examine the typical experience advisors face when seeking new clients and the common pitfalls of the "activity at all costs" mindset. If you've ever felt like you're spinning your wheels without attracting those dream clients, this episode is for you.
From Brute Force to Targeted Strategy:
They explore the full range of prospecting methods, from the brute force approach (think cold calling en masse) to the more refined targeting strategy. Sten shared why brute force should be a stepping stone, not a destination, and how to evolve your methods to work smarter, not harder.
Elite Networking Insights:
Ever wondered how to leverage your existing network without feeling like you're using your friends? They talked about that too. Here’s a hint: it's all about adding value and being seen as a professional resource.
Targeting the 10%:
They also touched on the concept of the 10% group from the "Blue Ocean Strategy." It's about finding those untapped markets where competition is less fierce, and opportunities are ripe for the taking. Think business owners and real estate professionals who might not even know they need your services yet.
Content is King:
Lastly, they discussed the transition to becoming a content machine. Imagine creating a platform that draws in leads while you sleep – that's the dream, right? They share how to make that a reality.
Legacy Investment Planning is hiring. Think you’d be a good fit for the team? Go to StenMorgan.com/apply.
Sten sits down with Eric Kapitulik, a former Marine Corps officer and co-founder of The Program. Listen to this episode to absorb the wealth of knowledge Eric shared. It's not just a conversation; it's a roadmap to becoming a better leader, teammate, and individual.
Embracing Challenges: Eric's journey from the military to the consulting world is a testament to the power of resilience. He reminds us that no matter the size of your team or the scope of your challenges, the principles of leadership and discipline are universal.
A Must-Read: Eric's book is packed with intensity and invaluable lessons that will leave you inspired.
Long-Term Greed vs. Short-Term Gain: One of Eric's golden nuggets of wisdom is to focus on long-term wealth creation, not just for your clients but for yourself—in all aspects of life. This principle has stuck with him since his days in financial services and continues to guide his decisions.
The Power of Persistence: Did you know the average prospect engages after eight points of contact, yet most salespeople give up after three? Eric's experience highlights the importance of discipline and the game-changing impact of staying the course.
Leadership and Teamwork: Whether you're flying solo or part of a larger organization, the essence of success lies in efficient teamwork and the pursuit of excellence through clear goals and standards.
Mindset Matters: They discuss the crucial distinction between 'hard' and 'challenging' and how reframing our mindset towards gratitude can profoundly influence our daily motivation and actions.
Launch Your Day with Purpose: Starting your morning with intention can set a positive tone for the entire day. Whether it's exercise, journaling, or another focused activity, make it count.
Kindness vs. Niceness in Leadership: Eric and Sten explored the deeper meaning of kindness in leadership—it's not just about being nice, but about pushing each other towards growth and improvement.
Legacy Investment Planning is hiring. Think you’d be a good fit for the team? Go to StenMorgan.com/apply.
Co-host Andy Traub sits down with advisor James Graham for this Advisor Stories episode.
James shares his journey of nearly a decade in the industry, focusing on the significance of team structure and specialization in financial planning.
He discusses his approach to delegating tasks, allowing him to concentrate on client interactions and strategic business planning.
James highlights the challenges of balancing personal involvement with the necessity of trusting his team to handle responsibilities.
Legacy Investment Planning is hiring. Think you’d be a good fit for the team? Go to StenMorgan.com/apply.
In this episode, Sten answers your questions from the financial advisor community.
He outlines the growth stages of an advisory practice, detailing his own experience from solo advisor to a larger team, emphasizing delegation and hiring strategies.
Sten discusses prospecting techniques, the value of solving client problems, and recommends books that shaped his business approach.
He also shares insights on managing people, the importance of structured onboarding, and the distinction between abdication and delegation.
Legacy Investment Planning is hiring. Think you’d be a good fit for the team? Fill out the Advisor application form here.
Sten sits down with Mike Jesowshek, a CPA and entrepreneur, to discuss the gap between knowing tax strategies and implementing them.
Mike's journey is nothing short of inspiring. From starting his first business at 14 to pioneering a digital accounting firm, he's a testament to where passion and expertise can take you. In their chat, he peeled back the curtain on his transition from online marketing to becoming a tax strategy virtuoso.
Mike stressed the importance of the power of simplicity by breaking down complex tax concepts into bite-sized, understandable pieces. Imagine using a Health Savings Account as a retirement tool or the benefits of hiring your children and funding Roth IRAs – these are just a couple of the strategies they dove into.
They also tackled the art of communication in the financial advisory world. It's not just about what you say, but how you say it. Advisors need to challenge the status quo, ditch the generic newsletters, and really engage clients with compelling, clear information.
Ever heard of hiring your kids but felt too overwhelmed to implement it? You're not alone. We discussed why many business owners know the strategies but don't act on them. It's about giving you the confidence and the nudge to take that next step – and that's where advisors shine.
They also discussed the importance of sharing knowledge openly with clients. By not shying away from sharing information, advisors can build trust and provide immense value, showcasing how tailored tax strategies can significantly impact a client's financial health.
You can hear more from Mike here:
Small Business Tax Savings Podcast: https://www.taxsavingspodcast.com/
TaxElm: https://taxelm.com/
Legacy Investment Planning is hiring. Think you’d be a good fit for the team? Fill out the Advisor application form here.
In this installment of our Advisor Stories series, Andy interviews advisor Tyler Morris.
Tyler peels back the curtain on his professional journey, revealing the pivotal moments and the lessons learned along the way.
Here's a sneak peek of what they dove into:
Transition Tales: Tyler opens up about his recent shift into the financial advisor role.
The Nashville Effect: Discover how a training event in Nashville tuned Tyler's approach to his career and client relationships.
Value Beyond Dollars: They tackled the tricky topic of charging for financial advice. Tyler shared his evolved mindset on recognizing the worth of his services and how he communicates this to clients.
Advice for Advisors: Are you pondering whether to start charging for your time and ideas? Tyler's reflections and advice could be the nudge you need to make that decision.
We’re confident that Tyler's experiences and insights will resonate with you, whether you're in the financial industry or simply interested in the art of value exchange.
Interested in working at Legacy Investment Planning? Fill out the Advisor application form here.
In this episode, Sten and Andy explore the importance of creating a great planning proposal. It serves a critical role in setting and managing expectations in business by what you put into your financial planning proposal.
They discuss:
Setting Expectations: The Heart of Client Satisfaction
Clear expectations are the cornerstone of a happy client relationship. Ever had a misunderstanding with a client? We've all been there, and it's usually down to unclear expectations. They’re talking about avoiding that pitfall and ensuring your clients are on the same page from day one.
Crafting the Perfect Proposal
What goes into a proposal that not only informs but also impresses? It's not about bombarding clients with data but about crafting a document that's as clear as it is compelling. Sten has some practical tips straight from the conversation that will help you revamp your proposals to make every page count.
Look and Feel Matter
Never underestimate the power of a well-designed proposal. Sten shares his insights on creating a visually appealing document that aligns with your brand and sets the stage for a great client experience.
Focus Without the Fluff
They also touch on the art of being thorough without overwhelming your clients. Sten's approach? A robust deep dive into each category without letting clients get bogged down in the minutiae. It's about guiding them, not giving them a menu to order from.
Realistic Timelines
Setting realistic timelines is crucial, and they discuss how to communicate the intensity and duration of the engagement right off the bat. It's about managing expectations and creating a process-driven experience that clients can trust.
Balancing Compliance and Communication
Lastly, they tackle the tricky balance between meeting compliance requirements and maintaining clear communication. The goal? To separate the onboarding paperwork from the expectation-setting process to ensure clients know exactly what they're signing up for.
Get six free training videos and a dozen free planning resources at GoBeElite.com.
Sten and Andy dive into the critical role of setting and managing expectations in business, particularly in client relationships.
They discuss the consequences of unmet expectations, such as negative client feedback and job dissatisfaction, and the common issue of failing to verbalize expectations, which can lead to misunderstandings.
Through practical examples, they advise on asking open-ended questions to uncover unspoken expectations and stress the importance of clear communication to align with clients.
They also touch on the financial advisory industry, suggesting visual tools to clarify service models and the necessity for advisors to proactively manage expectations to avoid resentment and ensure business success.
They wrap up with a call for an "expectation audit" within businesses and teams to enhance client satisfaction and relationship outcomes.
Get six free training videos and a dozen free planning resources at GoBeElite.com.
Host Andy Traub talks with financial advisor and founder of Financial Staples, Chloe Moore. She shares her insights on connecting with clients, particularly those from minority groups, and her expertise in equity compensation.
She discusses her approach to asking reflective questions to guide clients towards better financial decisions and the importance of building a network of professionals, including CPAs and estate planning attorneys, to support clients' diverse needs.
The conversation explores the concept of a lifestyle practice, where Chloe aims to balance her business with her ideal life, emphasizing work satisfaction over maximizing income. She advocates for aligning one's core values with career decisions and the possibility of making changes for personal happiness and fulfillment.
Connect with Chloe:
Website: financialstaples.com
Linkedin: linkedin.com/in/chloemoore/
Twitter: twitter.com/finstaples
Instagram: instagram.com/financialstaples/
Get six free training videos and a dozen free planning resources at GoBeElite.com.
Sten talks with good friend Dr. Josh Axe, a functional medicine practitioner, author, and entrepreneur. Josh shares his personal journey with functional medicine, the expansion of his clinic and online platform, and offers insights on business growth, team dynamics, and the power of communication.
Journey into Healing: Josh opens up about his personal voyage into the world of functional medicine. It's a tale of transformation sparked by a family health crisis that reshaped his career and life's mission.
Business Growth Unpacked: Ever wonder what it takes to scale a health clinic and launch an online health platform successfully? Josh spills on the strategies that propelled his business forward.
Mastering Communication: Whether you're leading a team or just starting out, Josh's experiences in the health and wellness industry reveal the undeniable power of effective communication.
Mindset Makeover: Josh shares his wisdom on how to identify and overcome the mental blocks that hold us back.
The Why, Who, What, and How: Understanding these four pillars is crucial in any business. Josh emphasizes their significance and how they've shaped his approach to success.
Order a copy of his new book, Think This Not That.
Follow Dr. Josh Axe:
YouTube
TikTok
Get six free training videos and a dozen free planning resources at GoBeElite.com.
Referral expert Bill Cates discusses strategies for financial advisors to obtain referrals and manage client relationships effectively.
They emphasize the importance of:
- Setting clear expectations
- Being responsive to client communications
- Understanding the lifetime value of a client
Bill introduces the concept of "referability" and shares insights from his latest book, "The Language of Referrals," covering topics such as promoting introductions, asking for referrals, and addressing concerns.
They highlight the need for authentic, direct communication and the pitfalls of formulaic referral methods. Bill also shares practical advice for advisors to enhance their referral processes and client interactions.
Bill Cates is widely recognized as one of the foremost experts in the art and science of acquiring new clients through referrals and personal introductions. He is president of Referral Coach International, founder of The Cates Academy for Relationship Marketing™, and the host of the podcast TopAdvisorPodcast.com. Bill was recently rated as the #1 Financial Advisor Influencer by Indigo Marketing.
Bill is also a bestselling author. His books are, Get More Referrals Now, Don’t Keep Me a Secret, Beyond Referrals, Radical Relevance, and his latest book is The Language of Referrals.
Free resources for listeners:
-
Guides, Checklists, Videos: www.ReferralCoach.com/resources
-
New Advisor Relationship Marketing & Prospecting: www.KickStartProspecting.com
-
4 Infographic Guides: www.FearlessReferrals.com
-
How I Handle Referrals: www.HowIHandleReferrals.com
-
Link to the Book: www.LanguageofReferrals.com
Get six free training videos and a dozen free planning resources at GoBeElite.com.
Andy chats with financial advisor Nate Leo about his experience getting into the industry, challenges he overcame, his advisor superpower, and current success charging for planning.
Nate recounts the college elective that piqued his interest in the field and his initial aspiration to be an investment banker. He shares the early challenges of building a client base and credits his mentor and firm's team culture for his success.
He credits his "superpower" as his ability to connect with clients and explain financial planning's value, which can turn a casual chat into a client relationship.
They also discuss the importance of serving a diverse client demographic and the benefits of strategic partnerships with other financial professionals to meet complex client needs.
Get six free training videos and a dozen free planning resources at GoBeElite.com.
Sten and marketing expert Dave Touhill dive into the intricacies of marketing for financial advisors.
They discuss the importance of understanding your audience and avoiding generic marketing tactics. They discuss the value of building local trust by engaging with influential community members and providing free advice.
Dave criticizes the reliance on outsourcing marketing without a clear strategy and advises focusing on proven methods and seeking guidance from other successful advisors.
They also share the "marketing flywheel" concept and urge advisors to master one strategy at a time, build relationships, and continuously refine their marketing efforts to establish credibility within their community.
Get six free training videos and a dozen free planning resources at GoBeElite.com.
Get six free training videos and a dozen free planning resources at GoBeElite.com.
In this episode, Sten tackles questions from listeners, offering advice on various aspects of financial advising.
- He discusses the importance of clear communication, especially when explaining one's role as an advisor.
- He emphasizes the shift from selling products to providing true advisory services and the value of collaborating with professionals like CPAs and tax attorneys for tax strategies.
- He also talks about revenue tracking and suggests a performance-based compensation model for W-2 advisors.
Additionally, Sten touches on the personal side of business, talking about managing relationships and the benefits of networking with like-minded individuals for professional growth.
This episode is a blend of practical tips and Sten's personal experiences, aimed at helping financial advisors navigate their careers.
Get six free training videos and a dozen free planning resources at GoBeElite.com.
Get six free training videos and a dozen free planning resources at GoBeElite.com.
Gavin Filasek has become a better leader and it has paid off BIG TIME for his team. They grew their planning revenue over 400% in one year. In this episode, he and Sten discuss his journey from traditional advising to fee-based planning.
Transitioning to Transparency: Gavin’s move to fee-based planning has brought clarity to their services and the clients they serve.
Leadership Evolution: They discuss Gavin's leadership growth and how it's shaped the firm's success. His dedication to communication and team development has paid off in multiple ways.
Continuous Learning: Gavin and Sten outline specific ways to improve their communication and leadership skills.
Think Like an Owner: Gavin emphasizes the shift in mindset from salesperson to business owner. It's a crucial step for advisors ready to redefine their role in the industry.
Get six free training videos and a dozen free planning resources at GoBeElite.com.
Learn to be an Elite Advisor with our free training at GoBeElite.com.
In this episode, Sten talks with financial advisor and entrepreneur Derrick Kinney about the importance of self-reflection and strategic thinking in personal and professional growth. Derrick shares his experience of leaving a successful financial advisory practice after a sabbatical made him realize his lack of enjoyment in the role. He discusses the significance of addressing clients' problems through marketing and the power of storytelling to connect with prospects.
Derrick explores the detrimental effects of limiting beliefs on success and the necessity of authenticity in business. This episode includes personal stories from both Sten and Derrick, offering insights into overcoming challenges and achieving success as financial advisors and entrepreneurs.
Want to learn about the 10 Fatal Mistakes Financial Advisors Make and How to Avoid Them? Download your FREE PDF HERE.
Order your copy of the USA Today and Wall Street Journal bestselling book Good Money Revolution HERE.
Connect with Derrick HERE.
For daily tips to help you make and save money, follow him on Instagram @DerrickTKinney
Learn to be an Elite Advisor with our free training at GoBeElite.com.
A few seats left…save $300 on the upcoming How To Charge LIVE training by using coupon code podcast at checkout.
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In this episode, Sten and Andy help you find out how to overcome the barriers that prevent you from investing in personal development.
What are the roadblocks to self-investment?
Awareness Gap: It's startling how many of us aren't even aware that we're not growing. We're stuck in our ways, and it's holding us back.
Fear of Change: Change is scary. Breaking through that fear is liberating.
Time Crunch: "I'm too busy" is a mantra we've all used. But if we don't make time for growth, we'll always be running to catch up.
How do we consistently grow?
Intentional Growth: Being intentional in the wrong direction gets you nowhere. It's about aligning your actions with your goals.
Curiosity Unleashed: There's a world of knowledge out there waiting to be discovered. Unlocking different layers of curiosity can be the key to your next breakthrough.
Investing Wisely: Think of investing in your development like a farmer investing in better irrigation – the returns can be game-changing.
Where do we find the path to our best selves?
Self-Awareness: Are you one of those advisors living in an "average world"? It's time for a reality check. You might be trying hard, but are you really reaching your full potential?
The Big Leap: Hiring a staff member can be a leap of faith, but it can propel growth. Sometimes, you have to invest before you feel 'ready.'
The Takeaway
Investing in yourself isn't just about spending money; it's about recognizing your worth and potential. The coaching and training we offer will help you become your best self, not just incrementally improved.
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To Your Success,
Sten J. Morgan, CFP®, ChFC®
15 seats left…save $300 on the upcoming How To Charge LIVE training by using coupon code podcast at checkout.
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In this episode, Sten catches up with Wes Young, business owner, advisor, and part-time pastor, about the intricacies of managing a successful remote team in the financial planning industry.
Evolving Business Models: Wes’s journey from a young entrepreneur to a seasoned professional is nothing short of inspiring. He shares the pivotal moments of transitioning his business from commission-based to fee-based financial planning.
The Art of Prioritization: Wes introduced a game-changing ranking system that helps prioritize tasks based on impact and enjoyment. Imagine focusing on what you do best and love most – we discuss how this approach can revolutionize your workweek.
Hiring with Vision: Building a team is no small feat. Wes shares the importance of aligning new hires with your organization's vision and values and how to ensure everyone is working towards the same ideal workweek.
The Simplicity of Success: Rejecting the average industry path, Wes chose a life of 'mature simplicity' over 'sophisticated confusion.' It's a powerful reminder that sometimes, less is more, and simplicity can lead to greater success and fulfillment.
Your Call to Action: Assess your own activity matrix. If you're ready to gain a fresh perspective and accelerate your progress, this episode will be the catalyst you need.
HOW TO CHARGE LIVE WORKSHOP
Save $300 on the upcoming How To Charge LIVE training by using coupon code podcast at checkout.
http://www.HowToChargeLive.com
Click here to meet with Andy if you have any questions about the How To Charge LIVE event in April – https://eadvisornetwork.com/htcAndy
To Your Success,
Sten J. Morgan, CFP®, ChFC®
Save $300 on the upcoming How To Charge LIVE training by using coupon code podcast at checkout.
http://www.HowToChargeLive.com
Click here to meet with Andy if you have any questions about the How To Charge LIVE event in April – https://eadvisornetwork.com/htcAndy
In this podcast episode, Sten and Rich Kurkowski, EOS expert, discuss the practical application of EOS (entrepreneurial operating system) tools in businesses. They emphasize the importance of the Vision Traction Organizer (VTO) for setting a clear vision and actionable plan, the accountability chart for defining roles, and the scorecard for tracking key performance indicators (KPIs). They advocate for weekly goal setting and reviews to quickly adjust strategies based on data, rather than relying on chance with infrequent assessments. The conversation also covers how to manage team expectations and the benefits of focusing on activities that directly contribute to goals, using the concept of "rocks" for setting 90-day priorities. They also discuss the effectiveness of weekly meetings and the structure provided by EOS to ensure they are productive and focused.
Free EOS business management tools
EOS Organizational Checkup
Get in touch with Rich
HOW TO CHARGE LIVE WORKSHOP
Save $300 on the upcoming How To Charge LIVE training by using coupon code podcast at checkout.
http://www.HowToChargeLive.com
Click here to meet with Andy if you have any questions about the How To Charge LIVE event in April – https://eadvisornetwork.com/htcAndy
Sten J. Morgan, CFP®, ChFC®
Save $300 on the upcoming How To Charge LIVE training by using coupon code podcast at checkout.
http://www.HowToChargeLive.com
Click here to meet with Andy if you have any questions about the How To Charge LIVE event in April – https://eadvisornetwork.com/htcAndy
In this episode, Sten talks about the delicate act of balancing business expansion with top-notch client advice.
Discover why Sten stopped chasing the elusive goal of becoming a full-time portfolio manager and how he found a sweet spot partnering with institutional money managers.
HOW TO CHARGE LIVE WORKSHOP
Save $300 on the upcoming How To Charge LIVE training by using coupon code podcast at checkout.
http://www.HowToChargeLive.com
Click here to meet with Andy if you have any questions about the How To Charge LIVE event in April – https://eadvisornetwork.com/htcAndy
Sten J. Morgan, CFP®, ChFC®
Save $300 on the upcoming How To Charge LIVE training by using coupon code PODCAST at checkout.
http://www.HowToChargeLive.com
Questions? Meet with Andy to get your questions answered about the upcoming workshop.
https://eadvisornetwork.com/htcAndy
Want to be featured on a future episode of Advisor Stories? Go to the link below to apply.
http://www.StenMorgan.com/advisorguest
In the first episode of our Advisor Stories series, Nate Fair, a seasoned financial advisor, shares his insights on transitioning from a wholesaler to an advisor.
Nate focuses on helping business owners minimize taxes and make confident financial decisions. He explains the importance of clarity, confidence, and trust in his client relationships. Nate and Andy explore the impact of intentionality and practice in providing quality financial advice, the process of engaging clients with new planning services, and the significance of time management in achieving work-life balance.
His approach to financial planning has led to substantial growth in his business, with a focus on the implementation of strategies rather than just presenting ideas.
Save $300 on the upcoming How To Charge LIVE training by using coupon code PODCAST at checkout.
http://www.HowToChargeLive.com
Questions? Meet with Andy to get your questions answered about the upcoming workshop - https://eadvisornetwork.com/htcAndy
Sten J. Morgan, CFP®, ChFC®
Save $300 on the upcoming How To Charge LIVE training by using coupon code podcast at checkout.
http://www.HowToChargeLive.com
Click here to meet with Andy if you have any questions about the How To Charge LIVE event in April - https://eadvisornetwork.com/htcAndy
The Pivot Point: Many of us kick off our careers with big dreams in the financial world but soon realize trust is the currency of our business. We talk about making the shift to risk management and insurance.
The Power of Partnership: About five years ago, Gavin teamed up with his mentor, Jeff King, and collaboration has become the secret sauce to their success. They’ve grown from a duo to a dynamic team of eight advisors.
Training to Triumph: Northwestern's training was a launchpad, but it was their commitment to continuous learning and adapting that skyrocketed their practice. They embraced fee-based planning and haven't looked back.
Advice for Aspiring Advisors: Building trust and delivering value trumps all. It's not about the firm; it's about forging genuine client relationships and solving real problems.
The Game-Changer: Investing in a transformative program doesn’t just shift your mindset; it can revolutionize your business. This can result in a substantial uptick in retainer income and a significant boost in AUM and insurance business.
HOW TO CHARGE LIVE WORKSHOP
Save $300 on the upcoming How To Charge LIVE training by using coupon code podcast at checkout.
http://www.HowToChargeLive.com
Click here to meet with Andy if you have any questions about the How To Charge LIVE event in April - https://eadvisornetwork.com/htcAndy
Save $300 on the upcoming How To Charge LIVE training by using coupon code podcast at checkout.
http://www.HowToChargeLive.com
In our recent episode, we dove deep into the world of events crafted specifically for financial advisors like you. We explored the essence of what makes these gatherings not just informative but truly transformative. Here's a sneak peek at the golden nuggets we uncovered:
Practical Workshops: Learn why hands-on sessions can revolutionize the way you communicate with clients, deliver financial plans, and set your fees.
Intentional Networking: Find out how to engage in meaningful interactions that go beyond the exchange of business cards and foster real collaboration.
Quality Over Quantity: Why a day and a half of intense, focused learning can be more beneficial than a week of surface-level sessions.
Transformative Learning: Experience the shift from self-doubt to self-worth as you learn to articulate and charge for the incredible value you provide.
Ongoing Support: The learning doesn't end when the event does. We talked about the importance of follow-up support to ensure you can implement what you've learned.
To your success,
Sten J. Morgan, CFP®, ChFC®
Have any questions for us? Send them to Sten@eAdvisorNetwork.com
In our 100th podcast episode, we are celebrating the milestone by sharing practical advice on how to avoid being an average advisor and instead striving for excellence.
To become elite you must be open to new ideas and take action on what you learn. Add in coaching and accountability and you’ll become what you’re capable of becoming.
Successful advisors are curious, humble, and willing to invest in their own growth.
This episode includes a surprise segment featuring feedback from listeners who have implemented the hosts' advice and experienced positive changes in their practices.
We are making some changes to the show format, including solo episodes and guest appearances, to provide diverse insights and practical implementation stories from other advisors.
Have any questions for us? Send them to Sten@eAdvisorNetwork.com
Registration has opened for our April How To Charge LIVE workshop.
http://www.HowToChargeLive.com
Ever wonder how financial advisors like me manage to connect with the right clients? It's not just about casting a wide net; it's about speaking the right language and having the right systems in place, both inside and out. Instead of hard-selling products, I've learned to focus on conveying the real value and potential outcomes my services offer.
Today we discuss the progression of prospecting methods as you grow in the business so you can attract the clients you want to work with.
Join our free podcast listener community at http://www.EANcommunity.com
Attend our next How To Charge LIVE training at http://www.HowToChargeLive.com
Hiring can be daunting, but as we discuss today, the key is to be strategic and patient. It's not about filling a seat but finding the right person who aligns with your vision and values. Imagine building a team so strong that running your business feels less like a job and more like a well-oiled machine.
Leadership isn't just about giving orders; it's about inspiring growth. In our conversation, we explore how to lead with passion and create an environment where every team member thrives. I've learned that being a great boss isn't a myth – it's a choice. And I'm here to guide you on that journey.
Now open for all podcast listeners at no cost: http://www.EANcommunity.com
- Watch us LIVE as we record future episodes
- Meet other advisors who listen to the show
- Submit questions for us to cover in future episodes
In this episode, we discuss the critical role of team building in scaling a financial advisory business. Sten shares his journey and the transformative impact of hiring key roles like a relationship manager, paraplanner, and junior advisor to delegate tasks and concentrate on client value and business growth.
We explore the mindset shift needed for advisors to embrace hiring, the progression of learning business management, and the importance of cultural fit and setting clear expectations.
The episode emphasizes advisors' need to recognize their strengths, build a supportive team, and work within their superpowers for sustained success and scalability.
Find out more about the estate planning software Steve Lockshin helped create - https://www.JustVanilla.com/
Today we had an enlightening conversation with Steve Lockshin, a seasoned financial advisor with a wealth of knowledge and experience.
Steve's journey into the financial advisory industry is a testament to the power of seizing opportunities. His unpaid internship at was a stepping stone that led him to fall in love with the financial services industry. His story is a reminder that sometimes, the best opportunities are the ones you create.
The Power of Mentorship: Steve credits his success to the invaluable lessons he learned from his mentors. He emphasizes the importance of seeking out mentors and actively contributing to the relationship. His advice? Be curious, constantly improve your knowledge, and don't be afraid to ask for help.
Standing Out in the Crowd: In an industry where many advisors echo the same advice, Steve stresses the need to differentiate oneself. He shares his own evolution from diversifying investments to focusing on performance reporting, taxes, and financial planning. His secret? Add value to your clients and stand out from the crowd.
Transparent Fees and Trust: Steve advocates for a transparent fixed fee model, moving away from the traditional assets under management (AUM) model. He believes that this approach allows advisors to focus on delivering value rather than just increasing AUM.
Estate Planning for All: Steve argues that estate planning isn't just for the ultra-affluent. He believes that advisors should cover the foundational components of a client's relationship, such as family, money, and loved ones.
The Power of Technology: Steve introduces us to Vanilla, a software that helps financial advisors streamline their practice and provide value to their clients. It simplifies complex data and delivers concise, actionable information, bridging the gap between overwhelming data and decision-making.
Find out more about the estate planning software Steve Lockshin helped create - https://www.JustVanilla.com/
In 2024, you’ll have more chances than ever to connect with other advisors, learn how to become an Elite Advisor, and grow your business.
Here’s what you can expect from us in 2024.
- Sten will release a book dedicated to helping you improve your prospecting
- We’ll be traveling to more firms to teach our How To Charge LIVE Workshops
- We’re hosting How To Charge LIVE Workshops at our offices four times
- We’re going to increase the number of episodes of this show
- We’re inviting a select group of advisors to our How To Charge 2.0 Workshop
- We’ve hired a new full-time coach to help develop advisors in our community
- We’re launching a unique platform to house our courses, podcasts, community resources, and a place for advisor collaboration.
- We’re opening two tiers to our EAN community. EAN and EAN+
To join our new free community go to http://www.EANcommunity.com
I'm thrilled to share some exciting insights from my recent podcast episode, where I discussed the art of client relationships with Dave Resseguie.
Dave shares his transition from working with a major financial planning firm to launching his own company.
It’s common that two-thirds of total revenue comes from the top 20% of clients. It's all about focusing on those who bring the most value to your business.
Giftology: Dave has learned the importance of showing appreciation to those who've helped build client relationships. Inspired by John Ruhlin's book, he adopted the practice of reinvesting 10% of the financial value of a relationship back into it through thoughtful gifting or other forms of appreciation.
From sending a simple thank you note to recording short selfie videos, showing gratitude can significantly impact client relationships.
Building Deep Relationships: Dave has found success in not only investing in my clients but also their families and inner circles. It's about valuing the person for who they are, detached from any business outcomes.
Dave addresses the common mindset about limitations that prevent advisors from implementing specific appreciation strategies. There are always solutions, such as making charitable contributions on behalf of clients or working with consultants.
I hope these insights spark your curiosity and entice you to listen to the full podcast episode. It's packed with practical advice, unique perspectives, and intriguing ideas that I believe will be beneficial to you.
Stay tuned for more!
Sten J. Morgan, CFP®, ChFC®
Today we explore the concept of breaking out of the 'average' mold and embracing personal transformation.
The Power of Reading: We discussed the transformative impact of daily reading. It's a simple habit with profound effects, expanding our knowledge and perspectives. Why not start with a recommended book list?
Habits as Appointments: We acknowledged the struggle of maintaining habits, but emphasized their importance. Treat them like appointments in your schedule, and watch them become ingrained over time.
Sharing Your Journey: We believe in the power of community. Sharing your challenges and goals with others can increase your chances of success and accountability. Don't hide your aspirations!
Extreme Accountability: We explored the idea of using accountability and even punishment as motivators. However, we cautioned against the trap of constantly generating new ideas without follow-through.
Disrupting Routines: We stressed the importance of being aware of our routines and disrupting those that don't serve us. For example, mindlessly using a phone can be replaced with more productive habits.
Designing Your Environment: We discussed the benefits of physical movement in unlocking new thinking and the importance of designing our environment to support our goals.
Expanding Your Circle: We emphasized the need to attend events and workshops outside of your comfort zone, initiate new friendships, and audit your circle of influence. Surround yourself with people who inspire and uplift you.
Hiring to Grow: We discussed the practicality of hiring someone to help grow your business. It's a big step, but with the right planning and support, it can free up your time and generate income.
Pursuing Discomfort: We explored the idea of seeking discomfort as a means of personal growth. It's about pushing your boundaries, not reckless behavior.
Remember, small changes can lead to significant growth and success.
Today we dive deep into the book "Atomic Habits" and its application to your life as an advisor.
We know that the most important part of building habits is to make them obvious. It's not just about what you want to achieve, but how you plan to get there.
Time and Location Matter: We explore the role of time and location in forming new habits. It's not just about setting a goal, but also about creating a specific time and place to make it happen. This is known as implementation intention, and it's a game-changer.
Habit Stacking: We also talk about the concept of habit stacking - attaching a new habit to an existing one. For example, placing a book on your bed after making it can be a trigger for a new habit of reading. It's about making space in your life for new habits and prioritizing them.
Prospecting as a Habit: We discuss how advisors can build a healthy habit around prospecting. Setting aside time for prospecting and using that time to learn, question methods and dream about new ideas.
Accountability and Commitment: We emphasize the importance of accountability and commitment. Protecting the time set aside for prospecting, seeking outside help, and being open to feedback are all crucial for success.
Are You Ready for Change?: Are you willing to make the necessary changes and seek outside help to achieve your goals?
It's about taking the harder path and committing to improve, rather than settling for average results.
We have five tickets left for our next How To Charge LIVE workshop. Get yours at:
http://www.HowToChargeLive.com
We’re revisiting a popular topic today. Head trash is the pesky limiting beliefs and negative thoughts that hold us back. We all have them, but their intensity and impact vary. They're often formed by external influences and personal experiences, and they can be as subtle as a belief about money or as intense as a scarcity mentality.
In our conversation, we shared personal examples of our own head trash and how it can sometimes feel embarrassing. But here's the thing - recognizing and addressing our head trash is crucial. It's about being open to the possibility that some of our beliefs may be holding us back.
We also discussed how environmental factors can contribute to head trash. Ever walked into a room and been overwhelmed by the scent of air fresheners? That's a bit like how some people try to mask or distract themselves from their head trash instead of confronting it head-on.
The good news? Head trash can be managed and changed over time. It's about being open to feedback, embracing discomfort, and surrounding ourselves with people who provide honest perspectives. It's about not tolerating negative beliefs or behaviors and seeking help when needed.
One of the most powerful ways to tackle head trash is to quantify its impact. How is it limiting your potential? How is it hindering your personal and professional growth? By putting a number to it, we can realize the importance of addressing it.
Remember, successful people are aware of their head trash and have clarity in their decisions. Addressing head trash can be challenging, but taking the first steps towards clarity is crucial. It's like going to the gym - it may be difficult at first, but the results are worth it.
I encourage you to listen to our podcast episode and reflect on your own head trash. Share it with others who may benefit from it. Let's start the conversation and help each other grow.
Until next time, keep pushing forward!
To your success,
Sten
http://www.HowToChargeLive.com
If you really want to add six-figures of revenue to your company then you need to attend our How To Charge LIVE workshop.
Get the BEST deal we've ever offered by visiting: http://www.HowToChargeLive.com
Today we explore time management that will help you achieve 10X goals. Specifically the three kinds of days you should plan out; Focus, Buffer and Free days.
- The Journey of Prioritization: I shared my personal journey of learning to prioritize high-value activities over sheer volume. It's a shift from survival mode to strategic thinking, and it's been a game-changer for my business.
- The Busyness Paradox: We explored the intriguing phenomenon of people who seem to thrive on busyness, questioning where it comes from and why people are addicted to it.
- Three Kinds of Time: We introduced the concept of focus time, buffer days, and free days. Sten shares how he focuses his time on innovating and making his company less dependent on him.
- The Power of Deep Work: We discussed the importance of setting aside dedicated time blocks for deep work, free from interruptions. It's about being intentional and focused to achieve higher quality results.
- The Importance of Rest: We delved into the essential role of rest in our lives, challenging the notion that nonstop work is a badge of honor. Rest is not just about relaxation, it's about sparking creativity and achieving optimal growth.
- Planning for the Future: Sten shared his approach to planning and scheduling tasks for the upcoming year, emphasizing the need to block out time for key priorities and rest.
- Idleness: We concluded by highlighting the importance of rest and relaxation, comparing it to the importance of vitamin D for the body. Resting regularly improves the quality of deep work and allows for growth and longevity.
Let's embrace the three kinds of days we need to build at 10X business. We need to rest, prioritize effectively, and make the most of our time.
To your success,
Sten J. Morgan, CFP®, ChFC®
We still have a special running for anyone who buys their seat for January’s How To Charge LIVE event. Learn the details at:
http://www.HowToChargeLive.com
Today we dive into we look into what it takes to level up your leadership as you work towards 10X goals.
Level 1: Rugged individualist, doing everything yourself.
Level 2: Manager who has recruited a team around you.
Level 3: Leader who has extracted yourself fully from operations, with leaders in place to run everything, leaving you to focus on innovation in your Unique Ability and 10X yourself.
Level 4: Leader who has built a business where everyone, at all levels, is empowered to refine their scope continually to focus on their Unique Ability. As a result, the whole team is working on 10Xing themselves.
Save $1500 if you attend our January 2024 How To Charge LIVE event. Until November 10th, 2023 you get the How To Charge For Your Advice online program FREE (a $1500 value) when you purchase a ticket to the January in-person event.
http://www.HowToChargeLive.com
This week we start a three part series where we dive into a book that has significantly influenced our approach to business - 10x Is Easier Than 2x: How World-Class Entrepreneurs Achieve More by Doing Less. This book isn't just about business; it's about challenging our beliefs, questioning the status quo, and embracing change for exponential growth.
Here are some key takeaways from our discussion:
The Power of Ten X Thinking: This concept is about breaking and rebuilding systems for better results. It's not just about working harder; it's about working smarter and tapping into something that allows us to achieve more with less effort.
The Importance of Reading: We discussed the challenge of readers leading and leaders reading. Reading can be a struggle, but it's crucial for growth and innovation.
The "Who Not How" Approach: The book emphasizes the importance of having a team to achieve greater results. It's not about being the smartest or the strongest; it's about leveraging the strengths of others to achieve your goals.
Embracing Change and Discomfort: Change can be uncomfortable, but it's necessary for growth. We need to step out of our comfort zones, think big, and challenge our business practices.
The Value of Time: Time should be measured based on its future worth, not its current value. We need to focus on tasks that align with our strengths and cut out unnecessary activities.
The Concept of a Superpower: We all have a unique ability or superpower. Identifying and leveraging this superpower can shift our mindset and help us be more selective in our pursuits.
I hope these insights spark your curiosity and inspire you to think differently. If you're intrigued, I invite you to listen to the full podcast episode. It's packed with more insights, personal experiences, and practical tips to help you embrace "10X" thinking.
To your success,
Sten J. Morgan, CFP®, ChFC®
Today, we take a deep dive into the Investment Decision Filter, a powerful tool that helps clients make well-informed decisions when working with you.
First, we’ll remind you of the importance of using concepts and strategies during client meetings to establish a strong rapport and provide added value. Then, we’ll get into the details of the Investment Decision Filter, which teaches consumers the importance of balancing performance, risk, taxes, and fees.
We cover the importance of addressing objections and concerns that clients may have by using the Investment Decision Filter. We teach you effective ways to spark meaningful conversations and empower clients to make sound decisions based on their unique circumstances and goals.
Those who communicate clearly, win. In this episode we discuss the Power of Simplicity: It's not about fancy words or complex illustrations, but making information relevant and understandable.
How to Level Up Your Communication Skills: We highlight the need for advisors to invest in their communication skills. It's about creating an experience, explaining concepts clearly, and leaving clients with a deep understanding that stays with them forever.
What does great communication look like?
- Simple
- Visual
- Meaningful
Visual communication
- Communicate authority
- Create energy
- Offer engagement
- Increase understanding
Storytelling - Your Secret Weapon: We explore the power of personal stories and examples in building trust and creating a vision for clients. Just like a comedian refines their jokes, advisors can refine their storytelling skills to deliver a natural and impactful message.
Remember, anyone can become a great communicator with practice and dedication. It’s those who master their craft who will win in this business.
Don't forget to tune into our live online trainings for more insights and tips.
You can find our next training at https://stenmorgan.com/webinar
And as always, thank you for being a part of our podcast community.
In this podcast episode, Sten and Andy reflect on their recent trip to Las Vegas and share some humorous stories. They then delve into a discussion about the difference between achievement and success, emphasizing the importance of constantly striving for growth and not becoming complacent. They highlight the industry's definition of success as a potential hindrance to advisors reaching their full potential. They encourage listeners to seek outside perspective, challenge the status quo, and identify what may be holding them back. They also discuss the importance of surrounding oneself with the right people, hiring help, and focusing on specific tasks to excel as an advisor.
http://www.StenMorgan.com/Webinar - Sign up for Sten’s webinar on Communication That Converts. He’s holding two on October 12th at 9 am and 2 pm CT.
Ever caught yourself questioning traditional practices? Sten did, especially when it came to asking for referrals. Just asking for names felt awkward and ineffective. His solution? Adding value first. Let's put ourselves in our client's shoes - wouldn't you want to see the value before referring someone you've just met?
This episode gives you an outline for asking for referrals and getting them.
Today, we talk through the challenges and benefits of hiring. Hiring is not an expense, it’s an investment in your business. So, why wait for the perfect financial situation? You must embrace the power of hiring sooner to experience increased productivity and success. This is how Elite advisors become ELITE!
You may need a mindset shift to prioritize hiring and the importance of setting high standards and finding the right people to work with you. There are common hesitations and misconceptions about hiring, such as viewing it as an expense rather than an investment. We’ll teach you how to hire for soft skills, company culture, and evaluating candidates during a 90-day probation period.
In this week's episode we invited three advisors who had recently attended our How To Charge LIVE event into the studio. You can hear their reactions to the event and also what they're going to do when they get home to implement what they learned.
We’ve already sold 25% of the seats for January’s event, so get yours today at http://www.HowToChargeLive.com.
In this week’s episode, we discuss common unhealthy phrases and beliefs that advisors often have. They emphasize the importance of overcoming these barriers to become Elite advisors. The conversation covers topics such as feeling alienated in the office, lack of confidence in hiring, the importance of leadership and humility, overcoming age or inexperience limitations, the pitfalls of buying a book of business or hiring solely for connections, and the importance of strategic hiring and seeking external evaluation. Sten encourages listeners to be effective leaders, overcome limiting beliefs, and avoid unhealthy shortcuts in their pursuit of success.
I'm thrilled to share some exciting insights from our latest podcast episode where Matt Reiner of https://www.mattreiner.com and I dove deep into the world of AI, specifically chat GPT, and its potential in the advisory industry.
Embracing Innovation: We discussed the common hesitancy among advisors to adopt new technologies. While it's natural to stick to what's familiar, we believe that stepping out of the comfort zone is key to staying ahead in this rapidly evolving industry.
The 'Lazy Man's Utopia': We explored the concept of the 'lazy man's utopia', where advisors stick to the average and avoid trying something new. However, we believe that the industry is on the brink of a generational shift, pushing us to become more innovative and efficient.
Overcoming the Psychological Barrier: Change can be daunting, especially when it's hard to measure the direct ROI. But we believe that long-term commitments like quality content creation can be game-changers in connecting with a wider audience and growing your business.
The Power of Content Creation: In today's digital world, relying solely on random encounters or referrals isn't enough. We discussed how technology has lowered the barriers to marketing, allowing advisors to share their stories and build personal relationships with a wider audience.
Exploring ChatGPT: We delved into the practical steps advisors can take to start using chat GPT. From writing a love song for a team member's wedding anniversary to creating the actual music for the song, the creative possibilities of this tool are endless!
The Importance of Curiosity: We emphasized the importance of being open to new technologies. With the rapid rate of change in the industry, curiosity and adaptability are more important than ever.
I hope these insights spark your curiosity and inspire you to listen to our full podcast episode. Remember, the future belongs to those who are willing to learn, adapt, and innovate. Let's embrace the power of AI together!
Best,
Sten Morgan
Registration for January’s How To Charge LIVE event is 20% sold so get your ticket below before they are sold out.
http://www.HowToChargeLive.com
The Balance of Custom and Scalable: We explored the myth that personal touch is lost when a business scales. It's possible to maintain an outstanding client experience while growing a successful business. The key lies in building systems that can handle increased demand without relying on temporary fixes.
The Power of Scalable Systems: You can build scalable systems if you define who you serve and how you serve them.
The Role of Personnel in Scaling: Adding team members should be a multiplier for your business. As you grow your team, delegate tasks and create space for higher-quality actions. Remember, each new hire should ideally bring your company a 5 to 10 times return on investment.
The Importance of Clarity and Accountability: Many advisors need help with quantifying the value of their advice. By clarifying your practice and the value you deliver, you can right-size your practice, cut out unnecessary tasks, and scale. Surround yourself with coaches and advisors who are better than you to course correct and think differently.
The Mindset of Possibility: Adopt a mindset of possibility and learn from others who have successfully scaled their businesses. Even if your firm generates $400,000 a year and feels busy, it may only be two hires away from becoming a $2 million firm.
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.
- Their needs and wants
- Emotions and desire
- Perceived value
- Social Influence (referrals)/ Peer recommendations
- Discounts
- Product quality and features
- Convenience
- Cultural and personal values
- FOMO (Fear of Missing Out)
- 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.
- Purchase your ticket before July 1st, 2023, and we’ll respond with a code to get HTC Online for free.
- If you’ve already purchased the online program, we’ll pay for your hotel stay instead.
- 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
Registration for our September How To Charge LIVE event is open. Get your seat at http://www.HowToChargeLive.com
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.
Are You Letting Fear Hold You Back from Charging for Your Financial Advisory Services?
The Greatest Obstacle for Financial Advisors: Overcoming the Fear of Not Knowing Enough
Breaking Free from the Fear: How Financial Advisors Can Charge for Their Services with Confidence
Financial Advisors: Stop Giving Away Your Time for Free and Start Valuing Your Expertise
Overcoming the Fear of Not Knowing Enough: Practical Advice for Financial Advisors to Build Their Business and Deliver Value to Clients
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.
In this podcast episode, we discuss exactly what we teach at How To Charge LIVE. If you want to find out if HTC LIVE can help you, then you can set up a 1:1 call with Andy by visiting this link.
https://calendly.com/andytraub/htc-live
Event Details:
http://www.HowToChargeLive.com
We walk through each session of the event, starting with mindset. The event is designed to provide practical exercises and tools you can immediately implement in your business. We’ll teach you how to create urgency and quantify ideas to convince clients of the value of working with you.
You MUST understand the value you bring to the table and charge accordingly. This event will teach you how to think differently and develop the skills necessary to achieve greater success in your practice.
Today we discuss the frustration that comes with people settling for average and not taking action towards their goals. Sten emphasizes the importance of being self-aware and pushing yourself out of your comfort zone to achieve success. We discuss the unhealthy nature of a comfortable life and the need to constantly challenge yourself to avoid settling for mediocrity.
This begins with being self-aware and constantly challenge yourself to achieve success.
One practical way you can take action is to book a one-on-one session with Andy to save $500 on event registration.
Book your call to get all of your questions answered about the May event by visiting this page. http://www.HowToChargeLive.com
If you want to charge for your advice then join us at our offices outside of Nashville. Go to http://www.StenMorgan.com/HowToLive to book a time to meet with me 1:1 to discuss the event.
To get your free issue of The Virtual Advisor go to joinadv.com/eliteFA.
We've opened registration for our may How To Charge LIVE event. If you want to save $500 then you can register by 5pm CT Friday, March 17th using code freehotel. http://www.StenMorgan.com/HowToLive
If you want to add a new six-figure revenue stream, then you need to join us on May 8th and 9th here in Nashville, Tennessee.
We're hosting another How To Charge LIVE training at our beautiful offices.
You can learn more at http://www.StenMorgan.com/HowToLive In today's episode, we'll teach you when, why, and how to fire clients that you no longer want to work with.
First, you'll hear from a few attendees of our last How To Charge LIVE event.
If you want to learn how Sten uses big ideas to convert prospects you need to attend our How To Charge LIVE event in May. Find out more at:
StenMorgan.com/HowToLive
When you solve big problems for prospects they'll want to do business with you. Focusing on big problems separates you from the competition.
Focusing on big ideas helps prospects have a larger vision for their finances, and get more excited about taking action.
You'll also get more referrals when you focus on big ideas because big ideas are worth talking about.
If you want to get paid for your advice then our How To Charge LIVE event will pay for itself with ONE planning client.
You can register for the event at StenMorgan.com/HowToLive
We have 30 seats and you should be in one of them.
Don't you wish there were magical words that would help a prospect become a client? Well, good news, there are. They're called power phrases and in today's episode we talk about one of Sten's favorites, when to use it in a meeting, and why it works so well in building trust with a prospect.
The best investment of capital is to improve yourself.
Go to the URL below to join the Elite Advisor Network or to schedule an appointment to talk to us 1:1 about the decision.
StenMorgan.com/ean
Be cautious about throwing money at problems like marketing or leads. Instead, improve your skills and market with more specific targets.
StenMorgan.com/EAN - If you want to reach your full potential faster, then our Elite Advisor Network community will help you do it. With live calls twice a month, discounts on all of our live and digital programs, free memberships to industry resources, and discounts on tools, your membership with EAN will help you improve faster than you thought possible.
To learn more about the community go to StenMorgan.com/EAN. You can also book a call to talk with Andy if you have questions before you apply.
When you use targeting strategies well, you'll identify leads more easily and get into planning conversations more quickly. There are dozens of targeting strategies, and your COI network is the best place to find them. In this episode we outline what a targeting strategy is and how you can use it to increase your book of business faster than you think.
When you use targeting strategies well, you'll identify leads more easily and get into planning conversations more quickly. There are dozens of targeting strategies, and your COI network is the best place to find them. In this episode we outline what a targeting strategy is and how you can use it to increase your book of business faster than you think.
Having just had 20+ advisors from across the country attend our live event, we want to share some lessons we were reminded of about how close you are to charging for advice. We also want to encourage you to think through your expectations for events before you spend precious time away from your family and your business.
Why do 80%+ of advisors quit in the first three years? Can that number improve? Why does the industry set up advisors to fail? Can there be a better way?
In this episode, Sten lays out ways that those who hire advisors can improve hiring and help their advisors stay in the business.
In this episode, Sten breaks down the options for you to add another advisor to your team. Why wouldn't adding a new advisor be a good thing? Well, it turns out that more is not always better.
How do you handle splitting work? What happens when something difficult happens in someone's life, and business takes a back seat? What could change from your original agreement? Sten addresses those questions and many more in this episode.
Michael Kitces is a legend in the financial advisor space. He's created countless resources for advisors, and his podcast is the most popular show in the industry. We're grateful to have him on Becoming an Elite Financial Advisor with Sten Morgan.
On behalf of Sten, Andy, and the Elite Advisor Network community, we want to thank Michael for stopping by the show and recording his shortest episode.
Seriously though, Michael paved the way for us to do what we do in working with advisors, and we're forever grateful for allowing us to share his platform a few years ago.
If you're not subscribed to our show, we release episodes every week, and they're always practical and to the point. In addition, if you haven't left a review of the show, we're sending out a copy of Sten's book to anyone who leaves a review of the show the week ofJanuary 1st, 2023. So, leave a review, then send a screenshot of your posted review to Andy@eAdvisorNetwork.com along with your mailing address, and we'll send you a copy of Sten's latest book, I Wish I Knew That Sooner.
Remember to be kind to yourself and that life's too short to choose the average path. Choose the elite one!
Thanks for listening. We appreciate you.
The idea that "you are the product" gets to the core of financial planning. It celebrates your influence as the advisor and the value YOU bring to the relationship. We encourage you to adopt this view.
There are a few more days to register for our How To Charge LIVE event at our headquarters outside Nashville. Go to https://www.StenMorgan.com/HowToLive to get your seat. If it's full, you can add your name to our list, and we'll notify you of our next event date.
Thanks for listening. Remember to be kind to yourself and that life's too short to choose the average path. Choose the elite one!
We appreciate you.
You can find the scorecard resource that Sten mentioned at StenMorgan.com/Scorecard.
Measuring progress over the past year involves looking at various categories, including finances, health, social life, career, spiritual, leisure, personal growth, family, and friends. To measure progress, you can look through your camera roll, emails, or calendar and evaluate what worked and what didn't. With the results, you can celebrate your victories and learn from your mistakes and/or failures.
Being a financial advisor can be a lonely business, so share your results with someone else and use the results to inform your goals for the next year.
Take the information you've gathered from looking back over the year and choose from these options on moving forward.
- Who, not how? - Did it fail because YOU tried to do too much?
- Rinse and repeat - Stay on the same track
- Tweak it - Make small changes to improve on it
- Double it - Step on the gas and make it bigger!
- Bury it - Not a goal worth pursuing
There's also still time to register for our How To Charge LIVE event at our headquarters outside of Nashville. Go to StenMorgan.com/HowToLive to get your seat. If it's full, you can add your name to our list, and we'll notify you of our next event date.
On behalf of Sten Morgan and myself, thank you for listening. Remember to be kind to yourself and that life's too short to choose the average path. Choose the elite one!
We appreciate you.
If you want a successful planning business, you must have these five spots filled.
- Lead advisor
- Secondary advisor
- Admin/customer support
- Director of planning
- Director of operations
After you build out those positions, you can add more. How do these positions complement each other and work together to help you build a thriving planning practice? We explain that in today's episode.
You will never become the Elite Advisor that you can become without a team. In past episodes, we discussed identifying your superpowers (20, 25, and 26) so that you can build a team around them, but once you have a team, you need to care for and develop them.
In today's episode, we dive deep into how appreciation helps your business and your team reach their potential.
Ways to show appreciation:
1. Salary - Your team wants to be paid well, and many of them want to be incentivized to make more.
2. Words of affirmation - Be specific in your affirmation, and remember it doesn't have to be because they did something amazing. Regular affirmation for smaller things is better than rare affirmation for great things.
3. Gifts - Try to give gifts that create a recurring reminder of how much you care about your staff. The more often they use a gift, the better.
Seasonally, it's important to take time to celebrate what you've achieved in the past year.
We only have a dozen spots left for our How To Charge LIVE event. Go to http://www.StenMorgan.com/HowToLive to get your seat so you can learn how to start charging for your advice or how to level up your current financial planning business.
Progress happens when you apply proven systems and habits. That's what today's episode is all about. We discuss seven different ways you can increase your planning and consulting revenue.
11/22/22 - Free Training - How To Add 50K In Planning Revenue
Click here to register
January 2023 - How To Charge LIVE - Our live event where you'll learn our system for financial planning and consulting.
Click here to register
Click here to meet with Andy to ask a question about the event.
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Find free ideas - Be relentless about learning from your COIs and other advisors. Be systematic about knowing the ideas they use to help their clients so you can suggest them to yours. It's like becoming a tax ninja without having to go to tax ninja school.
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Quantify value of ideas - Always total the value of ideas you provide 5k + 8K + 20K etc. Some ideas are 10X ideas while others are soft results - Taking action when the client wouldn't have is a soft result that creates a measurable outcome.
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Name your price - Don't undercut yourself - Borrow the confidence
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Do what you do best - Optimize your situation with the right people or systems.
Coaches show up and put on a headset and coach
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Take smaller clients - Have a Jr. advisor take smaller planning clients so you don't have to turn down a 3K plan if it's profitable. This will accelerate the growth of advisors on your team and pick up additional revenue for the firm.
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Joint work - Doing joint work can open you up to working with clients you couldn't have handled otherwise. 50% of a planning fee is better than 0%.
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Don’t give prospect all or nothing scenario – Give 2-3 price points for the prospect to engage with you. But make sure your service model aligns with that fee.
Free training - StenMorgan.com/50k
January event - StenMorgan.com/HowToLive
$400 discount coupon code if you register before Thanksgiving: freehotel
We want you to be the first to know about a free training that Sten and I are offering twice on November 22nd called How To Add 50K In Planning Revenue. To register, go to StenMorgan.com/50k.
Sten has generated over 1.7M in planning fees and will generate over $600,000 in planning fees in 2022 alone. So, whether you've never charged for advice or you've got a thriving planning business, you will learn how to add revenue to your business.
That registration link is StenMorgan.com/50k.
If you're ready to invest in your personal development and the growth of your business then you should come to Nashville in January to take part in our first How To Charge LIVE event. You'll work with Sten and his team to make sure you're ready to start charging for advice or improve your current planning business so you can reach your true potential.
You can get your seat for the event at StenMorgan.com/HowToLive.
If you register before Thanksgiving then we'll cover your hotel costs for the two days you're in town. Just use coupon code freehotel to receive $400 off your registration and put that towards one of the quality hotels within minutes of our event.
We'll see you at our live training on the 22nd and in January at our event!
What's the recipe for more confidence? In this episode, we give specific examples of things you can do to grow your confidence and things you have to avoid if you want to protect your confidence.
If you want to grow in your confidence in charging for your advice then you need to attend our How To Charge LIVE event in January at our offices outside Nashville, Tennessee. You can learn more at StenMorgan.com/HowToLive
How important is confidence if you want to be successful in this industry?
Why do some people have more than others?
Can you be too confident?
How do you measure your confidence level?
Check out our YouTube channel for the bonus video where we answer the five questions posed at the end of today's episode. StenMorgan.com/YouTube
If you want to grow in your confidence in getting paid for your advice then you should attend our How To Charge LIVE event. Find out more at StenMorgan.com/HowToLive
80% of 2022 is over, so it makes sense that we would look forward to things we want to be different in 2023.
One area we have a tremendous amount of control over is our health. But there’s more to health than carrots and running shoes. Health is spiritual. Health is who we spend our time with, and health is how we see the world.
In this episode, we get practical and discuss what we can do today to improve our health and the impact that has on our business and personal life.
Lastly, here's the song Andy mentions in the episode.
Be Kind To Yourself by Andrew Peterson
StenMorgan.com/35
Watch on YouTube
How do you accelerate your learning and take actions that grow your business instead of wandering from podcast to podcast or online program to online program?
In this episode, Sten and I discuss the elite path of learning and why we believe it includes you attending our live event, How To Charge For Your Advice LIVE, in January of 2023.
If you’d like to be the first to know when we open registration for the event, go to the URL below.
StenMorgan.com/HowToLive
Watch on YouTube
In this special episode, Sten and Andy share a conversation they had with one of the members of the Elite Advisor Network about his struggles getting clients to accept planning proposals. This member has been doing paid planning, and his team is growing as a result.
- What’s wrong with his process?
- Is he not showing the value of his advice?
- Is he taking too long to give value during meetings?
- Is he overcomplicating the ideas he’s presenting?
- Or is he simply getting the wrong leads?
Listen as they work through his situation and, in the process, help you get more planning clients.
In this episode, Sten and Andy will give you seven practical things you can do to improve how you answer the question, "What do you do?".
You can also create several answers to use in different situations by visiting this link or StenMorgan.com/WhatDoYouDo
In this episode, we'll hear from Sten about the state of Sten's company, Legacy Investment Planning.
If you’re an advisor who has a team or aspires to grow your team, this conversation will be helpful to you.
www.stenmorgan.com/31
As a financial advisor, you are in a unique position. You likely started in the business by working for a large company, but you felt like a sole proprietor many days. Whether you stayed with a larger company or eventually left and started your own RIA, the reality of being a business owner never disappears.
Here's the truth: You're a business owner when you're in this business. So, what do business owners do that sole proprietors don't?
In other words, what do you need to do to build a business that has value, that provides excellent service, that is a great place to work, but also doesn't take every minute of your day and your thinking?
How do you move from being an individual to thinking and acting like a business owner? In this episode, we are going to find out.
stenmorgan.com/30
It's common knowledge that when an advisor switches companies, their third or fourth move is where they land and ultimately stay the longest. But why do advisors leave their company? And how do you land in a place where things are better than before?
In this episode, we talk with an Elite Advisor Network member about his experience in the industry and how his parent's debt fueled his desire to have a different experience in his marriage.
And perhaps most interesting is how Matthew chose to get into the business.
We think you'll gain some practical insight that will help you as you develop in your career. Here is Andy's conversation with Matthew Williams.
http://www.stenmorgan.com/29
http://www.stenmorgan.com/ean/
In this episode, we are celebrating the milestone of reaching our 10,000th download by hearing from advisors like you. You will hear from four podcast listeners who have been interacting with Sten and his teachings, some for just a few months and others since the beginning of Elite Advisor Network at the start of 2021.
Two years ago, our company, the Elite Advisor Network, was founded with a mission to help Financial Advisors learn how to charge for their advice and accelerate their growth in an industry that has struggled to keep up with the demand for paid advice.
Since then, thousands of advisors have heard Sten’s message of getting paid your true value for your time and advice. So, here are four short interviews with advisors like you, who took what they learned and put it into action with some incredible results.
Because here’s the thing, when someone has a platform and uses it to speak with authority, it’s healthy to ask this question…. “Does what they say work in the real world?”
https://www.stenmorgan.com/28
Every week we talk to advisors like you that want to improve their meetings with clients. Meetings are where you build the relationship with your client, where you show them what you know, where you learn what they need, and where you work together to achieve their goals.
In this episode, we’ll give you a step-by-step guide on effective first meetings with your prospects. In episode #14, we discussed 7 Meeting Skills of Elite Advisors, but in this episode, we’re going to be hyper-focused on that first time you get to sit down with a prospect.
If you’ve got other advisors that you think should learn these elite advisor skills, you can send them to StenMorgan.com/27, or you can get the comparison chart at StenMorgan.com/firstmeetingchart.
If you’re ready to improve your first meetings, you’re in the right place.
EAN Youtube Channel
In part one of How to use your advisor superpower, we identified what they are and why they’re so important if you want to become an elite advisor. In this episode, you’ll learn how to develop your superpower and why WHO you hire is the key to maximizing your strength.
That concludes our discussion on Advisor Superpowers. We’d love to know what’s your superpower and what you do to develop and use it to help you grow your business.
If this show has been helpful in your development as an advisor, can you help us out by leaving a review on iTunes? You can open Apple’s podcast app, find our show and leave a review there.
Thanks again for listening and for being part of our community. We appreciate you very much.
stenmorgan.com/26
EAN Youtube Channel
If you’re like most people, you appreciate a good superhero movie. They’re inspiring because they usually show someone that looks and talks like us but also has something more. They have a superpower. They’re relatable, but they’re also unique.
As an advisor, you, too, should have a superpower. This isn’t niching down; it’s a skill that you are known for and then builds a team around to make it even more powerful.
So what’s your superpower, and how can you use it to become an elite advisor? That’s exactly what you’re going to find out on today’s show.
On our next episode, we’ll dive deeper into how to identify, develop and maximize your superpower.
We hope you’ll join us for part two of Advisor Superpowers.
Thanks again for listening and for being part of our community.
We appreciate you very much.
Find more at: stenmorgan.com/25
Have you ever been to an athletic event without a scoreboard? It’s confusing because the whole point of the game is to track the progress of each team. Knowing the score means everything.
But when it comes to financial advisors, the industry usually doesn’t teach you how to keep score and what they tell you to measure isn’t an accurate way of knowing if you’re winning or not.
So, in this episode, Sten breaks down what you should be measuring in your business, and he gives you a downloadable scorecard you can start using TODAY in your business.
Video can be found at: stenmorgan.com/24
stenmorgan.com/scorecard
Welcome to Becoming an Elite Financial Advisor with Sten Morgan, where we help financial professionals like you recognize and reach your potential faster.
Whether you’ve been in the business for a few years or a few decades, you’re listening to this show because you want to improve. Today’s guest is a great example of someone who has a healthy impatience that has helped them achieve some great results in just a few short years.
This episode will also give you some insight into working with your spouse if you’ve ever considered that.
Here’s my conversation with Patrick Rogers, a member of our Elite Advisor Network.
Well, we hope you enjoyed today’s member conversation. If you’d like to be part of our community of elite advisors who are working to improve their life and business, then visit http://www.stenmorgan.com/ean/
One final note, we are taking a break for about a month as we make plans for our second season of the Becoming an Elite Financial Advisor show, with Sten Morgan.
If you have ideas for future shows or a question you’d like Sten to answer on a future show go to StenMorgan.com/podcast and leave us a note there.
Thanks again for listening, for being part of our community. We appreciate you, very much.
stenmorgan.com/23
There’s a common theme among the elite advisors Sten and Andy work with. Their administrator is also elite. Their admin and other support team members have characteristics that help the company grow because they balance the skills of their advisor.
In this episode, you’ll learn three aspects of a proactive administrator.
If your admin is great at these things, count your blessings and ensure they’re in a community where they can continue growing. If your admin lacks some of these skills, we’re here to help through our Level Up program.
stenmorgan.com/22
Since you listen to this show, we know that you’re serious about self-improvement, but there’s a good chance you’re not paying attention to an area of your life that needs attention, your mental health.
In this episode, Sten shares his ongoing path to better mental health and gives you simple questions to ask yourself to help uncover areas you can improve on your journey.
Listen as we talk about what most people DON’T talk about in this industry.
stenmorgan.com/21
Our culture is fascinated with the idea of superheroes. They look normal, but they can do things normal humans simply can’t do. Beyond the Marvel Universe, what if you had a superpower? And what if that superpower was the key to you becoming an elite advisor?
In this episode, Sten and Andy share seven advisor superpowers and how you can utilize yours to become an elite advisor.
stenmorgan.com/20
In this episode, Andy interviews Elite Advisor Member, Wes Young. Wes has had a 100% virtual practice since before it was cool to have a 100% virtual practice. He’s found tremendous success as an advisor and manages a growing team of advisors, paraplanners, and support staff.
One of Wes’ superpowers is in how he explains what he does in such a way that ideal clients are drawn to work with him. We discuss that method and more in this episode.
stenmorgan.com/19
Sten and Andy have helped hundreds of advisors to start charging for their advice, but this is the number one objection we get from those who haven’t started charging.
How do you keep a paid planning client happy throughout the year?
In this episode, Sten will answer that question with several practical things you can do to get paid planning clients and keep them happy throughout the year, all the way up to the time for them to renew.
If you’re ready to start getting paid for your advice, go to eadvisornetwork.com and check out our How To Charge For Your Advice. The average price for an advisor’s first paid plan after going through our program is $3,000, so it pays for itself right away.
stenmorgan.com/18
The market is down, a lot. At times like this, do you worry that clients will call you, upset with the market and your work on their behalf? Is there any way to avoid getting those calls? Is there a way to be known for more than just moving money around inside the market?
In this episode, Sten shares four ideas on how to provide value when the market does not.
stenmorgan.com/17
If you want to get stronger it would be a great idea to hire a personal trainer. If you need help with your mental health then you can pay a counselor. If you want your business to grow then you’ve probably considered hiring a business coach, but how do you make that decision? What qualifications should they have?
How much does their training in a specific system or program matter?
How much work should you expect to put into the coaching relationship?
Should they suggest radical changes in your business or make small tweaks?
You can find out the answer to those questions in this episode. StenMorgan.com/16
If you’re like most of the advisors we know then you have a heart of service. You want to take care of the clients who have entrusted you with their financial decisions. But how do you serve those clients well?
Is there a way to segment your clients and still provide great service to all of them?
Will clients get upset if you provide different levels of service?
How will segmenting your book help or hurt your staff?
What do you use to create different segments?
Find out the answer to those questions and many others in this episode.
stenmorgan.com/15
At the core of your business are your meetings with clients. How can you become a master of meetings? What are the meeting skills that elite advisors use to gather the right information from potential clients to uncover their needs, build trust and rapport, communicate your professionalism and insights, and close deals in order to grow your business?
In this episode, we’ll talk through the seven meeting skills of elite advisors.
stenmorgan.com/14
Businesses don’t exist unless they make a profit; that’s a fact. But what else can and should you measure the success of your business? What else matters other than income?
We’ll dive deep into that question in this episode.
Full episode notes: stenmorgan.com/13
It’s May of 2022 and the markets have been volatile. You MAY have clients calling you in a panic and wanting answers on what to do or asking questions about what YOU'RE going to do for them.
In this episode, Sten will tell you how to prepare clients for volatile markets and what to tell them when they do express concerns.
stenmorgan.com/12
This episode will sound different because we recorded it at our live event in Nashville in January of 2022. The topic, though, is familiar. Sten and Andy discuss the role of community in the life of an advisor.
Are the people you work with helping you succeed or holding you back?
What makes a great community?
What should be required of people in a healthy community?
Should you pay for a community, or should it be free?
Are lead groups like BNI worth it?
The answers to those questions and more are in this episode.
TheLevelUpCommunity.com
eAdvisorNetwork.com
StenMorgan.com/11
What if the best way to double the revenue of your business was something you already had, but you weren’t utilizing it to its full potential?
In this episode, we’ll teach you five specific ways that your administrator can help you double your revenue and how we can help you and your admin make that idea a reality.
If you’d like to level up your administrator then we want to invite you and your administrator to attend a free training on May 3rd or 4th. You can find all the details for that training at TheLevelUpCommunity.com For more details on this episode, you can visit stenmorgan.com/10
One of the reasons Hollywood makes billions of dollars a year is that they’re experts in telling stories. Stories draw us in and then keep our attention, and that’s why we’ll be interviewing members of our community and sharing their stories with you.
- Why did they get into the business?
- What’s their journey been like?
- What are they doing to improve their business?
- How have they built a team around them?
- How have they implemented the guidance we provide through the Elite Advisor Network to improve themselves and their business?
We hope you enjoy hearing about Michael’s journey and that it inspires you to continue to invest in your personal and business development. If you would like to be part of our Elite Advisor Network, visit http://www.stenmorgan.com/ean/ to apply.
Michael mentions his experience and subsequent success after going through our program, The Six-Figure Revenue Stream: Implementing Financial Planning To Grow Your Business. If you would like to start charging money for your advice or improve your existing systems, visit eAdvisorNetwork.com/store
Full Show Notes: StenMorgan.com/9
Welcome to episode eight of the Sten Morgan Podcast, where we help financial professionals like you, recognize and reach your potential faster.
In today’s episode, Sten shares one of several Meeting Superpowers. Whiteboarding is a term Sten uses to talk about anytime you illustrate an idea by hand in a client meeting. It’s a method of communicating and teaching that is rarely if ever taught in the financial services industry. Whiteboarding is a key ingredient to creating a high closing rate among the advisors in our Elite Advisor Network and today we’ll go into great detail on how to implement it in your business.
If you’d like to learn more whiteboard ideas then I invite you to visit http://www.stenmorgan.com/ean/ and apply to join our Elite Advisor Network.
Here are links to the tools Sten uses in our office:
https://www.stenmorgan.com/glasswhiteboard
https://www.stenmorgan.com/markers
For show notes and more:
StenMorgan.com/8
We tackle the topic of playing office.
- Why goals without KPI are just wishes
- How playing office annoys team members who work hard
- Being reactive will always leave you behind
- How to set boundaries on your work hours
- Why great ideas come from being out of the office
- Why results are more important than the number of hours you work
Book recommendation: Atomic Habits
For show notes and more: StenMorgan.com/7
- The risks of the Thriving stage
- The characteristics of the Thriving stage
- How relationships are affected by the Five Advisor Stages
- The risk of being intoxicated with success
- The one roadblock to achieving Thriving
https://www.stenmorgan.com/6
- How to determine what stage you are at
- Identifiers of the Comfortable stage
- The benefits of being in the Comfortable stage
- How to advance out of the Comfortable stage
For show notes and more: https://www.stenmorgan.com/5
- How advisors try to level up
- The shift to a business owner mindset
- The importance of client segmentation
- The benefits of a practice manager
- How Sten was able to leave the maturing stage
- How Sten utilizes his COI network
- Level up steps
For show notes and more: https://www.stenmorgan.com/4
- The Value of the 5 Stages of an Advisor
- Key Indicators of the Stable Stage
- An Elite Stable Advisor characteristics
- Investing in your business
- Why people leave at this stage
- How to move to the next level
For show notes and more: https://www.stenmorgan.com/3
- The 5 Stages of an Advisor
- Stage 1 - The Rookie Stage
- Daily thought life of a Rookie
- Rookie’s Prospecting steps
- That your ideas have value
- How to move out of the Rookie stage
For show notes and more: https://www.stenmorgan.com/2
- Who is Sten Morgan?
- How Sten changed his mindset
- How Sten is helping other advisors
- Andy’s role in the Elite Advisor Network
- Why did Andy and Sten start the Sten Morgan Podcast
- What else do we offer
- The next five episodes will cover the five stages of The Advisor Path
For show notes and more: https://www.stenmorgan.com/1