But you’ll be happier and they’ll be better off.

I spoke to an advisor the other day, looking at our platform.

He was talking about
A few concerned calls he
Got when the Dow dropped 500 points.

He spent a bunch of time talking those clients off a ledge.
Honestly, the recent stuff isn’t that big a deal.
But if happens a lot when markets are rough.

It was completely different than a call I had 20 minutes before.

→ For her, no panicked calls.
→ Just business as usual with
→ Some super client meetings.

She said she never gets panicked calls.

What is she doing that is so different?

She does:
↳ Planning meetings, monthly newsletter,
↳ Annual reviews, Quarterly reports,
↳ Birthday cards etc.

But she also messages clients 1-2 times per week.
Much “more” than most advisors.
But her job is “easier”

She sends simple messages:
↳ “I just reviewed your plan, looks good.”
↳ “Here’s how your money has changed
↳ it’s very different than the market.”

For her it’s email but it could be another channel.

Her clients know:
1. Where they stand
2. How they are doing
3. And their money ≠ the market

By doing a little “more”

**She changed her clients narrative**

→ She neutralized the worry
→ The media creates.
→ Everyday.

You can too.

She smoothed out the rollercoaster.
After we finished talking
I drew it out.

Do this and
Your clients
Will ‘thank you’

The post Your clients need more from you first appeared on Blueleaf.

• Financial planning
• Investment management
• Any other aspect of money

BUT he has a huge audience and business because he crushes you on communication with his vast number of clients. In simple terms, he communicates and delivers value EVERYDAY.

Meanwhile, your client communication includes:

• Sending monthly newsletters
• Delivering four reports per year
• Having a meeting or two

You communicate 20 times per YEAR.

HOLD ON. No one is saying you need to connect everyday, but you know that more would be better. So what’s holding you back? Time? No, you can automate. The real reason you don’t communicate more is because underneath it all you’re worried. You don’t want to “bother them”.

But what that really means is that you’re afraid that what you say isn’t valuable enough. But you know your favorite services send messages to you everyday and you use and love them more for it.

When you communicate more with your clients you get:

1. Better implementation
2. More referrals
3. A happier you

If you’re stuck on how, these ideas can help:

1. Repurpose content
   If you’re a creator on LinkedIn, repurpose for clients.
   
2. Give simpler updates
   Create simple weekly or monthly updates on clients’ money rather than a giant report.
   
3. Send activity updates
   What small thing did you do that you can report on? Check a plan or review something.

Be as creative as you are in your marketing by educating, inspiring, and entertaining. Up the frequency and focus on what your audience needs to hear and they will love you for it.

What are you doing to communicate with your clients more?

The post Dave Ramsey Is Better Than You But … first appeared on Blueleaf.

I have a problem with “Advice Engagement”

But it’s probably not what you think …

The problem is
Our perspective limits us
When we talk about advice engagement.

It ensures we miss the bigger picture.

How have you tried to engage clients more?

The post The Problem with Advice Engagment first appeared on Blueleaf.

Want to elevate your client convos to TED talk level

Learning this key certainly surprised me …

Ever wonder why some TED Talks go viral and others don’t?

Neither did I.

But I do want to get better on video,
And when I speak live.
So I did the research.

What I learned surprised me.

All TED speakers are:
a. Charismatic
b. Polished
c. Smart

But the most popular have a curious feature in common.

Vanessa Van Edwards’ team studied thousands of hours of TED Talks

They looked at everything
– Body language
– Vocal variety
– Outfit choices

The result?

The most popular TED Talkers used an average of
465 hand gestures in 18 minutes,
2x the least popular ones.

Hand Gestures ️ punctuate concepts

Our brain gives them 12.5 times more weight than our WORDS

Surprised?

The most engaging speakers you know,
Likely use their hands a lot while talking,
Underlining their points with physical, & visual cues.

This dual communication makes their message more captivating and memorable.

How can this help your client communication?

Hand gestures will make you
↳More effective
↳More engaging
↳More memorable

How do you do it?
1. Think about gestures as part of your presentations – plan them in.
2. Plan gestures for key moments in client conversations
3. Reframe your webcam to include hands in the shot

So, next time you’re giving a presentation or even having a conversation, remember to “talk” with your hands too.

How is your setup for video calls, hands or no hands?

The post Want to Elevate your Client Convos to TED talk Level first appeared on Blueleaf.

Financial advisors, are you creating experiences or just delivering services?

It’s not a fluffy question and

In my recent conversation with David DeCelle on the Model FA podcast, we stumbled on a realization…

While financial advisors often excel in service models, David observed that most fall short in client experience models.

Reality check:
The service model
is just one piece of the client experience model

Your clients’ experience is their own
The system you use to shape it is your client experience model
If you have no system then all you have is a handful of touchpoints and the media

I don’t know about you but I don’t want clients’ experiences determined by chance or CNBC

Think through you clients’ journey
How do they experience the world?
How do they experience your services within it?

Now build a picture of what you want it to be
How will your communication break through the media noise
How will you ensure great client outcomes and guarantee clients see your value

Understanding the broader context of our clients’ journeys not only allows us to create meaningful connections and lasting impressions, but also helps us to better align with a client’s goals and aspirations with that human touch.

It’s time to bridge the gap between services and experiences.

How do you map out your clients’ experience? Let me know!

The post Financial Advisors, are you Creating Experiences or just Delivering Services? first appeared on Blueleaf.

Through automation, you’re creating an opportunity for many small touchpoints with your clients to educate them about their money, and the way it changes over time.

Advisors today are competing with media for clients’ attention. Clients hear conflicting financial news every day and they naturally get nervous about where they stand with their money. There’s an opportunity for advisors to be that trusted source of information, and for clients to appreciate the value of their service.

A sample of topics discussed on the podcast:

• Client engagement and AI in financial advising.
• Personalized financial updates and their impact on client trust.
• Overcoming fear and innovating in business and financial services.
• Taking bold actions, learning from failures, and deepening client relationships.
• Storytelling and AI in advisor-client interactions.

The Model FA podcast features actionable ideas for fiduciary financial advisors. 

Listen to the full podcast: Stop Living in Fear: 3 Ways Advisors Can Take Risks Without Failure with John Prendergast

Watch the podcast on YouTube: Stop Living in Fear: 3 Ways Advisors Can Take Risks Without Failure with John Prendergast

The post How to Get Clients to Appreciate You: Blueleaf CEO John Prendergast on the Model FA Podcast first appeared on Blueleaf.

Fast forward to 2021. The fear of Covid-19 still lingers, but folks are beginning to venture out. Masks are coming off and business luncheons are once again an option. Financial advisors can go back to business as usual, but is that the right choice? The world is very different now.

Our new normal is more than just a sociological shift. The pandemic taught all of us that we could do business virtually when the face-to-face option was removed. Advisors were able to change the way they operated by using virtual tools and online communication.      

Winston Churchill once said, “Those who fail to learn from history are condemned to repeat it.” In 2020, we learned that wealth managers can effectively manage clients online. That’s a dimension of our industry that we should continue to cultivate. Here’s how:           

#1: Increase Transparency with Better Technology

According to Statista, the in-home data usage of smartphones increased by 34% in March 2020, the first month of Covid-19 lockdowns. Social media was the largest recipient of that traffic, but you can bet that Google Finance and Robinhood are high on that list too.

Your clients have questions and they’re more financially savvy than many of us give them credit for. They’re perfectly capable of doing research and even trading on their own. You can avoid them going off on their own by being transparent in your reporting and communications.  

The ongoing discussion about transparency has led to the development of new technology to give clients more of what they’re looking for. Blueleaf is one of the platforms at the forefront of this with a client portal that aggregates held away assets and creates transparency.        

#2: Employ Active Listening in Client Meetings

How often have you “zoned out” when your clients are speaking? It happens to the best of us. Employing active listening and repeating key points they are trying to make helps to build advisor/client trust levels.  

In the age of Zoom, active listening is even more important. With the in-person element of client relationships removed — and many social cues along with it — it is more critical than ever to practice good listening skills. 

Not only does active listening ensure that you’re paying attention and capturing essential information that your client may be communicating, but it’s another way to forge an important connection with your client — even on Zoom (i.e., virtually). 

Modern financial advisors have evolved into holistic wealth managers who spend a lot of time coaching their clients on productive financial habits. Active listening is a big part of that process, so this should not be underestimated. It’s critical to your retention rates.

The Center for Creative Leadership (CCL) published a great piece on this a few years ago titled, “Use Active Listening to Coach Others.” It’s not specific to advisory practices, but it can help you to further develop your skills in this area. The article is only a five-minute read.  

#3: Maintain Consistent Communication with Automation

This step can be simplified by using the automated email feature in Blueleaf to send weekly or monthly updates to clients. It can be enhanced by using retargeting to keep your firm’s branding in front of them as they surf other sites on the internet.

One of the benefits of living in this technological era is that artificial intelligence (AI) has reached a new level in marketing. The ability to capture and follow prospects and clients after they visit your website gives you a chance to make sure your firm is always top-of-mind.

Connect your client portal to your website so clients must pass through there on the way to logging into their account. Set up retargeting to kick in when they click on the portal page link. It’s that simple. They’ll see your logo everywhere they go.   

#4: Eliminate Industry Jargon when Speaking with Clients

This is one of my pet peeves. As financial professionals, we speak a language amongst ourselves that outsiders have difficulty understanding. Don’t do that to your clients. Showing off how smart you are with industry jargon doesn’t instill confidence. It causes confusion.

This is another area that deserves special attention as many meetings have moved to virtual platforms. Zoom meetings and phone calls are already stripped of some important context that elevates communication. Adding unnecessary confusion to the mix by tossing around industry jargon is not doing you or your clients any favors. 

It’s possible to simplify financial information without “dumbing it down.” Speak to your clients in plain terms that the average person can understand. If they turn out to be more knowledgeable than expected, crank it up a notch. They’ll appreciate that.

On a video call, the nuances of facial expressions can be easily missed. Confused clients don’t always ask for an explanation and you can’t read the tells on your iPad or mobile phone. That’s a problem. You can’t build a relationship if you’re not connecting with the client.   

There’s no magic bullet. Each of the four steps listed above is dictated by the environment we’re working in and the communication tools we have available to us. Financial advisors need situational awareness and the willingness to adapt to the new normal.

The world has changed in just two short years. Enhancing client relationships today requires a virtual component for advisory firms to thrive and grow. The pandemic opened the door for this new business model. Your clients have come to expect it. It’s up to you to implement it.  

The post 4 Strategic Ways to Virtually Enhance the Advisor-Client Relationship first appeared on Blueleaf.