Monday, August 24, 2015

Vacation’s over, back to work


Admit it:  for nearly 6 ½ years, the livin’s been easy for broker dealers, RIAs, advisors, and financial reps.  For market analysts, media pundits and financial editors and producers it’s been downright boring.  So what if there’s an overdue realignment happening in China, several geo-political flare-ups, an oil glut, and one of the longest-running bull markets in history.
   
For long-term, goal-driven, risk-aware, and disciplined investors, it is ALL noise.  Really.  Are your clients in risk-appropriate, well-diversified portfolios with clear and comfortable time horizons?  If not, you’ve been sleeping on the job and all the hoopla about the DOL Fiduciary Standard was probably written with you in mind.

For the vast majority of financial professionals, it’s time to earn that fee.  In case you’ve forgotten or in case you entered this profession in the past five years, here is a three-step strategy for building or reinforcing your most-important client relationships.

  1. Reach out to your clients today…A, B, and C in that order…and advise them to turn off CNBC, disregard the market-related articles in their daily newspaper, and listen to music rather than talk radio in the car.  A’s and B’s mainly by phone (leave detailed voicemails) AND email.  C’s by email only.
  2. Remind clients that markets go through cycles and that fear, uncertainly, greed, and bad news sell airtime, print media, and professional services under the guise of help and hope.  Counsel them to expect more than the usual doom-saying across most--even authoritative-- media, for a while.
  3. That unless their goals, risk-tolerance, or time horizon have changed, they are well-advised to stick with their current investment strategy and discipline.


As in all crisis communications, tell it early, tell it all, and tell it yourself.

That’s all for now, there’s work to do.


Neil Wernick
I am a seasoned, globally-experienced financial industry executive (and gourmet food entrepreneur) who counsels broker-dealers,  firms and advisors on asset growth and retention strategies and relationship management. You can find me on LinkedIn and @neilwernick. Email neil@rifkinwernick.com

Thursday, January 1, 2015

Advisor Success Strategies for 2015


by Neil Wernick

First in a Five-Part Series


As advisors reach for a potent Cup of Joe, take a deep breath, and exhale slowly they are revving themselves to jump-start 2015. Coming off an excellent year by all counts, they are wondering, with excitement and trepidation, what problems, opportunities, threats and challenges await them.

Speaking tactically, the day-to-day of being an experienced financial advisor will present its usual flow of circumstances, situations, considerations and reactions.  Strategically, however, the most disciplined and focused advisors will pause today and reflect on that fresh New Year's resolution to become even more organized and identify methodical approaches to leverage the enviable value of their books of business.   The remaining 99.9% of advisors will, right out of the gate, resume the familiar routine of reaction, recoiling, and response, aka business-as-usual.

There is, of course, another way and it is neither difficult nor time consuming.  Rather it is simple and even elegant in its simplicity.  It is thinking and executing strategically with the help of a classic 2x2 matrix of Clients and Assets where each of these dimensions exists in only two states:  current and new.  Each of the four resulting quadrants represents a segment of the advisor's book and names the strategy for addressing the distinguishing needs, priorities and preferences of the clients comprising that segment.


Retention is the set of touch points, programs, and initiatives with the central goal of keeping the client and their current assets. Growth  Acquisition  Succession.