- Passing up the opportunity to be known as the advisor who “truly gets me.” Having lived through the last decade of faltering confidence in the investment and corporate markets, boomers lack trust. Transparency and prudent advising take on new meaning as they enter midlife and beyond.
- Not appreciating their own value. Collect client endorsements and evaluations; they are good reminders of how important you are. You are not just selling a product. You are advising people on important life choices that will affect them and generations to come.
- Maintaining – but not maturing – client relationships. How well do you know your clients? What are their biggest worries and greatest hopes? Take the time to understand your clients’ life goals and the new retirement reality. Your “same old” clients have new concerns.
- Ignoring the hottest investment trend of the decade. More boomers want to make investments that will profit their portfolios and better the planet. By offering legacy and retirement planning that reflects your clients’ philanthropic goals, you will find your roster of clients referring you more business than you can imagine.
- Selling instead of serving. The most important thing you can do to hold your trusted position is to manage funds and design plans that serve the changing desires and urgent needs of your maturing clients.
- Overlooking the critical opportunities of their clients’ life cycle. Look at your clients’ whole life and the needs of each life phase. Today’s cutting edge advisor knows that retirement is not merely an economic event but a profound change of life, requiring planning on many levels.
- Excluding customers from the most important decisions of their lives. It is essential you involve clients in the discovery process. Show them their options, respect their needs and encourage their dreams.
- Focusing solely on profitable investing and accumulation. Today’s trusted advisors need to go beyond their familiar strategies for asset accumulation and design a responsive financial life plan for their clients as they enter their middle and later years.
- Lacking the administrative architecture necessary for building a business that lasts. Is someone always available to answer client calls or email inquiries? Is your business automated and organized? Mastering the small stuff is essential for big success. Take care of the details that will take care of your clients.
- Do not have a firm plan that ensures the sustainability of their business, family and personal legacy. We all know that the shoemaker’s kid had no shoes, but did you know that most financial advisors do not have a plan for a secure tomorrow? Do you have a trusted advisor who is giving you the quality advice you need to strategize for your rock solid future?
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