Congratulations to the winners of the 2015 Hall of Fame awards and to the honorable mentions. For 25 years, Research has highlighted excellence in the field of financial advice, and we are so very glad to do so again this month.
It's incredibly inspiring to read the winners' comments on how they have served their clients over the years, overcome obstacles and stayed on track as owners of growing businesses. Their stories (as told in Jane Wollman Rusoff's cover story) reflect the perseverance of so many advisors in the industry.
At the Financial Services Institute's Financial Advisor Summit 2015 conference — held in early November in Washington, D.C. — I met dozens of advisors and experts who were eager to share tips on business growth and success. One keynote speaker, Seth Mattison of Future Sight Labs, said this type of exchange is highly beneficial.
"The most influential brands and individuals share information. This is what's most powerful today versus the emphasis on not sharing in the past," Mattison stated at the event.
Some steps advisors can take to grow their businesses are straightforward, but not necessarily easy. "It comes down to the quality of the questions you ask … master the art of effectively asking open-ended questions," he explained. This is a powerful way to really understand clients and to build trust.
"This is a relationship-based business. What you do [and say] has an impact … My favorite question is: What do you do when you are not working?" the speaker stated. "This gets at what people really care about."
Other favorite questions include: Can you tell me more about that? Why do you feel that way? What's behind your opinion on that? "This is known as power probing, and you have got to practice it," Mattison said.
Even when attending a conference, advisors need to avoid distractions and make a conscious decision to focus on their priorities, according to the speaker: "Otherwise, it costs you. So, show up, be your best self and get ready to rock. Don't just go through motions … All our choices count, and they are all opportunities [to change] our experiences, relationships — everything."
Looking ahead, 2016 is likely to be full of changes tied to the Department of Labor's proposed fiduciary rules (as outlined in Research Reporter). There will be other shifts next year, and Michael Finke's discussion of black swan events offers insights on managing (or at least analyzing) them. Furthermore, market crises can be anticipated when certain factors (like taxes or asset prices) become too distorted, explains Global Economy columnist Alexei Bayer.
While financial markets and economic trends tend to follow historic patterns, terrorism — needless to say — is much more unpredictable. As we go to print, there is news regarding the loss of life in Paris and Beirut due to terrorist attacks and more news on the war in Syria and other hotspots.
On a recent call with investors, T. Boone Pickens mentioned the fact that oil prices continue to weaken, despite the increasing number of wars (and heightened geopolitical instability). "In the past, we'd see oil at $150 a barrel if we had four wars," he said.
Could this be a sign that we are "getting used" to war and other global crises? As we near the holiday season, let's hope and pray for peace but plan for such strife to continue. And as your clients ask you questions about the year ahead, we wish you plenty of time for reflection and large quantities of resilience.
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