Ineffective Habits of Financial Advisors (and the Disciplines to Break Them)

STEVE MOORE is a leading management consultant, mentor, and coach. Moore developed High Speed Strategic Planning, a year-long coaching program for advisors, which has helped more than 750 wealth management teams achieve their business goals. Moore's strategic planning expertise began as a football coach. He spent more than a decade in the NFL (Buffalo Bills, Seattle Seahawks, and Los Angeles Rams). He also has significant strategic consulting experience with Microsoft, Toyota, and many other prominent companies. Steve is the former managing director and chief operating officer of the Pacific Institute, an international corporation specializing in performance improvement, professional growth, change management, and leadership development. He holds a masters in education from Seattle University. GARY BROOKS, CFP®, is the President of Brooks, Hughes & Jones, a Registered Investment Adviser, and a financial columnist for The News Tribune in Tacoma, Washington.

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• Foreword xIntroduction: Setting the Stage xiiiBusiness Disciplines xviiIneffective Habits of Financial Advisors and the Disciplines to Break Them xviiiThe Framework of the Book xxiInsights xxiDecisions xxiiiActions xxivAcknowledgments xxvChapter 1 Stop Living Their Dream and Start Living Your Dream 1The First Ineffective Habit: Living Their Dream 1The First Discipline: Start Living Your Dream 3Insights 4Purpose: The Primary Reason for the Work You Do 4Business Goals: Specific Objectives That Support Your Purpose 6Guiding Principles: The Rules That Guide Daily Decision Making 23Vivid Description: A Narrative of the Business Success You Intend to Create 29Decisions 32Determining Your Purpose 32Determining Your Business Goals 33Determining Your Guiding Prinicples 33Determining Your Vivid Description 33Determining How You Plan to Keep the Dream Alive 34Actions 35Chapter Summary 37Chapter 2 Stop Focusing on Quantity of Clients and Start Focusing on Quality of Clients 41The Second Ineffective Habit: Focusing on Quantity of Clients 41The Second Discipline: Start Focusing on Quality of Clients 43Insights 43Target Market 44Service Focus 51Competitive Differentiation 51Decisions 60The Common Sense Principle 60Actions 61Chapter Summary 62Chapter 3 Stop Hoarding Unprofitable Clients and Start Disengaging Unprofitable Clients 65The Third Ineffective Habit: Hoarding Unprofitable Clients 65The Third Discipline: Start Disengaging Unprofitable Clients 67Insights 68Segment 1: The 20 to 40 Percent That Represents 1 Percent of Revenue 73Segments 2 and 3: Others You Are Considering for Disengagement 77Decisions 81Actions 81Chapter Summary 83Chapter 4 Stop Providing Only Investment Advice and Start Providing Wealth Management Advice 85The Fourth Ineffective Habit: Providing Only Investment Advice 85The Fourth Discipline: Start Providing Wealth Management Advice 87Insights 87Start Providing Your Top 20 Percent with Wealth Management Advice 89Step 1: Determine the Clients to Reengage with Wealth Management 90Step 2: Have a Deep Re-fact Meeting with Your Clients 91Step 3: Financial Planning 97Step 4: The Wealth Management Solution 98Step 5: Present the Wealth Management Solution—The Financial Vision Document and Client Engagement Roadmap 106Decisions 107Actions 108Chapter Summary 110Chapter 5 Stop Delivering Only Investment Reviews and Start Delivering WOW Wealth Management Reviews 113The Fifth Ineffective Habit: Delivering Only Investment Reviews 113The Fifth Discipline: Start Delivering WOW Wealth Management Reviews 116Insights 117Client Needs Analysis 118Client Satisfaction Window 119Building the WOW Review System 132Decisions 136WOW Wealth Management Review Package 136Actions 137Chapter Summary 139Chapter 6 Stop the Rainmaker Approach and Start the Team Approach 141The Sixth Ineffective Habit: The Rainmaker Approach 141The Sixth Discipline: Start the Team Approach 143Insights 143Team Core Competency Audit 143Team Development Evaluation 146Team Alignment and Empowerment Evaluation 147Internal Challenges 150The Organizational Structure of the Team Approach 151Role Clarity 156Managing the Team Approach 159Coaching the Team 168The Acquisition of Talent 175Team Incentive Compensation 177Create a Best-of-Kind Team of Experts and Suppliers 179Decisions 180Actions 181Chapter Summary 183Chapter 7 Stop Selling to Prospects and Start Selling through Clients 187The Seventh Ineffective Habit: Selling to Prospects 187The Seventh Discipline: Start Selling through Clients 189Insights 189Client Introductory Event 195Center-of-Influence Marketing 197Managing the Sales Pipeline 201Qualify a Call-In Lead 201Fact Finding, Planning, Solutions 202Decisions 203Actions 203Chapter Summary 205Chapter 8 Jack’s Awakening: An Elite Wealth Management Company 209Bibliography 215About the Authors 219Index 221