Financial advisors must integrate technology to survive, says Michael Kitces, who outlined five trends advisors should be aware of at a recent conference. In addition to technology reshaping the industry, he noted the importance of advisors finding a way to differentiate themselves. ThinkAdvisor
Advisors should follow the “7 C’s” when drafting LinkedIn messages to prospects, write Stephen Boswell and Kevin Nichols of The Oechsli Institute. Among their tips are to begin the message with something you may have in common with the prospect, offer context to the recipient and keep things conversational. WealthManagement
Advisors should pay close attention to how the financial-planning process affects clients emotionally, acknowledge their feelings and revisit the topic regularly, suggest clinical psychologist Stanley Teitelbaum and estate-planning expert Martin Shenkman. They also advocate breaking planning down into smaller steps to help clients feel less overwhelmed. WealthManagement
Nine advisors share stories about mistakes they’ve made and how they fixed the issue. Mistakes include assuming all clients are being truthful about spending and only engaging one person in a couple during the planning process. ThinkAdvisor
Advisors spend more than one-fifth of their time dealing with administrative matters, according to a recent study. “Administrative tasks don’t give advisors a competitive advantage,” writes Rob Klapprodt of Vestmark, who offers five tips for maximizing efficiency. Financial Advisor online
Increasing technology use and decreasing fees will affect retirement plan advisors in the next few years, suggests Fred Barstein of The Retirement Advisor University. He looks at these and eight other factors, including cybersecurity, regulations and the “convergence of retirement and benefits.” InvestmentNews
It is “nearly impossible” to create a successful marketing plan without first identifying your target market, contends marketing expert Bob Hanson. He offers five tips to help advisors narrow down their target client base. Advisor Perspectives
Advising clients through hardship withdrawals and required minimum distributions becomes more complicated when tax laws and plan options contradict, as plan options are often more restrictive, Ed Slott writes. “Financial advisors should be familiar with planning strategies that are optional for company plans, before you assure your clients that the…
To stay on prospects’ radar without pestering them, Bryce Sanders of Perceptive Business Solutions offers seven tips. Among them are finding the right channel through which to communicate, offering new information and making periodic phone calls. ThinkAdvisor
Top financial advisors understand the human decision-making process and use this knowledge to their advantage when prospecting, Matt Oechsli writes. He discusses the role human instincts play and looks at four components that factor into instinctive decision-making: negativity bias, confirmation bias, herd mentality and pattern recognition. WealthManagement
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