Secrets of Successful Advisors℠ with Ken Haman

Wealthy families often face significant decisions about the ultimate dispensation of their wealth. Uniquely successful clients typically want to transfer some of their wealth to the next generation or two. Many also wish to make philanthropic gifts during and after their lifetimes. Unfortunately, some people make these decisions without a clear sense of the impact that a gift would have on their o...

Wealth-management checklists help uniquely successful families understand the complexity of their wealth and allow advisors to keep track of a complicated number of deliverables. Checklists are a powerful management tool for financial advisors for several reasons. Scott and Ken explore how to use wealth-management checklists to engage new or prospective clients. The information contained herein re...

It's surprisingly difficult for newly wealthy clients to trust their existing advisor. In most cases, these clients labored for years to become financially secure, but many achieve significant wealth because of a particular event. When this happens, advisors are often surprised that the client suddenly becomes less trusting and more controlling. Here, Scott and Ken explore the psychological challe...

With the accumulation of wealth comes an increasing number of decisions that have potentially serious consequences. As useful and familiar as checklists are, few retail financial advisors have discovered their value in helping uniquely successful clients deeply understand and appreciate the complex details of their financial lives. In this podcast, Scott and Ken show how checklists help clients un...

There are few industries more data-driven than financial services, except when it comes to managing teams. Too often, advisors see business planning as a waste of time, preferring instead to meet with clients or to network for new business. Additionally, they don't understand how setting goals can support and encourage high performance among team members. This oversight can lead to inefficiencies...

Many advisors build teams to help scale their practice. Although some people feel that team meetings are a waste of time, in reality they are critical. When heroic individual performers create or join a team, challenges naturally occur, as many highly motivated individuals struggle with collaboration. In this podcast, Scott and Ken discuss the value of team meetings and how to use the three-meetin...

Research has revealed that the human brain struggles to cope with complexity. One of the most important insights from the discipline of behavioral economics is the idea that much of human decision-making is controlled by nonrational, automatic mental shortcuts known as heuristics. Here, Ken and Scott discuss the latest information on narrow framing, how to help clients manage complexity and the ch...

Many advisors are inhibited about their new business acquisition efforts because of a fear of rejection. All sales professionals experience rejection as part of their work. Every conversation with a client or prospect has the possibility of ending with refusal, either of the idea that the advisor is recommending or of the value of the advisor as a professional. In this podcast, Scott and Ken share...

In a holistic wealth-management business model, the quality of the advisor-client relationship increases. Additionally, the relationship's focus shifts away from asset management toward wealth-management challenges. For the financial advisor who wants to improve the client experience, this research represents rich areas of possibilities. Here, Scott and Ken explain how to design client experiences...

As advisors transition from asset managers to holistic wealth advisors, their assumptions about client reviews must change to reflect a different business model. In any advisory practice, there are only a few times a year when advisors can meaningfully impact the relationship they have with a client. Typically, after the intake interview process is completed and the client is onboarded, the client...

Meeting with CPAs, attorneys and other professional centers of influence (COIs) is an efficient method of building a pipeline of prospective clients. Successful financial advisors spend much of their productive time conducting meetings with clients and prospects. A small percentage of those advisors also meet with professionals who are in a position to refer clients. These centers of influence (CO...

Many advisors are reluctant to think about retiring; some are deeply resistant. Observations of financial advisor decision-making and behavior have revealed an interesting pattern: as advisors get closer to retirement, their desire to retire decreases. This can have major negative consequences for teams, especially those that were created to facilitate the transition of clients from the retiring a...

Most advisors know that when markets are volatile they will be having challenging conversations with emotional clients.  Very few advisors know how  important it is to initiate conversations and engage clients about possible volatility before they get upset. Note to All Readers: The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes ar...

Research from behavioral finance has revealed a stunning number of decision-making vulnerabilities that make it challenging for investors to successfully navigate capital markets. Hundreds of these heuristics have been discovered over the past few decades, and many are common behaviors that advisors see in clients every day. But advisors are people, too, and they are just as vulnerable to decision...

As the saying goes, "Failure to plan is a plan to fail." And with global markets down significantly, many financial advisors are unprepared for the declining revenues that come from a reduced asset base or unexpected client attrition. However, an advisor "Go Bag"—specific, tangible resources to help your practice and clients—can make a big difference in this environment. AllianceBernstein Advisor...

The first six months of 2022 have served as a stark reminder that market outlooks can quickly shift. Advisors who want to retain business must now prepare clients for the possibility of greater volatility, abiding inflation and muted returns. Clients have many reasons to be skeptical of change and financial advisors (FAs) who don't have these conversations now risk having painful discussions with...

Market headlines in 2022 have been dominated by inflation, tightening monetary policy, ongoing volatility and the Russia-Ukraine conflict. To get ahead of client concerns, financial advisors need to develop creative ways to turn difficult conversations into opportunities to build confidence. A clear and concise presentation on the capital markets can help solidify and restore lost credibility—and...