The Profitable Advisor Podcast

The centers of influence model for advisors is great in theory but we've found that it's often a one-way referral relationship. The idea of going after accountants and CPAs to bolster your business isn't as beneficial as you might believe. That's why we've been strong proponents of finding a target market niche and becoming your own center of influence.    Whenever we've found someone who does thi...

If you're like us, there are things you do that you really wish you did differently. This manifests itself all different forms - diet, exercise, the amount of reading you do, or the changes in your practice you just can't get around to doing. For whatever reason, these things are difficult to stop. As the old saying goes, "Old habits die hard." But there is a science to changing your ways and brea...

We had the opportunity recently to buy a practice, which we encourage advisors to do because it's a great way to grow your business. But you have to go into this process knowing it won't be a 100% fit. When you inherit another advisor's practice, you'll be getting clients that might have been a great fit for the previous owner but not so much for you. Part of taking over the new practice is taking...

Today we want to address something that we feel very strongly about and that's the future of our profession.  It's time to start worrying about where we're headed. We're in a position much like Blockbuster was in 15 years ago. The world changes very rapidly and technology allows us to change the way we consume information and how we interact. If a business doesn't evolve with the times, then it ri...

Have you ever heard the political phrase, "Never let a good crisis go to waste?" That's probably been attributed to a few different politicians through the years, but the underlying message is still the same. In a much more benign sense, a financial advisor can also take advantage of a crisis to market their services. When things get uneasy, people are looking for help putting their mind at ease....

As we begin another new year, it's natural to start thinking about goal-setting and ways that we can improve the business in 2023. Even if you don't really care much for resolutions, putting some steps in place will allow you to measure and track your progress.   We spent some time in recent weeks looking ahead to the new year and thinking about the areas of importance, and we'll use this episode...

As financial advisors, a lot of us don't like to think of ourselves as someone who works in sales. But if you own any business, then you are in sales because without customers, you don't get to do what you do. What we've learned through the years about sales is that what makes it work well is having a system, and we've tried many different types. Maybe the simplest system we've come across is the...

It's that time of the year when you should start thinking about plans for the new year, but trying to set goals for an entire year isn't the best approach. When you set goals for a year, it's very easy to forget about them over the course of 12 months. But if you can break that down into three-month periods, it becomes much easier to track and you'll find it will stay top-of-mind. Today we'll shar...

So much of our efforts as financial advisors are focused around getting new clients. From marketing to selling, you have to be able to attract clients to have a business so it is an integral part of what we do. Sometimes, though, we make it so important that we're willing to put up with a difficult relationship just to maintain a client. At some point, we have to make some tough decisions like whe...

We were talking with an advisor who's in our program recently and the topic of assets under management came up because he felt stuck on a rather modest number. So it got us thinking about this issue and what keeps an advisor from the growth that they want to see. It's not your marketing that's driving whether you have a lot of AUM or annuity sales. It's you who drives and we'll explain why that is...

Wanted to do everything he could on his bucket list during his 60s because he didn't think he'd have the energy and ability to do as much in his 70s based on what he had seen from family and friends.  This is why we like to push advisors to build their business in an entrepreneurial way so that the day-to-day still rolls along while you get a chance to enjoy your life and check off some of these i...

Have you ever had someone show up at your office to get your advice? They might even be willing to pay for advice. But that same person isn't willing to let you manage their money because they feel like it's something they can tackle on their own.  If you haven't experienced this yet, you likely will soon because it's becoming more common. With more and more information available, it has become ea...

Nearly every investor has some amount of exsposure to the stock market, and that likely means clients have questions when things start to drag. That's to be expected in this current investing environment so what should you be telling people that want to know how to react? On this episode of the Profitable Advisor, Dan will tell you how he approaches the conversation with clients and what key point...

One of the hardest things to is actually one of the easiest. Sounds strange, right? Today we'll talk all about writing a book, which can seem like an overwhelming task for a financial advisor. We hear from people all the time that want to do it but have no idea where to start. This show will change that. We won't get into the mechanics of publishing a book on this episode. Instead, we'll focus on...

The goal for every advisor should be to manage 100% of your client's money but that might seem easier said than done. The truth is that having the right approach with prospects makes it a logical decision to place all of their confidence in the work you do. On this episode, Dan will share his process for meeting with clients and setting expectations. This 'co-design' approach doesn't just provide...

Today we want to spotlight one of the first people to enroll in the Renegade Advisor program. Not because of that early relationship but because he's incorporated many of the strategies we talk about and his success is taking off. Ryan Fleming, MBA, RICP, CRPC has an incredible story as a former college football player and graduate of the Air Force Academy. He identified this niche and went all in...

It's that time of the year when vendors are having their meetings and that means you need to understand what you're walking into. The vendors want your business and they will do what it takes to keep you on board. Since they're essentially in the commodity business, they have to come up with reasons to convince you otherwise. One of the ways they do this is to create a Financial Advisor Hall of Fa...

With the new year beginning, we hope you are as excited about the future of your business and what you hope to accomplish. With 2022 arriving, we're always looking for ways to improve ourselves and our bottom lines, and that's why we choose today's topic.    Financial advisors are often wondering whether or not they should get a coach. Will it really help elevate your business? Can you see the imp...

We're going to get a little political today but not in the way you would think. You might expect a show with criticism about judgment, but that's not what this episode is about. The truth is the new administration in Washington D.C. has given financial advisors a lot of great opportunities to grow their business, and as a result, you should be ramping up your marketing efforts. Now, this isn't a d...

What can a financial advisor learn from their doctor? Well, the way we interact with our clients should resemble the way a doctor treats their patients. We are the professionals and we have to be able to communicate to our clients what is best for them, as a doctor would do for your health.  On today's show, we will go over 5 things we can learn from our doctors that will make us better financial...

You've probably heard many times that authors have credibility. Even if the books aren't well-written, just becoming published establishes them as an expert on their subject matter. It's just a fact of life. And there's never a better way to establish a relationship with a prospect than with your own book. As the guest on today's show will explain, you don't want to become a coffee bean on a table...

It's that time of the year when vendors hold their annual meetings, evaluate the upcoming year, and set new sales goals. The mission, as they'll explain, is to ramp up sales and increase the revenue you're bringing into the business. But does that actually benefit you? While these meetings might be great for catching up with old friends and learning about new trends, they aren't the best use of ti...

For the first time in a while, we won't have a guest on the show but that's because we want to share an update on what we've been doing. Specifically, we want to discuss the new direct marketing strategy we've been utilizing. You might have heard us discuss this before but we wanted to bring everyone up to speed because it's an important part of being profitable. Before we can talk about the strat...

Life throws us curve balls all the time. It's part of the journey and we all have to figure out how to overcome the challenge and keep pushing forward. Having that added pressure of being a business owner makes it even tougher, but no matter how down you get, I want you to think about June Scharf. Our guest today might be familiar to some of the people we work with because she's a talented writer...

If you've listened to our show at all, you already know that podcasting is a very cost-effective strategy for nurturing your clients but today we want to tell you about a Certified Financial Planner that has built his business around a podcast. Our guest today is Benjamin Brandt, who started the Retirement Starts Today Radio six years ago and has grown an incredible following through simple approa...