Client Driven Practice Blog - Commentshttp://www.theclientdrivenpractice.com/checklistblog/en-USSquarespace Site Server v5.11.81 (http://www.squarespace.com/)plumbing comments on Do You Ask For Referrals? Would You Hire A Plumber That Randomly Showed Up At Your Door?plumbingSat, 14 Jan 2012 03:18:38 +0000http://www.theclientdrivenpractice.com/checklistblog/do-you-ask-for-referrals-would-you-hire-a-plumber-that-rando.html#comments611553:7105799:comment/16574313Ask what kind of deposit or up front charge the plumber demands. Keep in mind when asking for quotes over the phone that these quotes may vary when the plumber gets to your house and provides you with an estimate.

]]>John F. Hinman comments on Do You Ask For Referrals? Would You Hire A Plumber That Randomly Showed Up At Your Door?John F. HinmanWed, 04 Jan 2012 04:39:10 +0000http://www.theclientdrivenpractice.com/checklistblog/do-you-ask-for-referrals-would-you-hire-a-plumber-that-rando.html#comments611553:7105799:comment/16437634When an FA or for that matter any sales professional begins to seriously focus on growing their business a reality check must happen first. How did you get and keep the clients who represent your business? One either engages very strategically and skillfully anyone and everyone who will listen to them OR is introduced to others by trusted members of their own personal and professional network. Asking for referrals is an exercise that does help a professional grow through the experience. That growth will lead to the discovery that it is far more efficient and productive to ask for introductions and create the event or opportunity through which the introduction can be most effective. I ask for the introductions like this as just one example: "Jim, I'd like to invite you and 2 of your associates from the young millionaires golf club to join me as a team in this charity event I'm helping organize. Who would you think would be the best ones to ask? Oh! And I'm sponsoring the team."

Building a book of business begins with building relationships. People want to work with people they like. How do you get people to like you? They have to get to know you. Asking for introductions and then using events such as charity golf tournaments, dinners, or even sporting clays as a focus of the proposed get together is a non-threatening method where people get to really know each other. Mingle and mix your way to success and a satisfying career.

]]>Malta comments on To Get Referrals, Your Clients Must Understand Your Target MarketMaltaMon, 12 Dec 2011 13:37:59 +0000http://www.theclientdrivenpractice.com/checklistblog/to-get-referrals-your-clients-must-understand-your-target-ma.html#comments611553:7105799:comment/16159200Who is Andrew Sullivan? I dont know this man!
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]]>Bruce Peters comments on Do You Ask For Referrals? Would You Hire A Plumber That Randomly Showed Up At Your Door?Bruce PetersSat, 10 Dec 2011 13:56:40 +0000http://www.theclientdrivenpractice.com/checklistblog/do-you-ask-for-referrals-would-you-hire-a-plumber-that-rando.html#comments611553:7105799:comment/16146490Great reminder for Advisors. That said what is the Advisor or better yet client to do?
Since the client or prospective client will likely be in transition could you asked to be placed on the list? Much like making a list of recommended plumbers? Ask for permission to follow up at certain times ( likely transition event times)?
What do the most successful Advisors do?

]]>Stephen Wershing comments on Looking for advisors to interview for an articleStephen WershingWed, 26 Oct 2011 16:54:20 +0000http://www.theclientdrivenpractice.com/checklistblog/looking-for-advisors-to-interview-for-an-article.html#comments611553:7105799:comment/15494513Thanks, Linda! Yes, I will give Norm a call. Especially because he has said before that he had struggled with certain aspects of his board. It would be a great perspective to get.

And I am still a huge fan of IPS Advisor Pro! I still recommend it!

Steve

]]>Linda Lubitz Boone comments on Looking for advisors to interview for an articleLinda Lubitz BooneSun, 23 Oct 2011 01:11:03 +0000http://www.theclientdrivenpractice.com/checklistblog/looking-for-advisors-to-interview-for-an-article.html#comments611553:7105799:comment/15436274Hi Steve,
Hope you are doing well. Hope to see you at IMPACT. Norm has had a client advisory board so you might call him while you are in SF. 415-788-1952.
Also, as you are making your rounds, please don't forget about a client relationship tool - the Investment Policy Statement and IPS AdvisorPro. We are up to over 33,000 created on our software. Yeah!
Best regards,
Linda Lubitz Boone

]]>Stephen Wershing comments on Reduce your vulnerability to a market downturnStephen WershingSun, 21 Aug 2011 01:20:25 +0000http://www.theclientdrivenpractice.com/checklistblog/reduce-your-vulnerability-to-a-market-downturn.html#comments611553:7105799:comment/14857243Thanks for your comment! I don't know if it was clear, but when I said "when we ask.." we are asking clients in the context of a client advisory board. I just did an advisory board meeting the other day when the market was down 419 points. We brought up the crazy swings of the markets, and the clients were not that concerned because they trusted the advisor would do as they had before - delivered competitive returns. I have worked with hundreds of advisors and third party asset managers, and I have not seen one that can outperform everyone else consistently. I really believe the market is relatively efficient, and to separate yourself you must deliver something more and different.

]]>DMH comments on Reduce your vulnerability to a market downturnDMHSat, 20 Aug 2011 14:03:26 +0000http://www.theclientdrivenpractice.com/checklistblog/reduce-your-vulnerability-to-a-market-downturn.html#comments611553:7105799:comment/14850723The question you ask, "What is the most valuable thing your advisor brings to the relationship" doesn't address the concept of return which is why it "practically never" arises as an answer. The reason lawsuits and client complaint arise is almost ALWAYS performance related.

I have worked in this industry for 30 years. The reason performance isn't a criteria for most is (a) most advisors are told that the "relationship" is more important than performance becuase of (EMH and all that crap), better-than-market-returns are unnatainable, (b) 95% (my guess) have NO system for creating any alpha for their clients in the first place. At best "buy and hold" allows them to rationalize their pathetic relative performance to some benchmark. And (c) most firms don't care about an advisors' performance because as long as they collect assets and shove clients into an in-house managed product, the "advisor" can be fired, and the firm simply retains the client's asset upon which they continue to levy a fee - regardless of performance.

The industry has morphed into a bunch of salemen who would know a stock from a bond. We're in a business that requires market analysis. The focus has been on "relationships". It's misdirected. If you want to be a good golfer, you don't focus on wearing the right golf outfit. At some point, you've got to learn to shoot birdies.

]]>Sam Richter comments on Ask For Introductions – Not ReferralsSam RichterSun, 13 Mar 2011 20:48:16 +0000http://www.theclientdrivenpractice.com/checklistblog/ask-for-introductions-not-referrals.html#comments611553:7105799:comment/12156239Steve,

Thank you very much for your kind words and I'm honored that your found my program valuable. Keep up your great work and writing.

Best,

sam

]]>John Comer comments on Ask For Introductions – Not ReferralsJohn ComerSun, 13 Mar 2011 16:06:02 +0000http://www.theclientdrivenpractice.com/checklistblog/ask-for-introductions-not-referrals.html#comments611553:7105799:comment/12154517Steve,

Sam has a trove of great ideas to help your practice. As you said, it does take a lot of the pressure off the client to be asked to be introduced to a specific person rather than for the client to come up with the name. I wish I could have been in Boston to hear Sam

John

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