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Coach Pete joins Wednesday’s Power Hour for a Q&A on the exact methods he’s used to pull in over $600M in annuity production over the past 36 months.

👉Click here to register and join!

🐀A Rat-Shaped Hole Has Become Chicago's Hottest Tourist Attraction

A hole in the pavement of a Chicago neighborhood has become the city’s hottest attraction, drawing locals and visitors alike to make ‘pilgrimages’ to what is being dubbed the “Chicago Rat Hole.”

The hole has existed for decades, but just recently gained social media virality for its quirky charm.

Just goes to show what a little viral moment will do for ya!

–Team Advisorist

In Today’s Issue 👇️ 

• Surprising data: max-exodus of advisors?

• 7-Figure Breakthroughs for 10 Fortunate Advisors

• Hiring a Virtual Assistant 101

The Ticking Clock in Financial Advisory: A Wake-Up Call and an Opportunity

Picture a large room of people slowly emptying.

There’s a crowd outside the room, but it isn’t rushing in. 

A few folks trickle in for a little while, but it’s not enough to fill the room back up again.

And of those that do come in, most of them leave rather quickly.

That's our industry right now. 

🏃New Study: Advisors on the Move

A study by Cerulli Associates paints a startling picture: Within the next decade, a whopping 37.5% of financial advisors will bid adieu to their careers, taking 41.5% of the industry's total assets with them.

But here’s where things get really interesting…

The influx of fresh blood into the industry isn't as promising as we'd hope, when you consider that:

• The failure rate of new advisors is a sobering 72%

• Only 13% of rookie advisors come in directly after college. (For most, it’s a mid-career pivot,)

The data seems to indicate that the industry isn't just facing a brain drain – it's grappling with a talent drought.

As an advisor, you could look at this as a worrying trend that the role of an advisor is diminishing, but that seems like a stretch.

In reality, these numbers indicate a huge opportunity for advisors between the ages of 30-55 who aren’t planning on retiring or leaving the industry in the next 10 years.

🌱2 Strategies for Success

1️⃣First off, focus on building a personal brand with a long-term vision. 

As the old guard exits stage left, the spotlight is on you. 

Sharpen your Unique Sales Proposition (USP), because in a shrinking pool, the big fish become more visible.

You should lean into your personal brand with a long-term vision for growth.

2️⃣Turn some of your focus over to millennials. 

They’re about to inherit a massive wealth transfer from their retiring parents. 

And guess what? Their parents' advisors are most likely part of the cohort of advisors retiring within the next decade. 

Establishing relationships with millennials now isn't just forward-thinking – it's a strategic move to ensure you’re there to grab your share of the 41.5% of assets these retiring advisors hold.

Headline Roundup

🏠 Affecting Your Clients

• Mortgage Interest Rates Expected to Drop in 2024 [CNBC]

• New Divorce Issue Emerges: Who Keeps Low Mortgage Rate? [MW]

• The Cost of Dying is Increasing, Leading to Debt for Many [MW]

📈 Markets & Economy 

• Spot Bitcoin ETFs Take Wall Street by Storm; Crypto Options Next [CNBC]

• Treasury Yields Inch Higher Ahead of GDP and Inflation Data [MW]

• Bitcoin Tumbles in Wake of ETF Approvals [CNBC]

💼 Industry Roundup 

• Legislation Introduced to Repeal ‘Death Tax’ [CNBC]

• Study: Few Americans Take a Holistic View of Retirement Planning [INN]

• Advisors See Generosity Surge in Late 2023, Early 2204 [IN]

7-Figure Breakthroughs for 10 Fortunate Advisors

Back in November, Tom Hegna and Jeremiah Desmarais hosted a powerful in-person Mastermind experience with an intimate group of advisors in the Financial District of New York City.

They took an entire day and covered some of the top trends affecting advisors + proven strategies for generating leads for selling more annuities, bringing on AUM, and more.

Chris from NC was one of the advisors in attendance and he said, “This could easily add $100,000 or more to our business this year.”

The success of the event got Tom and Jeremiah thinking…let’s do it again.

(This time with some warmer weather 😎)

Tom and Jeremiah are excited to announce a brand new Puerto Rico Mastermind Experience happening on March 8 in sunny San Juan. 

Here are some of the details:

• VIP access (limited to 10 individuals) to intimate, in-person coaching from Tom and Jeremiah.

• Private VIP dinner the night before the mastermind event for networking and sharing top-performing ideas

• Million-dollar breakthroughs tailored to the specific issues you’re facing right now in your business

• Micro-presentations from special guests, including best-selling author and economist Harry Dent

• Insider knowledge on what's working now in advisor growth strategies, modern selling, whole life, AUM, annuity sales, business building, profit increasing strategies, and AI uses in financial planning!

This is an extremely limited offer with just 10 spots available.

If this is something you’re interested in, fill out an application right now to ensure you’re one of the first to get your name on the list.

Click here to learn more and apply!

P.S. Early bird pricing is currently 33% off – so make sure you apply soon!

101 Guide for Hiring Your First Virtual Assistant

It is rare to find actual win-win situations. Great virtual assistant (VA) hires can be one of them. That is, if you find the right talent (which can be challenging).

The difference between hiring an average VA who knows how to perform a couple of basic Excel functions and one who is skilled, creative, and disciplined is significant. 

Thankfully, technology makes it easier than ever before.

☑️ Tasks a VA Can Handle for You

Administrative Tasks

• Email

• Scheduling internal meetings 

• Upload and download data from a database

• Transcription of YouTube videos or client meetings

• Basic bookkeeping

• Preparing the essential financial reports and summaries

Marketing Essentials

• Social media management (e.g., posting schedules, responding to comments, coordination with the content strategy team)

• Basic Photoshop or Canva skills

Operations 

• Appointment setting and cold calls 

• Appointment follow-ups

🔍Where to Find a Great VA

There are plenty of platforms to choose from, each having its pros and cons. 

In the spectrum of freelancing platforms, one end has low fees with little protection from scammers.

The other end of the spectrum might have greater protection for the employer at higher commissions. 

Upwork and Fiverr are the most well-known and fall in the high-fees (relatively speaking), greater-protection range. Their escrow service is fantastic since payments are held until the job gets done. 

Freelancer.com is a similar alternative. Be warned, though, as these platforms can be expensive, taking around 20% in commissions per payment.

⚙️Tools for Training & Systematizing Your VAs

Onboarding the right VAs is the first half of the battle.

The second step is to equip them with the right systems and processes so that they can add value.

Here are two of our favorite tools for creating Standard Operating Procedures (SOPs) that you can hand off to your new VAs:

• Snagit. This is a screenshot tool that has incredible annotation and markup capabilities. Use it to take screenshots of different systems and software you use, and show VAs exactly where to access things.

Loom. This is a video screen recording tool that allows you to show VAs step-by-step processes for how to complete tasks.

🗓️ Upcoming Industry Event Calendar

Jan 29-31: Elite Wealth Advisor Symposium

Feb 7-8: Retirement Plan Advisor Summit - Southeast 2024

Feb 11-13: Exchange: An ETF Experience

🧮 By the Numbers

According to a new study:

45% of people have never had any contact with a financial advisor

25% of people would not take any financial advice, even if it was free

21% of people feel they don't have enough wealth to justify seeking financial advice

✌️Good Vibes

In a heartwarming act of kindness, an Amazon delivery driver in Cleveland, Ohio, went above and beyond his duties to help Don Wheeler, a man who has been in a wheelchair for two decades. 

Wheeler faced the daunting task of shoveling snow-covered driveways, which could take hours or days due to his condition and limited income.

However, fate intervened when Wheeler received a message that his package was next for delivery. 

As he waited outside to receive it, the Amazon driver not only delivered the package promptly but also took the initiative to shovel Wheeler's snow-covered ramp.

"My heart wants to cry with joy. It does mean an awful lot,” Wheeler said.

Sharing looks good on you.

When you copy that link at the bottom and share it with a few financial planning colleagues, you look like the smartest advisor in the room by keeping them informed.

Plus, you earn rewards. Sweet.