🚀 Rocket Man

Ladies and gentlemen, start your engines. Your jet suit engines, that is. 

Dubai just hosted its very first jet suit race. Racers flew alongside the city's majestic skyscrapers and got a bird's eye view of the Dubai Marina. 

The jet suits worn were more powerful than most luxury sports cars, clocking in with an impressive 1,500-horsepower. The suits relied on the same fuel used by Boeing 777 aircraft.

Fans of the Marvel Universe: yes, it's Robert Downey Jr. in Iron Man brought to life.

- Team Advisorist

In Today’s Issue 👇️ 

• How to quadruple your client referral rate

• Why teens worry about money more than adults

• This week’s top headlines

💸 Want to 4X Your Referral Rate?

Finding clients is a labor of love, and the struggle is real. 

A recent survey from FA Mag revealed that 79.3% of advisors said one of their biggest obstacles to success was their inability to get good clients. 

Three-quarters said they're worried this issue will prevent them from increasing their AUM. 

When it comes to scooping up the best clients, referrals are where it's at. In fact, 43% of the advisors surveyed said that client referrals resulted in their best five clients.

So what's the secret to bringing more client referrals into your business? Use these three proactive steps and you'll be well on your way:

☑️ 1. Figure out who your clients can refer. You can uncover this information by asking simple key questions about their business and personal life. For example, if your client is in manufacturing, ask who their suppliers are. If they belong to an industry-specific network, ask them about their connections. The longer the relationship, the likelihood of a referral increases.

☑️ 2. Research potential referrals. Once you have some names, it's time to do a little digging. Check out their backgrounds online through LinkedIn and their business websites. This helps you assess whether or not they'd be a good client.

☑️ 3. Go for the introduction. Asking to be introduced to a potential referral is more of an art than a science. Make sure you ask in a natural way and you're not too forthcoming. Weave the question into a conversation and mention the value you could provide. For example, bring up someone your client has mentioned in the past and let them know you could help them save on their income taxes.

Follow these simple steps and you'll be on your way to a big boost in referrals. Remember, it's all about who you know! 💡

Headline Roundup

🏠 Affecting Your Clients

• Mortgage Rates Hit 2 Month High Ahead of Spring Home-buying Season [MW]

• Millennials Poised to Become ‘the Richest Generation in History’ [CNBC]

• Congress Leaders Plan Deal to Avoid Partial Gov Shutdown [Y!]

📈 Markets & Economy 

• PCE Shows Biggest Rise in U.S. Inflation in 4 Months [MW]

• Global Oil Demand to Grow by 1.9M Bpd in 2024 [Y!]

• Bitcoin ETFs Shake Up Crypto Market After Storming Wall Street [B]

💼 Industry Roundup 

• Millennial and Gen Z Wealth Jumped 40% In 3 Years, Nearing $6T [FA]

• Americans Forced to Make Dire Decisions Amid Soaring Insurance Rates [INN]

• Senators Introduce E-Delivery Bill [TA]

🥴 Study: Teens Worry About Money More Than Adults

Adults are certainly feeling the strain of today's economy. Sure, they're worried about money, but maybe not as much as teenagers. 

That's right. New research from Wells Fargo just revealed that teens are showing more financial anxiety than grown ups. 🫣

They're also more uncomfortable having conversations about cash and more likely to lie about their financial situations.

Here are some key findings from the study:

• 73% of teens overfocus on how much money they have, compared to 60% of adults.

• 50% of teenagers were reluctant to discuss how much their homes are worth, compared to 39% percent of adults.

• 23% of teens admitted they had lied about how much money they grew up with, compared to just 10% of adults.

So what's going on with the teens? 

Blame 👉 TikTok.

Social media is largely responsible for teenagers' insecurities about money. Their feeds are filled with celebrities and influencers with lavish lifestyles. 

Teens just want to fit in, which can make them feel self-conscious that they don't measure up to the standards they see online.

How can you help? The good news is that teens are more eager than ever to learn about money. If you have clients with teenagers at home, consider these tips:

• 83% of teens wished they knew more about money, compared to just 67% of adults. They're more likely to be receptive to money-related topics than older generations.

• Consider adding in a "tips for teens" section in your blog or newsletter and encourage parents to share it with their children. Include some social media myth busters, like the fact that many of these influencers fake their lavish lifestyles, or go broke in the process.

• Host a teen-specific event and teach them personal finance basics, like how to open a savings account and responsible credit card use. Try to keep the adults out of the room so teenagers feel more comfortable to speak freely about their concerns.

A bonus for you: forming relationships with your clients' teenagers sets a great foundation for them to become clients themselves in the future. 🔑

🗓️ Upcoming Industry Event Calendar

Mar 5: RIA Masterclass

Mar 12 -14: 9th Annual FA Magazine Invest In Women Conference

Mar 24 - 25: Shift: Human First Financial Guidance

🤖 Tech Tip

Does your TV have a "Game" picture mode? Don't use it to watch your favorite sports. 

Turns out that "Game" mode is for video games. Who knew? 

Another tip: "Sports" mode is often too bright and can make the big game look too washed out. 

What's the best setting for football? Switch your settings to "Cinema" or "Movie" for an optimal viewing experience. 📺

✌️Good Vibes

Students at the Albert Einstein Medical School in the Bronx just received a once-in-a-lifetime gift: free tuition.

When Dr. Ruth Gottesman's husband passed away, he left her a $1B fortune (he was an early investor in Berkshire Hathaway). However, Gottesman decided to give back in a big way. 

Her inheritance will fund the Spring 2024 tuition for all current fourth-year students at the medical school. Effective August of this year, all students moving forward will receive free tuition.

This generous gift is the largest ever given to an American medical school.

Cheers to our future doctors getting a much-needed helping hand! 🤩🩺

Sharing looks good on you.

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Plus, you earn rewards. Sweet.