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🍎 A Slice of Apple… History

GM. This is the Advisorist. We’re like drinking cold Coca-Cola from a icy bottle instead of a can - we hit different.

Someone just bought an original 2007 iPhone in the box for $200k at auction.

I still have a 5S. Yours today for $20k - shipping included 😉

So, are you iPhone or Android?

Hit reply and let us know, we’ll share results in Sunday’s edition.

Jeremiah
CEO, Advisorist

In Today’s Issue 👇️ 

• Advisors are feeling slightly more confident

• Why people who work with advisors feel way MORE confident

• ETFs set fresh record as global assets reach $10.5 trillion

• How one niche advisor gets in front of 1.5M people

• A word-for-word script to try this week

Plus, all of the week’s biggest headlines and a couple of funny memes.

Let’s dig in…

Advisors Feeling (Less) Negative

Every month the Retirement Advisor Confidence Outlook (RACO) study asks advisors about various economic factors to get a gauge for how they feel about the financial landscape.

The monthly score can range from -100 all the way up to +100.

Positive score = Advisors feeling confident

Negative score = Not so much

Zero = ‘We feel NOTHING!’

While Advisor Confidence is still negative this month, it’s less negative than last month.

The overall outlook score for July is –5.08, up 8.6 points from June's score of –13.7

A glance at the overall numbers shows “cautious but growing optimism” about the state of the economy.

That sentiment is reflected by the fact that 43.2% of advisors expect to increase client investments in U.S. equities this month.

What about you?

Hit “reply” and let me know what you see the economy doing over the second half of 2023.

I’ll publish the best responses as a feature in the next issue.

😁 Boost Your Confidence, Hire an Advisor

Do you ever feel like people don’t really understand how much you can help them?

Well, it’s not a YOU problem – it’s the state of the market.

According to a recent industry study, 62% of Americans say their financial planning needs improvement.

But here’s the (ironic) kicker…

Just 35% of people seek the help of a financial advisor (and it’s costing them).

The Price of Financial Uncertainty

People who deal with financial uncertainty experience the following:

• Makes them feel depressed (36%)

• Keeps them up at night (34%) 

• Impacts their relationship with their spouse / partner (28%)

• Causes them to miss out on social events (28%)

• Creates issues with friends or family (26%) 

But here’s what I found most interesting when analyzing the data…

People Who Work With Advisors Feel More Confident

People who stop taking a DIY approach to their finances and actually work with an advisor feel like they’re on more solid ground.

Here’s the increase in confidence for a few specific issues:

• Ability to Manage Debt: +19.7% More Confident

• Ability to Afford Healthcare: +19.9%

• Ability to Achieve Long-Term Financial Security: +21.6%

• Ability to Pay for an Unplanned Emergency: +24.7%

Overall, people who work with an advisor feel 20.8% MORE confident in their financial picture than those who do not.

In other words, what YOU are doing matters. 💪 

Keep pursuing people…they need your help!

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Top Headlines: Everything You Need to Know

Headline Roundup

• Companies offering remote work growing faster (FN)

• Goldman Sachs cut probability of US recession in next 12m (RT)

• Americans have 10-15% more in bank than pre-pandemic (WP)

• IRS allowing IRA inheritors skip RMD this year (BN)

Markets and the Economy

• ETFs set fresh record as global assets reach $10.5 trillion (FN)

• Treasury Yields Stable Amid China's Worrisome Data (MW)

• Florida Headlines States With Top Inflation in U.S. (MW)

• Americans who “feel” wealthy have $560,000 on avg (MF)

Financial Services

• Social Security’s COLA could be just 3% in 2024 (MW)

• TX, UT, AK Would Be Least Impacted in SS Cuts (YF)

• BofA Fined $150 Million Over “Junk Fees” (NYT)

• First ETF with 100% protection against losses launches (FT)

FinTech Trends

• CEO Calls A.I. ‘$1T Opportunity’ AND ‘All-Time Bubble’ (MW)

• New Study: ‘ChatCHPT Can Match Top 1% of Humans’ (CNBC)

• SEC Approves New Rules for Money Market Funds (SEC)

Insurance World

• Just 37% of Gen Z to Have Life Insurance By 2025 (INN)

• Advisor: ‘Bonus Annuities Often Unhelpful for Clients’ (ME)

• 50% of Insurance Owners Are Happy With Providers (NW)

• Study: Life Insurance Broker Growth Opportunities Report (OR)

Sales & Marketing

• 50% Decline in Time Spent on Threads in First Week (II)

• How Advisors are Using Imagery to 3X Sales Results (AV) 🐘

• The Best Emojis For Email Marketing Campaigns (AA)

Crypto

• Bonds Down, Crypto Up: Crypto set to Rally (PA)

• Puma and RocNation Launch a NFT Shoe (really) (TW)

• SEC Accepts BlackRock’s Bitcoin ETF App for Review (YF)

Advisors in the News

• High-Profile Tax Advisor Arrested in $100M Evasion Scam (MW)

• FAs Weigh In On 38 Year Old’s $1.5M Buyout on Reddit (RT)

• List of Leading Women Financial Advisors 2023 released (IP)

• US BOL: Demand for FAs 3X Average Growth Rate (JR)

🔦 Reader Community Spotlight

Luke Daniel, CFP® is one smart advisor. He's embedded into the consulting office of a coach for ophthalmologists.

In this article, he's profiled on Healio.com and gives advice on financial planning for ophthalmologists.

Healio gets 1.5M visitors a month!

This is a great example of niching, partnerships and using free media get your message out.

Doing something in the world worthy of sharing? Hit reply and let us know, we’d love to feature your work! 📢

🥰 Care to Share a Little Gratitude?

The idea that you should always be closing/selling is a misguided one.

(At least in our industry.)

Constantly selling people is a sure-fire way to burn through your contacts and run people off.

I’m all for selling – but you have to pick your spots.

And when you’re not selling, you should focus on relationship-building.

The Go Giver Gratitude Script

This week, consider sending a a simple video message to 3 people.

They could be current clients, referral partners, or even a warm prospect.

Here’s what you say…

“Hey (NAME)! When I woke up this morning, I was just feeling a lot of gratitude. And that got me thinking about the things I was grateful for, which made me think of you. I was thinking of you and the relationship we have.

Usually, when you start a business relationship with someone, you don’t expect to become friends with that person – and you’ve become a very good friend. Thank you for being that friend. I love working with you.

That’s it. I hope you’re having a fantastic day and we’ll chat soon.”

Sending this simple gratitude message has two benefits:

(1) It makes the client feel good and strengthens your relationship with them.

(2) Research from top psychologists shows that people who say things they’re thankful for are happier than those who don’t. And people who are happy are 37% better at sales!

So, in the end…

If you want to sell, take a minute to STOP selliing 😉 

👍️ Consider Yourself Hired

Sharing is Caring

Go ahead. Look like the benevolent FA you are 😇

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.

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