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How to Sell Financial Services Anytime, Anywhere With A "Secret" App While You Sleep, Work or Play

Thursday, July 27th at 3pm EST / 12pm PST

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😎 Consumer Confidence Soaks Up the Sun

GM. This is the Advisorist. We're the mid-week pick-me-up you didn't know you needed.

Consumers are on cloud nine as economic confidence hits a two-year high — the CC Index is at 117 compared to a forecast of 111.8 📈

How's your mid-week morale? Need your own booster shot of optimism? Check out The Best Thing We Saw All Week below.

Keep trucking ✌

Jeremiah
CEO, Advisorist

In Today’s Issue 👇️ 

• High-net-worth investors stick with the first advisor they meet

• 70% of Advisors are back to the office full-time or hybrid

• An Advisor’s LinkedIn game is on 🔥

• How one man won the lottery with… life insurance?

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

Let’s dig in…

An Advisor and a HNWI Walk Into a Bar… 🤑

Alright, fellow advisors, let's dive into the surprising world of high-net-worth investors (HNWI). The main takeaway? First impressions matter. Big time.

According to a survey by Dynasty Financial Partners:

• The first meeting magic: 57% of high-net-worth investors with at least $500,000 in investable assets reported selecting the first advisor they talk with.

• Not all that glitters: The first advisor may be the chosen one, but they aren't the forever one. Around 61% of respondents under 45 switched advisors due to mismatched values.

Here's how to apply these insights in your practice:

• LinkedIn: Let's not ignore the golden goose. When it comes to high-net-worth individuals, LinkedIn tops the chart as the leading platform for generating leads.

Your posts and interactions there should not only promote your services but also build relationships by offering genuine advice and meeting your clients' needs. (We have a sample lower in the email)

In this case, LinkedIn's Sales Navigator can be your secret weapon.

Use interest-based targeting to reach out to individuals with over 10 years of management experience.

Or those in niche groups for hobbies that scream high-net-worth (equestrian, cigars, yachts, and so forth).

This can open doors to promising prospects.

Deep Dive: to lock down your LinkedIn game, check out our 36 LinkedIn Prospecting Tips that insurance and financial advisors use to generate 5+ weekly appointments.

🏢 Back to Office? Most Advisory Firms Say Yes

In a new survey, Compliance professionals at 581 advisory firms offered insights on a buffet of wealth management topics:

• Around 70% of advisory firms are trading in their home office slippers for office lobbies, fully or partially.

• Over 2-in-3 of the surveyed firms are back to cubicle life, but hold the phone; 4% are sticking to their home office.

• COVID-19 put a remote work twist on things, but the SEC's new marketing rule is still raising a few advisor eyebrows.

Working Model Breakdown

How are firms dealing with the post-COVID work arrangements?

• Around 60% of firms have hung up the Zoom meetings.

• The main hybrid model is 3 days in the office, two at home.

• 16% are still figuring out the transition; 3% have no clue

• Over 50% have employees working remotely, full or part-time.

For more hybrid-office tips based on what other firms are doing, read the full report here.

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🗓️ Events This Week

VAPH: How to Create Multiple Streams of Revenue & 2X Client Revenue (Today @ 12pm EST / 9am PST)

Tom Hegna Presents: How to Sell Financial Services Anytime, Anywhere With A "Secret" App While You Sleep, Work or Play (Tomorrow @ 3pm EST / 12pm PST)

Top Headlines: Everything You Need to Know

Headline Roundup

• 25 US States Near Record-Low Unemployment: 1.8% (BN)

• US Business Activity Slows to Five-Month Low (PMI at 52) (RT)

• Gender Pay Gap at Narrowest Point Ever: 84% (AX)

• IRS Halts Unannounced Visits: Shifts to Letter Notifications for Safety (CN)

Markets and the Economy

• Treasury Bill Supply Surges, Over $814B Issued Since June (BN)

• S&P 500 Nears High: Stocks Up 19% in 2023 Despite Fears (WJ)

• US Junk Loan Downgrade: $136B Total, Highest in 3 Years (FT)

• Nasdaq 100 Rebalance Sparks $30B Passive Outflows (RT)

Financial Services

• Opinion: Tax Alpha Saves Up to 37% Without Added Risk (MS)

• Study: 66% Need Finance Help, Yet Only 37% Use Advisors (NM)

• 1 in 5 Americans Regret Not Saving Enough for Retirement (IN)

• $700K Retirement Funds Deplete in Less Than 16 Years (YF)

• 🧵: Reddit Sounds Off As B/D Ponders Transition to RIA (RD)

FinTech Trends

• 100-Person Pilot Program of Wealth Management GPT (FP)

• Fintech and 'Niching Down' are Key to FA Growth (YF)

• Google Cloud Pivots to Web3, Eyes New Revenue Streams (BW)

• JPM’s $800M Fintech “Viva Wallet” Under Investigation (IF)

Insurance World

• Insurance Composite Rises 3.4%, Insurtech Stocks Up 25% (TI)

• 'Black Swan' Event Feared by 60% of U.S. Investors (IN)

• Opinion: Life Insurance Industry Needs CPA-Quality Advice (BT)

• Indexed Annuity Sales Rocket to Record $88.6 Billion in Q2 (IN)

Sales & Marketing

• Why Hire an FA? Stress Relief, Discipline, and Expertise (TA)

• 🧵: Reddit Shares How to Re-enter FA Industry After Leaving (RD)

• Top Referrals in 2023: Clients, Attorneys, CPAs, Peers (YF)

• 🧵: Reddit Urges New FAs to Begin as Generalists (RD)

Crypto

• GPT Founder Sam Altman Launches “Worldcoin” Crypto (RT)

• Celsius Network Settles $78.2B in Claims, Exits Bankruptcy (CT)

• Banks See Profit in Trillion-Dollar Crypto Custody Question (BN)

• DOJ to 2x Prosecutors on Crypto Crimes (CP)

Advisors in the News

• Aretha Franklin's Estate Drops from $80M to $6M (WM)

• Advisors to Help Tech’s Surging Tax Bills as Stocks Rise 200% (IP)

• “Proxy Advisors” Hold Sway Over 90% of Market (MS)

• UBS to Pay $387M for Credit Suisse’s Archegos Risk Fail (TA)

🔦 Reader Community Spotlight

If you want to learn how to market yourself on LinkedIn, look no further than Mando Sallavanti III, CFP.

His posts are a certified goldmine for advisors looking to up their LinkedIn game.

For a deeper dive, check out our 5-Step Formula on how to create viral posts on LinkedIn.

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

 🎲 Beating the Odds With… Life Insurance?

You won’t believe the story of Stefan Mandel, the mathematician who legally snatched 14 global lottery victories and accumulated millions.

The Surprise Twist: An Insurance-Backed Lottery Syndicate

Mandel established a partnership with a major insurance company and founded the International Lotto Fund (ILF) trust.

He then persuaded 2,560 individuals to purchase a 10-year whole life insurance policy with a $4k annual premium.

Leveraging these premiums, Mandel legally bought each policyholder a stake in the lottery.

With his "lotto syndicate" pooling money from 100s of investors, Mandel printed tickets with all possible combinations.

The Big Win

Sure enough, Mandel's strategy hit the jackpot:

• He won 12 Australian lotteries in the 80s, including a $1.1M win in '86, and then won over $27M in Virginia.

• His diverse group of policy payees featured small business owners, machine operators, housekeepers, and doctors.

• The Payees saw a return of around $1.4k each from their investment when the winnings were distributed.

Lesson For Us Advisors:

Life insurance can be an investment tool.

Make sure to check your inbox for the next Sunday Edition, as we’ll share our report on the “Top 28 things you didn’t think of telling your clients you can do with life insurance.”

👀 The Best Thing I Saw All Week

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