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In Honor of Bob Barker

Happy Hump Day

This is Advisorist, sharper than a No. 2 pencil.

Over the weekend, we lost a legend when Bob Barker, the iconic host of “The Price is Right” passed away.

Bob taught a whole generation of folks the value of getting as close to a dollar as possible without going over.

And in true Bob Barker fashion, he passed away at the ripe age of 99.

He truly knew how to live every cent of life to its fullest - and kept millions of us entertained while home with the flu.

Absolute Legend.

Jeremiah "Come on Down" Desmarais

CEO, Advisorist

In Today’s Issue 👇️ 

• What People Are Saying About Financial Advisors

• Stop using these words with clients (use THESE instead)

• How to Overcome Zoom Fatigue and Boring Webinars

Plus, all of the headlines YOU need to know to be the smartest advisor in the room today 🧠

🗣️ What Are ‘They’ Saying About Financial Advisors?

Do you ever see those articles about what to look for when hiring a plumber?

Or what to look for when hiring an assistant for your business?

Well, they write stuff like that about us, too.

If I had a dollar for every “what to look for in a financial advisor” article I’ve seen online over the past decade, I’d have a couple more zeroes at the end of my checking account balance.

But here’s the thing…

I ALWAYS stop to read them.

Why?

Because it gives me a direct line of insight into how my prospects are thinking about me.

Here’s a roundup of what they’re being told to do…

• Do the Homework: Jason Steeno of CoreCap Investments is telling prospects to be a little nosy before hiring. They're checking your track record, asking for testimonials, and yes, even scoping out your social profiles.

• No Pressure: Steeno compares financial advisors to salespeople (don't cringe, just hear us out). He tells prospects to avoid advisors who use high-pressure sales tactics right off the bat.

• Fee Factor: Kate Wilkinson, SVP at Spinnaker Trust, is singing the 'Transparency Tune'. She advises prospects to grill you on your fee structure and walk away if you're not upfront.

• Credentials are King: Tom Sporkin at the CFP Board reminds folks that hiring a Certified Financial Planner (CFP) is like buying a car with a 5-star safety rating.

• Trust Terrain: Sporkin also says that a successful advisory relationship is built on trust, so CFPs better be ready to dig deep into clients' aspirations and life goals.

• Don't Get Complacent: Steeno says once you're in, don't think you can take your foot off the pedal. He advises clients to keep scrutinizing their statements and demand regular check-ins.

• Risky Business: Joseph D'Avanzo warns that regulators are just a phone call away. One mismatch between a client's risk profile and investment could mean big trouble.

Practical Tips to Make the Grade 🎓

Once you know how prospects are being trained to search for advisors, you can respond with an A+ strategy that helps you win them over.

For example…

1. Be an Open Book: Make sure you're as transparent as possible. List your credentials and achievements on your website and LinkedIn. Here’s a great example.

2. Stay Ahead with Regular Check-ins: Don't wait for clients to ask. Proactively schedule regular financial reviews to keep everyone aligned and happy.

3. Simplify the Fee Structure: Use easy-to-understand language. Maybe even create a one-pager that breaks down how you get paid.

4. Learn the Art of Listening: This isn't about you; it's about your client. Spend more time asking them about their needs rather than talking up your solutions. If you’re mouth is open, you ain’t learning.

5. Continuing Education: Keep updating your skills and certifications. It adds to your credibility and might just make you the 5-star advisor everyone wants.

6. Prepare for Hard Questions: Get comfortable answering questions about past employment, your firm’s track record, and how you’ve handled challenging financial situations in the past.

So, are you ticking all these boxes or do you have some homework to do?

Either way, there's no time like the present to up your game. 💪

💬 Lost in Translation?

Let's face it, the financial world often speaks its own language, a complex web spun by financial companies, regulators, and even the IRS (shoutout to acronyms and codes).

For years, advisors have been teaching clients to understand this language.

But what if we flipped the script and started translating finance into everyday, relatable terms?

🛠️ Tools, Not Just Terms

Sure, terms like "tax planning" or "investment planning" are industry staples, but to clients, they can sound more like white noise.

The CFP Board isn't making it easier either. It's designed everything around these terms rather than tailoring them to real human needs.

The irony? No one (except us, obviously) wakes up saying, “Yay, time to optimize my risk-adjusted portfolio!"

🎨 A Chart Worth 1,000 Words

Now, here's the kicker. Imagine breaking down financial products into four easy-to-grasp categories:

• Live: Strategies like cash flow management and Social Security analysis.

• Grow: Things like portfolio optimization and equity investments.

• Protect: Life insurance, emergency savings, and the like.

• Give: Think education planning, estate planning, and charitable gifting.

Intel shows that 80% of financial planning recommendations are not even implemented.

Why?

Because we've been orchestrating plans by and for the industry, not the clients. Time to pivot, folks.

📋 5 Practical Tips to Make the Shift

1. Print that Chart: Keep it by your desk. It’s a good guide when crafting marketing materials or client emails. Seriously, it's gold.

2. Speak Their Language: Next time you discuss insurance planning, how about focusing on how it protects a client's family and lifestyle?

3. Meaning over Metrics: Add a layer of purpose to your advice. Instead of just talking about owning a term life insurance policy, talk about securing financial peace of mind.

4. Be Adaptable: Personal finance isn't a one-size-fits-all. Tailor your advice to individual values and life stages.

Redefine Success: Measure your effectiveness not just by products sold or revenue generated, but by how well clients understand their financial paths.

So, how's your language game looking now? Time for a little spring cleaning, perhaps? 🧹

Cheers to a more relatable, and therefore, more effective way to communicate. 🥂

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Your brain processes the information spatially, which helps increase retention by at least 40%.

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That’s why we’re putting together a brand new 20-page print marketing and sales playbook in September that takes a deep dive into…

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…using scripts and strategies that most advisors don’t even know exist.

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I mail out playbooks like this every single month to advisors in all 50 states and Canada.

Some months it’s sales scripts.

Other months it’s email templates.

In the past, I’ve shown advisors how to write a book in 90 days or less.

I’ve even published VIP interviews with top producers.

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P.S. I’m sending this issue to print in 48 hours. Your name must be on the list in order to receive a copy. We only print and mail these playbooks once - so hurry!

Top Headlines: Everything You Need to Know

Top Business News & Stories

• Student Loan Moratorium to End on Friday [MW]

• Disney Stock Hits 9-Year Low Amid Struggles [FB]

• OpenAI launches “most powerful version” of ChatGPT yet…for biz [OAI]

Top Financial Services Headlines

• Wells Fargo Faces John Hancock Suit Over Life Insurance Issue [TA]

• $2.6 Billion in AUM Moves From Securian to Raymond James [WM]

• “Tectonic” changes coming to FAFSA college financial aid app [CNBC]

Headlines Impacting Your Clients

• IRS delays change for 401(k) catch-up contributions until 2026 [IN]

• 44% of savers in 20s-30s want to retire by 60; few on track [CNBC]

Bitcoin trading volume is at its lowest in more than four years [CNBC]

Ready, Set, Nominate…Yourself for a NAIFA Award

As part of our ongoing partnership with NAIFA, you’re able to submit nominations for this year’s NAIFA Awards!

However, you have to act FAST.

You have until Friday August 31st to put your name or the name of one of your colleagues up for consideration to be celebrated as a 2023 NAIFA Award recipient.

Here are the NAIFA awards you can submit nominations for:

✅ Advisor Today's 4 Under 40

✅ NAIFA Quality Award

✅ Terry Headley Lifetime Defender Award

✅ Diversity Champion

✅ YAT Leader of the Year

All awards will be recognized during the 2023 Belong Awards Celebration on December 4th during the National Leadership Conference.

After all, saying you’re an “Award Winning Advisor” has a nice ring to it, doesn’t it?

Meme of the Week

Using the ‘Spacing Effect’ to Overcome Zoom Fatigue and Boring Webinars

In the late 1800s a psychologist stumbled upon something called the “spacing effect.”

It basically says that people learn new material best when taking breaks.

This allows the brain to consolidate the information learned and prevents overwhelm.

Yet, despite this, I still see so many advisors try to cram as much information as they possibly can into 90-minute seminars and 60-minute planning presentations.

I genuinely believe that this whole “Zoom Fatigue” movement that people are talking about is really just a byproduct of the violation of the spacing effect.

If you want to be effective with webinars and Zoom meetings, you need to be more focused in your approach.

👇 Here are some pointers 👇

• Repeat chunks of information multiple times throughout a presentation.

• If you have lots of information to cover, turn it into a series. (A series of blog posts, podcast episodes, YouTube videos, emails, etc.)

• Slow down your talking pace. (Use plenty of pauses.)

TL;DR: When teaching a concept, use breaks to help with retention.

🗓️ Editor’s Choice - Events This Week

Join me TODAY 12pm EST/ 9am PST for an incredible interview with top financial advisor John Moakler.

We’ll discuss his in-person strategy for hosting sold-out events with doctors and dentists that generate 5-6 clients worth $40k to $50k each in commissions.

Register here for your free VIP link

👀 The Best Thing I Saw All Week

9-year-old Valentina Dominguez forgot her American Girl doll, Beatrice, on an airplane back from Tokyo.

But this wasn’t just any doll – Beatrice had become a part of the family over the past couple of years.

"We checked our bags to see if maybe she was in there but we all remembered seeing her on the plane so once we did the search, didn't find her, we called the airline and then we sent an email to the airline looking for her," Valentina’s dad says.

Enter James Danen, a Texas pilot who happens to frequent Tokyo.

After a couple of attempts, he located Beatrice and gave her a first-class trip back to Texas.

Dad Rudy, "He's a kind man. He followed through."

Danen's motto? "I like helping people."

I guess you could say this pilot delivers more than passengers — he also delivers a little joy. 🥰