Weekend Content for New Planners

Weekend Content for New Financial Planners (December 26-27, 2020)

“Weekend Content for New Financial Planners” is a collection of articles, podcasts, videos, etc. that I’ve been consuming regarding breaking into financial planning, industry trends, career development, and more.

Legacy Investment Planning founder and advisor Sten Morgan shares how he delivers and communicates massive value upfront to prospects and why he isn’t afraid they will “take it and run” [Podcast and Transcript]:

“As a young advisor, when I got a ‘plate appearance,’ I had to hit it. Like, I couldn’t afford to miss out on good prospects because I wasn’t having a lot, as I was building my practice. So I had to say, ‘My close rate had to be like 90%,’ or else I was going to be on that same 30-year path in this business. And I was like, ‘I didn’t want to do that.’ When I left to start Legacy, three years later [I was] recognized [as] one of the top advisors in the country. … I was like, ‘I had a family [and] kids.’ I couldn’t afford to take the long path.”

Sten Morgan Interview [Episode 98] (Matthew Jarvis, The Perfect RIA)

With research showing the vast majority of people rely on intuition to make buying decisions, a few tips to boost your “energy” for sales conversations [Article]:

“Coherence selling is a far cry from transactional selling. It’s focused on building quality relationships from the very beginning. Think about your best clients, the ones you’d like to clone. They likely are not only the most profitable but also the ones you have the best connection with – that’s coherence.

Why Too Many Advisors Fail at Sales (Shauna Mace, Advisor Perspectives)

Kitces.com’s Jeffrey Levine with a summary of the new stimulus bill replete with GIFs [Twitter thread]:

Tech expert Joel Bruckenstein on several RIA trends he sees heading into 2021 [Article]:

“Meanwhile, we are also ‘starting to see the emergence of a number of products that really do leverage either machine learning or artificial intelligence in clever ways,’ he said. ‘One really clever one that I am quite fond of is FP Alpha,’ he said. ‘What FP Alpha does is an advisor can feed in information — for example, a client’s tax return [or] a client’s estate planning documents — and it’ll analyze those documents and also whatever other information the advisor has compiled about that family’s financial situation and it will surface recommendations.’ What this means is that ‘the rise of the virtual paraplanner is actually happening as we speak and that’s a big deal,’ he said.”

Top RIA Trends in 2021: Joel Bruckenstein (Jeff Berman, ThinkAdvisor)

#FinTwit compiles its best advice for passing the CFP exam [Twitter thread]:

Despite the 2-year implementation timeline, firms are beginning to strategize around the SEC’s new advertising rules (including testimonials and social media) approved this week [Article]:

“In terms of Carson Group’s plans for proceeding under the new rules, Mackrill said, ‘We will continue to double down on what we’ve been doing with SEO and search, while running alongside our compliance team.’ ‘We will follow the opportunity,’ he added. ‘If the rules are more open for us to pursue it, we will pursue it.'”

Advice Firms ‘Champing At The Bit’ Over New Advertising Rule (Jeff Benjamin, InvestmentNews)

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