Blogs

Month: April 2021

It’s Time to Change Your Game

It’s Time to Change Your Game

You’ve heard that you need to adapt to stay relevant. And, those who are the best at it are able to anticipate upcoming changes, rather than just react to them. When it comes to your business, that means paying close attention to what your clients want today, but also to what they want to achieve in the future. And if you don’t change your playbook, you’re going to miss the goal.

According to a Gallup and Harris poll, clients today only value asset allocation services at about 40 basis points. But they value tax planning services at closer to 100 basis points. And, of course, the value of tax planning really comes into play during the income stage — a stage many of your clients are rapidly approaching.

 It’s time to focus on income planning, not asset accumulation.

It means shifting certain parts of your practice but keeping certain parts — such as your pricing model — the same. And it’s easier to make the change if you can partner with someone.

As we move forward, changes in demographics are going to lead to more than 18 million Americans leaving the workforce and moving into retirement in the next five years. And when that happens, the focus will be on income. Asset allocation won’t be near as important as it was. In fact, I would argue that the new currency is how well do I plan for income?

Unfortunately, in addition to the shift into retirement, we’re also facing the reality that most people simply haven’t saved enough. The time to start planning for that is now, and even that is a big job. Currently, there is one financial advisor for every 76 baby boomers. But in five years, when we see that huge retirement shift, there will be about 176 retired baby boomers to each planner. That’s 176 of them to one of you. On the court, that would be terrifying. But for your business, there’s an opportunity to gain clients and make an impact. Income planning is the way to do that.

The scary thing for our industry, though, is that more than 85% of baby boomers report that they will leave their current financial planner if they fail to have a conversation about how to maximize Social Security and income planning. This means you need to be talking about where your clients want to be, not just where they are today.

At Ash Brokerage, we have the resources to succeed, including one of the leading retirement income software tools out there. We also have an abundance of expertise with our retirement income consultants. Reach out to our team at (800) 589-3000 to learn how we can get your business to where it should be going — not where it is today.

Transformational Tactic

If you want to retain your clients and set them up for success, it’s time to focus on income planning. We’ll show you how.

Recognize the opportunity to transform your business by taking our free course.

Posted by hpp
A 3-Pronged Approach to Faster Growth

A 3-Pronged Approach to Faster Growth

Like so many other things, the pandemic slowed down business growth for many — and not just in our industry. It’s possible your clients, or prospective clients, are worried about their own industries, making them more reluctant to reach out for financial planning.

In 2019, 41% of financial advisors were aggressively adding new clients. Today, that number is down to 26%, and not because we’re not trying. 65% of advisors who work to generate leads through a website find it ineffective. You need additional opportunities if you’re going to transform into a High Performing Practice. 

3-Pronged Approach

  1. Use Automation Effectively: Create engagement and organic lead generation through consistent communication. The best way to do this efficiently is to use automation. If you’re not sure how to get started, let us know. We can discuss the different solutions available.   
  2. Get in Front of Ideal Prospects Digitally: To start, you need to define who your ideal clients are — those who generate the most revenue —  and then focus your marketing efforts on prospects that fit the same demographics and location. Drive brand awareness and website traffic through social advertising.
  3. Focus on Using Words that Work: Remember, if you confuse, you lose. People will convert when they hear or read the words that make them want to buy your products and services. And remember that prospects from referrals convert much faster than those from marketing activities alone – 85% convert to a client in under two months. So, it’s key to use words that work when asking for referrals as well.

Once you’ve gotten in front of your prospects, use our Income Alpha approach. It’s a unique strategy to speed that process up. With Income Alpha, we can increase lifetime income by more than 15%. We can increase legacy to the beneficiaries by more than 300%. And we can improve the probability of success by more than 25%.

So, I encourage you to reach out to our retirement income consultants at (800) 589-3000 to learn how Income Alpha can help you become more valuable and how our automation and how our lead generation ideas can help you grow your business as we head out of the pandemic.

Transformational Tactic

A three-pronged approach focusing on automation, digital messaging and the right words to use when talking to prospects can help you transform your business to a High Performing Practice.

Recognize the opportunity to transform your business by taking our free course.

Posted by hpp