Most Read IRIS Articles of the Week (March 13 - 17)
Here’s a look at the Top 11 Most Viewed Articles of the Week on IRIS.xyz, March 13 -17, 2017
Click the headline to read the full article. Enjoy!
For just about any practitioner to lose 56% of their clients in a year would be a disaster. It is enough to jeopardise a practice entirely of course, but even in a best case scenario it will hurt horribly, and for quite a long time. — Tony Vidler
By now you should have heard many reasons why you should put efforts into content marketing and possibly some advice on how often to produce content, how to share it, with whom to share it and what types of content to share. — Jasmine Sandler
In case you hadn't noticed, there's a major transition happening in both the B2B and B2C worlds: more and more of the world's leading brands are shifting their marketing budgets over to influencers. Well, I hate to say I told you so! — Tony Wood
Offering a second opinion is not the great prospecting tool you may have heard it is. In fact, it can open you up to all kinds of dangers. One account can quickly turn into eight accounts — then what? — Paul Kingsman
You might be shocked to know how significant acknowledgement and appreciation can be in someone’s life. — Jeff Gibbard
The end game is that there will be a digital currency we can all buy into. Whether it’s bitcoin or bityuan or ekrona or ether or monero or any of them, who knows … it could be all. Equally, it could be none. — Chris Skinner
It’s getting harder and harder to create something original because there is more and more stuff being distributed, searched for, and copied on the Internet. — Andrew LaCivita
In the culinary world, a secret recipe is everything. For fast food giant KFC, the recipe for its chicken is so closely guarded that it sits in a 770-pound safe covered in two feet of concrete and monitored by motion sensors and video cameras. Seriously, it sounds like something out of a Mission Impossible movie! — Alec Borenstein
There are different types of narcissists but handling them is always the same: be humble, don’t engage. — Tanya Beaudry
Are you getting enough qualified referrals from people within your network? Or are you relationship rich but referral poor? — James Pollard
Listen to them, and make sure you take actions that let them know you are listening. Every human being needs to feel that their contributions are appreciated and that their opinion matters. Otherwise work is a mindless drudge with no purpose ... — Ted Rubin
Advisors Will Be Extinct in 5 Years Unless…
I’ve had financial advisors for more than 40 years. Not once in those years have I called my advisor to find out what stock/funds I should buy or sell. But I have called to find out where I should get my first mortgage, when to sell my house, or how much income I could get in retirement.
In short -- and I think I’m pretty typical – I was looking for financial advice, as it relates to my life.
Here’s the disconnect, what most advisors do is simply manage their clients’ assets. They determine what to buy, and what to sell, they think about risk management, about growing their practice by finding new clients and about getting paid.
Historically that has been the business model. But as more women take control over financial assets, they, like me, will be looking for a different experience. And unless the financial community is willing to change ….. advisors, as they are today will be extinct in five years.
Advisors who want to survive will have to do a lot more than just manage money – they will have to provide genuine “advice”. That means doing what’s right for the client, not pushing product and pretending it’s advice.
Women especially, but all investors generally, are becoming more and more cynical. They says, “If I want advice about reducing my debt, that’s what I want and not ‘here’s more debt’ because that’s what my advisor gets paid for! And if saving taxes is what I want then saving taxes should take precedent over selling me a product.”
You may be thinking that spending your time providing advice isn’t lucrative but the reality is that in the long run – it pays off in spades. The advisors who take the time to build real relationships with clients, who provide advice as it relates to their clients’ lives, even when there is no immediate financial benefit to themselves, those who don’t simply push product – are the ones who over time have the most successful practices.
Generally women understand and value service, but they will say, “If I’m paying, I want to know what I’m paying for: Is it for returns? Is it for advice? Is it for administration? I want to know. Then I can make up my mind what’s worth it and what isn’t.”
Investing is becoming a commoditized business and technology is replacing research that no one else can find. Today the average advisor is hard pressed to consistently beat the markets, and with women emerging as the client of the future, unless they start providing real advice, their jobs will likely be extinct in five years.
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