The Prosperous Advisor

Three peak coaches break down advisors' top three challenges

Guest author Melissa Mroczek is the Director of Advisor Marketing for Carson Group.

Peak’s Executive Business Coaches spend an estimated 200+ hours a week tackling the challenges that most concern advisors. While no two of our 1,100 members are exactly the same, it might surprise you that the biggest obstacles they face are universal.

We recently asked our coaches to identify the common pain points for advisors today. Overwhelmingly, their responses focused on three major areas: Growth, Time Management, and Human Capital. To learn more about how they help firms solve these pressing problems, we invited three of our coaches – Catherine Williams, Scott Wood, and Michael Rose – to give you insight into their strategies for success. 

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NINE TIPS FOR ATTRACTING AND RETAINING YOUNG TALENT

When is the best time to hire? Will you know once the need arises?

At Peak Advisor Alliance, our Executive Business Coaches have found that most advisors look to hire when they are feeling overwhelmed by a stress-filled workload. In reality, however, the best time to add team members lies in the sweet spot between “I’m just about at capacity” and “I want to grow.”

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What happened in Vegas - Three Game-Changing Messages from our 32nd excell conference

They say what happens in Vegas stays in Vegas, but Peak Advisor Alliance is breaking Sin City’s golden rule to bring you the highlights from Excell Spring 2017. Read up on three of our favorite presentations and reflect on how you can use these messages to grow your business.

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ARE YOU ASKING YOUR TOP CLIENTS THE RIGHT QUESTIONS?

Who knows your firm better than anyone else?

The answer is certainly not as simple as you’d think. Although it’s true you – the owner, the leader, the entrepreneur – have been with the business since day one, growing it year after year, it’s also true you may not be the most objective source when it comes to examining your strengths and weaknesses. Our profession may champion unbiased advice, but like all humans, it’s difficult to be impartial when so much of who you are has been woven into what you do.

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The 3 S's That Will Springboard Your Client Communication Strategy

Birthday calls, holiday greetings, anniversary cards, client appreciation events, client reviews, monthly newsletters, and don’t forget every other random act of outreach in between. If you’re an advisor reading this list, you’re probably overwhelmed and, for good reason. It might remind you a little of your current situation. The mess created from this “shoot from the hip” approach becomes the very thing that prevents your team from defining an awesomely effective and proactive client communication strategy. Simply, it isn’t a scalable way to address one of the most important elements of your business growth: building and maintaining high-touch relationships.  

So how do you make sense of your jumbled strategy, streamline your plan, and become more proactive in 2017? Do a little spring cleaning by following these three S’s:

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Boost Your Brand or Bust It

Advisors are sensing a change in the tide. In a profession that has experienced very little competitive disruption for decades, we are suddenly confronted with a wave of factors that will forever change the way we run our businesses. Between the rise of consumer expectations and the current digital age drowning us in products, information, and reviews, the ability to stand out and be heard may sometimes feel like yelling to the person next to you in the middle of a rock concert. Even with a captive audience, you'll be lucky to get their attention.

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Ron Carson Named to Board of Advisors for the Institute for the Fiduciary Standard

Institute Appoints New Members to Board of Advisors: Luis A. Aguilar, Ron Carson, Dan Solin and Woodrow W. Leake To Join Institute Advisors John C. Bogle and Tamar Frankel 

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4 Ways to renew your referral strategy

Throughout my years as a Peak coach, I’ve helped countless advisors tackle their unique business challenges. As diverse as my members may be in AUM, ideal clientele, and management styles, I’m often reminded they share a set of common hurdles which are inescapable in this profession.

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The 3 Growth Avenues in Front of Every Advisor in 2017

 Whether watching our CEO and Founder, Ron Carson, discuss the 4 Buses of Disruption or keeping up with external factors like rising investor expectations, advisors have no shortage of distractions and threats influencing the sustainable health of their business. Looking ahead, 2017 promises to bring more of the same: a constant flux of reinventing value.

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InvestmentNews Recognizes Ron Carson as 2016 Innovator

InvestmentNews today named our Founder and CEO, Ron Carson, one of its 2016 Icons and Innovators! His unrelenting commitment to advance the profession of financial advice for the better, and his passionate spirit for innovating the way financial advice is delivered are just a couple reasons Ron stuck out this year. 

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9 Ways to Bring Purpose and Passion Back to Your Goal Planning

We started the year with tips on how to commit to the goals you’ve put in motion. So, it only seems fitting to end the year at the beginning: with advice on how to first develop goals that inspire growth and, more importantly, inspire you. Here are 9 ways to get in the right state of mind.

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When Cultures Collide: 3 Ways to Avoid Casualties During a Merger or Acquisition

Before you put more bodies into the intersection of a merger or acquisition, consider the challenges of bringing two different teams together. In the best cases, the results mimic the Brady Bunch – a happy, blended family. Sometimes, however, collisions occur because leaders fail to weave the two businesses into one identity with a singular mission and vision. So, here are three ways to avoid casualties.

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A Little Gratitude Can Go A Long Way

Here in Omaha, we’ve been experiencing unseasonably warm weather. This past Saturday, we were twice blessed with a Husker win and a 75-degree day in mid-October. As amazing as it is to delay the snow for a few more weeks (or months), the balmy days make many of us forget the holidays are just around the corner.

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FIGHTING FATIGUE: TWO EFFECTIVE WAYS TO COMBAT BURNOUT

This past Monday, Americans everywhere celebrated a national holiday which has become synonymous with the end of summer and the beginning of the school year. Our modern understanding of Labor Day is more closely related to barbeques than it is to its intended purpose – to honor the contributions of men and women to the workforce. Reflecting on this history, I came to an interesting conclusion: we’ve come a long way, but we’re not there yet!

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Bring Your Brand Back from the Dead

Let’s face it. The advisor profession is full of forgettable brands. Google “financial advisor” in your local area and see for yourself how one website looks and sounds just like the next. The same phraseology, story lines, and key “differentiators” are being conveyed by nearly every firm, creating a universe of vanilla brands that fail to leave a lasting impression.

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WHY REWARDS ARE THE SECRET TO YOUR SUMMER SUCCESS

Like our team at Peak Advisor Alliance, your team probably began this year with a long list of key initiatives meant to move the needle in 2016. While some of those goals have undoubtedly been crossed off the list, it’s likely you still have a lot of work ahead of you in the second half of the year. The good news is summer months provide the perfect opportunity to turn renewed energy into increased productivity. The first step, however, requires you to reflect on the progress you’ve made thus far and the ways in which each individual stakeholder can contribute in the coming months.

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three unbelievable takeaways from Our excell spring 2016 keynotes

Twice a year we invite advisors from across the country to attend our Excell conference, and twice a year I’m amazed by the wealth of insights shared. From billion-dollar ideas to getting a glimpse into the future of running a business, every attendee walks away with a renewed commitment to the profession and a list of tangible takeaways. Our most recent lineup of keynotes at Excell Spring 2016 left each advisor with a rally cry to better their business. Here are three questions posed by some of the world’s best speakers that can help you become a more effective leader:

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ARE YOU COACHABLE? 7 PERSONALITY TRAITS OF A COACHABLE FINANCIAL ADVISOR

I’ve always been impressed with those who have the ability to listen and take direction. Yes, I know, it sounds simple – and I’m often guilty of a short attention span myself – but to this day I find I’m surprised when working with someone who gives me their complete focus. I almost don’t know what to do with it once it is given to me! As a father of two daughters, I’m even more fascinated when I witness undivided concentration from young children. I guess that’s the most recent lesson I’ve learned from my sweet, attentive, four-year-old daughter.

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Nine Nuggets of Wisdom for Advisors Who Want to be Smarter Leaders

Let's be honest. Building a sustainable business as a financial advisor isn’t easy. There’s no question you need to be exceptional at what you do. But, are you exceptional in how you do it? Do you run your business like a true CEO? Are you a respected, inspiring leader to your team? Or, do these aspects of your business suffer because you’re stuck in a one-dimensional mindset?

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Swaying the Sharks: A Prospecting Lesson for Every Financial Advisor

For as long as I can remember, I’ve been fascinated by the pioneering spirit that exists within leaders across all types of industries. Perhaps, this is because I, too, was bitten by the entrepreneurial bug early in life, selling insurance out of my college dorm room. I’m certain, however, even those who have little desire to be the rainmakers or the mover-and-shakers of the world are equally impressed by innovative minds. Put simply, it’s exciting to be in the presence of someone who believes to their core their product or service can change people’s lives.

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