January 25, 2024

Focus on Having the Best Year Ever!

The Confident Advisor Practice podcast, hosted by Bill Bush and Pete Bush of the Horizon Advisor Network, explores tips, strategies, and perspectives for financial advisors to build, maintain, and grow confidence in their practice. In this episode, they discuss the beginning of a new year and the importance of setting goals for the financial advisor's business. The episode also aims to provide practical advice for financial advisors on building relationships with existing clients, expanding services, and ultimately growing revenue in their practices.

Episode Highlights

• 00.45: Pete emphasizes that the start of the year is a time when goals are typically set. He notes that financial advisors rarely wake up on January 1st thinking they had a good year and decide to do less in the coming year. Instead, they set goals for growth and success in their practice.

• 01.09: The conversation touches on the distractions that may arise throughout the year, such as political events, interest rates, and conflicts overseas. Despite the potential noise from external factors, the hosts emphasize the importance of focusing on business planning and growth.

• 02.36: The ability to stay focused despite external factors can be a superpower and even a competitive advantage for financial advisors.

• 03.45: The episode aims to provide guidance on growing and succeeding in the face of uncertainties.

• 04.24: The hosts discuss the idea of exploring new avenues, such as donor-advised funds, as an additional service for clients.

• 06.07: Pete highlighting the importance of engaging with high-net-worth clients and ensuring that the planning process is comprehensive. He mentions scenarios where advisors may have inherited large investment clients or acquired clients who haven't been through the full planning process.

• 07.09: Bill introduces the concept of an expansion passport, a self-assessment tool or questionnaire aimed at younger people. He emphasizes that this tool is a good way to open doors by asking questions that may not be solely investment related.

• 09.12: Pete emphasizes the need for a system, often using a Customer Relationship Management (CRM) tool, to continually put the advisor in front of this broader audience.

• 10.16: The hosts discuss the concept of being "referrable" and how the top 20% of clients can act as flag-wavers, potentially providing valuable referrals.

• 11.31: While it may be difficult to raise fees based on percentage charges, financial advisors can focus on charging separately for unique services or intellectual capital. By offering something distinctive, advisors can set their own prices.

• 14.08: The hosts discuss the importance of reviewing expenses at the end of the year and questioning the relevance of each item.

• 15.48: The hosts stress the fundamental purpose of being in business—to make a profit—and the importance of managing expenses to maximize profitability.

• 16.40: Bill and Pete discuss a conceptual framework using a four-square box to categorize potential clients based on their familiarity with the advisor and awareness of their financial needs.

• 18.36: The hosts encourage financial advisors to concentrate their marketing efforts on individuals they know and who are already aware of their financial needs. This includes people who have shown interest, attended events, or expressed concerns related to their financial situations.

• 20.15: Recognizing that financial advisors have limited resources; the hosts suggest focusing efforts to achieve maximum results.

3 Key Points

1. Bill outlines three primary ways for financial advisors to grow their profits on the top line of their business.

2. The episode provides financial advisors with insights on different aspects of growing revenue and profits, including the strategic consideration of raising prices and the importance of cost management.

3. The hosts recently conducted a Q1 focus call for their advisor network, and they plan to share some timely and essential insights for all advisors.

Tweetable Quotes

• “By maintaining focus and executing their plans, advisors can look back at the end of the year and see that they achieved their goals or made progress, even if unexpected challenges arose.: - Pete

• “Doing more business with existing clients is a straightforward path to revenue growth.” – Bill

• “Staying focused on the plan amid external uncertainties is considered a competitive advantage and a way to achieve success.” - Pete

Resources Mentioned:

The Confident Advisor Practice Podcast

• Horizon Advisor Network Website