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The 7½ Disciplines of the Wealth Advisor
How real advisors are using real tools to have real success
Rick Claydon
Agenda
• Understanding the 7½ Disciplines • How the Disciplines are being applied by your peers• A more focused way of implementing
“The experience around the experience”
Objectives of AT360
• Mastering the discovery process• Delivering more effective communication• Leveraging the skills and expertise of the wealth
planning group and outside professionals • Managing the client relationship more effectively • Using workflow to increase productivity • Techniques and strategies for attracting high net
worth clients
Some of AT360 Core Beliefs
• The experience around the experience• Take a wealth advisory approach• Focus on the right brain• Communicate your value
The 7½ Disciplinesof the Wealth Advisor
Discipline - defined
discipline dis·ci·pline [dis-uh-plin] Show IPA noun, verb,
dis·ci·plined, dis·ci·plin·ing.noun• activity, exercise, or a regimen that develops or improves
a skill; training:
A weekly stint calling or e-mailing prospective clients is an excellent discipline to help grow a wealth advisor’s business.
“Principles are nice – disciplines are better”
The 7 ½ disciplines of the wealth advisor
Focus on what counts
Build partnerships
Stay active
Be systematic
Keep learning
Be disciplined
Communicate with clarity
© 2013 afs advisory services. All rights reserved.
Focus on what counts
• Vision
• Decide what you want
• Say “No” often
• Is your message getting through?
• An organized communication plan
• Simple, clear and concise
• Communicate value on a regular basis
Communicate with clarity
• Get leverage
• More help=more success
• Complimentary skills and talents
Build partnerships
• Discipline and routines – to grow business
• Activity, activity, activity
• Consistent follow-up
Stay active
• Ensures that vision is implemented
• Ensures consistency
• Increases efficiency
• Reduces errors
Be systematic
• “The only constant is change”
• Adapt to a changing profession
• Continual education and personal growth
• Make mistakes
Keep learning
• “You have two choices; the pain of discipline or the
pain of disappointment” – Jim Rohn
• A mind set and a philosophy
Be disciplined
So what about the ½ ?
• Collaboration
• Not trying to do it all on your own
• Having someone to keep you accountable
The ½
The 7 ½ disciplines of the wealth advisor
Focus on what counts
Build partnerships
Stay active
Be systematic
Keep learning
Be disciplined
Communicate with clarity
© 2013 afs advisory services. All rights reserved.
Research Methodology
• Interviewed 22 advisors – 5 questions• Tell me about one of the tools or processes that you
are using that you found to be most helpful?• How specifically are you using it ? • How have you adapted it to your business?• What do you like the most about this tool or
process?• Anything else you want to share?
Stories and strategies from your peers
• What was their objective?• The specifics and details. (what, why, when, who,
where and how.)• Identify the main discipline(s) being applied
Strategy #1
Objective –Help smaller clients with their Estate Plan
The Process
1. Send discovery questions in advance
2. Book a web call to educate
3. Send educational information
4. Meet to complete the Estate Planning Questionnaire
5. Review completed Estate Plan at next meeting
Disciplines?
• Build Partnerships
• Communicate with clarity
Strategy #2
Objective –Ensure clients understand the value being delivered
1.Create a wealth map for top 10 clients
2.Discuss or update wealth map at each meeting.
3.If changes made send copy after meeting
The Process
Disciplines?
• Communicate with clarity
Strategy #3
Objective – Get better at discovery
1. Ask 2 open ended questions at client meetings
2. Use same 7 questions with prospects
3. Question before answer mindset
The Process
Disciplines?
• Communicate with clarity
Strategy #4
Objective – A more consistent client experience
1.Define and document orientation process for all new clients
2.Send pre-meeting email to client (As and Bs)
3.Always use an Agenda
4.Send meeting follow-up email
The Process
Disciplines?
• Be systematic
• Be disciplined
Strategy #5
Objective – Standardize the first meeting experience for a new prospect
1. Create a first meeting template (6-8 slides)
2. Use same Agenda
3. Ask questions first – then present
4. Send meeting follow-up email
The Process
Disciplines?
• Communicate with clarity
• Be Systematic
Strategy #6
Objective – Leverage time for greater success
1. Prepare First Meeting Presentation
2. Meet client and present managed solution
3. If necessary send proposal
4. Meet to do paperwork
The Process
Disciplines?
• Build Partnerships
• Communicate with Clarity
Strategy #7
Objective – Create a more organized and structured approach for implementing new ideas
1.Meet Mondays at 3:00 with assistant (1 hr)
2.Assistant works on tasks
3.Fridays at 1:00 block 2 hours
4.Regular reminder about the disciplines
The Process
Disciplines?
• Build partnerships (with assistant)
• Focus on what counts
• Be disciplined
Most commonly used tools
• Wealth Map• Financial Dashboard• Meeting Agendas• Meeting Summaries • Step-by-step processes
The Challenge
• All the tools are available BUT:“My day is packed and I am not organized enough to pull the correct tools”
• The AT360 tools are good BUT:“I don’t know where to start”
• There is a lot of noise coming at me from a number of different sources BUT:“What I really need is collaborative wisdom”
Create your Roadmap
“People often ask for a map, but maps are no good if you haven’t decided to go somewhere new.”
- Seth Godin
Steps to successful implementation – what is working for your peers?
• What’s your why?• Have you set specific goals?• Blocked off time in calendar? (weekly)• Have you partnered with someone? • Have you communicated with and involved your
team?
Why now?
• 31-103• More competition • Landscape is changing • Survival of the fittest
Your 20 mile march
“ The secret of getting ahead, is getting started.”
Agatha Christie – best selling novelist of all time
Questions
Thank you
For advisor use only
Assante Wealth Management’s advisory services are offered through Assante Financial Management Ltd., Assante Capital Management Ltd. and Assante Estate and Insurance Services Inc. Assante Estate and Insurance Services Inc. is owned by Assante Financial Management Ltd. and Assante Wealth Management (Canada) Ltd. ®The Assante symbol and Assante Wealth Management are registered trademarks of CI Investments Inc., used under licence.
