Advisor Skunk Works

Key Takeaways

  • Four keys to innovation are having big goals, distancing yourself from the status quo, rapid iteration and intrinsic over extrinsic (money) rewards.
  • Distance yourself from the status quo at your organization so that weird and wonderful ideas can bubble to the surface.
  • Fail early, often and forward, and find ways to reward your people with things that are more meaningful than just money.

“Do-gooder” in the Shadows

Key Takeaways

  • Keep a careful eye on “shadow work” – all the behind-the-scenes things you do for clients that they rarely see or appreciate.
  • While nearly half a million U.S. advisors provide investment consulting, only 6 percent offer true wealth management (tax mitigation, wealth transfer, asset protection and charitable giving strategies).
  • Wealth management is what differentiates us from the vast majority of other advisors and enables us to forge long-term client relationships that span multiple generations.

Technology Drives Behavior?

Key Takeaways

  • Bringing in new technology won’t help you unless you can get everyone on board.
  • New technologies and processes require behavioral changes to take place across your organization, and that can take time.
  • You need champions at both the advisor level and the team level to get everyone on board with a new technology or way of doing things.

To Be Your Clients’ MVP, Understand Their MVP

Key Takeaways

  • Early in a new client relationship, spend time understanding what the client believes and is trying to achieve in life.
  • Every client has a unique MVP (meaning, value and purpose) in life. You need to tap into that drive.
  • Once we understand the client’s MVP, we build from that base, systematize the processes and then customize a plan that will address the MVP. That’s a key differentiator for us.