- Successful retirees and business owners enjoy freedom of time, freedom from money concerns, freedom of relationships and freedom of purpose.
- Most of your clients are at a stage in life in which they have already taken care of their basic needs and might be working on psychological or spiritual areas.
- As an advisor and counselor, you must be ready to walk clients through their wants based on their money and the other freedoms they have.
- People who have clear, written goals are more successful—and 9 times wealthier—than those who don’t.
- Putting your goals in writing (and reviewing them periodically), greatly increases your chances of achieving them and seeing the ideal future you want.
- Fear of failure can be a great motivator when combined with desire, focus and the willingness to learn new things.
- There are about 460,000 financial advisors in the U.S. but less than 7 percent offer true wealth management services.
- Wealth management incorporates not just investment consulting, but advanced planning and relationship management.
- Savvy wealth advisors use a fee schedule that makes sure they get compensated for all the “shadow work” they do for clients behind the scenes.
- Successful wealth advisory practices have operating profit margins of at least 25 percent.
- If you’re not at 25 percent yet, look at reducing overhead, increasing sales volume and raising prices.
- Always operate your business like you could sell it tomorrow.