Peace of Mind—Myth or Reality

Key Takeaways

  • Having peace of mind is a lofty ideal, but it’s not realistic.
  • Five key concerns of successful investors are wealth preservation, wealth enhancement, wealth transfer, wealth protection, and charitable giving.
  • Among aging people and retirees, fears of immobility and memory loss are even greater than are worries about money.

Demonetize Your Business (Before Someone Else Does!)


Key Takeaways

  • Wealth advisors can learn from Uber, Amazon, Google and Airbnb about creating new business models and disrupting the status quo.
  • You need to keep finding ways to deliver client value with a competitive fee structure so your business doesn’t become commoditized.
  • High-performing advisors are willing to try stuff out, fail fast and early, and then learn from those stumbles in order to put new business models in place.

Data Mining

How well do you really know your clients?

Key Takeaways

  • Wealth advisors have a tremendous amount of information about their clients, but we lag behind other industries in terms of how we leverage it.
  • Data mining helps you better understand what clients are trying to do, where they’re going, what their makeup is, how they consume financial information and how they like to operate.
  • Data mining reveals that our firm works well with financial “phobics” and family stewards—as well as client personality types that are not a good fit for us.

The Scientific Method


Key Takeaways

  • As management guru Peter Drucker was fond of saying, business is all about innovation and marketing–everything else is just an expense.
  • When trying anything new, test it with bullets first before dropping a big cannonball of money and other resources on it.
  • Anyone from scientists to wealth advisors can use the scientific method to test out the validity of a hypothesis you have.