John Prendergast

3 Strategies for Thriving After the DOL Rule

3 Strategies for Thriving After the DOL Rule

In our previous post on the upcoming DOL rule we presented massive new threats for RIAs. You will have thousands of new competitors and your best sales pitch – unbiased advice – will no longer be differentiated. We suggested you start communicating with existing clients to get ahead of these competitive threats.

We’re begging you – please wake up

After we published this post I had a quick email exchange with our friend Michael Kitces.

Landing page example for financial advisors

Getting an F on Growth? Here’s How Superstar Financial Advisors Do It

Blueleaf has a team dedicated to customer success, creatively called the Customer Success team. As part of what we do, we look for customers that are crushing their business objectives [by using Blueleaf] so we can teach other advisors how to do it too.

Customer Success team at Blueleaf help financial advisors win

Our Customer Success team talks with these advisors often to find out what they are doing that is working so well.…

How an Advisor Grew from $0 to $1.3B AUM

How an Advisor Grew from $0 to $1.3B AUM

Growing a financial advisory business for scratch is hard. It takes long hours and persistence.

Creating a high growth advisory business is even harder. It takes new thinking and outstanding execution to create a service that is much better at meeting client needs than alternatives.

Here’s how one high growth advisor created his rocket ship.

Jason Wenk’s story.

How to introduce new technology to your clients

How to introduce new technology to your clients

Introducing new technology to clients can be a challenge.

Let’s face it, whether you are a technophile with all the latest gadgets or someone who has just started to hear about a new company called Facebook, most of us are not experts at consumer behavior with technology. So rolling out new systems for your clients may create a little apprehension.…

Defeating The Silent Advisor Killer

Defeating The Silent Advisor Killer

Is this viewpoint nuts?money burning

Recently I wrote about the Silent Advisor Killer – Cost of Acquiring Clients (CAC). In the discussion that followed, there were a number of advisors that disagreed with worrying about the relationship between CAC and the first year margin (FYM) earned from a client. An argument against the importance of the relationship between CAC and FYM went like this:

Bryan’s comment:

I hope my competition views it this way.

simplicity

Want a Breakthrough Strategy for Advisors? It’s simple …

From eliminating needless client reports to adding account aggregation and client portal capabilities, it’s all about simplifying your business.

Look at your business. Complexity is everywhere.

Alpha, beta, lambda, it’s literally Greek. As an advisor, you operate in a world that for many, is difficult to decipher. Beyond the asset management issues, you must deal with the complexities of forecasting the future, understand intricacies of tax and estate law, and peel back the nuanced layers of insurance.…

The Silent Advisor Killer ...

The Silent Advisor Killer …

One equation to rule them all

A simple equation governs the success of any business

money burning

LTV – CAC > 0.

Violate this rule and your advisory business dies.

CAC= Cost of Acquiring Clients. It’s less understood than LTV (Lifetime Value of a client) but it governs your fate as an advisor and is responsible for 4/5ths of new advisors washing out of the business.…

Two must-have client communication elements you might be missing

Two must-have client communication elements you might be missing

Similar numbers, different meaning

Client reporting is tricky. Reporting tools, client portals, your own presentation formats – they all present information in different ways and spur different reactions from clients. Some good, some not so much.

How information is presented (how it’s organized, what is highlighted, what is absent) has a huge impact on how clients interpret and feel about the information you provide.…