Latest / The Perfect RIA / Crafting Your Investments and Marketing Communication

Transcript

Crafting Your Investments and Marketing Communication · The Perfect RIA

• 0:00
  Unknown: Hello TPR Nation! This is Amber Kuhn. Thank you for
• 0:02
  joining me for today's Follow up Friday where I'll be recapping
• 0:06
  this week's highlights and action items. On Monday, Matt
• 0:09
  and Micah were talking about investments and how the vast
• 0:12
  majority of the time you storage spend on this is playing office.
• 0:16
  So they wanted to share some questions they had recently
• 0:19
  received from an advisor and TPR member about how to explain
• 0:22
  investments and talk through this with a client. For both
• 0:25
  Matt and Micah, investments are the last thing they talk about
• 0:29
  with a prospect or client and they're only spending a minimal
• 0:32
  amount of time on it. And it's very simply, as they share from
• 0:35
  our One Page Plan Masterclass, which we do have linked in
• 0:39
  Monday's show notes. That investment line basically is
• 0:42
  build a portfolio that will support your income in
• 0:44
  retirement. They said advisors forget that clients come to you
• 0:48
  because they want to delegate these things and know if they're
• 0:51
  on track for retirement, so you need to look at the high level
• 0:55
  and the 30,000 foot view first. Before going into details. Micah
• 0:58
  said he first needs to know where a client wants to win the
• 1:01
  five areas of financial planning and then pull investments as a
• 1:05
  tool to achieve those goals. Investments aren't the end goal.
• 1:08
  Matt pointed out how people are bombarded by messaging that they
• 1:12
  need to trade. But he tells his clients he doesn't want them to
• 1:15
  trade he wants them to achieve their goals and to add to this
• 1:19
  Micah said that hotel clients that they'll hold the investment
• 1:22
  as long as it makes sense to do so. But something to be reviewed
• 1:26
  but not actively traded all the time. Matt said that early on,
• 1:29
  he thought technical knowledge was everything, but that the
• 1:32
  longer he practice he realized that how you communicate is
• 1:36
  everything. Needed to step back and get your clients to step
• 1:39
  back too and not get into the weeds with things. Micah will
• 1:42
  talk about his clients benchmark and how it's aligned with their
• 1:46
  goals. Matt will talk about how client can win in retirement and
• 1:49
  for both, they point out how they don't care about Wall
• 1:52
  Street making money. So how can you tell if an advisor is
• 1:55
  playing office in this space. Matt and Micah said: look at how
• 1:59
  much time you're spending preparing for your client
• 2:02
  meetings, how much time you're spending, reviewing investment
• 2:05
  performance in detail. Micah said you need to streamline your
• 2:08
  process so that you're only looking at the things you need
• 2:12
  to look at when you're preparing for a client who look at his
• 2:15
  bucket reports and make sure that clients are on track with
• 2:18
  distributions. He also talks in dollars instead of percentages.
• 2:22
  The guide shifted a bit to talk about advisors who are
• 2:25
  outsourcing their investment management, but that they don't
• 2:28
  understand how much is being paid with this. Basic you can't
• 2:31
  gloss over this or say that you don't pay for this, you will
• 2:35
  need to look at these costs. So they said we're advisors are
• 2:38
  playing offices when they're reviewing trades. But instead
• 2:41
  what would be valuable is working on your business and
• 2:44
  understanding the fee and what the client is getting in return.
• 2:48
  And as far as clients have preferences for investments,
• 2:51
  Micah I said, it depends on what those preferences are, but if
• 2:54
  there are things that you are morally opposed to then don't do
• 2:58
  them, but he said he'll set up an account for play money if a
• 3:01
  client wants to trade their own accounts. And the requirement
• 3:04
  for that play money account is that it can get to zero and have
• 3:08
  no effect on their financial plan. Now if preferences violate
• 3:11
  their models, that's also something that they won't do.
• 3:14
  Matt recommens that for preferences you ask the client
• 3:17
  to tell you more about it because they may just be hearing
• 3:20
  some buzzwords and just sharing that with you. Lets get inon
• 3:24
  action items. Don't lie to yourself when you're doing
• 3:27
  personal professional development. Make sure that
• 3:29
  you're taking action and review your invesment conversation or
• 3:33
  process and cut that in half. This really needs to be down to
• 3:36
  two to five minutes. And you need to have time in your
• 3:39
  calendar when you're going to review investments. Ideally this
• 3:43
  is monthly. This should be the only time that you're doing this
• 3:46
  when it's actually scheduled. On Thursday, Jamie is talking about
• 3:50
  marketing and content calendars and how you have to keep your
• 3:53
  foot on the gas through out the year. She pointed out that
• 3:56
  there's so many things competing for people's attention nowadays.
• 4:00
  So with marketing you have to be hyper intentional and focus on
• 4:03
  what you're trying to achieve, so you don't get lost in the
• 4:07
  masses. Jamie shared that for their marketing channel at
• 4:10
  Shilanski and Associates they get the inspiration by asking
• 4:13
  people they want to read, what they want information on and
• 4:16
  writing down their questions word for word. So one person has
• 4:20
  that question - then someone else has that question too. And
• 4:23
  she said you want to use the words that they're using,
• 4:26
  because it's so easy to just want to use that industry
• 4:29
  jargon. Jaime said you want to communicate with the people you
• 4:32
  wanna reach in the language they're speaking. Once you've
• 4:36
  captured that you can then write content around it. And with that
• 4:39
  content, you can then insert terms that you use, along with
• 4:42
  the verbiage that person is used to. Jamie talked about how
• 4:46
  they're doing their business planning in October and
• 4:49
  forecasting the marketing calendar for the following year.
• 4:52
  So they have 10 months worth of information and questions from
• 4:55
  clients to pull from, along with how people ask questions. So
• 4:59
  when planning out your content calendar, it all needs to be
• 5:02
  mapped out in advance. So with surge or vacations, look at how
• 5:05
  long you'll be out and have that content complete and in que for
• 5:09
  your team. As she pointed out that if you're in a place where
• 5:12
  you're excited in that creative space, then use that energy to
• 5:16
  create your content. Here's something to consider. You're
• 5:19
  not always going to feel inspired, but you need to have
• 5:22
  time to work on that content blocked out in your calendar. So
• 5:25
  even if you aren't inspired or you don't want to do the
• 5:28
  content, you need to do it anyway. Because when you have
• 5:31
  that discipline and consistency that will lead to effective
• 5:35
  marketing. Let's get an action items. Make sure that you have
• 5:38
  your business and development planning scheduled for October
• 5:41
  and get your marketing calendar planned out for the year in
• 5:44
  advance and break that down by quarter and what you'll focus on
• 5:48
  during that quarter. You just pick one thing to talk about
• 5:51
  each month and don't overcomplicate it, but make sure
• 5:54
  that you are doing it consistently. Before you go TPR
• 5:57
  Nation, if you're looking for an opportunity to learn in person
• 6:01
  from Matt and Micah, be sure to join us this September at TPR
• 6:04
  Live in Arizona. Visit theperfectria.com/live for more
• 6:07
  information and to save your spot. That wraps up this week's
• 6:10
  recap. Thank you for joining me and please share this or any of
• 6:14
  our episodes with another advisor or team member that you
• 6:17
  think might benefit from listening. And be sure to
• 6:20
  subscribe to The Perfect RIA podcast so you don't miss an
• 6:23
  episode. Until next time, happy planning!