PracticePower Academy Podcast #1135 “My Summer 2017 Guidelines For Clients”

The official start of summer is just around the corner. With that comes a set of unique challenges for most advisors. You want to get out and enjoy the summer weather. Maybe your children are out from school. It’s vacation time. Time for some golf and tennis perhaps. It’s barbecue and boats for many. With all that being said, it’s also time to continue to grow your business. Below is my Do’s and Don’ts to make your summer fun and still move your goals forward.

  • Buy into the belief that you can’t do business in the summer months.
  • Believe that you can “flip” the momentum switch come Labor Day.
  • Believe it’s OK to come into your office and “hang-out” and play office.
  • Punish yourself if your are not achieving success by “grounding” yourself to your office.

  • Maintain your Daily Success Discipline (DSD). That means Morning Success Ritual & Daily Game Plan
  • Take time off (Renewal Time) even if you don’t plan to travel.
  • Shift your schedule. Leave early. Golf Fridays.
  • Go and see your clients. Hit the road and visit them.
  • Set the stage for a great fall by “planting” business development seeds all summer.
  • Schedule fun clients events “picnics and pig roast” for all.

This podcast is brought to you by PracticePower Academy, the financial service industry’s only 100% free coaching and training resource. Create your business plan, marketing plan, learn how to structure your mornings and days for success, access over 300 hours of training free.  Go to and claim your free membership.

PracticePower Academy Podcast # 1134 Advisor 2025 (A Preview of a Future Practice Model)

This podcast is a replay of a recent webcast that I hosted for PracticePower Academy Members. I go into a deep-dive on where the opportunities are for success over the next several years.
In this 75 min training, Coach Joe Lukacs will explain what the advisor of 2025 needs to look like, provide, charge, and be able to execute in order to be profitable and vibrant. This is an update to I-Advisor or Advisor 2015. We call it the Magellan Model.
You will learn:
- The 3 types of practice models and which is best for you.
- How to add value to client relationships for future growth.
- How advisors will charge for their services.
- What skills you will need to develop.

PracticePower Academy Podcast #1133 “ Knowing Your Numbers”

I recently had the opportunity to consult with a client during a strategic day to really “dig-in” and make suggestions into how they could optimize their business and really grow their revenue. We look at all their processes, especially their business development process and client profitability. They found the process to be so valuable, I wanted to share some of the most important ‘KPI’s” Key Performance Indicators that, once you determine what your are, will give you a whole level of new insight into your business.

I have found over 40 KPI’s for a practice. For the sake of time I want to discuss some of the highlighted ones. These are in no particular order:

  • How many clients do you have? How are they segmented? What is the standard of care for each segment?
  • What is the average annual recurring revenue (AAR) per each segment?
  • What is the average length in years of your average client engagement per segment?
  • What is the lifetime value of the average client per segment?
  • What is your average cost to serve the average client per segment?
  • What does it cost you to acquire a client?
  • What does it cost you to onboard a new client?

These are just a few KPI’s that all advisors need to know. Remember, you are a business owner.

I am hosting a webcast on Wednesday May 10th at 11:30am EST. For details and registration info head over to:

This podcast is brought to you by PracticePower Academy, the financial service industry’s only 100% free coaching and training resource. Create your business plan, marketing plan, learn how to structure your mornings and days for success, access over 300 hours of training free.  Go to and claim your free membership.

PracticePower Academy Podcast #1130 “My Magellan MasterMind Debrief”

Last week I hosted our winter Magellan MasterMind meeting in beautiful Del Mar CA. This group meets twice a year to mastermind, brainstorm, and discuss what the business will look like in 10 years. We also look at how we and our businesses need to evolve in order to continue our growth. I decided to dedicate this podcast to briefing all of you on some of the key takeaways from our meeting.

In this episode I will cover the following:
  • Trends that I am seeing in our industry
  • Is flat fee asset management the future?
  • What does the practice of 2025 look like?
  • A brief overview of why your “P.O.S” is THE MOST important resource you have.

This podcast is brought to you by PracticePower Academy, the financial service industry’s only 100% free coaching and training resource. Create your business plan, marketing plan, learn how to structure your mornings and days for success, access over 300 hours of training free.


PracticePower Academy Podcast #1129 “Why You Must Have the Right Morning Success Ritual”

How you start each day has a profound impact on your level of productivity and output. Your day is usually won or lost in the first hour. It is my conviction, in order to maximize our success in the game of  business and life, we must have a positive and powerful “pre-game” ritual. All elite athletes have a pre-determined, pre-event process they execute in order to put themselves in the proper physical and emotional state to go compete and most importantly win! Do you put yourself in a position to win each day by how you approach the first hour of your day?

In this episode I will cover the following:

  • My study of athletes and how I translated my finding to advisors.
  • What not to do first thing in the morning.
  • The basic syntax of a great morning success ritual.
  • Some enhancements and options that will really amp your success.
  • Some morning success rituals examples of my clients.

This podcast is sponsored by PracticePower Academy, the industry’s first and only 100% free coaching and training website. Head on over to to get you free membership.

PracticePower Academy Podcast #1126 Why Advisors Fail

Last week I had the privilege of leading a private 2-day business planning event for a group of advisors in Scottsdale AZ. None of them have ever been through my business planning process. What’s unique about that event is participates can get private time with me to discuss their goals and plan for the new year.
Several had a great year in 2015 but failed to achieve their 2016 goals and most went backward. This brings me to my topic for today. What causes an advisors to go backward (fail)? Sometimes there are legitimate forces (health issues, personal issues, etc), they are in the minority. There are 2 main reasons what advisors stop growing or go backwards. First, they relax their standards. Second they assume their past success will equal future success.
In this podcast lets discuss:
  • Why standards are so important to success.
  • How to maintain or increase your standards.
  • Why assuming success can cost you millions.
  • What you see in the mirror every morning matters.
If you have a topic that you would like me to cover in future episodes, or have a questions please email me a

PracticePower Blog #1050 How to Get Off to a Great Start in 2015



In this post I want to continue my discussion from my last post. Now that you are getting into the new year, let me share with you some must strategies to really create some great momentum in achieving your 2015 goals.

Please remember that January is a very unique month in terms of human motivation and the willingness to make changes. I call this the “January Effect”. Think about the two  most common New Year resolutions that people make each January. They “commit” to making positive changes in their health (loose weight), they commit to getting their finances in order (financial & investment planning). This is why most gym memberships and diet plans are sold in the first 4-6 weeks of the year.

So how can you take advantage of the psychology? There are a few strategies that I have worked with my clients on during my coaching work with them that really helped generate massive momentum to start out the new year.

First, you want to make January your largest month of the year in term of client contacts. You want to call all of your client and wish them a happy New Year, check in with them in regards to any new financial goals, new bucket list items, or any other changes they are looking to make. Never make the assumption that your clients will proactively  communicate any new needs. wants, or issues.

Second, you want to remind your clients that you are ready and willing to reach out to anyone they know who needs help. This is one of the best ways to remind your client that you are open for introductions and referrals. Remember, most people will be visiting with friends and family over the holidays.

Third, time to take a look at your prospect and pipeline list. You want to proactively reach out to them, see how their holidays were, wish them a happy New Year. You need to ask them if they are ready to take action and make the changes necessary to make 2015 the year they get on the right track with their investments.

If you commit to these strategies, and commit to getting outside your comfort zone, you will be in a position to create momentum to start out 2015.

One last thing. If you are really looking for that edge in 2015, I’ll make a deal with you. If you take the time to openly and honestly to complete this evaluation form, I will schedule 30 minutes of my time over the next 30-days to meet with you over the phone to give you solutions and strategies to make 2015 your best year ever.


This Week’s BrainFood


PracticePower Blog # 1046 What is the Life-Time Value of Your Client Relationships?




In my 2015 Business Planning Event that was held a few weeks ago in Orlando I brought up the topic and strategy of “Life-Time” value of a client. Few advisors understand how important and powerful it is to have a “number” so they can make optimal business decisions when it comes to marketing and business development.
Let me give you a basic scenario. Your average client has an annual fee of $5,000. You determine the average client engagement period is 10 years. That equals a MINIMUM Lifetime Value of $50,000. If you know that the average new client is worth a minimum of $50k to you, how much time and energy would you spend on referrals, client events, and enhancing the relationships of your clients.
Please check out our new and improved 2015 Business Planning Process on PracticePower.Net

PracticePower Coaching Video #1038 What Are Your State Management Standards?

BrainFood   YouTube   2015 Business Planning

Let’s start off with a quick question. What are your standards in regards to your focus and energy levels when it comes to interacting with your clients and prospects? Are you committed to being at your best, or do you just show-up and “hope” you produce the desired results.

One key difference between an amateur and a professional is what I call “State Management”. The ability to manage your focus and energy levels when you are in an influence situation. It’s the ability of be clear on what outcome you want to create in advance of any interaction.

How many opportunities have you let slip away in your career because you just “mailed-it-in”? Here is the sad fact about this situation. You rob the potential client or your current clients of whatever your recommendation or opportunity was. You failed to have the power to influence them.

This will be our last call for our 2015 Business Planning Event. Click the link above for more details.

PracticePower Coaching Video #1036 It’s Always About the Fundamentals

BrainFood   YouTube   2015BizPlan Event

Welcome to the beginning of the fourth quarter. Please make sure you have a written game plan for the month of October. Now let’s get on to the topic at hand. I am often asked about the difference between someone who attains a high-level of success and those who struggle and sometimes fail out of our industry. My answer is always about the fundamentals. Let me share a few with you.

What’s the plan? You are in your own business no matter what your business card says and what other people tell you. You need 2 types of plans. You need a written business plan (we have a great tool for that on practice Why? Because you need to be clear on your intent and what exactly you are looking to accomplish.

How you start your day. Yes, I am speaking about your Morning Success Ritual. Until the day that I die, I will always tell anyone who will listen that in our business especially, you need your time in the AM to get your head right.

What do you what to achieve each day? The power of a written Daily Game Plan. The bottom line here is the following; No written plan equals a sideways, procrastination-filled, sub-par, and lost day. You must have a written plan because it’s so easy to become distracted and feel busy and get very little accomplished.

How do you talk to yourself? Yes, that’s right. I am speaking about how you communicate with yourself. Your internal dialog is so critical to your success, yet pretty much the whole industry is focused on practice management and ignoring mindset management.

I would love to see you in Orlando in November and let me help you create a great achievable plan for 2015. Click the link above for more information.