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.

Dont’s
  • 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.

Do’s
  • 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 http://practicepower.net/ and claim your free membership.

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:https://attendee.gotowebinar.com/register/308512349773829890

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 http://practicepower.net/ and claim your free membership.

PracticePower Academy Podcast #1131 “Understanding Advisor Head-Trash”

What holds an advisor from creating their ideal life and business? Their intelligence? Their lack of resources? Their firm? Their Team? We can keep going, but I think you get my drift. As I dive deeper into creating my advisor P.O.S workshop (Personal Operating System), what holds you back is the basic fact you have some “trash” that must be felt with in order for you to take action and proactivity create your ultimate vision. Many advisors don’t want to go down this road because of their ego and arrogance. My advice, put that aside and you will start to see a transformation in yourself and your results

In this episode I will cover the following:

  • Ego & Arrogance the million dollar advisor tax
  • What defines “Head-Trash”
  • The direct effect to your success and bottom-line
  • Time to get real and “take the trash out”
  • Proven strategies to make the shift you need to make

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 #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 www.practicepower.net to get you free membership.

PracticePower Blog #1052 How do You Define Success?

 

Welcome to the last week of January. I keep asking myself “where did the month go?” Please make sure you continue to execute your January Monthly Game Plan and continue to make your contacts. Please refer to post #1050 if you need further detail on this. Now on to the topic of this post.

Let’s start the conversation with a very simple, yet a question many advisors that I speak with have a real challenge in answering. How would you define success for yourself? Ask yourself the same question, how clearly do you have an answer? How detailed is it? Do you use terms line “more” and “better” when you describe your goals each year?

Many advisors think of success in very narrow terms, usually production and revenue. Yes, they are part of the recipe, but only an ingredient. Let’s expand to discuss the “ultimate success” verses ’success” difference. Success to me is purely business and economic success. More production, more clients, more assets, etc. Simply put, ultimate success is defining your ideal life and lifestyle and turning that plan into your reality. When I am asked as a coach, how I determine my effectiveness, my answer is very easy. I look at how successful I have been in helping my clients envision their ideal life and turning that vision into their reality.

Why is this so important? I believe that being a financial advisor is a lifestyle choice, just like deciding to be doctor, spiritual leader, or coach. If you believe that you have a job, that will explain why you struggle to have a business. About a decade ago I realized that focusing on just making more money, you can really miss out on life. Many of my clients have built their businesses where they are balanced and sustainable. So much in fact, that we have take the typical retirement off the table and have created a “part-time” million dollar revenue model.

I believe that every advisor needs to determine and define their ideal life and business. With that in-mind I have always offered 100% free access to the first module of my 8 module business and life planning system. I invite you to spend a few hours and get clarity on your business and life.

A quick note to all PracticePower Members. Starting in February, I will be hosting a live Silver & Gold member webcast to introduce new success strategies and take your questions live. Our February Webcast will take place on Wednesday, February 18th at 4:00 pm Eastern. Please mark your calendars.

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 Weeks BrainFood:

http://www.forbes.com/sites/travisbradberry/2015/01/20/how-successful-people-stay-productive-and-in-control/

http://addicted2success.com/quotes/images-56-inspirational-picture-quotes-that-will-motivate-your-mind/

http://youtu.be/yaBT8GH__IY

http://www.inc.com/kevin-daum/7-ways-to-cultivate-your-inner-strength.html

http://www.success.com/article/9-ways-to-say-no-to-negativity

 

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.

Practice Power Daily Coaching Video #777 7/15/13 The 3 Key’s to Success

Happy Monday! I was asked recently about some advice I would give a new advisor just starting out in our industry. My video today, shares these 3 simple yet powerful concepts. Also, please check-out my latest project. I have very excited that after 4 years, I can finally move this off my bucket-list.

Here is today’s Brain-Food           Click Here For Our YouTube Feed.

If You Are Committed to Taking Your Results to the Next Level Watch the Video Below

Practice Power Daily Coaching Video #770 7/02/13 Harness the Power of Intent

If you follow my coaching work, I am a huge believer in being focused on executing your Daily Game Plan. There is an element of the game plan that I want to address in today’s coaching video. There is a huge difference in executing your game plan and executing it with focused intention. Please make sure you have done your recap & review and have a well thought out July monthly game plan. Please register for our Practice Power Webinar ” How to Market to Your Warm Market”.

Here is today’s Brain-Food           Click Here For Our YouTube Feed.

 

Don’t Forget These Items For Today

  • Review Your Business Plan
  • Review Your Monthly Game Plan
  • Create Your Daily Game Plan
  • Ask for Introductions
  • Track Your Results Daily
  • Go to PracticePower.Net

11 Reasons to Become a Member of PracticePower Today

 

  1. Developed by Coach Joe Lukacs who has been recognized as one of the top FA coaches and has over 20 years experience.
  2. Learn how to create powerful business & life plan
  3. Learn how to create a powerful morning success ritual & daily game plan
  4. Receive coaching every business day by Coach Joe Lukacs via video coach
  5. Learn a simple referral strategy that will result in at least 50 referrals per year
  6. Breakthrough the barriers that hold you back from your success
  7. Design a system that allows you to work from anywhere
  8. Access the I-Advisor blueprint that will allow you to grow your revenue by 20% each year and have 16 weeks of strategic/down-time
  9. Track your results with our online goal tracking system
  10. Get access to hundreds of hours of E- learnings, videos, and audios
  11. Full content access as a Priemum member is less than $1.00 per day!

  http://practicepower.net/ for membership information.

 

Practice Power Daily Coaching Video #768 6/28/13 Being Aware of What You Focus On

Welcome to the end of the first half of 2013! Please don’t forget to complete your Review & Recap of the first half of 2013 on PracticePower. What you focus on in your daily life has a profound impact on your actions thus your results. As a challenge for you, I want you to be very aware of where your thoughts are throughout the day. Have  a great weekend and I will see you on Monday.  Please make a note and remember our next Practice Power Wednesday Webinar is July 10. Please watch for registration information in the next week or so.

Here is today’s Brain-Food           Click Here For Our YouTube Feed.

 

Don’t Forget These Items For Today

  • Review Your Business Plan
  • Review Your Monthly Game Plan
  • Create Your Daily Game Plan
  • Ask for Introductions
  • Track Your Results Daily
  • Go to PracticePower.Net

11 Reasons to Become a Member of PracticePower Today

 

  1. Developed by Coach Joe Lukacs who has been recognized as one of the top FA coaches and has over 20 years experience.
  2. Learn how to create powerful business & life plan
  3. Learn how to create a powerful morning success ritual & daily game plan
  4. Receive coaching every business day by Coach Joe Lukacs via video coach
  5. Learn a simple referral strategy that will result in at least 50 referrals per year
  6. Breakthrough the barriers that hold you back from your success
  7. Design a system that allows you to work from anywhere
  8. Access the I-Advisor blueprint that will allow you to grow your revenue by 20% each year and have 16 weeks of strategic/down-time
  9. Track your results with our online goal tracking system
  10. Get access to hundreds of hours of E- learnings, videos, and audios
  11. Full content access as a Priemum member is less than $1.00 per day!

  http://practicepower.net/ for membership information.