It’s the first Monday of April and for this week’s Five Little Things, we cover the importance of communication in business and introduce an app that changes the game for networking. Take a look:
Selection Sunday® officially kicks off March Madness®, one of America’s most cherished annual sports traditions. As always, the selection committee is faced with the very difficult task of narrowing the field and deciding the fate of the so-called “bubble teams.” Taking in the action last weekend, author Tom Burmeister realized that many consumers have their own “Selection Sunday®” challenges when selecting a financial advisor. What does the selection process look like for investors, and how can advisors move beyond the bubble?
We all know what it feels like when there is a breakdown in communication—not being heard, not saying what needs to be said or receiving false information all leads to uneasiness. For your business to function at a high level you must have a consistent communication plan and all associates must commit to it.
We all know the importance of client communications, but do we neglect this vital need for our own employees? It is easy to get caught up in the day’s responsibilities and forget to effectively communicate with our team. Yet, when internal communication breaks down, challenges brew. Efficiencies decrease, errors increase, stress levels rise and employees can become dissatisfied. There is no one-size-fits-all solution; you need to create a plan that works for your business. In your plan, be sure to include the following critical elements described in this article.
Do you plan to spend more on marketing this year? Apparently, your peers do. According to the latest TD Ameritrade Institutional RIA Sentiment Survey, RIAs expect to increase their 2017 marketing budgets by 27%. Author Megan Carpenter wonders where all that money is going. In the survey, nearly 6 in 10 advisors say they’ll spend more on social media, and 37% plan to change up their marketing and networking to appeal to younger clients. Those trends make sense if organic growth really is slowing down, as some advisors are reporting.
Some of that cash may be going to fight the robo “threat.” As you may have read, Michael Kitces declared that independent B2C robo advisors are dying. Whether that’s true or not, the fact is that robos did disrupt the industry. They commoditized investment management, raised client expectations and catalyzed a new wave of innovation in response. Maybe a higher marketing spend is part of that trend. But frankly, it’s worrisome. All those extra dollars could go to waste if advisors make one critical mistake: trying to find a silver bullet. There is no such thing.
Some days things happen that really tick you off. How can you take those moments and turn them into a positive building block?
Meeting new people is one of the most motivating, beneficial and inspiring actions you can take in life. Having a conversation with someone new can grow your perspective, challenge your ideas and shape the way you think. It can also open doors for your career. In most cases, your professional achievements have been aided by others who have coached you, offered introductions to get you in the door, or inspired you to think in new ways. Your network is the most important career tool you have, which is why networking app Shapr hopes to make meeting like-minded professionals part of your daily routine.
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