Elementality for Financial Advisors | Elements Financial Vitals System™

As a result of new technologies, product marketers began overusing phrases like "paradigm shift." Now we're seeing what a real paradigm shift looks like as COVID has caused an upheaval whose effects are changing cultures across the globe. With 2020 finally coming to a close, how can advisors absorb this "new normal" and be ready for whatever comes next? How does working from home play into the equation? What does it mean for personal relationships? How do you manage a team from a distance? With home as your office, can you ever actually relax? On this Season 1 ending episode of Elementality, Reese sits down with his wife Barb to address some of these vexing questions. Reese and Barb share personal stories and strategies, as well as work-from-home findings, statistics, and recommendations from illuminating new research. That includes a Microsoft study done for the Harvard Business Review Big Idea Series, as well as ideas from other prominent researchers. Of course, no one has all the answers yet, but this episode is sure to provide some good insight into how to tackle this sudden and dramatic "we're all in this together" shift.

Running an advisory business can feel a lot like riding a roller coaster. At first, you're in high gear trying to get some traction in the market. Eventually, you reach a tipping point. Then suddenly you find yourself going full bore servicing an influx of new clients. When the joyride stops, you're right back where you started, facing another uphill climb. It's downright exhausting. And it's not so great for the bottom line either. But there's a better way, and today on the Elementality podcast, business development coach Mark LeBlanc joins Reese Harper to discuss it. They talk about why advisors get caught up in this roller coaster dynamic, and what it takes to break free of it. That includes essential business development activities, the importance of tracking monthly targets and trend lines, and the unexpected impact of your compensation structure. Finally, Mark shares the 3 keys needed to pull off the transition to this alternative model. Even if you're a big fan of roller coasters, you're sure to appreciate the smoother, more predictable business performance it delivers.

FinTech can dramatically streamline the process of onboarding new clients and serving existing ones. It can shrink the wait time between first contact and delivery of actionable advice. It can even enable richer client interactions. But it won't do any of that unless you and your clients actually use it. Today's guest on Elementality is Todd Reynolds, the User Experience (UX) Designer for the Elements app. He joins Reese Harper for a behind-the-scenes peek into the art and science going into creating a user experience that advisors and clients will love to use. He shares his experiences getting up to speed with everything that goes into financial planning, distilling that into concepts clients can understand, and turning it into a frictionless solution. It's this careful attention to design that permits Elements users -- you and your clients -- to efficiently gather, organize, and analyze your clients' data, so you can more effectively help them complete their functional and emotional financial jobs.

Referral marketing works, as old school financial services firms have proven. Even when your solution is less than compelling. Even when it's the only arrow in your quiver. Even when "the ask" causes clients to squirm. But the holistic advice you provide these days is compelling. Clients really value it. Their friends and family members need it. And yet many independent advisors still shy away from asking for referrals. On this episode of Elementality, Reese Harper meets up with Dan Allison, a referral marketing expert with a background in behavioral psychology. They talk about what makes clients actually want to refer, why advisors avoid the discussion, and why -- done right -- it can actually deepen relationships. They wrap up by walking through the 5 characteristics of Dan's angst-free approach. It's a conversation that will have you rethinking everything you've come to believe about referrals.

Lifestyle business? Boutique firm? Category killer? Whatever type of advisory practice you're aiming to grow, you need a cohesive marketing plan. Unfortunately, it's easy to underestimate the time, skills, and budget required to make that happen. Plus, marketing tasks tend to get bumped off the To-Do list by the more urgent, day-to-day matters busy advisors face. Our guest on this episode of Elementality is Jeff Morgan, Chief Marketing Officer, and architect of the system that fueled Dentist Advisors' rapid growth. Today, he joins Reese Harper to discuss how to design and implement a streamlined, well-thought-out marketing strategy. Reese and Jeff talk about the benefits of niche marketing vs. the direct sales approach traditionally used in financial services. They reveal the marketing programs that drove Dentist Advisors' transition to niche player, and the core competencies required to staff them. Finally, they explore the pros and cons of outsourcing vs. doing things in-house. It's a wide-ranging discussion sure to leave you better prepared for whatever marketing challenges you come up against.

The financial services industry is changing at what seems like an unprecedented rate, leaving advisors grappling with how best to manage it all. But tectonic shifts in the business are not new, and there's much to be gained from looking back. Today on Elementality, Reese Harper talks with TJ Dunker, Senior VP at Edelman Financial Engines, about lessons from past industry turmoil, risks and opportunities for advisors today, and strategies for managing even the unknown unknowns of tomorrow.

The ability to communicate well is the #1 sought-after skill in the workplace.No surprise! Anyone who's been on the giving or receiving end of a muddled message knows it's no way to get things done. What if you don't come by this naturally? Are you out of luck? Not according to communications coach Katherine Eitel Belt. Today on Elementality, she and Reese Harper discuss how to break through communication barriers, craft a compelling message, and deliver it with punch.

Of course you want to focus on what adds the most value for clients. And with robo advisors serving up in nanoseconds what used to take days, it's obvious managing portfolios is no longer the way to do that. Instead, you need to build your practice around the kind of personalized guidance computers simply can't provide. Maybe you've even rebranded yourself accordingly. But it's one thing to talk the talk. Our guest this week on Elementality is Apollo Lupescu, who knows what it takes to actually walk the walk. As Vice President at Dimensional Fund Advisors, he's spent the last 17 years helping advisors implement evidence-based investing and grow their businesses via the efficient processes it enables. Apollo made his way to DFA via a rather unlikely route. Born in Romania, he earned his entrepreneurial chops in the government-controlled economy of his youth. The research he did in academia, his next step along the journey, formed the basis for his "never have to say sorry" investment philosophy. In this episode, he and Reese Harper discuss the difference between risk and volatility, between a true advisor and a facilitator, between business processes that constrain and those that liberate, and how all that matters to your clients' perception of your firm's value.

A recent study from Vanguard showed that behavioral coaching from an advisor can add as much as 2% in net returns for an investor.* While coaching is a continuous process, it is often defined by critical moments in the client's journey. A sound investment philosophy can either support or detract from a holistic planning experience and of course, an advisor's ability to reinforce that philosophy plays a major role in long-term success. In this episode of Elementality, Reese brings back Matt Mulcock, CFP® to highlight seven of the most common coaching moments related to investment behavior. These are the usual suspects of client questions, concerns, and objections paired with recommended responses to help your clients block out all the noise and stay pointed in the right direction. * "Putting A Value on Your Value: Quantifying Vanguard Advisor's Alpha," September 2016

We live in a world where consumers increasingly prefer craft IPA to Bud Light, artisanal sourdough to Wonder bread, and fresh-ground almond butter to Skippy. That same hunger for customized choices is spilling over into the world of financial advice. But many advisors are still offering cookie cutter services that aren't keeping up with today's needs. Or maybe they're delivering premium solutions, but still telling the same old story. Either way, the opportunity cost is high – for the advisor and would-be clients. On this week's episode of Elementality, Reese Harper brings in Alana Kohl, founder and president of AdvisorPR, to talk about marketing communications for financial advisors. They discuss the key components of good marketing, strategies for differentiating yourself in a "me too" market, and all-too-common advisor mistakes. Alana also outlines her four-step process for pulling the pieces together into a cohesive whole.