In this episode, Sten Morgan discusses the evolving landscape of financial planning, emphasizing the importance of mindset shifts, overcoming limiting beliefs, and the necessity of charging for financial advice. They explore the transformation from traditional product-selling to a more holistic approach that values time and expertise. The conversation highlights practical strategies for building confidence, improving communication skills, and understanding true financial planning, ultimately encouraging advisors to embrace their worth and the changing dynamics of the industry.

Key Takeaways:

• Clients are willing to pay for financial advice and expertise.
• Overcoming limiting beliefs is crucial for professional growth.
• Building confidence and communication skills is essential for success.
• Charging for financial advice can enhance client relationships and respect.
• Advisors should not fear losing business by charging fees.
• The financial advisory industry is evolving, and advisors must adapt to stay relevant.

https://gobeelite.com/

Joined by the team at Move Health, we explore tools and solutions that make healthcare planning not only easier but a growth opportunity for your practice.

You’ll hear why you should be the one initiating these conversations—and how doing so can instantly set you apart, deepen client trust, and add tremendous value. 

In this episode, we dive into one of the most overlooked yet high-impact areas of financial planning: healthcare. Whether it’s navigating Medicare, estimating retirement healthcare costs, or helping clients avoid costly coverage gaps, this conversation unpacks the strategies advisors need to proactively guide their clients.

We cover:

• Why healthcare planning matters more than ever
• How to make Medicare a natural part of your retirement planning process
• Tools that let you run healthcare cost projections in minutes
• Real-world strategies for turning this topic into client engagement gold

If you've ever said, “I need some help in this category for my practice,” this is the episode you can’t afford to miss.

Links to resources:

The Key to Growth for Financial Firms: Healthcare Planning: https://tinyurl.com/6w28v2ak

Healthcare Planning 101: A Starter Guide for Financial Advisors: https://tinyurl.com/3kzzevv4

The Basics - Resources: https://tinyurl.com/jhnthy2y

Questions? Book a call here: 

https://tinyurl.com/4t3e924b

GoBeElite.com

https://gobeelite.com/

Excited to share that Episode 175 of the podcast is now live! Here’s what it’s all about:

• Challenges faced by financial advisors in marketing
• Significance of personal branding in building client trust
• Common marketing pitfalls and mistakes to avoid
• The role of consistent communication in client retention
• Navigating compliance issues in financial marketing
• Creating a strong digital footprint and online presence
• Encouragement for advisors to take strategic marketing actions

Marketing strategies tailored for financial advisors, addressing challenges like compliance and the need for a structured marketing plan.

https://www.barnummarketingagency.com/

In this podcast episode, Sten and Andy reflect on their recent trip to Las Vegas and share some humorous stories. They then delve into a discussion about the difference between achievement and success, emphasizing the importance of constantly striving for growth and not becoming complacent. They highlight the industry's definition of success as a potential hindrance to advisors reaching their full potential. They encourage listeners to seek outside perspective, challenge the status quo, and identify what may be holding them back. They also discuss the importance of surrounding oneself with the right people, hiring help, and focusing on specific tasks to excel as an advisor.

http://www.StenMorgan.com/Webinar - Sign up for Sten’s webinar on Communication That Converts. He’s holding two on October 12th at 9 am and 2 pm CT.

Ever caught yourself questioning traditional practices? Sten did, especially when it came to asking for referrals. Just asking for names felt awkward and ineffective. His solution? Adding value first. Let's put ourselves in our client's shoes - wouldn't you want to see the value before referring someone you've just met?

This episode gives you an outline for asking for referrals and getting them.

Today, we talk through the challenges and benefits of hiring. Hiring is not an expense, it’s an investment in your business. So, why wait for the perfect financial situation? You must embrace the power of hiring sooner to experience increased productivity and success. This is how Elite advisors become ELITE!

You may need a mindset shift to prioritize hiring and the importance of setting high standards and finding the right people to work with you. There are common hesitations and misconceptions about hiring, such as viewing it as an expense rather than an investment. We’ll teach you how to hire for soft skills, company culture, and evaluating candidates during a 90-day probation period.

In this week's episode we invited three advisors who had recently attended our How To Charge LIVE event into the studio. You can hear their reactions to the event and also what they're going to do when they get home to implement what they learned.

We’ve already sold 25% of the seats for January’s event, so get yours today at http://www.HowToChargeLive.com.

In this week’s episode, we discuss common unhealthy phrases and beliefs that advisors often have. They emphasize the importance of overcoming these barriers to become Elite advisors. The conversation covers topics such as feeling alienated in the office, lack of confidence in hiring, the importance of leadership and humility, overcoming age or inexperience limitations, the pitfalls of buying a book of business or hiring solely for connections, and the importance of strategic hiring and seeking external evaluation. Sten encourages listeners to be effective leaders, overcome limiting beliefs, and avoid unhealthy shortcuts in their pursuit of success.

I'm thrilled to share some exciting insights from our latest podcast episode where Matt Reiner of https://www.mattreiner.com and I dove deep into the world of AI, specifically chat GPT, and its potential in the advisory industry.

Embracing Innovation: We discussed the common hesitancy among advisors to adopt new technologies. While it's natural to stick to what's familiar, we believe that stepping out of the comfort zone is key to staying ahead in this rapidly evolving industry.

The 'Lazy Man's Utopia': We explored the concept of the 'lazy man's utopia', where advisors stick to the average and avoid trying something new. However, we believe that the industry is on the brink of a generational shift, pushing us to become more innovative and efficient.

Overcoming the Psychological Barrier: Change can be daunting, especially when it's hard to measure the direct ROI. But we believe that long-term commitments like quality content creation can be game-changers in connecting with a wider audience and growing your business.

The Power of Content Creation: In today's digital world, relying solely on random encounters or referrals isn't enough. We discussed how technology has lowered the barriers to marketing, allowing advisors to share their stories and build personal relationships with a wider audience.

Exploring ChatGPT: We delved into the practical steps advisors can take to start using chat GPT. From writing a love song for a team member's wedding anniversary to creating the actual music for the song, the creative possibilities of this tool are endless!

The Importance of Curiosity: We emphasized the importance of being open to new technologies. With the rapid rate of change in the industry, curiosity and adaptability are more important than ever.

I hope these insights spark your curiosity and inspire you to listen to our full podcast episode. Remember, the future belongs to those who are willing to learn, adapt, and innovate. Let's embrace the power of AI together!

Best,

Sten Morgan

Registration for January’s How To Charge LIVE event is 20% sold so get your ticket below before they are sold out.

http://www.HowToChargeLive.com

The Balance of Custom and Scalable: We explored the myth that personal touch is lost when a business scales. It's possible to maintain an outstanding client experience while growing a successful business. The key lies in building systems that can handle increased demand without relying on temporary fixes.

The Power of Scalable Systems: You can build scalable systems if you define who you serve and how you serve them.

The Role of Personnel in Scaling: Adding team members should be a multiplier for your business. As you grow your team, delegate tasks and create space for higher-quality actions. Remember, each new hire should ideally bring your company a 5 to 10 times return on investment.

The Importance of Clarity and Accountability: Many advisors need help with quantifying the value of their advice. By clarifying your practice and the value you deliver, you can right-size your practice, cut out unnecessary tasks, and scale. Surround yourself with coaches and advisors who are better than you to course correct and think differently.

The Mindset of Possibility: Adopt a mindset of possibility and learn from others who have successfully scaled their businesses. Even if your firm generates $400,000 a year and feels busy, it may only be two hires away from becoming a $2 million firm.

I'm thrilled to share with you some insights from my recent podcast episode with Brad Johnson, founder of Triad Partners. Brad's journey from a small-town boy to a successful financial advisor and now coach to advisors is worth learning about.

https://triadpartners.com
https://bradleyjohnson.com

In our chat, Brad shared his transition from the corporate world to finance, a field he found himself deeply passionate about. His fascination with stocks led him to get into this business, and later he took a leap of faith and embarked on an entrepreneurial journey with Triad Community Coaching.

Brad's mission with Triad Partners is to create a community of growth-minded individuals. He aims to help financial advisors not only succeed in their businesses but also find balance in their lives. He believes in building businesses that bless lives, a philosophy that we share. 

One of the most intriguing parts of our conversation was about the "head trash" and challenges that people face in the finance industry. Brad shared a powerful story about a successful financial advisor who ended up burnt out due to the constant pursuit of success. This story serves as a reminder that true success is not about working harder and longer but about working smarter.

Brad also shared Triad's unique "advisor in charge model," a three-phase framework that evolves from a task-driven approach to a responsibility-driven one, eventually leading to a true CEO mindset. This model emphasizes empowering team members and letting them take ownership of the thinking process.

We also discussed the different stages of being a business owner in the financial advisory industry. The journey from being an employee to a business owner is filled with challenges and learning experiences. But it also comes with freedom and flexibility. Brad highlighted the value of coaching and learning from others who have walked the path before you.

Mindset, according to Brad, is a crucial factor in separating successful advisors from those who are still struggling. He encourages advisors to embrace the journey, commit to the work, and be prepared for the challenges that come with being a business owner.

I know that embracing discomfort and challenges is a sign of progress. I've also learned the importance of surrounding oneself with knowledgeable people who can offer valuable insights.

Brad and I agree that mindset is the foundation for success. Whether it's in sports or entrepreneurship, a positive mindset can make a world of difference. So, surround yourself with people who inspire growth and improvement.

I hope you find these insights as enlightening as I did. 

To your success

Sten J. Morgan, CFP®, ChFC®

This week we discussed the factors that influence clients' buying decisions.

To be great in sales, you need to understand every factor in a buying decision. Here are the ten areas we covered.

1. Their needs and wants
2. Emotions and desire
3. Perceived value
4. Social Influence (referrals)/ Peer recommendations
5. Discounts
6. Product quality and features
7. Convenience
8. Cultural and personal values
9. FOMO (Fear of Missing Out)
10. Research and information. 

There are six spots left for our September How To Charge LIVE event. If you want to stop hoping you get AUM or sell a policy to make your time and effort worthwhile and start charging for your time and ideas, then this event is for you.

We guarantee that your first planning client will pay for the event.

http://www.HowToChargeLive.com

Today we talk about how to price your services. One of the most common concerns advisors have when they want to start charging for their time is determining how to price their time and advice. Today we explore the different ways we’ve seen advisors determine their pricing and we learn how Sten has made changes to simplify his pricing after getting feedback from his staff. 

There is no perfect pricing model. It’s about choosing the right model for you and your service model. 

Excited to share that Episode 174 of the podcast is now live! Here’s what it’s all about:

The Industry is Evolving

• Aging advisor population
• Wealth transfer to women by 2030
• Shift from investment management to true financial planning

Why This Matters

• Advisors who adapt will create more value and opportunity
• Clients are more willing than ever to pay for planning—but only if we present it the right way
• There’s a clear path from being a traditional advisor to becoming a trusted consultant

Inside the Episode

• Personal stories about missed opportunities (like Bitcoin)
• Clear examples of how to shift from product sales to planning
• Tips on how to talk about your value and charge for your expertise

Tune In

If you want to stay relevant and thrive in a changing market, this episode is a must-listen

Let me know what stands out to you—we’d love your feedback!

To Your Success,

Sten J. Morgan, CFP®, ChFC®

http://www.HowToChargeLive.com

__

https://eadvisornetwork.com/podcast/

Sten Morgan, CFP, ChFC, is a leading voice in the financial services industry and one of the most accomplished young advisors in the country. He founded Legacy Investment Planning at age 25 and was named a "40 under 40" advisor by Investment News at age 30. As president of Legacy, he strives to effect positive change in the industry, coach and support other advisors, and bring true value and vision to his clients. In 7 Mindsets of Success: What You Really Need to Do to Achieve Rapid, Top-Level Success (Morgan James Publishing, February 2017), he shares tips and advice for building a successful business, including the seven mindsets that helped him become a top financial advisor with his own firm at such a young age.

Sten J. Morgan, CFP®, ChFC®

There are 10 seats left to our How To Charge LIVE event in September at our offices outside of Nashville, Tennessee. If you’d like to attend you can book a call to get your questions answered or get your ticket at http://www.HowToChargeLive.com.

I'm thrilled to share with you the highlights of my recent podcast episode where I was able to talk with my friend Matt Jarvis, a successful financial advisor and founder of the Perfect RIA. https://theperfectria.com/. We got personal and talked about the inflection points that shaped his career. 

• The Power of Mentorship and Appearance: Matt shared how one of his mentors advised him to dress better and how that helped him close sales. This small change boosted his confidence and altered the perception others had of him.

• Learning from the Best: Matt emphasized the importance of learning from someone who has achieved what you aspire to. 

• The Importance of a Proactive Team: Matt revealed his secret to taking time off without disrupting his practice - a proactive team. He has implemented systems like regular check-ins and scripts for client calls, empowering his team to handle client inquiries effectively.

• Unleashing Superpowers: We discussed the concept of superpowers and how advisors should focus on their strengths and outsource tasks that aren't their forte. Each team member's unique superpower contributes to the overall success of the practice.

• The Surge Concept: Matt introduced the concept of surge - designating specific days for client meetings to ensure availability for focused work. This approach not only streamlines scheduling but also increases efficiency and productivity.

• Embracing Change: We agreed that change is inevitable and should be embraced. A growth mindset and the willingness to try new ideas are crucial for success in the ever-evolving financial advisory industry.

• Delivering Maximum Value: Matt shared his commitment to always deliver incredible value to his clients, a game he believes he cannot lose.

Also, don't forget about our upcoming event - seats are limited, so grab yours now! It promises to be an investment worth making.

I believe in you!

Sten J. Morgan, CFP®, ChFC®

Get your Planning Readiness Score - http://www.StenMorgan.com/Ready

Attend the How To Charge LIVE event - http://www.HowToChargeLive.com

This episode is a recording of a recent training session we hosted on the six steps to charging for your advice. 

Our training session was designed to help financial advisors understand how to charge for their advice effectively. We've even created an assessment to measure readiness for starting a planning business, which you can access at

 http://www.StenMorgan.com/Ready. 

I'd like to thank Craig Peterson, Robert Allen, and Wes Young, members of our advisor network community, who participated in the recent live training session.

Upcoming Live Event: How to Charge Live

I'd like to invite you all to our upcoming live event, "How to Charge Live." I guarantee that the event will pay for itself with the first planning client. You can sign up at http://www.HowToChargeLive.com and use the discount code freehotel to save $500 on your registration.

http://www.HowToChargeLive.com

Save $500 on the HTC LIVE when you use code freehotel

http://www.HowToChargeLive.com 

We’re excited to share some valuable insights from my recent conversation with Jay Duffy, a financial advisor from Baltimore, Maryland. Jay attended our "How to Charge Live" event and has since implemented some significant changes in his approach to financial advisory services.

The Journey to Change

Jay and his team had already been charging for their advice, albeit on a smaller scale. Their average fee was around $2,000, which they viewed as a loss leader to get clients in the door. However, after attending our event, Jay implemented two specific changes that have revolutionized their approach.

Slowing Down the Prospect Process

The first change was to slow down their prospect process. Previously, they would quote fees in the first meeting, which often led to clients making a decision without having all the necessary information. Jay realized that they needed to gather more information and quantify the value they could bring to the client before discussing fees. This allowed them to provide more value and justify their fees in the second meeting.

Presenting Two Options

The second change Jay implemented was always presenting two options when presenting plans to clients. This gave clients a choice and allowed them to feel more involved in the decision-making process. Jay believes that offering two options shows respect for the client and avoids lowballing.

The Value of Quantifying Services

Leif emphasizes the importance of quantifying the value he provides to his clients and how it justifies his higher price point. 

He also shares a story about a client who had a relationship with another advisor but was willing to pay for Jay's planning services because he offered unique ideas and strategies that the other advisor had not discussed. Jay emphasizes that only a small percentage of clients raise objections about the planning fee, and he positions it as a valuable service that goes beyond just managing money.

The Importance of Practice and Preparation

In our conversation, Leif and I discussed the importance of practice and preparation in becoming an elite financial advisor. I personally set aside time to practice key concepts, such as the guaranteed lifetime withdrawal bonus, on a whiteboard. I believe that practicing is essential for refining skills and separating oneself from other advisors.

Conclusion

Thank you for being a part of our podcast community and I encourage you to attend our upcoming live event. I guarantee that the event will pay for itself with the first financial plan. You can visit http://www.HowToChargeLive.com to schedule a meeting with me or purchase your seats. Discounts are available for multiple attendees from the same office. I appreciate your continued support and look forward to helping you become an Elite Financial Advisor.

Hey friend,

We’ve got a great episode and a free guide for you today. 

http://www.StenMorgan.com/commitment

Commitment: A Daily Practice, Not a New Year's Resolution

We often think of commitment as a once-a-year event, but it's actually a daily and weekly practice. It's the missing piece in achieving our goals and desires, and it's all about follow-through and execution.

The Natural Ability to Make Things Work

Ever wondered why some people seem to have a knack for success? They've figured out a level of commitment that allows them to quickly determine what will work and what won't. 

 The Five Levels of Commitment

We explored a framework by Dr. Robert Wubbolding and William Glasser that outlines five levels of commitment. From "lack of commitment" to "whatever it takes," understanding these levels can help us filter decisions and overcome our natural tendencies.

 The Danger of Half-Hearted Commitment

The fourth level of commitment, characterized by a higher level of effort but still falling short of true commitment, is the most dangerous. It's easy to justify lack of success by saying we tried our best, when in fact, we didn't.

Pushing Beyond Perceived Limits

We are capable of much more than we realize. By pushing beyond our perceived limits and fully committing to our goals, we can achieve results beyond our initial expectations.

The Power of "Whatever It Takes"

The highest level of commitment, "whatever it takes," involves cutting off all exit routes and staying committed to the goal no matter what. It's a level of commitment demonstrated by successful individuals and one that I personally experienced when starting my business.

Seeking Input and Feedback

Before pursuing a level five commitment, it's crucial to seek input from others. Feedback from a team, partner, or spouse can ensure that our commitment is aligned and that we're not blindly chasing an unattainable goal.

I hope these insights spark your curiosity and inspire you to listen to our podcast. Remember, commitment is not just about achieving success, but also about redefining our best and pushing through challenges.

Use your commitment guide to find out your true level of commitment. 

http://www.StenMorgan.com/Commitment

Sten J. Morgan, CFP®, ChFC®

July 11th Elite Prospecting Webinar Registration - https://www.eAdvisorNetwork.com/webinar 

Event Registration - http://www.HowToChargeLive.com

In today’s episode, you’ll meet Myles and Robert, advisors who attended the "How to Charge LIVE event in 2023. When Robert first heard about the event, he was skeptical about charging for services that his firm was already providing for free. But attending the event completely changed his perspective. He learned a new approach to conversations and framing the value of their services. The event taught him how to quantify ideas and show clients the potential savings and benefits they could receive.

Since attending the event, Robert has seen a shift in his belief and conviction about charging for planning services. He has been able to engage with clients in impactful ways, reinforcing his belief in the value they provide. In fact, he projects collecting over six figures of planning revenue in his first year.

But Robert's success is not an isolated case. Many attendees of the event have experienced significant financial growth in their businesses. They have closed deals ranging from $8,000 to $50,000 for three to twelve-month engagements. And the average starting rate for attendees is around $4,000. It's incredible to see how this event has transformed their businesses.

Now, you might be wondering who should attend this event. According to Robert, anyone who is client-facing should be there. Whether you're a partner or an advisor, this event will teach you valuable ideas, opportunities, and how to close business. Even if you do joint work with another advisor, attending together will create buy-in and a shared understanding of the concepts.

I encourage you to visit http://www.HowToChargeLive.com to watch a testimonial video and learn more about the event. We are committed to supporting attendees and helping them take their businesses to the next level.

In a separate conversation, Myles and I discussed his experience attending the event and how it helped him improve his skills and increase his fees for planning services. He initially had some doubts but decided to attend to learn how to charge more. And boy, did it pay off!

The event guarantees that it will pay for itself with the first planning client. By being around advisors who had successfully charged higher fees and learning the tactics taught at the event, these advisors gained the confidence to quantify the value of their services and land planning clients. http://www.HowToChargeLive.com

Before you check out this week’s podcast, I wanted to remind you about our upcoming live event in September 2023. We have a special offer just for our loyal listeners - a $500 discount on registration that you can put towards your hotel stay. Use coupon code free hotel to get your discount. This event is all about adding six figures of planning revenue to your business, and we guarantee that it will pay for itself in the first planning client. So, make sure to sign up and secure your spot! You can find all the details at the URL below.

http://www.HowToChargeLive.com. 

 We had a fantastic guest joining us, Bill Williams, the Executive Vice President of Ameriprise Independent Advisors. Bill brings a wealth of experience and knowledge to the table, representing over 8,200 independent financial advisors who generate over $5 billion in annual revenue for the firm.

 Bill shares his journey, starting as a financial advisor back in 1989 and eventually transitioning into a leadership role. He opens up about the challenges and benefits of being a leader in the industry, giving us a unique perspective on what it takes to succeed.

 Bill reveals some fascinating insights from surveys conducted by Ameriprise, showing that advisors who incorporate planning into their practice have better client engagement, handle more assets, sell more insurance, and have three times better client retention. It's clear that clients are craving a holistic and comprehensive approach to financial advising.

But here's the catch - many advisors are hesitant to charge for comprehensive planning services. Bill acknowledges that asset management is easier to sell, as clients are accustomed to paying a small percentage of their assets under management. However, he emphasizes the importance of separating asset management from comprehensive planning. Managing money is just one aspect of the services advisors provide. Comprehensive planning involves personalized attention, meetings throughout the year, and addressing all financial questions and concerns.

 Many advisors are afraid to charge for planning because they've never done it before. But he urges advisors to recognize the value they bring and be willing to offer comprehensive planning to their clients. If they don't, clients may seek these services elsewhere, potentially leading to a loss of business.

 Bill further emphasizes that relying solely on investment management as a value proposition is risky. With do-it-yourself firms improving their asset management offerings at lower prices, clients may be tempted to switch. That's why it's crucial for advisors to step up their game and provide comprehensive planning services that truly differentiate them.

 We’re grateful that Bill joined us on today’s show. Here’s his bio page at Ameriprise.

We’ve never done this before.

We’re giving away our How To Charge online training program when you purchase your ticket to September’s How To Charge LIVE event. That’s a $1,500 value.

Here’s how to get your free program.

1. Purchase your ticket before July 1st, 2023, and we’ll respond with a code to get HTC Online for free.

2. If you’ve already purchased the online program, we’ll pay for your hotel stay instead. 

3. To register for the event or have questions, you can set up a 1:1 call below.

http://www.HowToChargeLive.com

Here’s what we cover at How To Charge LIVE (Episode 58)

Today’s Episode:

We exist to challenge the status quo of this industry. In this episode, Sten discusses why the industry operates the way it does and why most advisors follow the average path that the industry dictates.

It’s time to step back and question the status quo, rather than just tweaking a bad system. You don’t have to give up your time with family to be successful. There is a better way to achieve success without sacrificing time.

One of the first steps you can take is to attend our How To Charge LIVE event in September. We guarantee it will radically change your business in a day and a half.

http://www.HowToChargeLive.com

The financial advisory industry is trapped in the status quo because it works just well enough, and many decision-makers are detached from the individual lives impacted by the business.

Your goal should be a better prospecting strategy that gives you more business with a higher close rate than traditional methods like cold calling or relying on referrals.

To learn more about Lead Advisor Network's approach and attend the How to Charge Live event in Nashville in September, visit http://www.HowToChargeLive.com and purchase tickets before the end of June 2023. Those who purchase tickets will also receive a free How to Charge Online program.

The industry's system is broken, and there is a better way to do things.

Thanks for tuning in, and I hope to see you at the How to Charge Live event!

http://www.HowToChargeLive.com

Registration for our September How To Charge LIVE event is open. Get your seat at http://www.HowToChargeLive.com

This is the first of a new series called "Learn the Hard Way" where we cover lessons advisors have learned through experience and how to avoid making the same mistakes.

Today we cover:

• How process saves us from ourselves
• Why healthy people pursue hard conversations
• How boundaries with prospects will help you grow your business

Head trash is the umbrella term that covers the limiting beliefs that you may have, such as feeling inferior when working with clients who have more wealth or feeling demotivated when a potential client already has an advisor. Today we talk about how to overcome these beliefs and cultivate self-assurance in your work as an advisor. Fears must be confronted and today we’ll help you confront them so you can reach your true potential as an advisor.

In this podcast episode, Sten Morgan and Andy Traub discuss the fears and obstacles faced by financial advisors, particularly the fear of not knowing enough to charge for their services. They emphasize the importance of recognizing the value of one's time and expertise, and not letting fear hold them back from charging for their services. They also discuss the importance of continuous learning, growth, and collaboration in overcoming these fears. They provide practical advice for advisors to overcome these challenges, including admitting when they don't know something, building a network of experts, and setting boundaries to value their time.

Finding the right talent is one of the biggest challenges in the financial advisory industry. In our latest podcast episode, we dive deep into the recruiting process with an expert who transitioned from financial advisor to recruiting specialist.

Here’s what we cover:

• Challenges in talent acquisition within the financial advisory industry
• Importance of consistent lead generation for recruiting
• Building a strong company culture to attract talent
• Common pitfalls in hiring and the need for a robust candidate pipeline
• Effective onboarding processes for new hires
• When to seek external help for recruiting needs

If hiring and retention are top of mind for you, this episode is a must-listen!

Steve Perry socials:

• Email: steve@emailthewell.com
• Website: https://thewell.solutions
• Free Success Blueprint: https://hirethewell.com
• LinkedIn: https://linkedin.com/in/realsteveperry
• Instagram: https://instagram.com/real.steve.perry
• YouTube: https://youtube.com/@RealStevePerry
• Facebook: https://facebook.com/real.steve.perry.facebook

This is the first episode in a series where we break down the limiting beliefs and fears in this business. It’s vital that you embrace this fear and tension, because they are ever-present companions on the path to success. Courage is taking action in the presence of fear and everyone needs to be courageous to make it in this business.

Financial advisors commonly experience specific fears, including feelings of self-worth, scarcity, and inferiority. In this episode, you'll learn to recognize and embrace fear as a natural part of entrepreneurship.

Right now, limiting beliefs hold you back from reaching your full potential. By listening closely and taking action, you can break free from these barriers and move towards your true capabilities.

Sten and Andy discuss Commitment Bias and how it holds you back from achieving even greater success in your business. It’s extremely difficult to identify this bias so listen closely and then look closely at your patterns. When you do find the bias, you must force yourself to create pattern interrupts.

It’s easy to fall into the average path of blindly following people that are closest to you geographically. It can also be easy to think you want to have someone’s life, but you don’t understand what they’re sacrificing in their life to achieve their current results. You need to evaluate your potential role models carefully. It’s true you need to be open to learning from people regardless of their age or experience and in this episode we talk through how to choose great heroes and perhaps most importantly why you need more than one.

In this episode we answer six questions from listeners like you. We discuss:

• The effectiveness of remote versus in-person meetings
• The value of driving to meet clients face to face
• How to convert old clients to fee-based clients
• The importance of financial advisors understanding their ideal consumer
• How to build relationships with idea partners
• How to introduce the idea of charging for advice to your company

The biggest obstacle that financial advisors face is not leads or the economy, it’s a lack of confidence. So, how can you gain confidence? What keeps you from trying? How can you understand fear and get past the obstacles that are keeping you from taking the action you know you need to take? 

Confidence is the key and in this episode we teach you how to systematically look at and process your decisions in a way that will build confidence. 

Hey everyone,

Are you struggling with charging for planning services? In our latest podcast episode, we break down the obstacles a recent EAN customer is facing as he works to close more planning clients. We coach hundreds of advisors who face these same issues and offer valuable insights to solving his problems.

• By the end of the first meeting, you should be clear about your fee structure and the value you bring to the table.
• The goal in the first meeting is to present a few ideas that pay for themselves.
• Move on to a proposal in the second or third meeting, depending on the amount of data gathered.

We also touch on the issue of minimum fees and hourly rates. It is required to have a minimum fee to ensure that you are compensated adequately. Instead of thinking in terms of hourly rates, we suggest a value-based proposition that establishes your expertise and the value of your advice.

We encourage advisors to adapt to the changing industry landscape and to be confident in the value they bring to their clients. By setting clear expectations and communicating your value effectively, you can build strong relationships with clients and achieve better outcomes, all while increasing your revenue.

As always, thanks for listening.

Sten Morgan & Andy Traub

In this week’s episode, Andy interviews Kyle Kuyat, VP of Business Development and part of the recruiting team at Silver Oak, about why financial advisors switch companies and the process of switching. They discuss the different options available for financial advisors, such as wirehouses, banks, and independent broker-dealers, and how the industry has changed due to mergers and acquisitions. They also emphasize the importance of finding the right fit for both the advisor and the company, cautioning against the potential pitfalls of switching companies. This episode has a TON of practical advice for financial advisors considering a switch.

In this podcast episode, we discuss exactly what we teach at How To Charge LIVE. If you want to find out if HTC LIVE can help you, then you can set up a 1:1 call with Andy by visiting this link.

https://calendly.com/andytraub/htc-live

Event Details:

http://www.HowToChargeLive.com

We walk through each session of the event, starting with mindset. The event is designed to provide practical exercises and tools you can immediately implement in your business. We’ll teach you how to create urgency and quantify ideas to convince clients of the value of working with you.

You MUST understand the value you bring to the table and charge accordingly. This event will teach you how to think differently and develop the skills necessary to achieve greater success in your practice.

Today we discuss the frustration that comes with people settling for average and not taking action towards their goals. Sten emphasizes the importance of being self-aware and pushing yourself out of your comfort zone to achieve success. We discuss the unhealthy nature of a comfortable life and the need to constantly challenge yourself to avoid settling for mediocrity.

This begins with being self-aware and constantly challenge yourself to achieve success.

One practical way you can take action is to book a one-on-one session with Andy to save $500 on event registration.

Book your call to get all of your questions answered about the May event by visiting this page. http://www.HowToChargeLive.com 

If you want to charge for your advice then join us at our offices outside of Nashville. Go to http://www.StenMorgan.com/HowToLive to book a time to meet with me 1:1 to discuss the event.

I'm thrilled to share some incredible insights from our latest guest, Erin Botsford. Her journey from a challenging upbringing to becoming a successful financial advisor and now coach will teach you about how to improve your career path. 

To get your free issue of The Virtual Advisor go to joinadv.com/eliteFA.

We've opened registration for our may How To Charge LIVE event. If you want to save $500 then you can register by 5pm CT Friday, March 17th using code freehotel. http://www.StenMorgan.com/HowToLive 

If you want to add a new six-figure revenue stream, then you need to join us on May 8th and 9th here in Nashville, Tennessee.

We're hosting another How To Charge LIVE training at our beautiful offices.

You can learn more at http://www.StenMorgan.com/HowToLive In today's episode, we'll teach you when, why, and how to fire clients that you no longer want to work with.

First, you'll hear from a few attendees of our last How To Charge LIVE event.

If you want to learn how Sten uses big ideas to convert prospects you need to attend our How To Charge LIVE event in May. Find out more at:

StenMorgan.com/HowToLive

When you solve big problems for prospects they'll want to do business with you. Focusing on big problems separates you from the competition.

Focusing on big ideas helps prospects have a larger vision for their finances, and get more excited about taking action.

You'll also get more referrals when you focus on big ideas because big ideas are worth talking about.

If you want to get paid for your advice then our How To Charge LIVE event will pay for itself with ONE planning client.

You can register for the event at StenMorgan.com/HowToLive

We have 30 seats and you should be in one of them.

Don't you wish there were magical words that would help a prospect become a client? Well, good news, there are. They're called power phrases and in today's episode we talk about one of Sten's favorites, when to use it in a meeting, and why it works so well in building trust with a prospect.

The best investment of capital is to improve yourself.

Go to the URL below to join the Elite Advisor Network or to schedule an appointment to talk to us 1:1 about the decision.

StenMorgan.com/ean

Be cautious about throwing money at problems like marketing or leads. Instead, improve your skills and market with more specific targets.

StenMorgan.com/EAN - If you want to reach your full potential faster, then our Elite Advisor Network community will help you do it. With live calls twice a month, discounts on all of our live and digital programs, free memberships to industry resources, and discounts on tools, your membership with EAN will help you improve faster than you thought possible. 

To learn more about the community go to StenMorgan.com/EAN. You can also book a call to talk with Andy if you have questions before you apply.

When you use targeting strategies well, you'll identify leads more easily and get into planning conversations more quickly. There are dozens of targeting strategies, and your COI network is the best place to find them. In this episode we outline what a targeting strategy is and how you can use it to increase your book of business faster than you think.  

Advisors who take the time to teach financial concepts to their clients will empower them to make confident decisions about financial strategies. When clients make confident decisions about financial strategies, they'll have better outcomes.

Take time to teach concepts in your meetings. It will lead to better outcomes for your work with the client. Sten's most common concept that he teaches is the investment decision filter. When making an investment decision of any kind, clients should factor in fees, risk, performance, and tax implications. Once clients understand this concept, they feel empowered to make decisions about strategies. That's an ideal working relationship.

Having just had 20+ advisors from across the country attend our live event, we want to share some lessons we were reminded of about how close you are to charging for advice. We also want to encourage you to think through your expectations for events before you spend precious time away from your family and your business.

Why do 80%+ of advisors quit in the first three years? Can that number improve? Why does the industry set up advisors to fail? Can there be a better way?

In this episode, Sten lays out ways that those who hire advisors can improve hiring and help their advisors stay in the business.

Download the visual guide we discuss in this episode so you can introduce financial planning to your existing clients. 

Step 1: Join the free EAN Community (or log in if you already have an account)

Step 2: Visit the Free Community Forum to get your free PDF

Join the Community: 

https://community.eadvisornetwork.com/join?invitation_token=af799727a3d8b40734f638331c43d1b33dbeb49c-fb8f31ad-41e8-413e-a3dd-225192ca2f44

Access the downloadable free visual guide:

https://community.eadvisornetwork.com/c/community-forum/discover-the-financial-planning-resource-from-ean-podcast-episode-171

There are six ways to introduce planning to existing clients. You will use multiple ways as you move clients toward planning.

1. Plant the seed
2. Reference regularly
3. Make it inevitable 
4. Don’t assume for them
5. Plans are never free
6. Make it visual

In this episode, Sten breaks down the options for you to add another advisor to your team. Why wouldn't adding a new advisor be a good thing? Well, it turns out that more is not always better.

How do you handle splitting work? What happens when something difficult happens in someone's life, and business takes a back seat? What could change from your original agreement? Sten addresses those questions and many more in this episode.

Michael Kitces is a legend in the financial advisor space. He's created countless resources for advisors, and his podcast is the most popular show in the industry. We're grateful to have him on Becoming an Elite Financial Advisor with Sten Morgan.

On behalf of Sten, Andy, and the Elite Advisor Network community, we want to thank Michael for stopping by the show and recording his shortest episode.

Seriously though, Michael paved the way for us to do what we do in working with advisors, and we're forever grateful for allowing us to share his platform a few years ago.

If you're not subscribed to our show, we release episodes every week, and they're always practical and to the point. In addition, if you haven't left a review of the show, we're sending out a copy of Sten's book to anyone who leaves a review of the show the week ofJanuary 1st, 2023. So, leave a review, then send a screenshot of your posted review to Andy@eAdvisorNetwork.com along with your mailing address, and we'll send you a copy of Sten's latest book, I Wish I Knew That Sooner.

Remember to be kind to yourself and that life's too short to choose the average path. Choose the elite one!

Thanks for listening. We appreciate you.

The idea that "you are the product" gets to the core of financial planning. It celebrates your influence as the advisor and the value YOU bring to the relationship. We encourage you to adopt this view.

There are a few more days to register for our How To Charge LIVE event at our headquarters outside Nashville. Go to https://www.StenMorgan.com/HowToLive to get your seat. If it's full, you can add your name to our list, and we'll notify you of our next event date.

Thanks for listening. Remember to be kind to yourself and that life's too short to choose the average path. Choose the elite one!

We appreciate you.