Becoming An Elite Financial Advisor With Sten Morgan – Details, episodes & analysis

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.