More by the Same Author
2010-08-31 An Unexpected Route to Ecstatic Clients by Dan Richards (Article)
Dan Richards was puzzled by some recent conversations with investors, until he read a column in the New York Times about how to maximize the pleasure from vacations. The column stemmed from research by behavioral psychologists on how to structure activity to generate the most impact - and led to some striking findings both for planning vacations and for structuring how clients experience their interactions with you.
2010-08-31 David Blitzer on How Indices Work by Dan Richards (Article)
Many investors read about the Dow Jones or S & P 500 index being up or down 200 points but don't really understand what this means. Today's interview with David Blitzer of S & P provides an explanation of how indexes work that can be shared with clients. This is a transcript of the interview.
2010-08-31 David Blitzer on How Indices Work – Video by Dan Richards (Article)
Many investors read about the Dow Jones or S & P 500 index being up or down 200 points but don't really understand what this means. Today's interview with David Blitzer of S & P provides an explanation of how indexes work that can be shared with clients. This is a video of the interview.
2010-08-24 Telling Your Team Story to Prospects by Dan Richards (Article)
One of the things that high net worth clients look for in selecting advisors is a sense that they are part of a strong team, with backup should they be unavailable and a broad array of expertise behind them. For some advisors, however, effectively communicating the team behind you can be a challenge. Dan Richards provides a solution.
2010-08-17 A Proven Path to Gaining Client Assets by Dan Richards (Article)
When Dan Richards talks to successful advisors about their business objectives, for most increasing assets is at the top of their list. Some advisors mistakenly believe, though, that winning a greater share of assets from existing clients is driven by performance.
2010-08-10 Three Steps to Talk About Risk by Dan Richards (Article)
Among the most important things that good advisors bring is the ability to help clients make the right trade-off between risk and return ... and, as Dan Richards says, to help clients understand the critical relationship between the timeframe over which they hold investments and the volatility they experience.
2010-08-10 Zvi Bodie on Stocks and Annuities in Retirement by Dan Richards (Article)
In this interview, retirement expert Zvi Bodie discusses the role of stocks and annuities in a retirement portfolio, and how advisors and clients should think about risk. This is the transcript of the interview.
2010-08-10 Zvi Bodie on Stocks and Annuities in Retirement (Video) by Dan Richards (Article)
In this interview, retirement expert Zvi Bodie discusses the role of stocks and annuities in a retirement portfolio, and how advisors and clients should think about risk. This is the video of the interview.
2010-08-03 Rebuilding Confidence in Stocks by Dan Richards (Article)
These days, there's a cloud of uncertainty over markets, with questions about economic growth, government deficits, the timing and impact of interest rates increases, unemployment levels and the housing market. As Dan Richards writes, this environment is when advisors can bring value, by providing perspective on both sides of the debate about the value that stocks provide at today's levels.
2010-08-03 Richard Koo: Lessons from Japan's Decline by Dan Richards (Article)
Richard Koo is the Chief Economist of Nomura Research Institute, and has served as an advisor to the Japanese government. In this interview with Dan Richards, Koo explains why Japan's recovery was thwarted by inadequate stimulus spending. This is a transcript of the interview.
2010-08-03 Richard Koo: Lessons from Japan’s Decline (Video) by Dan Richards (Article)
Richard Koo is the Chief Economist of Nomura Research Institute, and has served as an advisor to the Japanese government. In this interview with Dan Richards, Koo explains why Japan's recovery was thwarted by inadequate stimulus spending. This is a video of the interview.
2010-07-27 Robert Shiller: A Cautious Outlook for Stocks by Dan Richards (Article)
Dan Richards recently spoke with Robert Shiller, the Yale economist who foresaw the financial crisis and created the Case-Shiller housing index. Shiller discusses the potential for a double-dip recession, valuations in the US equity market, and the outlook for a housing recovery. This is the transcript of the interview.
2010-07-27 Robert Shiller: A Cautious Outlook for Stocks (Video) by Dan Richards (Article)
Dan Richards recently spoke with Robert Shiller, the Yale economist who foresaw the financial crisis and created the Case-Shiller housing index. Shiller discusses the potential for a double-dip recession, valuations in the US equity market, and the outlook for a housing recovery. This is the video of the interview.
2010-07-27 Important New Research Talking to Seniors About Risk and Market Volatility by Dan Richards (Article)
New research shows how to talk to seniors about their investments. Titled "Behavioral finance and the post-retirement crisis" and released in May, this report compiles findings on how older investors perceive risk and make financial decisions. Dan Richards discusses the findings.
2010-07-20 Jeremy Siegel on Why Stocks are Undervalued by Dan Richards (Article)
The Wharton School's Jeremy Siegel remains an outspoken proponent of stocks for the long run, as he demonstrates in this interview with Dan Richards. In the transcript of this interview, Siegel explains why equity investors should not be deterred by sour economic forecasts or by signals of apparent overvaluation based on Shiller P/E ratios.
2010-07-20 Jeremy Siegel on Why Stocks are Undervalued (Video) by Dan Richards (Article)
The Wharton School's Jeremy Siegel remains an outspoken proponent of stocks for the long run, as he demonstrates in this interview with Dan Richards. Siegel explains why equity investors should not be deterred by sour economic forecasts or by signals of apparent overvaluation based on Shiller P/E ratios. This is the video of our interview.
2010-07-20 Lessons from a $1 Million Misunderstanding by Dan Richards (Article)
A recent conversation between Dan Ricahrds and an advisor drove home how easy it is to cross wires when communicating with existing and prospective clients. That miscommunication almost cost the advisor a million-dollar account.
2010-07-13 The Retirement Readiness Checklist by Dan Richards (Article)
Dan Richards describes a recent research report which offered a retirement readiness index. Attached to the report was a questionnaire that advisors can walk clients through to benchmark where they stand on each task and identify areas that need improvement.
2010-07-06 Template for a Mid-Year Letter – Navigating through this Calamitous Decade by Dan Richards (Article)
It's always important for clients to feel they're being kept informed of what's happening in markets - but never more so than in markets like we've seen in the past few months. Dan Richards provides a template for a mid-year market commentary to clients, adaptable to your own opinions and circumstances, based on a recently rediscovered speech by Benjamin Graham.
2010-06-29 Five Minutes to Drive Your Day by Dan Richards (Article)
For most successful advisors, the number one issue each day is how to compress 40 or 50 hours of work into 8 or 10 hours. Dan Richards doesn't suggest that advisors add items to their daily to-do list lightly, but he does offer one novel idea from a top-performing advisor.
2010-06-22 Getting Clients to Read Your Emails by Dan Richards (Article)
Today, we're seeing a sea change in how clients and prospects respond to information. Everyone is swamped by the sheer volume of email and communication. Dan Richards offers suggestions for how to get your emails read and your voice mail returned.
2010-06-22 Niall Ferguson on Japan, China, and the US by Dan Richards (Article)
Harvard's Niall Ferguson is arguably today's leading economic historian. In part two of this interview, Ferguson explains why he fears the future is bleak for Japan, why China may someday be the leading global superpower, and what all this means for the US. We provide a video and a transcript.
2010-06-15 Today’s Top Economic Historian: The Path to European Stability by Dan Richards (Article)
Harvard's Niall Ferguson is arguably today's leading economic historian. In this interview with Dan Richards, Ferguson discusses the current troubles and future outlook for Europe. We provide a transcript and a video.
2010-06-15 Strategy Advice from Apple and Google by Dan Richards (Article)
Last week Dan Richards conducted a webinar focused on the key decision that will drive advisors' long term success. Richards talks about what advisors can learn from the success of Apple, Google, Coke and Walmart.
2010-06-08 Three Words to Blow Away Clients by Dan Richards (Article)
Every advisor's goal is to build deep relationships with key clients, partly to foster loyalty and increase the assets you have from them, partly to open the door to referrals. One way to do that is to have clients "wowed" by their experience in dealing with you, and Dan Richards says three key words will create that "wow" effect with important clients.
2010-06-08 Dan Fuss: What Keeps Bond Managers Up at Night by Dan Richards (Article)
Highly respected fixed-income manager Dan Fuss of Loomis Sayles recently spoke with Dan Richards about what keeps bond managers up at night. Fuss identifies the critical issues bond investors face. We provide a video and a transcript of the interview.
2010-06-01 The Essential Quality that Sets Top Performers Apart by Dan Richards (Article)
Ask industry veterans about what really sets top producers apart and you'll get lots of suggestions, says Dan Richards. Intellect, discipline, work ethic, people skills and focus would all be put forward - and a case can be made for the importance of all of these. There is one attribute, however, that every true top performer has in large quantity.
2010-05-25 The Prospecting Approach that Works Today by Dan Richards (Article)
The problem with viewing a prospect conversation as an event is that you have to ask for a firm commitment at the end of any interaction - whether it is a request to meet when talking on the phone or asking for a decision to invest when meeting face-to-face, according to Dan Richards. All too often, that request will be premature - and if it's too soon in the process, the prospect feels under the gun. Richards offers a solution.
2010-05-18 The Number One Way to Stay Motivated Breakthrough Research from the Harvard Business Review by Dan Richards (Article)
In a multi-year study, researchers at the Harvard Business School asked 600 managers from dozens of different companies to rank the impact of five factors that are normally associated with motivation - recognition, incentives, support from managers and colleagues, clear goals and a sense of making progress. Dan Richards discusses their findings and the takeaways for financial advisors.
2010-05-11 Talking to Clients about Expected Returns by Dan Richards (Article)
Of all the assumptions that go into clients' retirement plans, none has a bigger impact than the expected return on their investments, says Dan Richards. That number determines how much investors need to save, when they can afford to retire and the kind of lifestyle they can anticipate. Richards provides a context for discussing expected returns with clients.
2010-05-04 Four Words of Advice from a Top Advisor by Dan Richards (Article)
Last summer, Dan Richards talked to a thirty-year veteran of the business who's consistently ranked as a top advisor. The week before, he'd talked to a group of rookies just entering the business. In the question and answer period, he was been asked about the single most important thing he learned over the course of his career.
2010-04-27 Investing Insights from Doctors by Dan Richards (Article)
Dan Richards works out in the early mornings with a psychiatrist, who recently forwarded an article in the New York Review of Books by Jerome Groopman, a physician and frequent writer on the challenges of modern day medicine. As Dan read it, he was struck by the parallels between the things that cause doctors and investors to go wrong.
2010-04-20 A Simple Step to Get More from Your Day by Dan Richards (Article)
Many advisors struggle to get everything done that needs doing. If you're in that category, consider following the example of one successful advisor Dan Richards talked to recently ... and put a dollar value on every hour of your time.
2010-04-13 Today’s Number One Way to Demonstrate Your Value by Dan Richards (Article)
Advisors provide the greatest value by being an emotional anchor for clients- keeping the highs from being too high during times of untrammeled optimism, such as we saw in 2000, and the lows from being too low during periods of absolute pessimism, such as we saw a year ago and in many cases still see today. Playing that role takes more than just having an opinion - you need credible evidence to back you up, which Dan Richards offers.
2010-04-13 James Heckman on the Drivers of Human Success by Dan Richards (Article)
"What we have come to learn from modern genetics, which has huge social implications, is that it's neither nature nor nurture. It's both combined," says James Heckman in this interview with Dan Richards. Heckman, who won the Nobel Prizein Economics in 2000, discusses the key drivers of success in human development.
2010-04-06 A Q1 Letter to Send Clients by Dan Richards (Article)
Dan Richards provides the latest in his very popular series of quarterly letters for advisors to send to their clients. This Q1 2010 article combines the attributes he considers essential: a balanced outlook, candor, short enough for clients to get through yet long enough to be substantial, fact-based, and customizable to your own voice.
2010-04-06 Emerging Markets: High Growth does not mean High Returns by Dan Richards (Article)
Recent research explores the return payoff of investing in emerging markets such as Brazil, Russia, India and China, writes Dan Richards. Contrary to popular beliefs, investing in high-growth emerging markets has produced inferior returns to those obtained from slower growth economies.
2010-03-30 Surprising New Research on Diversification from Emerging Markets by Dan Richards (Article)
Historically there have been two reasons to invest in emerging markets: the promise of higher returns that come with faster growing economies, albeit with greater volatility, and the prospect that emerging markets will offer diversification from the performance of stocks in developed economies. Dan Richards reports that new research into the impact of global diversification, though, has produced some surprising results.
2010-03-23 Hard Lessons from a Lost Account by Dan Richards (Article)
A couple of weeks ago Dan Richards talked to an investor who had recently switched advisors - and who provided an example of the stress that investors experience when they're not sure whether their advisor is really on top of their financial affairs. "What I look for are people who are proactive and are always thinking about my situation so that I don't have to," an investor told Richards. "That's what I look for in my accountant, that's what I look for in my lawyer - and that's what I look for in my financial advisor."
2010-03-16 How a Small Change Made a Big Difference by Dan Richards (Article)
Dan Richards says that when advisors think about ways to drive their business forward, they often look for dramatic initiatives that hit the ball out of the park. Sometimes, though, it is a seemingly mundane change to your routine that delivers the biggest successes. We also have a link to a webcast of this article.
2010-03-16 Paul Romer: What Drives Economic Growth? by Dan Richards (Article)
Paul Romer is a senior fellow at the Stanford Institute for Economic Policy Research, and the focus of his research is the drivers of economic growth. In this interview with Dan Richards, Romer identifies what sets apart fast growing countries, and which policies best stimulate economic growth. We provide a transcript and a link to a video of the interview.
2010-03-09 Lesson's from an Investing Time Machine by Dan Richards (Article)
Time travel is every investor's fantasy - imagine if you could go back forty years and make investment decisions, knowing then what you know now. That's precisely the opportunity that Dan Richards gave a group of investors one recent evening.
2010-03-02 Nine Essential Lessons from Olympians by Dan Richards (Article)
For the past two weeks, the world's eyes were on the Winter Olympics in Vancouver, focusing on those athletes who excelled, pulling away from the pack with multiple medals. Watching the Olympics, however, isn't just about athletes achieving their goals. As Dan Richards writes, financial advisors looking for guidance on hitting their own goals can take away nine important lessons.
2010-03-02 Robert Pozen on the Financial Crisis, Social Security, and the Mutual Fund Industry by Dan Richards (Article)
Robert Pozen is the chairman of MFS Investment Management and a senior lecturer at the Harvard Business School. In this interview with Dan Richards, he discusses the financial crisis, Social Security, and the mutual fund Industry. We provide a transcript and a video replay of the interview.
2010-02-23 Rethinking the Fundamentals of Client Communication by Dan Richards (Article)
Dan Richards says advisors need to fundamentally rethink both the information they communicate and - just as importantly - how they communicate. Changing these two key dimensions of your communication strategy - what you send clients and how you send it - will be critical to future success.
2010-02-16 Seven Steps to Making 2010 a Breakthrough Year for your Business by Dan Richards (Article)
Dan Richards says many advisors started the year full of enthusiasm and ambitious objectives, yet at the end of January felt bogged down and out of steam. Despite starting with good intentions, the difficulty is that we quickly get caught up in the day-to-day demands on our time, and Richards offers a seven-step plan to overcome this inertia.
2010-02-16 Robert Shiller on Trills, Housing and Market Valuations by Dan Richards (Article)
Robert Shiller, a professor of economics at Yale University and co-creator of the Case-Shiller Housing Index, discusses several topics in this interview with Dan Richards, including his plan for governments to finance their debts by issuing "trills," a security representing a fractional claim on the country's GDP.
2010-02-09 The China Conundrum by Dan Richards (Article)
Few issues divide investors today more than the investment merits of China, despite that country's tremendous potential. China's strong economic performance through the global financial crisis has reinforced this divide. Dan Richards looks at the cases for and against investment in China, and offers his own opinion.
2010-02-09 Overconfidence and Excessive Trading Harm Investor Returns by Dan Richards (Article)
The question Terrance Odean asks is if someone sells a stock and then buys another stock, on average does the stock they bought outperform the one they sold by enough to cover their trading costs? Odean, a professor at Berkeley, has researched this question and the role of excessive trading and overconfidence in investor decisions.
2010-02-02 A Question that Motivates HNW Prospects by Dan Richards (Article)
Dan Richards was asked whether he has any insights as to some great questions or strategies to get HNW prospects' attention and ultimately recruit them as clients. He provides the answer.
2010-02-02 Martijn Cremers on Active Management by Dan Richards (Article)
Martjin Cremers is an associate professor of finance at the Yale School of Management. He and his Yale colleague Antti Petajisto have conducted research that focuses on "active share" in mutual fund management. In this interview, Cremers discusses the implications of his research.
2010-01-26 Robert Merton on Regulating Derivatives by Dan Richards (Article)
Robert Merton is a professor of finance at the Harvard Business School and the 1997 winner of the Nobel Prize in economics for his work on pricing models for options and derivatives. In this interview with Dan Richards, Merton explains the role of derivatives in creating the financial crisis, and what steps regulators should take to address them.
2010-01-26 Punctuated Equilibrium by Dan Richards (Article)
Dan Richards says we're dealing with a more fundamental issue than the recent market turmoil. "We're going through one of those rare periods of ground-shaking change that have taken place throughout history, something that was in the works well before last fall's market excitement," he says, and explains how advisors should deal with more demanding customers, new technology and global competition.
2010-01-19 John Cochrane on the Dangers of Current Economic Policies by Dan Richards (Article)
John Cochrane is a professor of finance at the University of Chicago and the incoming president of the American Finance Association. Cochrane is also author of the widely-circulated article, How did Paul Krugman get it so Wrong?. In this interview, Cochrane identifies the shortcomings and dangers of current economic policies.
2010-01-19 Ten Tips to be More Likeable by Dan Richards (Article)
When Dan Richards ask advisors about what it takes to attract and retain clients, they give him answers like above average returns, preserving capital in tough markets and strong communication. Those are all true - to these can be added delivering strong value and having clients trust your competence and integrity. One other factor is often overlooked, however - and that's likeability.
2010-01-12 Olivier Blanchard on Global Stability by Dan Richards (Article)
Olivier Blanchard is the chief economist at the International Monetary Fund, a position he has held since September 1, 2008. In Dan Richards' interview, Blanchard discusses the steps being taken to revive the global economy and what he believes is in store for beleaguered debtor nations - particularly Greece.
2010-01-12 Competing for Referrals by Dan Richards (Article)
In past articles, Dan Richards has discussed how to get prospects off-the-fence when they are thinking about leaving their advisor - by providing concrete proof as to why they would be better off with us than where they are now. Now, Dan provides a strategy to use when you are competing with other advisors for referral business.
2010-01-05 Paul Krugman on Deficits, Taxes, Inflation, and Recovery by Dan Richards (Article)
Dan Richards' interview with Paul Krugman, the 2008 Nobel prize winner in Economics, covers his views on the size of the next stimulus package, how high marginal tax rates should go, and lessons from the Japanese experience. Whether or not you agree with him, Krugman is highly influential and his views may presage future policy decisions.
2010-01-05 A Lesson from Lawrence of Arabia by Dan Richards (Article)
Everyone has a favorite movie scene, and Dan Richards' comes from his all-time favorite movie, Lawrence of Arabia. Dan explains how the lessons from that classic movie apply to the advisory profession.
2009-12-29 The Best Way to Thank Clients for Referrals by Dan Richards (Article)
What's the best way to say thank you when you get a new client as a result of a referral from someone with whom you already work? Dan Richards says sending the typical thank you gift is a mistake, and offers some advice for gifts that will make a lasting impact.
2009-12-22 Six Words that Open the Door to Accountant Referrals by Dan Richards (Article)
Put together a list of the things that frustrate advisors targeting high-end clients and roadblocks to referrals from accountants are sure to be close to the top. Successful advisors recognize the power of a recommendation from a HNW prospect's most trusted advisor, and Dan Richards reveals the six words that facilitate those referrals.
2009-12-15 A Template for a Year-end Letter by Dan Richards (Article)
Many advisors have told Dan Richards they receive a positive response from the quarterly review letters they've sent over the past year based on the templates he has provided. Here's a template that can be a starting point for a year-end review letter.
2009-12-08 Cleaning up Messes by Dan Richards (Article)
Whether it's a phone call to a difficult client, a meeting with a retiree whose portfolio has been hit hard, a tough conversation with an underperforming staff member or getting through a mountain of filing, most of us have at least one issue on which we have been procrastinating for weeks, months, maybe even years. Dan Richards gives some tips for dealing with tough issues.
2009-12-01 Avoiding the Black Hole of Business Planning by Dan Richards (Article)
This month, many advisors are working on next year's business plans. For many, those plans will end up like a black hole in space - lots of energy will go in and little or nothing will come out. Dan Richards shows how to avoid getting sucked into this black hole.
2009-11-24 Tapping into Today’s Number One Client Concern by Dan Richards (Article)
Larry Porcelli, the head of the private client group for US fund giant BlackRock said that their research shows that 70% of Americans are willing to move their accounts if another firm or advisor offered expertise on constructing portfolios to avoid running out of money. Dan Richards identifies two things advisors need to do to capitalize on this opportunity.
2009-11-17 Client Gifts that Stand Out by Dan Richards (Article)
Having trouble with ideas for holiday gifts for your clients? Dan Richards offers four strategies for selecting a gift with a meaningful impact.
2009-11-10 Using Case Studies to Make Your Case by Dan Richards (Article)
Case studies rank as one of the most effective ways to tell your story to prospects. As Dan Richards writes, well-written case studies can be more persuasive and memorable than the typical marketing material which advisors use with prospects.
2009-11-03 Five Steps to an Effective Portfolio Review by Dan Richards (Article)
Even with the recovery in markets since March, given client losses in the last two years this can still be a tough time to conduct portfolio reviews. Dan Richards provides a five-step approach to effectively conducting those reviews.
2009-10-27 The Power of Proactive Client Calls by Dan Richards (Article)
Dan Richards often asks advisors how many proactive calls they make to clients in the average day. The most common response is one or two ... and often the answer is zero. Many advisors underestimate the impact of proactive calls on clients.
2009-10-20 Three Ways to Inspire Clients by Dan Richards (Article)
Given the beating their portfolios have taken and the general mood of skepticism, often your goal when meeting with clients is to have them leave feeling more optimistic and upbeat about their future prospects and in particular about your role as their advisor. Dan Richards offers three ways to uplift your clients' spirits, while confronting today's crucial issues and building your credibility.
2009-10-13 Work Smart by Building Thinking Time into Your Day by Dan Richards (Article)
Consistently committing the time to think critically can lead to a dramatic boost in overall productivity. So how do we go about ensuring we're "working smart"? Dan Richards offers five opportunities to build thinking time into your business - you can do this annually, quarterly, monthly, weekly ... or even daily.
2009-10-06 A Quarter-End Letter to Send Clients by Dan Richards (Article)
Last fall, Dan Richards began posting quarter-end letters that advisors could adapt for their own use. Many advisors have told him that they have received an outstanding response to the letters they sent as a result, and Dan provides a template for a third-quarter letter.
2009-09-29 Turning Intention into Action by Dan Richards (Article)
Dan Richards' recent article, A Wakeup Call for Advisors: Turmoil at the Top of the Market, drew by far the largest response of any his articles in the last year and a half. Focusing on a number of recent articles on affluent investors leaving existing advisors, the article laid out five strategies to respond to this trend. Of course, laying out the strategies is the easy part - it's acting on them that's tough - and Dan offers suggestions for advisors looking for a way to prioritize their action plan.
2009-09-22 Communicating in a Sound Bite World by Dan Richards (Article)
Advisors today operate in a very different world from twenty years ago. Dan Richards discusses one of the most significant changes - the shortening of attention spans - and the resulting shift in what it takes to communicate effectively.
2009-09-15 Practical Advice for Students Entering University by Dan Richards (Article)
If you have clients with children heading off to college or university this fall, consider emailing these tips which Dan Richards provides, both for them to read and perhaps to pass on to their children. Chances are those tips will be particularly appreciated where kids are leaving home and living on their own.
2009-09-08 Tapping into Your Prospect’s Hot Buttons by Dan Richards (Article)
Experienced advisors know the importance of identifying and responding to the emotions that drive client's and prospect's behavior - and tailoring the way they interact with each individual's hot buttons. Dan Richards discusses how you can simplify your clients' lives with respect to communication, and provide a valuable service at the same time.
2009-09-01 Listening for the ECHO in Client Calls by Dan Richards (Article)
In the course of a typical week, all advisors and their support teams have lots of routine telephone interactions with clients. At a recent roundtable for advisors, a top producing advisor told Dan Richards about a simple step he'd implemented that significantly increased the mileage from those calls.
2009-08-25 The Case for Optimism by Dan Richards (Article)
Only a few months ago, economist's doomsday scenarios caused widespread concerns that we were about to revisit the Great Depression. That consensus view on the economy has shifted remarkably quickly, with a much more positive outlook for the immediate period ahead. Dan Richards cites two recent articles making a persuasive case for optimism.
2009-08-18 An Alternative Way to Conduct Client Reviews by Dan Richards (Article)
Experienced advisors know there's no substitute for face-to-face meetings to review portfolios, especially in times such as these. In some cases, however, a client's location or schedule make it impossible to meet face-to-face - in those cases, Dan Richards offers an alternative method to conduct that review.
2009-08-11 Behavioral Finance Traps En Route to Investment Success by Dan Richards (Article)
To understand why investors fail to stick to their plans, economists and academics are studying the rapidly growing field of "behavioral finance," analyzing the patterns of behavior that cost investors serious money. Dan Richards looks at the current research and its implications for investors and advisors.
2009-08-04 A Wakeup Call for Advisors: Turmoil at the Top of the Market by Dan Richards (Article)
Recent articles in Business Week, the New York Times and the Wall Street Journal describe turmoil among high-net worth investors and have profound implications for financial advisors. Dan Richards offers a five-point response for advisors to counteract investor disillusionment with their current relationship.
2009-07-28 Three Powerful Words in Client Conversations by Dan Richards (Article)
Some words are particularly effective when talking to clients and prospects, says Dan Richards. For example, when it comes to advertising and direct mail, nothing beats the word "Free" in a headline. Among the words used by advisors, arguably the single most powerful phrase is "Tell me more."
2009-07-21 Three Easy Steps to Effective Networking by Dan Richards (Article)
For some, breaking the ice when meeting someone new is a daunting task. Many advisors have confessed to Dan Richards that they are not natural salespeople and aren't comfortable talking to people they don't know. Here are three keys to networking effectively when you're in a setting where you're meeting new people.
2009-07-14 Three Steps to a Referral Conversation that Works Today by Dan Richards (Article)
Recommendations initiated by someone looking for an introduction to an advisor doing a good job for a friend have always been an important driver of referrals, but this will be especially true this summer. In some instances, your clients will be asked outright how they feel about the job you've done and if they are comfortable recommending you. Dan Richards provides a three-step plan to make this happen.
2009-07-07 The True Cost of Volatility by Dan Richards (Article)
Most advisors and investors hate volatility - the up and down hits to clients' long term goals. (To be more accurate, we hate the downs - the ups we don't mind so much.) Dan Richards discusses the big price clients pay for that volatility - not just stress and lost sleep at night, but volatility in portfolios that induces behavior that costs many investors serious money.
2009-06-30 In Search of Unconventional Thinking by Dan Richards (Article)
Astute investors search out insights that aren't reflected in stock prices. For this to work, though, you have to be prepared to differ from the pack and defy conventional thinking - once an idea enters the mainstream, it no longer gives you an edge. Dan Richards discusses some important positive ideas that unconventional thinking elicits from the news and analysis presented in traditional media.
2009-06-30 Getting Prospecting into First Gear by Dan Richards (Article)
"A year ago, all kinds of new clients were coming on board - I was firing on all cylinders" a veteran advisor told Dan Richards recently. "Today, I'm having trouble getting prospecting into first gear. I feel like I'm stuck in a rut and I'm not sure how to get out." Dan sketched out a plan for two low cost prospecting lunches, with six simple steps taking ten to twelve hours per lunch.
2009-06-23 A Mid-Year Letter to Your Clients by Dan Richards (Article)
Even with the 40% market recovery since March, many investors are still very anxious and looking for guidance and direction from their advisors. One way to respond to this demand is by sending clients a mid-year letter with your thoughts on where we are today and an outlook for the period ahead. Dan Richards has prepared a template for you to use.
2009-06-16 Tackling Today’s Number One Client Challenge by Dan Richards (Article)
Talk to advisors about the challenges they face today and you'll get a lengthy list - often headed by unhappy clients, reduced income and a struggle to stay positive and productive. While these are all serious issues, says Dan Richards, for most advisors they are dwarfed by the number one obstacle to getting business back on track - rebuilding investor confidence in our trust and integrity.
2009-06-09 Thirty Seconds to Better Client Conversations by Dan Richards (Article)
We're all looking for ways to make the time we spend talking to clients on the phone and in meetings more productive. Recently, Dan Richards spoke to an advisor who made one small change to his routine that led to better results from client interactions. With an investment of just thirty seconds before each call and meeting, he has seen a meaningful change in outcomes.
2009-06-02 Building Personal Connections with Clients by Dan Richards (Article)
Over the past few months, we've all read about "the new frugality" that has become part of our culture. Consumers are rethinking their spending plans - yielding some surprising results about how people decide their priorities in tough times. Dan Richards looks at the implications of this trend for financial advisors.
2009-05-26 Developing an Optimistic Outlook by Dan Richards (Article)
An optimistic outlook is the most important trait advisors can bring to the job. Overcoming a negative mindset is the necessary first step that makes everything else we do possible. Dan Richards shows how to put explicit strategies in place to stay motivated - for most of us, motivation doesn't happen unless we make it happen.
2009-05-19 Turning Corporate Downsizing into Prospecting Success by Dan Richards (Article)
Optimists in the investment business claim "Crisis breeds opportunity." Dan Richards looks at the worst consequence of the current crisis - corporate downsizing - and shows how advisors used five different approaches to create opportunities while helping those faced with job losses.
2009-05-12 Lessons from Winning Athletes by Dan Richards (Article)
Dan Richards analyzes the characteristics of successful professional athletes and offers several lessons for advisors. When you watch top-performing athletes and winning sporting teams, it's tempting to attribute their success entirely to talent. And yes, talent is of course essential, but other less obvious characteristics matter just as much when it comes to achieving success.
2009-05-05 A Prospecting Tip from Barack Obama by Dan Richards (Article)
Rather than asking for donations online, the Obama campaign's on-line advertising had the single-minded objective to get people to sign up for their email list, agreeing to receive more information. As Dan Richards explains, the reason for this was quite simple - obtaining an email address and the owner's agreement to receive future communication about the campaign was vastly more valuable than a single donation.
2009-04-28 Structuring Your Day for Maximum Productivity by Dan Richards (Article)
Two things make your day productive - the first is what you do and the second is how you do it. Dan Richards provides some practical tips for advisors to structure their days for maximum productivity.
