Securities America Develops a Best Practices Program Open to ALL Advisors

By Kirk Hulett and Paul Lofties

In our work supporting almost 2,000 advisors, we often hear them lament that they are eagerly seeking ideas to help them manage their practice, but have very little time to pursue help and training. Their challenge is to find a way to easily pick up tips to help them achieve a more efficient, satisfying and profitable business. As practice management and wealth management consultants to our advisors, we recognized that their challenge was, in fact, our challenge.

About a year ago, Paul started studying Chinese, which is a difficult language to learn, because it is very different from the structure of English or other more familiar languages. When he started using ChinesePod, a language learning system from Praxis Language Ltd., a lightbulb turned on in his head.

The ChinesePod learning system is built on a foundation of quick and easy multi-media modules. In researching the methodology, we learned that it is very similar to an approach to learning used at Monkseaton High School in northeast England. Their technique is called “spaced learning” and is based on neuroscience research conducted at the National Institute of Child Health and Human Development in Baltimore, which found that the memory develops most effectively with short bursts of learning repeated at intervals. Monkseaton teaches its core subjects in 8-minute bursts, interspersed with breaks for other activities. The approach was adopted by the school when an internal pilot program showed that it increased students’ scores on standardized tests by a half a grade.

With Paul’s success using ChinesePod, we realized that the same approach could be used to help busy financial advisors benefit from short learning modules, which they could repeat at will.  Enter AdvisorPod.com.

Best Practices and Tools

Advisorpod.com provides a financial advisor with relevant best practices and actionable tools to help him or her achieve the ultimate business success — in brief 8-10 minute-long podcasts.

The program features the Master Series, which offers insights into the business practices of the industry’s elite financial advisors, and Practice Builders, which provides actionable practice management tips and advice to help advisors run a more efficient, profitable and satisfying practice. The 8-10 minute podcasts are designed to be fast, informative and fun.  Every podcast is action-oriented and features an AdvisorPod.com downloadable tool to help advisors implement the ideas, strategies and tactics presented.

Available to All Advisors

We chose to make the site publicly available so that all advisors, regardless of affiliation, could benefit from AdvisorPod’s results-oriented, how-to approach.

We take suggestions from participants and structure the program to address their needs and requests. For registered users, there are quarterly, live webcasts. Online surveys are conducted to elicit feedback from users and each podcast has an associated tool that advisors can download at no cost. Advisors will be an integral part of developing the power of Advisorpod.com.

Since the launch in early June 2009, we have introduced several new features to the site. Recognizing that advisors often learn best from other advisors, we’ve created the User Spotlight. Here, viewers can listen to featured advisors talk about some of their best practices and what has made them successful. The User Spotlight also serves to personalize the AdvisorPod experience and creates some interaction among users through an online community.

A second new element is the Burning Questions feature. Subscribers can ask simple questions and get responses from fellow advisors based on their experiences in the industry. Finally, the site now includes the 2 Minute Drills, which are quick bits of information, training or thoughts from the AdvisorPod professionals. These are practices or quick presentations on simple ways to teach a task or philosophy.

Advisors can subscribe to the Master Series and Practice Builder podcasts on iTunes by searching the iTunes music store for AdvisorPod. (If you don’t have iTunes you can download it from the itunes.com website.) You can also listen to the podcasts on the website, www.AdvisorPod.com. Either method will allow you to register for access to the downloadable tools discussed on the podcasts.

More About the Master Series and Practice Builders

Advisorpod.com features new podcasts weekly, with a new Master Series or Practice Builders podcast on alternating weeks. Following is a sample of the podcasts currently available on the site:

Master Series

• What does it take to become a million-dollar advisor? This podcast addresses five common perceptions about the characteristics of the million-dollar advisor and debunks some myths. The Master Series team provides a profile of these advisors, as well as their top 10 traits. Building the Million Dollar Practice White Paper, the accompanying download, provides more information about this topic.
• What does the revenue stream of a million-dollar advisor look like? The Master Series team gives you insight into two critical traits of the million-dollar advisor: recurring revenue and a fee-based business. On average, million-dollar advisors get 60% of their income from recurring revenue. The module explains the practical benefits of adopting proven practices, as well as five steps to transition to a fee-based business. Advisors are offered a free copy of Roadmap, Securities America’s guide to help advisors transition to fees.
• Insight into the business practices of top producers How do top producers get more accounts per household, more income per household, and more referrals from clients? This podcast focuses on the importance of incorporating financial planning into one’s practice and on the emerging trend of charging retainer fees. Creating and charging for financial plans is another key trait of a million-dollar advisor. This podcast gives a concise overview of this important topic and offers a free quick-start guide to help advisors create their own menu of services and pricing levels as part of their fee schedule.

Practice Builders

Take Time to Make Time. This podcast teaches advisors how to get control of their work week by creating an ideal schedule that allows them to spend valuable time and energy on high priority tasks. The Practice Builders team provides action steps to build a Model Week and get greater productivity out of an advisor’s existing time. Included is access to an example of an actual representative’s model week as well as a template to build one.

Improving Office Communication. How important is office communication? This podcast explains the value of effective office communication and how to determine if an advisor’s practice needs an overhaul. The team shares two proven techniques that will benefit advisors and staff alike. The daily stand-up meeting and weekly staff meeting will ensure the whole team is informed and motivated. Also included are sample agendas that can be used for meetings, as well as action steps to make these techniques work in the practice.

Client Segmentation & Analysis. Unsure of what level of service to offer each client? Not enough time to meet all clients’ needs? The Practice Builders Team offers four easy steps to create and to utilize a client segmentation process that will help advisors gain insight into their business, make informed decisions, and take action. There is also a free downloadable tool that will make conducting the segmentation process easier and more effective.

Tune In

If you are eager to learn new ways of managing your practice and refining the things you’re already doing, you will find AdvisorPod to be a quick and easy solution. Why wait? In the words of the ‘60s song, “Time Has Come Today.”

Paul Lofties, CFP, ChFC, is Vice President of Wealth Management and Product with Securities America, Inc. an independent broker/dealer based in Omaha, NE.  Kirk J. Hulett is Senior Vice President of Strategy and Practice Management for Securities America, Inc.  They both host bi-weekly practice management podcasts on Advisorpod.com.  For more information, go to www.AdvisorPod.com.