3 mistakes to avoid when compensating junior advisors
By Jason L. Smith When it comes to compensation for junior advisors, companies often make the following mistakes: Giving them too much of the revenue off the sale they make. For example,...
Tag Archives: business processes
4 important questions to ask yourself
A little more than 10 years ago, Devang Patel, CFP, CLU, was at a crossroads. The now-14-year MDRT member from Edison, New Jersey, was working very hard but neither seeing...
Why many advisors increase staff morale through flexible approaches to time
Brian Nicholas Byars, a one-year MDRT member from Covington, Georgia, said when he focuses on what’s important for staff, staff will focus on what’s important for his seven-advisor practice in...
How the little things make a big impact on staff morale
When it comes to creating a positive culture, even something that may seem elementary can go a long way toward motivation and camaraderie. Renee Hanson, CFP, CDFA, who oversees the seven...
This is why clients should understand your process
Seasoned advisors may assume that clients automatically give them the benefit of the doubt in terms of how they conduct themselves. From the client’s perspective, though, it never hurts for...
Boosting efficiency through technology
If you’re looking for high-tech ways to increase efficiency, check out some ideas mentioned in the “Tips and Technology” section of MDRT’s Round the Table magazine as well as some...
Your obligation to clients: Succession planning
Walton Rogers, CLU, ChFC By Walton W. Rogers, CLU, ChFC Not one of us know the date of our death. That’s what makes life insurance so important to families. It’s also the...
Enhance clients’ understanding using colored pencils and play money
When describing their process, so many advisors come back to the word “education.” So perhaps it is no surprise that Daniel E. Jossen, CFP, has seen such success utilizing a technique...
Do you practice or just fast-forward to the games?
Practice is nobody’s favorite part of performance. The best part is actually utilizing the skills from the simulation in a real-life situation. Yet David John Munson Jr., a one-year MDRT member...
How to show clients you are both a professional and a person
Steven A. Plewes, CLU, ChFC, used to wear a suit and tie to all of his meetings with clients. He was friendly but always very business-like. Until he visited one...
Know when you are an expert — and when you aren’t
It would be easy for advisors doing joint work to get in a competition to try to one-up the other. Needless to say, a better strategy is to collaborate with...
How fee-based planning revived my practice
Gregory Gagne, ChFC By Gregory B. Gagne, ChFC Making the change to a fee-based model has been a life-changing experience for me, my staff and my clients. When we first started our fee-based...
3 recommendations for successful collaboration
“It’s hard enough to get a prospect to talk to you,” said Howard E. Sharfman, a 22-year MDRT member from Chicago, Illinois. “Once you have the ability to have that...
Making a partnership work
“One plus one equals three” is how business partners Mark S. Gaunya, GBA, and Jennifer A. Borislow, CLU, often describe their successful 12 years of working together, during which time...
The importance of sticking with established processes while teaming
The process of partnering can yield a lot of benefits, but it is not always smooth. Albert E. Gibbons, CLU, AEP, a 29-year MDRT member from Villanova, Pennsylvania, specializes in...
