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Off Topic : 1) When Does a software engineer start financial planning for retirement since the our Career span is only 15-20 years on average.
2) How much and which schemes to invest to mitigate the risk?
3) How much do we need for retirement? Tata Consultancy Infosys Mindtree IBM Wipro Capgemini Cognizant HCL Technologies
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What is project specific BGC in TCS?
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And another one bites the dust
Has anyone built a Client Advisory Board?
I met someone and their son is a director at Morgan Stanley. He told me to give him a call and potential have a talk about working there . How are Morgan Stanley advisors compensated. I ask because I left another firm and they have tried to charge me charge backs on commissions that have come back.
I’ll know I’ve made it when...
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I was a teacher for 17 years. I realized I had been ignored for 17 years because my income and account were both small. Decided I could be an FA, and could focus on people nobody else cared about.
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I witnessed what lack of planning can do when my successful hard working parents who had RE and cash and business interests but no advisor. my dad got Alzheimer’s and they ended up spending down their assets to get on Medicaid. This is not a do it yourself world any longer and people need our help. That’s why I became an advisor in my late forties and left my previous career. Best thing I ever did. That’s my why.
We positively change the lives of our clients, our team, and ourselves by delivering quality financial advice.
Having worked with over 12,000 Advisors over 30+ years, I can tell you there are over 36,000+ different "Why" statements. And they usually change depending on the niche you are supporting and what drives you.
That said, in assisting Advisors verbalize their "Why", I found it's easier to provide them a formula designed to grab your prospective clients' attention and guide them to visualize themselves in the scenario you describe.
Catchy one-liners are cute, but it doesn't describe "why" or "what" you do.
Example: You're visiting with a Small Business Owner. They ask you "What do you do and why should I work with you?"
A: YOU KNOW HOW... today's small business owner is under pressure to retain their employees while also providing/setting aside the maximum benefit for their own retirement?
WHAT I DO IS...work with that Owner and my Development partners to identify the best alternatives which fit that Owner's needs while allowing them to focus on running their business.
IF YOU KNOW OF ANYONE...who could benefit from services like these, I'd be glad to offer our assistance.
You're not trying to chase them, just describe conceptually what you do.
You keep the same 3 openings filling in a need in the 1st, then what you do the 2nd, and your closing Q will remain the same.
Your challenge is identifying your target markets and the scenarios with which they identify (retirement savings vs education savings; job loss and what to do with 401k; estate transfer & wealth transfer, etc.)
I think all our purposes have passions, goals, talents etc. inevitably those purposes require resourcing. Here, that means financial resources as well as time, etc. I help people steward those resources to those purposes. Money doesn’t buy happiness but I’ve found clients pushing life purposes is meaningful
My parents had a bad experience with a financial advisor, and I wanted to make sure it didn't happen to them, or anyone else I love, again.
Thanks for the response EJ1. My understanding is a “why” statement is supposed to be one sentence.