FAN Newsletter - April 18, 2013

Contents of our 4-18-2013 FAN Newsletter

1. FAN's Daily Video Series         3. Best Practices Corner

2. FAN Webinar Series                  4. Special FAN Member Benefits

1. FAN's Daily Video Series   

FAN's daily one-minute video series was created because of the feedback we received from our members.  We all need ideas on how to grow our investment advisory businesses, but we don't have too much time to read the ideas and implement them.  This is why our daily videos are about one-minute long, with each one taking less than 15 minutes to receive some benefit from (some require no follow-up work.)  Here are the links for this week's videos, all focusing on LinkedIn:

FAN - Updating LinkedIn Profiles - 4-15-2013
FAN - LinkedIn Profile not a Resume for Advisors - 4-16-2013
FAN - Dreaded Compliance with LinkedIn - 4-17-2013
FAN - Connect with Your Clients on LinkedIn - 4-18-2013
FAN - Contact details on linkedin profiles - 4-19-2013

2. FAN Webinar Series 

Recording of Last Week's "Capturing the Potential" FAN Webinar - This webinar was done in partnership with CEG Worldwide.  It was a great success, with many strong ideas and strategies to help build your practice.  Please note that we have access to this recording for a limited time.  Link for recording of webinar 

Some of our members requested a copy of the slides we used in this webinar, because of all the helpful information contained in them.  Link for webinar slides

For our members who have at least $200,000 in net income, CEG offers you a free "Best Year Ever" evaluation.  This is a private one-on-one call, where you'll find out the best ways to bridge your gaps and to reach your biggest goals. Then you'll receive a personalized Best Year Ever road map, to help you implement the strategies shared during your consultation.  Link for scheduling consultation

Free Emerging Markets Webinar: on broader opportunities and declining systematic risk. April 25, at 1:00pm EDT.  Limited seating   Link to register

Alexander Muromcew, EM Equity Portfolio Manager, and Katherine Renfrew, EM Debt Portfolio Manager - both with TIAA-CREF - discuss broader investment opportunities beyond the BRIC countries and the growing importance of emerging markets as strategic portfolio allocations.

3. Best Practices Corner - Member Discussions

Our discussion board  always has great conversations related to advisor best practices ideas.  Each newsletter, will expand on one of these discussions.

Five thoughts on asking for referrals - One of our members started a great discussion, which we are expanding upon here, about asking for referrals from clients. 

 i.  Ask, ask and ask some more - If done properly, asking for referrals doesn't cheapen your advisory business or bother your clients, quite the opposite.  Most people are flattered when they properly are asked for referrals.  If you find that rare client who doesn't like giving referrals, make a note in their file and never ask them again.  See the fifth thought if your clients ARE bothered by your referral requests.

ii.  Work hard to earn the referrals - Make sure your service and servicing is exceptional, and that you are positive and passionate.  As well, find ways to help your clients beyond your advisory work.  For example, help an unemployed client find a job, by checking with your network of people.

iii.  Create referral events and opportunities - You don't need expensive client appreciation events - though they work great - to get your clients to invite family and friends to attend.  You also don't need to give investment seminars.  Instead, provide non-investment help.  For example, you could have a weekly social media class for older clients, and their friends, who want to stay in touch with their grandchildren.  Smaller events/opportunities are better, because you aren't overwhelmed with people to follow up with.

iv. Know what to say, and practice it - The best time to ask for a referral is after a client thanks you, or when the client has a positive response to your question about whether you are helpful to them.  Then see if they have family members or friends who could benefit from working with you. See the sixth thought, for ideas on what to say.

v. Worse type of referral request, ever! - The referral request which makes clients anxious is, "who do you know...?"  You get the deer in the headlight look from them.  Their very long pause causes you to be timid the next time you ask for a referral - timid kills!  Best: specific people they know, from your various chats with the client, and LinkedIn searches. 2nd Best: types of people they know, like people at their country club - even better, people at their country club retiring in 5 years, like them.

vi. Buy a great book - Yeah, I said there were 5 thoughts, and this is thought #6 - look at it as a bonus.  Buy "Get more referrals now!" by Bill Cates,   It's cheap, a quick read and has many financial advisor examples.

 4. Special FAN Member Benefits

New Free White Paper: The Enduring Case for High Yield Bonds

Researched and written by TIAA-CREF, to answer the question, "are high-yield bonds worth the additional risk at today's high prices and record-low yields?"  Link for free white paper

This white paper has interesting analysis and conclusions about how high-yield bonds can provide attractive risk-adjusted returns and help diversify risk in fixed income portfolios. Some of their conclusions about a long-term allocation to high yield through changing markets:

 • Higher income that drives long-term returns, potentially outweighing bond price fluctuations

 • Lower sensitivity to rising interest rates than Treasuries and high-grade bonds

 • Enhanced diversification to help manage portfolio risk, based on low correlations to Treasury and high-grade bonds

 (Many FAN members don't know that TIAA-CREF has mutual funds for clients of financial advisors.)

(Commentary about the above white paper is by FAN and not TIAA-CREF)

Free Advisor Summit On Closed-End Funds, on May 22, New York, NY
FAN will be represented at this conference - for advisors using, or considering, closed-end funds.

Join other industry experts and keynote speaker Richard Bernstein who will present his “13 Investment Themes for 13.” Attendance is FREE, but there is a limit on attendees.
Register here