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I’ve coached thousands of advisors over the past thirty years. As a coach, part of my job is to help advisors like you manage all the twists and turns that life, the government, and the markets have in store. Change can be a difficult thing to deal with, especially when it impacts your business.
It goes without saying that the new DOL Regulations are having a big impact.
On February 23, 2015, President Obama called on the Department of Labor (DOL) to update certain rules and regulations regarding the financial services industry. Under the proposed rule changes, all financial advisors who provide advice that is “individualized or specifically directed” to 401(k) plan participants or IRA owners must act as fiduciaries. Even though there is still time before the new regulations go into effect, you should not procrastinate.
Instead, I recommend you take the following steps:
- If you deal with any IRA or 401(k) money at all, immediately begin or wrap up your transition to fees. Failure to do so means you may have to manage clients according to two different standards: fiduciary and best interest. That’s both a logistical and a branding nightmare.
- Begin educating your clients and even prospects on what the new rules mean and what steps you are taking to comply (assuming you are not already in compliance.) Why bother your clients with this stuff? Because if you don’t, another advisor will…and soon your client might wonder why exactly he’s not hearing about it from you.
- Don’t let a good crisis go to waste. If you are already ahead of the game in terms of following the new regulations, advertise that fact to your prospects.
Of course, I wouldn’t give you instructions without providing some tools to help.
Start by reading “Creating a Successful Best Interest Contract Practice” by Lou Harvey. Lou is the founder of DALBAR, the market research firm that popularized behavioral finance with its annual study, “Quantitative Analysis of Investor Behavior.” Lou has been very involved in the analysis of the new regulations and has developed courses to certify advisors as fiduciaries. You can download his article below.
Next, read my article, “Your Last Chance to Convert to Fees.”
This strategy lays out how to get the conversion DONE by the end of 2016. If you’re starting late, obviously your own time frame may be a bit different. Read the article anyway – it will help.
Third, read my white paper on Making the Transition From Transaction-Based to Fee-Based Business. Filled with practical steps on how to actually make the transition, this piece is a Bill Good classic, if I do say so myself.
Fourth, read my white paper on The Client Retention Strategy. Even if you are already 100% fee-based, you can be sure that competition will heat up as tens of thousands of advisors crowd into the fee-based marketplace. As their income comes down, they will go looking over your backyard fence at your clients. Following my Client Retention Strategy will effectively intruder-proof your yard.
Fifth, and finally, I have a little gift. Earlier this year, we released several letters that our clients can use to start educating their clients on the new DOL regulations. We’re making one of those letters available to you for free. All you have to do is call Jill Webster at 888.495.7303 and say “I want the DOL letter!”
Now it’s time to take action. Don’t waste another day – download these free documents and get started!
Bill Good Marketing – Helping Advisors Manage Change For Over 30 Years
Whether it’s market volatility, economic recessions, or mega-shifts in the industry, my company has been helping advisors like you manage change for a long, long time. We’ve basically got it down to a science. In fact, every time change is on the horizon, we give our clients:
- The strategies they need to survive and thrive
- Educational materials for their clients and prospects
- Private, individualized coaching
- And much, much more!
Through it all, we’ve consistently stuck to our motto of helping advisors DOUBLE THEIR INCOME OR WORK HALF AS MUCH.
So as you get set to manage change – whether it’s the new DOL regulations or something else – don’t forget that we’re here, ready and waiting to help you.