You've been framed : how to reframe your wealth management business and renew client relationships

229 Pages·2015·2.22 MB·English

by  Sclafani

You’ve Been Framed
HOW TO REFRAME YOUR WEALTH MANAGEMENT
BUSINESS AND RENEW CLIENT RELATIONSHIPS
Ray Sclafani
Cover image: © Atlantide Phototravel / Corbis Images
Cover design: Wiley
Copyright © 2016 by Ray Sclafani. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.
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ISBN: 978–1–119–06201–1 (Hardcover)
ISBN: 978–1–119–07987–3 (ePDF)
ISBN: 978–1–119–07957–6 (ePub)
To my beloved wife, life-learning partner, best friend, and soul mate. Sally, I love you with
all of my heart! Your unending love and support has provided me the confidence to dream
big for us. It's corny, it's true: You complete me. Cent'anni, BAV! Love, Harry!
To our boys, Jonathan and Nicholas. You both inspire me, each day, to become the most I
can be. You are God's greatest blessings that Mom and I could ever have hoped for. May you
both soar to heights far above what we could have ever dreamed. I only hope this work is an
example of possibility for you. Remember to laugh and play along the way!
To my mom, who showed me the way—who has been and I know will always be there for me.
I love you.
To Nana, who sent me that $25 in college and helped feed me when I had nothing. I love you.
Happy 93 years young!
To my clients, current and past, who have trusted in me, partnered, and been willing to give
me a chance. Thank you, from the bottom of my heart, for believing in our work together.
To every great financial advisor across the globe. Your work inspires me. May you continue
to positively impact the lives of your clients and change the world for the better in the noble
work you do each and every day. Thank you for your unending commitment to excellence.
Contents
Foreword
Acknowledgments
Introduction
Good versus Evil in the Financial Industry
Who This Book Is for
The Goods: What This Book Contains
Joining Together to Create a Noble Profession
How to Read This Book
Conclusion
Notes
PART I: You Gotta Believe
CHAPTER 1: You've Been Framed!
What’s a Frame?
The Five Levels of Framing
Conclusion
Notes
CHAPTER 2: What the Best in the Business Don’t Want You to Know: The Five
Wealth Management Reframes
Reframe #1: I Provide My Clients with Comprehensive Wealth Management That
Begins with Outcomes-Based Financial Planning
Reframe #2: I Partner with My Clients
Reframe #3: My Team Is the Best at Serving OUR Clients
Reframe #4: My Clients and My Team Work Together to Define What Value Our
Clients Need and What Value My Team Can Provide
Reframe #5: I BUILD A LEGACY BUSINESS THAT SERVES MULTIPLE
GENERATIONS TO COME
Conclusion
Notes
CHAPTER 3: Death of a Salesman/Saleswoman and Rise of the Wealth Advisor
The Mis-Frame
The Roots of the Industry
Sales, No More
Welcome to the World of Wealth Advising
Conclusion
Notes
CHAPTER 4: The Big, Fat Lie
We’ll Always Be There for You . . . Until We Aren’t
The Next Generation of Advisors
Conclusion
Notes
CHAPTER 5: Lone Ranger to Leader™
Surrender Independence to Interdependence
Team Defined
Do You Have a Team or Do You Have a Work Group?
Conclusion
Note
PART II: Five Steps to Reframing Your Business
CHAPTER 6: Discovering Your Current Frame: The ClientWise Conversation™
The ClientWise Conversation™
The Meeting Setup
Conclusion
Notes
CHAPTER 7: Defining Your New Frame by Discovering Your Value
Question 1: What Is Your Noble Purpose?
Question 2: Who’s Your Ideal Client?
Question 3: What Are Your Clients’ Needs?
Question 4: What Solutions Do You Provide?
Question 5: What Other Trusted Advisors Work with Your Target Group?
Question 6: What Team Would You Like to Build to Fulfill Your Noble Purpose?
Capturing Your Value
Conclusion
Notes
CHAPTER 8: Building Your New Frame
Lone Ranger to Leader™
Reframing Your Marketing Collateral
Conclusion
Notes
PART III: Now What?
CHAPTER 9: Teaching Others How to Frame You: Renewing Relationships
Delivering the Frame, Delivering the Firm
Transitioning Current Clients to the Team Frame
Acquiring New Clients for Your New Frame
Conclusion
Notes
CHAPTER 10: Sharing the Frame: It’s All About Advocacy
What Is a Loyal Advocate?
Building Client Advocates
Building Professional Advocates
Conclusion
Notes
Conclusion: Ten Signals of a Successful Reframe
You Know Your Reframe Is Working If . . .
Go to the ClientWise eXchange™
Conclusion
Additional Resources
About the Author
Index
EULA
LIST OF TABLES
Chapter 2
Table 2.1
Chapter 7
Table 7.1
Table 7.2
Table 7.3
Chapter 8
Table 8.1
Table 8.2
Table 8.3
LIST OF ILLUSTRATIONS
Chapter 1
Figure 1.1 The Five Levels of Framing
Chapter 2
Figure 2.1 Areas of Wealth Management
Figure 2.2 Areas of the Wealth Management Practice
Chapter 3
Figure 3.1 Evolving Role of the Financial Advisor
Chapter 5
Figure 5.1 Old Team Structures
Figure 5.2 New Team Structure
Chapter 6
Figure 6.1 The Five Steps to Reframing Your Wealth Management Business
Figure 6.2 Reframe Step 1: Collect Data from the Marketplace
Chapter 7
Figure 7.1 Reframe Step 2: Define Your New Frame
Figure 7.2 The Wealth Management Reframe Process
Figure 7.3 Aligned versus Unaligned Advisor Services and Client Needs
Chapter 8
Figure 8.1 Reframe Step 3: Build Your Frame
Figure 8.2 Team Makeup of More Than 300 Advisors (Answered by 323 Respondents)
Chapter 9
Figure 9.1 Reframe Step 4: Renew Relationships
Figure 9.2 Sharing the New Frame with Your Clients
Figure 9.3 The Three Stages of the Client Acquisition Process™
Chapter 10
Figure 10.1 Reframe Step 5: Create a Loyal Advocate Network
Figure 10.2 Total Potential Value of the LCA Network
Figure 10.3 Five Steps to Building Loyal Client Advocates™
Figure 10.4 Five Steps to Building Professional Advocates
Figure 10.5 Priority Categories for Potential Professional Advocates
Foreword
When I first met Ray Sclafani in the early part of this century, he was leading the wholesaling
team for Alliance Bernstein’s mutual funds. He struck me as an earnest, caring, driven
executive who was confident in his abilities but not naïve enough to think he had all the tools
necessary to be truly great. In other words, he was a perfect student.
Since then, I have had hundreds of interactions with Ray both personally and in combination
with the clients he has served. I was there in the beginning as he started to frame out his
business structure for his new business, ClientWise. Since then, he has helped hundreds of
financial professionals transform the way they organize their practices and consciously execute
a plan.
I was struck by his willingness to hear feedback with an open attitude and his commitment to
making decisions based on these ideas. I found him to be one of the hardest-working people in
this business, who never settled for mediocrity and who never tolerated being average.
Interestingly, this is the basic tenet of his book, You’ve Been Framed.
Ray is able to draw on his many years in business development, management, and ownership to
craft a compelling narrative for entrepreneurs seeking to get to a new level of fulfillment with
their firms. I found his modular approach to helping advisors evaluate, address, and resolve
challenges to be especially thoughtful. It allows readers to contemplate a question, then refer
back to the relevant sections of the book to process the optimal outcome.
The financial services profession is going through a profound change. What has worked in the
past will not work in the future. Today’s economics, demographics, and regulatory environment
introduce a whole new set of challenges for the business. In my experience, I find the
profession divided into two camps: those who live in the past and complain about the present
and those who see the present as a catalyst for the future.
What Ray has done with this book is give structure to those who wish to transform their
business from a vehicle for generating income to one that makes an impact on the lives of
others. It is an important addition to your business book library.
Mark C. Tibergien