Sunday, September 26

Yearly Archives: 2013

By Ed Morrow No matter how much you learn about offering strategic financial planning to business owners and professional practitioners – you will achieve nothing unless you are successful in making the initial presentation to an interested, qualified prospect. The purpose of Drip Marketing is to warm up your prospect, attract their interest in the topics presented and build their respect for your knowledge. Gradually Drip Marketing will develop a bond with the prospect that sufficiently motivates them to grant you an appointment to make a presentation. The IARFC presents a new half day Drip Marketing Workshop in Middletown on…

By Ed Morrow In a recent entry on this blog I discussed whether the plans you are producing make sense.  Just to keep the math simple and not frighten away the RFC members who have not yet charged fees, I suggested the benefit of $10,000 in the future might have a present value of $5,000 which would be a healthy return on a $1,000 Plan Fee. Forget that!  Let’s get real!  If your clients really value your financial advice they will pay a lot more.  $3,000 would be the minimum and $5,000 average and some planners are charging up to…

By Les Anderson, All of us in any profession have an inherent responsibility to continue the legacies and skills of that profession. To that end, the Financial Plan Competition offered by the IARFC, is a way to get hands-on development of young people by teaching them the skills necessary to provide the services we currently give, to the next generations.  This is a noble calling as the services to our clientele are needed for their security and by extraction the security of our nation. It is therefore our responsibility to support in whatever manner possible, the continuation of our profession.…

By Nick Royer, IARFC Board Member April is designated as Financial Literacy Month. The best place to start is right in your own home, your own family. Teaching your kids from the beginning the value of using money wisely is a responsibility as a parent and responsible citizen. When I grew up, my parents taught me to SAVE. That’s a word rarely used these days as it seems the word SAVE has been replaced by the word SPEND. Spend even if you don’t have it to spend. The philosophy has changed and unfortunately the future generations will have less saved…

Listen to webinar featuring Ed Morrow discussing Buy/Sell seminar in Chicago. On May 17th, Ed Morrow will be conducting a Business Owner Consulting Workshop as part of a 2-day Buy/Sell Business Transition Seminar (May 16th & 17th) hosted by The Wealth Preservation Institute. Day 1 will feature prominent attorney Jim Duggan, founding principal of Duggan Bertsch, LLC a Chicago-based business, tax, estate and wealth planning firm comprised of attorneys and accountants. Jim will approach his part of the seminar from the legal and numbers aspect. Day 2 will be Ed Morrow talking about marketing to business owners and how to…

By Ed Morrow After reviewing over a thousand personal financial plans, I am amazed at how few of them attempt to relate the time, trouble and fees of the plan with the ultimate benefits that are achieved. Suppose the client paid a fee of $1,000 and we do not include all the time gathering facts, determining objectives and reviewing the Plan documentation. If the recommendations achieve an improvement of $10,000 in ten years, we might say the present value of that is $5,000. If a client pays $1,000 and receives a benefit of $5,000 then we have an improvement of…

Thanks to Steve Bailey and his review of what makes a comfortable, workable and professional office environment… When meeting the public – first impressions count and can make a difference. A successful person needs to LOOK successful. A competent person needs to LOOK competent. What about your office? Have you looked around with an objective eye and taken stock of your important surroundings? Imagine yourself as a client coming in for the first time and then review this list. Location – How easy is your office to find? Is it accessible? When choosing a location remember that if a client…

Recently the IARFC published and mailed to its members, a new issue of the Journal of Personal Finance (JPF). When asked for comments regarding his recent work on the publication, Dr. Finke, JPF editor, had this to tell the IARFC members… IARFC: Dr. Finke, how did you go about selecting the four papers for the recent JPF or papers in general? Dr. Finke: Papers submitted to the Journal are first given a quick review by me to determine whether they are suitable for the journal and contribute enough to the literature to warrant an evaluation by a reviewer. In general,…

The only real product you have to sell – to any consumer, professional or business owner – is yourself. You must differentiate yourself and the core of these differences must be reflected in your brand. Since nearly all products and services are available from your competitors – what makes you different? Financial Products are now all commodities – look-a-likes to consumers! There are many providers of similar products with features that appear almost identical to the untrained consumer. Large organizations offer packages of financial services that all seem very much alike – and which are presented to the public in…

By David Stitt For professionals who believe in the need for having a plan to guide an individual, it is important that young people entering the industry have knowledge and experience in how to develop a comprehensive financial plan that informs, educates, and motivates clients to take appropriate action in order to meet their goals. Every profession needs a steady stream of educated new entrants in the field to replace those who leave. The average age of planning organizations is getting older and there is a real need for new, fresh blood to reenergize and to be ready to carry…