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The Growth Mindset

Book Description

It takes a bold approach to leadership to thrive in the era of disruption

The Growth Mindset provides a roadmap to the future for financial professionals. While the FinTech revolution is changing the wealth management industry, there is one thing that technology cannot offer—the human component of advisory services. Your client can pull numbers out of a computer, but they come to you for analysis, perspective, and interpretation based on your understanding of their goals and your years of expertise. Great leadership forms strong relationships and allows you to quickly adapt the best strategies to grow assets and revenues. It understands this dynamic, understands the alignment of company culture, and realizes that the metrics for "top talent" are shifting. This book offers new perspective and expert insight for wealth management professionals looking to distinguish themselves from the competition. The focus is on being client centric and solution driven.

Disruption is now the new normal, and successful leaders must be able to adapt quickly and operate with an eye toward growth. Here, you'll find expert analysis of wealth management's future, and clear guidelines for leaders who want to thrive amidst the constantly-shifting financial services landscape.

  • Master the fundamental elements of wealth management
  • Shift to a growth mindset and deal successfully with change
  • Attract, develop, and retain the top talent to grow your business
  • Offer a unique value proposition to better serve high net worth clients

The wealth management industry is facing its greatest challenge to date, and whether your business fails, survives, or thrives depends on leadership. You simply cannot rely on old methods to win a brand new battle. It's time for a change in strategy, methods, processes, and approaches—are you flexible enough to bend without breaking? The Growth Mindset lights the way forward, with the leadership skills that are quickly becoming essential in the new era of wealth management.

Table of Contents

  1. Cover
  2. Title Page
  3. Advice from a Tree
  4. Introduction
    1. Industry Challenges and Disruption
    2. The Leadership Response
    3. The Five Types of Managers
    4. What Is a Growth Mindset?
  5. Acknowledgments
  6. PART ONE: Leadership Makes a Difference in Wealth Management
    1. Chapter 1: Communicate Effectively to Move People to Action
      1. Listen to Understand
      2. Talk to Be Understood
      3. An Outstanding Communicator
      4. Sales Meeting: Great Leaders Don't Waste Anyone's Time
      5. Follow‐up: Thank‐You Notes Are Magic
      6. Winning Hearts and Minds
      7. Inspiration: Lead by Example
      8. Inspire Others and Yourself
      9. Reward Yourself and Your Team
    2. Chapter 2: Create a Compelling Vision
      1. Growth Is a Choice
    3. Chapter 3: The Right Culture Is Nonnegotiable
      1. Change It or Leave It
      2. Transparency Transforms Cultures
    4. Chapter 4: Leaders Collaborate Effectively
      1. Collaboration Is a Competitive Advantage
      2. Collaboration Requires Diversity and Respect
    5. Chapter 5: Coaching Advisors to Grow the Business
      1. You Can't Coach Desire
      2. A Parable: The Eagle Who Died a Chicken
      3. Earn the Right to Coach
      4. A 9‐Step Process to Achieve Coaching Success
    6. Chapter 6: Credibility Is the Foundation
      1. Credibility Must Be Earned
      2. Diversity
      3. Hope
      4. Humanity and Humility
      5. Honesty
    7. Chapter 7: Emotional Intelligence
    8. Chapter 8: Managing Yourself and Taking Responsibility
      1. Self‐Care Creates Energy
      2. Take Responsibility
    9. Chapter 9: Recruiting and Retaining Top Talent
      1. Hiring Does Not Equal Recruiting
      2. Spend the Time and Take Your Time
      3. Recruitment Is Just the Beginning
    10. Chapter 10: Creating Outstanding Teams
      1. Elite Teams
      2. Dysfunctional Teams
      3. Healthy Conflict
      4. Empowerment
    11. Chapter 11: Have the Courage to Lead Change
      1. Moving Through Fear
      2. The Courage to Hire and Fire
      3. Critical Insight: Leaders, Bullies, and Respect
      4. A World of Possibilities and Opportunities
      5. Examine Your Assumptions
      6. The Greater the Confidence, the Greater the Courage to Move Forward
    12. Chapter 12: Leaders Are Grateful and Win Hearts and Minds
      1. Narcissism Is Not Your Friend
      2. Influence
      3. Persuasion
  7. SUMMARY: Part One: Leaders with a Growth Mindset Grow
  8. PART TWO: Growing Your Wealth Management Business
    1. Chapter 13: Define Your Business Model
      1. Your Vision Should Inspire You to Take Action
      2. Know Your Model
      3. Demonstrate Value
    2. Chapter 14: Business Development
      1. Introductions
      2. How to Ask for Introductions
      3. Developing Advocates
      4. Community Engagement and Networking
      5. Present a Successful Seminar
      6. Social Media
      7. Think Like an Owner and Invest in Your Business
    3. Chapter 15: Exceptional Client Experience
      1. Little Things Make a Big Difference: The Fundamentals Matter a Great Deal
      2. The Best Gift Is Client Feedback
      3. Listen to Your Clients on a Regular Basis
      4. Communication and Connections
      5. Eliminate Red Tape
      6. Client Appreciation Events
      7. Quarterly and Annual Client Reviews
    4. Chapter 16: Discovery Meeting
      1. Going Deeper Than “Cocktail Talk”: Intuitive Listening
      2. Emotional Intelligence Matters
      3. Use Your Soft Skills
      4. Compelling Questions Make a Difference
      5. Milestones Matter
      6. Seven‐Step Discovery Process
    5. Chapter 17: A Question of  Value, Not Price
      1. The “Fee” Discussion
      2. Client Segmentation
      3. Advocates, Clients, and Prospects
      4. It Takes Two
      5. It's a Multigenerational Business
    6. Chapter 18: You Are the Solution
      1. What's Your Likability Index?
      2. Personalized Service Matters
      3. The Six Cs of Loyalty
    7. Chapter 19: Getting Into Flow
      1. What Is Success to You?
      2. Stay Grounded
      3. Keep Your Head in the Game
      4. Symbiosis
      5. Advice for the New Advisor
    8. Chapter 20: Change Is Difficult
      1. Defy Complacency
      2. Set Goals
      3. Conquer Fear
      4. Unsuccessful People Never Fail Because They Never Try
      5. Succession Planning
      6. Change Is Difficult but Not Changing Is Fatal
      7. What Have You Done Lately?
      8. Attitude Is Everything
    9. Chapter 21: Investment Management
      1. From Stockbroker to Life Advisor
      2. Don't Second‐Guess the Masters
  9. SUMMARY: Part Two: Growing the Business Requires That We Evolve, Lead, and Serve
  10. PART THREE: What Clients Really Want
    1. Chapter 22: What's Your Number?
      1. Market Volatility
      2. Spending Behaviors
      3. Taxes and Inflation
      4. Longevity
    2. Chapter 23: The Good Life
      1. It's All about the Journey
      2. Giving Back
  11. Conclusion
  12. Suggested Readings
  13. About the Author
  14. Index
  15. End User License Agreement