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Financial advisors should always keep in mind that pumping their sales is not the ultimate goal. It always feels good to be a winner when it comes to sales and having contracts settled one-by-one is a dream of every financial advisor. But remember those who cross the finish line in a marathon race, are not necessarily those who run at high speeds. Your sales will be a natural outcome of your professional approach in finding out and understanding the needs of your leads and clients. It is important to have a strong belief that the next lead you come across will be a unique, one of a kind person, and that...

Daniel Satchkov

20 Jul 2018

A list of core beliefs every financial advisor must have.

1. The financial advisor must believe in being the go-to financial advisor of choice amongst the affluent in the community by staying on the top of all important matters, by being knowledgeable and helpful to clients. 2. The financial advisor must believe in personal capability to be the best advisor for the client by always being a great fiduciary who puts the interest of the client first. 3. The financial advisor must truly believe that a difference in being made in the lives of the clients by helping them achieve their financial goals. 4. The financial advisor must believe in the importance of personal financial decisions, and be an expert...

Daniel Satchkov

19 Jul 2018

Understanding the importance of SEO for financial advisors

A recent article from the Journal of Financial Planning places emphasis on the need for SEO in the marketing process for every financial advisor. The article acknowledges that this particular field of prospecting is widely untapped because “inbound marketing is still a largely ignored strategy from planners because the opportunities are so vast”. However, it does underline the fact that the times are changing and that sooner or later certain strategies including SEO will be more and more prominent and therefore should not be overlooked. After outlining the importance of the marketing strategy in question, the article goes further in depth by defining and explaining SEO. Moreover it explains the...

Daniel Satchkov

19 Jul 2018

How to adjust your client’s investment goals and risk tolerance for an ideal portfolio

Risk in itself is neither good nor bad, but it is extremely important that you understand what risk and how much of it you are taking. As advisors are adopting wealth management technology, they seem to be focused on the risk tolerance aspect of risk system implementation. If we look at guidelines by FINRA, the investment suitability definition goes far beyond risk tolerance: “…include the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs and risk tolerance.” From here, we see that risk tolerance (we underlined it) is only one of the aspects of investment constraints, but there many other...

Daniel Satchkov

18 Jul 2018

Your 1 minute case study on 401K Retirement Plans: A look at hidden fees

Welcome to another case study here at Larkspur-RiXtrema. Today, we are going to look at some of the hidden fees behind the LIFESPAN, INCORPORATED RETIREMENT SAVINGS PLAN. To reconcile the extra fees like record keeping fees, advisory fees, etc. with the 401kFiduciaryOptimizer, we have two different strategies to make sure we get a good and fair comparison. 1) The easiest way to make sure you are taking into account any extra fees or revenue sharing structures, we have a default assumption that already accounts for rev sharing! We take the 12b-1 fees of each fund and then subtract it against any savings from a suggest lower feed alternative fund. See...