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Ineffective Habits of Financial Advisors (and the Disciplines to Break Them): A Framework for Avoiding the Mistakes Everyone Else Makes Hardcover – November 9, 2010
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From the Inside Flap
Ineffective Habits of Financial Advisors (and the Disciplines to Break Them): A Framework for Avoiding the Mistakes Everyone Else Makes tells the story of Jack, a fictional financial advisor with ineffective habits that are all too true in the real world. The habits include:
- Living someone else's dream instead of your ownFocusing on quantity rather than onquality of clients
- Hoarding unprofitable clients instead ofdisengaging them
- Providing only investment advice rather than wealth management advice
- Delivering investment reviews instead ofwealth management reviews
- Taking the rainmaker rather than ateam approach
- Selling to prospects instead of through clients
For examples of the transformative power of Steve's "Insight, Decision, Action" guidance for avoidingcommon pitfalls of advisors, one need only look at a few of Moore's clients: two went from having over 1,300 clients to less than 100, yet tripled their revenue; in just two short years, another firm transformed itself so completely that it now consistently ranks first or second in the PriceMetrix Merit (PriMe) award; a Chicago firm went from managing $17 million to over $170 million in just seven years; and, in a single decade, an already successful RegisteredInvestment Advisor in Long Beach took $240 million in assets under management to over $1.4 billion.
If you're looking for more rewarding business results, better work-life balance, and a greater opportunity for personal growth through meaningful work, and you're willing to embrace new ways of doing business, Ineffective Habits of Financial Advisors (and the Disciplines to Break Them): A Framework for Avoiding the Mistakes Everyone Else Makes can show you how to build excellence into every client interaction, generate higher revenue per client, and transform an average career into an elite one.
From the Back Cover
"When Steve Moore talks about exceptional client experiences, his passion and purpose are inspiring. This engaging book provides a comprehensive playbook for a process that consistently delivers measurable results. Whether you're starting in the investment business or trying to take your practice to the next level, you have to read this book."
—Cliff Russell, Vice President, Investment Advisor, TD Waterhouse Private Client Services, Saskatoon, Saskatchewan, Canada
"I was angry with Steve the first day I met him because he made me confront the way I'd been doing things for fifteen years. Six years later, I can say it was exactly what I needed. Steve's insight and guidance have transformed the lives of my clients, family, and team. I will be forever grateful to Steve and the insight he offers in this transformational book."
—Keith P. Spengel, CLU, CLTC, Wealth Management Advisor, Spengel Financial,Chicago, Illinois, USA
"My company, The Savant Group, reached the billion dollar milestone on 9/30/2007, thanks in part to the tough advice Steve Moore provided us over the years. There are no excuses with Steve. He tells it like it is and, if you do what he says, amazingly the results come. Change is difficult for everyone, but based on Steve's commonsense approach, we found it necessary to get out of our 'comfort zone' and do the things he recommended. You should follow his advice; I pity you if you don't."
—Tom Burkhart, founder and CEO, The Savant Group, San Francisco, California, USA
"Working with Steve Moore over the last decade has created a fundamental shift, and improvement, in the way we do business. This book distills the wisdom Steve has gained from football, some 750+ consulting clients, and life into actionable steps that will improve your results—however you choose to define those results. Steve's clients get results. If you cannot hire him, read this book, follow its guidance, and you will achieve more—of whatever it is you want—than if you go it alone. To me, most business books have one or two good ideas stretched into book length. There is no wasted space here; the reader simply must respond to every idea, practice, and concept. If you disagree with what Steve says, you'd better be thinking deeply of the reasons why you don't want to follow his precepts."
—Russell T. Hill, President/CEO , Halbert Hargrove, Fiduciary Investment Management, Long Beach, California, USA
Top Customer Reviews
At this point, I sat for 90 minutes in a conference session where Steve Moore unpacked the INeffective Habits of Financial Advisors. He held up a mirror where I saw myself. I suddenly understood why another year of the same was not going to bring the practice under control. He showed me how my INeffective Habits would yield INeffective results with a practice that would never find equilibrium.
Under Steve Moore's teaching, I have moved the practice focus from Quantity of Clients (nearly 400) to Quality of Relationships (roughly 100). We have improved our Wealth Management Services to clients while improving business fundamentals such as revenue and profitability per client.
If you are currently wrestling with a practice that, from the outside, looks successful ("the company's dream"), but from the inside seems too chaotic, you must read this book. The welfare of your clients, your team, and yourself will best be served by looking in the mirror and changing the INeffective Habits that all too common in investment advice practices. As a former NFL Coach, Steve will coach you through the drills that yield the results you want for the rest of your career.
* Focus on quantity instead of quality of clients
* Not focusing on team service - making it all about "me"
* Not disengaging problem or unprofitable clients
* Focusing on prospecting rather than referral based business
* Working for the "firm" and not following your needs and desires
Moore then provides a series of approaches, habits and checklists to help transform or break these bad habits and develop winning ones. The book is easy to read, and full of stories and anecdotes that bring home the author's points effectively.
There are other books out there on the subject, and some are a bit better in my opinion, such as the "Million Dollar" series. However, you will not go wrong by buying and reading this book. There is a lot to glean here - including techniques that apply to all professional services, not just wealth advising.
Most Recent Customer Reviews
An excellent read! I have heard many of these best practice type strategies before, but I have always struggled with getting things implemented ... "where do I start? Read morePublished 20 months ago by ian dunlap
I thought this book was full of good ideas to help an advisor succeed. The book gives you ideas to set great client meetings.Published 21 months ago by Anthony J Mauro
I have been through many coaching programs. This is a great review and he gives you several actionable processes and ideas.Published on April 4, 2014 by Jay Patel
Not an easy read based on other books of simular subject matter.
I would not recommend this book
Mr. Moore delivers great processes to wealth managers who what to take their practice to the next level. Read morePublished on June 3, 2013 by Frederic Cox
While there were some good takeaways, I felt underwhelmed. You may consider The Supernova Advisor as a fantastic alternative to this book. Read morePublished on March 13, 2013 by Avid Reader
As a small two-person RIA firm, there are lots of decisions we make every week about how we want to grow our fee-only financial planning practice. Read morePublished on December 9, 2012 by Johnny R