From: tpi@tpisearch.com
Sent: Thursday, September 22, 2005 2:13 PM
To: jason@tpisearch.com
Subject: News You Can Use from Turning Point, Inc. Sept.v2
 
A Newsletter for the Friends and Clients of Turning Point, Inc. Sept.2005, vol.2


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  News You Can Use
This issue's article is by Lisa Gray of graymatter STRATEGIES LLC, a financial journalism and marketing consulting firm based in Memphis, TN.  

Who Is Your Client?
By Lisa Gray

You're meeting with a prospective client for the first time. You get all the information you usually get, doing a great job in the process of finding out the 'deeper' issues-like the fact that the client wants to take his 'hobby' of providing 'wireless' concierge services for all of his friends and turn it into a business after his son takes over as CEO and his daughter becomes CFO of the billion and a half dollar company he founded. You feel like you really have an 'in' with this client after the first meeting and that the account is definitely on its way to you.

 

Time for Meeting Two comes around and in walks not just the prospective client, but the son and daughter, as well. You're a little surprised but have confidence in the excellent job you did during the first meeting, knowing you have developed a solution that will make this client's dreams possible. Introductions are made and you all sit down at the table. You're getting ready to begin your presentation when the client says, "I wanted to bring my son and daughter along because they will be not only taking over the existing business but they will also be equity partners with me in the new business." Your whole presentation is shot and you are back to square one.

 

As it turns out, the entrepreneurial spirit of the patriarch (founder of the existing business) rubbed off on the son and somewhat on the daughter, although she has much more of an analytical, numbers kind of mind. But the idea of converting Daddy's 'hobby' into a business was originally hers and the family has formed a small advisory council made up of the patriarch, son, daughter, and their teenage children-plus a long-time attorney friend-to help educate the children about business and managing wealth.

 

How could this scenario have turned out differently? Positioning yourself as an 'outside' advisor looking in, is there anything else that could have been done to better prepare the advisor for what was to occur in this second meeting? Absolutely. This case illustrates quite clearly the gap that exists today in what clients really want from their advisors and what advisors normally expect to give them. By asking the right questions-some of which may even be of a sensitive nature-this advisor could have uncovered many of the factors that would have alerted him or her to the fact that the entire wealth picture was not being presented during this first meeting. The 'client' in this case turned out to be more than just the patriarch. And although the goals of the family members are intertwined, they are distinctly affected by the roles each of them plays and the different perspectives each has on the goals they wish to achieve. But then, that's a topic for our next column....

 

Lisa Gray is president/CEO of graymatter STRATEGIES LLC, a financial journalism and marketing consulting firm based in Memphis, TN. She has 17 years' experience in wealth management and is the author of "The New Family Office: Innovative Strategies for Consulting to the Affluent,"

http://www.euromoneybooks.com/default.asp?page=4&productID=3178  She consults with advisors on the effectiveness of their relationships with their clients.


 

****
Since our inception we have helped over 400 financial consultants
make the move to independence.

"I cannot express to you the joy and the increase in quality of life that I have found since leaving the wirehouse world."
Shane Merritt, Branch Manager
Merritt Capital Management


Here Are A Few of the Benefits of "Going Independent":

·         Payouts on all your business, including fee based accounts of 90% plus.

·         The opportunity for you, not someone at the home office, to control your bottom line and the profitability of your practice.

·         The opportunity to build related businesses such as insurance, qualified plans, or trust companies, and keep those revenues.

·         The opportunity to eliminate your clients' perceptions of conflicts of interest with research departments and corporate finance groups - TRUE OBJECTIVITY.

·         The opportunity to charge and keep substantial fee income for planning, analysis and other services to your clients.

·         The availability of technology that is as good or better than anything you have now.

The list goes on...

This month's Broker-Dealer Opportunity:

Partnering with the right people is as important to their success as it is to yours. And, as the financial services industry continues to evolve, the need for financial strength, integrity, vision, and support becomes paramount. If your broker/dealer does not give you a feeling of security, maybe its time to take control of your career.

Our client is committed to providing you with the tools you need to succeed, along with a competitive commission structure, so you can realize your financial goals. They offer you a full range of top-quality products and services to give you the freedom to engineer the best solution for your clients. And, recognizing that technology is a driving force in the changing face of the financial services industry, they are devoted to delivering the technology and systems to make your practice more efficient.

TECHNOLOGY:
Our client recognizes that technology is a driving force in the changing face of the financial services industry. Their commitment to technology helps you keep up with your clients spiraling expectations and keep pace with industry changes. This BD is embracing technological advances. They're devoted to delivering the technology and systems to make your practice more efficient. They're committed to helping you move to a paperless environment.
CLIENT SERVICES/SUPPORT:
This BD differentiates itself from other broker/dealers through the level of service and support provided by a dedicated home office support staff. Experienced and knowledgeable individuals in all departments take pride in working with Affiliate partners to achieve mutual success.
PROFESSIONAL DEVELOPMENT:
As competition increases and practices evolve, continuing your professional development is critical to future success. As a Broker/dealer partner, our client provides many opportunities through multiple mediums for Affiliates to stay ahead of their competition and gain the needed knowledge to manage a successful practice. Through the company web site, workshops, symposiums, and retreats you have plenty of opportunities to network and continue your professional development.
COMMISSIONS:
They support their Representatives independence by providing a highly competitive commission structure, which is determined by how an Advisor affiliates with this BD. Affiliation options are based on an Advisors previous 12-month Gross Dealer Concession and Fees. Minimum production to affiliate with this BD, under home office supervision, is $100,000 of previous 12 months gross dealer concession. If your production is less than $100K, other affiliation arrangements can be made.


If you know someone who might be interested in the above opportunity or who might be ready to go Independent,
please have them visit www.goingindependent.com (go to our Opportunities section and click on Hotjobs) or contact Jason Burke directly at 727-725-8876.


Turning Point, Inc.
405 2nd Street South
Suite A
Safety Harbor, FL 34695
(727) 725-8876
(727) 669-8263 (fx)
www.tpisearch.com
tpi@tpisearch.com

Here's some additional information from Turning Point, Inc...


EMPLOYMENT NEWS:
"Employment in financial activities rose by 15,000 in August. This sector has added 184,000 jobs year-over-year. Finance and insurance continued to dominate this sector's job growth with 10,700 new hires."
Staffing Industry Employment Bulletin, Sept 5, 2005

FREE BENCH-MARKING TOOLS:
Are you interested in comparing your practice to others in your sector of the industry?  At TURNING POINT, INC., we have a strategic alliance with a well-respected firm in the consulting industry, Tiburon Strategic Advisors.  Through them we are able to offer the following FREE industry reports:

www.BrokerBestPractices.com
www.BankBrokerBestPractices.com
www.IndependentRepBestPractices.com
www.FABestPractices.com (Financial Advisors)
www.InsuranceAgentBestPractices.com

By clicking on any of these links, you will be taken to a webpage where you can Preview these reports, take a short survey, and then print the entire report when you're done. It's that easy.

TURNING POINT in the MEDIA!
Mitch Vigeveno of Turning Point, Inc has been quoted in several articles in 2005 (including Investment News and Horsesmouth.com).  Please visit our Media page to read what Mitch had to say!

TURNING POINT PARTNERS:
Are you getting the most out of your business?  Are you operating at peak efficiency?  How about your marketing, your compliance,  or your HR?  We have some friends who can help you out.  Just visit our Partners section in our website for links to a variety of services that are helpful to building your business!

Quote of the day:
"Affirmations are like prescriptions for certain aspects of yourself you want to change."

Jerry Frankhauser, Author
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