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    Designing the Future RIA – October 2024

    Lately, our team has been discussing the peak-end rule, a psychological heuristic proposed by Barbara Fredrickson and Daniel Kahneman that says people largely judge experiences (whether positive or negative) based on how they felt at their peak (most intense point) and at the end rather than based on an average moment or an accumulated total.

    We see the effect play out when we reflect on friendships and relationships, how we perceive vacations, or how we judge the success of a project. Certainly, we see the effect in advisory relationships, as clients in meetings reflect on the markets based on milestones like the Great Recession, the Pandemic, or the previous/next Presidential election.

    This peak memory and recency bias is especially salient for business owners and, particularly, financial advisors who operate (and bill) on a quarter-to-quarter basis. So – As autumn sweeps in, it brings a refreshing perspective and an opportunity for growth. 🍁✨🍂 How will 2024 end, and what will you remember as its peak?

    In this issue, we focus on innovative approaches to strengthen your leadership and communication skills, enabling you to engage more effectively with clients, prospects, and peers. Seize this moment to foster deeper connections, elevate your practice, and make it a Q4 to remember.

    Highlights

    6 Common Leadership Styles — and How to Decide Which to Use When by Rebecca Knight:

    • Effective leadership involves the ability to adapt to various circumstances, each requiring a unique approach. But what if you feel unprepared to embrace a new leadership style, let alone multiple? Here’s a breakdown of six distinct leadership styles and when to apply each one.

    Bridging the Gap: Effective Cross-Generational Communication by Gretchen Halpin (Beyond AUM feature article on page 18 of FPA’s Journal of Financial Planning):

    • Research shows that different age cohorts have certain broad tendencies based on the experiences and attitudes acquired during their “reminiscence bump”: the period from about ages 10 to 30 when we develop our most dominant impressions about life—our “good old days.” Each generation has a different “good old days” period that shapes the large contours of its beliefs, assumptions, and prejudices. So, what useful generalizations can you use as starting points for effective cross-generational communication, whether with clients, prospects, or colleagues?

    Upcoming Conferences:

     

    Quick Hits:

    Videos:

    Useful Tools and Guides:

    • Is your client portal gathering dust? Boost adoption with a personalized approach that turns tech into a seamless part of your client’s financial journey. Here’s how to get started.
    • Want to boost your advisory firm’s presence on LinkedIn? A Premium Company Page offers tools to enhance visibility, build credibility, and connect more effectively with potential clients.
    • Here’s a take on what marketing areas some financial advisors are focusing on to generate leads and convert prospects into clients.

     

    From a mid-career millennial advisor (and CFP® professional):

    “The CFP Board’s new student ad campaign doesn’t paint [advisors] in the best light. Swing and a miss.”

    See the full campaign (not including one ad they’ve already pulled).

     

     

     

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