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16 Inconvenient Truths About Your Practice & Your Life

16 Inconvenient Truths About Your Practice & Your Life. Unstoppable Trends. Forces that impact all of us Demographics Aging population with someone turning 50 every 7 seconds More than 70 million Americans between 40 & 60 Largest transfer of wealth in history

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16 Inconvenient Truths About Your Practice & Your Life

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  1. 16 Inconvenient Truths About Your Practice & Your Life

  2. Unstoppable Trends • Forces that impact all of us • Demographics • Aging population with someone turning 50 every 7 seconds • More than 70 million Americans between 40 & 60 • Largest transfer of wealth in history • Rise of the “mass affluent” • More than 1 million lawyers and more than 40,000 graduating every year

  3. Unstoppable Trends Forces that impact all of us Trends Estate planning is a crowded industry Legal services as commodities Globalization Widespread use of “value billing” Relief from responsibility Business: Functional to emotional and back

  4. Are You Ready? Three groups out there Those who make it happen Those who watch it happen Those who wonder what happened The Academy’s mission Make sure all of you are in category # 1

  5. Entrenched Belief • You are in the estate planning legal business Inconvenient Truth • The real business you’re in • Communication business • Information business • Relationship business 1

  6. Entrenched Belief • Your clients and your business will always be there Inconvenient Truth • Client loyalty and business survival can’t be counted on 2

  7. Entrenched Belief • People come to you looking for estate planning documents Inconvenient Truth • They are really looking to be led and to find a trusted advisor to relieve them of responsibility 3

  8. Entrenched Belief • You have a good idea of what clients want from your firm Inconvenient Truth • The attorney/technician rarely knows what his clients really want 4

  9. Entrenched Belief • Doing good legal work is the only competitive advantage you need to grow your practice Inconvenient Truth • Clients have little understanding about the quality of your legal work 5

  10. Entrenched Belief • The general senior market is the only viable area for estate planning services Inconvenient Truth • Important estate planning niches are everywhere 6

  11. Entrenched Belief • Each client acts independently with no group awareness Inconvenient Truth • Everyone wants to be part of a group, even a “cult” 7

  12. Entrenched Belief • Once you have a successful formula, you can relax and let things run on autopilot Inconvenient Truth • You must constantly reinvent yourself and your business 8

  13. Entrenched Belief • The best way to grow your practice is to exclusively market for new prospects Inconvenient Truth • It’s faster, easier, and less expensive to consistently follow up with existing prospects 9

  14. Entrenched Belief • Spending as little money as possible is the best business practice Inconvenient Truth • The best of anything costsmore and, in the long run, is the best value 10

  15. Entrenched Belief • Marketing is an expense Inconvenient Truth • Marketing is an investment that pays big returns 11

  16. Entrenched Belief • All you need is a blueprint and some tools to be successful Inconvenient Truth • There are major distractions at every turn 12

  17. Entrenched Belief • All you need to be successful are technical and business skills Inconvenient Truth • Success is an inside job 13

  18. Entrenched Belief • You’re currently at your maximum productive capacity Inconvenient Truth • You are functioning at a small fraction of your capacity 14

  19. Entrenched Belief • Significant personal growth requires huge changes in your personality Inconvenient Truth • Small changes in your habits can transform your relationships 15

  20. Entrenched Belief • Competition is ruining your marketplace Inconvenient Truth • You have the power to create a new marketplace 16

  21. Strategic Vision • Legacy Wealth Planning • Reinvent your practice with a new paradigm • Be unique in your marketplace • Have a consistent compelling story to tell • Develop deeper relationships by offering complete planning • Eliminate the document selling perception • Create a client transformational experience

  22. The Only Question to Ask… • As you leave the Summit in a few days…What group will my firm be in? • Those who make it happen • Those who watch it happen • Those who wonder what happened

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