Youve Been Framed: How to Reframe Your Wealth Management Business and Renew Client Relationships

Praise for YOU′VE BEEN FRAMED

"Today′s wealth advisory market is a dichotomy of challenge and opportunity. While wealthy American families have a greater need now than ever before for financial advice, they are also more empowered than ever to judge the quality of their advisor, and they have more options than ever before to replace someone not meeting their needs. In this context, Sclafani′s thesis in You′ve Been Framed provides vital groundwork and insight for aspiring advisors in any channel to better define and deliver upon their value proposition for clients. The ideas in this book are actionable, astute, and incredibly useful. Bravo!"
Sterling Shea, Managing Director, Head of Advisory Programs, Barron′s

"Who′s more important to an advisory firm′s growth: clients or staff? Ray Sclafani provides the surprisingly nuanced answer plus the strategies to propel a firm′s constituents toward shared success."
Jamie Green, Editor, Investment Advisor and ThinkAdvisor.com

"It′s never too late to become even better at your craft. Financial advisors at any stage of their career, in any business model, need to reframe for tomorrow. You′ve Been Framed is a comprehensive collection of best practices for reframing for success in a changing industry. It will coach you through the transition to build a lasting foundation, while Sclafani′s perspective and passion will accelerate your professional and personal success!"
Craig D. Pfeiffer, Founder & CEO, Advisors Ahead, LLC

"Northwestern Mutual′s wealth management advisors strive to be at the center of their clients′ financial lives, and Ray Sclafani helps them get there. He understands building relationships that carry forward through multiple generations, and he shows top advisors how to make a real difference in the life of the client. Advisors who are driven to do meaningful work can learn from Ray."
Beth Rodenhuis, Sr. Vice President, Field Strategy & Services, Northwestern Mutual

Foreword

Acknowledgments

Introduction

Good vs. Evil in the Financial Industry

Who This Book Is For

The Goods: What This Book Contains

Joining Together to Create a Noble Profession

How to Read This Book

Conclusion

Notes

Part I: You Gotta Believe

Chapter 1 You ve Been Framed!

What s a Frame?

The Five Levels of Framing

Conclusion

Notes

Chapter 2 What the Best in the Business Don t Want You to Know: The Five Wealth Management Reframes

Reframe #1: I Provide My Clients with Comprehensive Wealth Management that Begins with Outcomes–Based Financial Planning

Reframe #2: I Partner with My Clients

Reframe #3: My Team Is the Best at Serving My Clients

Reframe #4: My Clients and My Team Work Together to Define What Value Our Clients Need and What Value My Team Can Provide

Reframe #5: I Build My Business to Serve the Next Generation

Conclusion

Notes

Chapter 3 Death of a Salesman/Saleswoman and Rise of the Wealth Advisor

The Mis–Frame

The Roots of the Industry

Sales, No More

Welcome to the World of Wealth Advising

Conclusion

Notes

Chapter 4 The Big, Fat Lie

We ll Always Be There for You Until We Aren t

The Next Generation of Advisors

Conclusion

Notes

Chapter 5 Lone Ranger to Leader

Surrender Independence to Interdependence

Team Defined

Do You Have a Team or Do You Have a Work Group?

Conclusion

Note

Part II: Five Steps to Reframing Your Business

Chapter 6 Discovering Your Current Frame: The ClientWise Conversation

The ClientWise Conversation

The Meeting Setup

Conclusion

Notes

Chapter 7 Defining Your New Frame by Discovering Your Value

Five Questions to Help You Define Your New Frame

Question 1: Who s Your Ideal Client?

Question 2: What Are Your Clients Needs?

Question 3: What Solutions Do You Provide?

Question 4: What Other Trusted Advisors Work with Your Target Group?

Question 5: What Do You Stand For?

Conclusion

Notes

Chapter 8 Building Your New Frame

Lone Ranger to Leader

Reframing Your Marketing Collateral

Conclusion

Notes

Part III: Now What?

Chapter 9 Teaching Others How to Frame You: Renewing Relationships

Delivering the Frame, Delivering the Firm

Transitioning Current Clients to the Team Frame

Acquiring New Clients for Your New Frame

Conclusion

Notes

Chapter 10 Sharing the Frame: It s All About Advocacy

What Is a Loyal Advocate?

Building Client Advocates

Building Professional Advocates

Conclusion

Notes

Conclusion Ten Signals of a Successful Reframe

You Know You re Reframe Is Working If

Go to the ClientWise eXchange

Conclusion

About the Author

Index

RAY SCLAFANI is the founder and head of ClientWise, the premier coaching and training company exclusively serving the financial services industry. He holds a Professional Certified Coach designation from the International Coach Federation and a master′s certification in Neuro–Linguistics from the International Association for Neuro–Linguistic Programming.