AskDON Library

In this AskDON episode, the question comes from a veteran Advisor whose goal at this point in his career is to protect what he has created and find new ways to become irreplaceable,

Don answers a question from an Advisor who was taken off guard when their client decided to move their account without any warning.

Greg in Nebraska asks Don what to say to loyal clients with portfolios that don't meet the minimum requirements as his practice evolves.

This AskDON coaching question comes from Russ in Ohio. His ask from Don is a simple presentation that reinforces the long-term message. He needs something for those iffy clients that is easy to understand and easy to remember.

This AskDON question came up recently in a coaching session I was conducting for a group of independent Advisors. “Can you teach us a compelling argument for getting people to act on our advice versus thinking about it.

In this AskDON, Tom from Cherry Hill asks Don to further explain his suggestion in a webinar about drawing word pictures.

This AskDON question came up recently in a coaching session I was conducting for a group of independent Advisors. “Can you teach us a compelling argument for getting people to act on our advice versus thinking about it.

This month’s coaching question comes from Jack, an independent Advisor in San Diego, who asks for more guidance on how to handle bitcoin inquiries.

In this AskDON episode, Don changes it up. Instead of answering a question, Don posts a great idea from Tom in Massachusetts for interacting with clients.

This AskDON addresses the question on how to handle steering the conversation with clients.

This question comes from Virginia who asks Don for his suggestions on improving service.

Chris asks Don about retirement planning and the variety of ages that people would like to retire.

This AskDON episode is a question from Calvin wondering what kind of resolutions his team can make for the new year.

I have too much in the pipeline and not enough coming out of the pipeline. I am not very good at getting people to commit. That’s where I need help. How do I get better at getting a commitment? Jane from Vancouver

This month’s coaching question comes from Kevin in South Carolina on when the ideal time is to announce retirement.

This AskDON question comes from Andre in Southern California. Andre asks Don the best way to get prospects to call him back.

Patti from Sacramento asks Don for a quick story or analogy she can tell people who tell her they intend to manage their own money.

Ann from Michigan asks DON about getting better at asking for referrals.

This coaching question comes from Lamonte in Philadelphia. It’s a great question, both timely and pertinent regarding annuities.

Don gives two simple analogies to explain dollar cost averaging.

This AskDON comes from Paul in Albuquerque. After being told to come up with a value proposition, mission statement and marketing message. Paul asks Don, "First of all, what’s the difference and secondly, what do you think I need?"

This month’s coaching question comes from Andrew, a veteran Advisor with $125 million in AUM. One of Andrew’s pressing issues is creating more of an urgency for people to make the decision to get started. How do I get them to act now?

This month’s Ask Don question comes from Russell in Ohio. Russell is a fairly new Advisor who is laser-focused on building a successful practice. After a few years of getting his feet wet, he is now concerned about finding his proper niche.

Tim, a young advisor, from Oregon asks Don for some words of encouragement while he goes through the process of growing his business.

Gaurav from India asks about the Multi Advisor issue which most of us face day in and day out. For the benefit of all, and in an Indian context, how does one tackle it when a client says that he has multiple advisors and isn't willing to add one more to his portfolio?

Kyle from Boston asks Don for advice on how to help prospect new clients in target markets.

Bill from Athens, GA asks Don if he can draw any comparisons between inflation in the 1980s and today.

Liz in San Francisco asks Don about preparing for a recession with your clients.

How should you prepare your practice for a market correction?

Brian in Florida asked for an analogy or story he can use to convince people to trust the financial plan as market conditions deteriorate.

In this episode, Norris asks Don for a story to tell a client why it is not a good idea to have two advisors.

In this AskDON, Angie asks Don how to address client fears about a market correction in 2022 based on inflation.

In this AskDON episode, Don shares a good analogy to explain ETFs.

This AskDON question cuts to the chase. Eric asks Don what he thinks is the best way to ask for referrals.

In this AskDON podcast, Greg asks, "I want to make it a goal for 2022 to focus on improving one skill at a time. I tend to lose focus and I think focusing on one thing at a time will pay dividends. If you were me, where would you begin?"

In this AskDON podcast, Don answers a question from Gregg on what questions to ask when meeting a prospective client for the first time.

After a lot grinding and building a network, this Advisor asks Don how to capitalize on all of the work that has been put in and see their business expand.

I got a great question this month from Rick with Morgan Stanley on how to retain the assets of clients' when they pass.

This Ask Don question comes from my friend Ashan who wants to know the best questions to ask for a written testimonial.

This AskDON question came up in a live coaching session. We were discussing asking for the order and one of the Advisors asked how I segued from my presentation to actually asking for a commitment.

This AskDON question comes from George, a veteran of more than twenty years. George’s question is, “How do I cultivate a sense of advocacy on the part of my best clients?”

This AskDON question is one that comes up periodically, so I know it’s important to most Advisors. How do I tactfully fire a client?

In a recent group coaching session, Don was asked if he had a simple way to explain Reg BI to clients. Don explains a simple and effective explanation as told to him by an Advisor friend in Ohio.

In this episode of AskDON, Don answers a question from Dave in upstate New York on how to address questions from clients on new investing trends by explaining to his clients the difference between long-term greed and short-term greed.

In this episode, Dan in Massachusetts asks Don if there is a way to speed up the process of establishing trust with his clients.

This AskDON question comes from Karen about a comment Don made about the greatest challenge facing any Financial Advisor. Keeping it simple.

This coaching question comes from Pete, an Advisor who is a baseball fan.

This month’s coaching question comes from Mary who asks Don if there is a simple formula or template to help her create a marketing plan.

In this AskDON, Terry in Oklahoma City asks Don how to speak with conviction about recommendations when surrounded by an environment of variable factors.

Dan in San Diego asks Don how to handle a client who wants to pursue an investment strategy that isn't in line with their investment style and goals.

Don answers a question from Dave on how to handle a client with questions about the investment choices being made for their portfolio.

In this AskDon episode, Don answers a question about clients who want to manage their own finances and how to handle explaining to those clients why they should use their Advisor instead.

This month’s coaching question comes from Bob in Birmingham.

"Don, believe it or not, I have a client who just called me and basically sold out his entire account. He is convinced Joe Biden is going to win the election and the market is immediately going to go south. I’m stunned. I tried to talk him out of it, but I could not change his mind. I’m interested in your reaction."

Jim from Boston send me an email this month asking about building his personal story. “Don, I am attempting to build my personal story. I am having trouble getting started. Where do I begin and where do I focus? I know I’m not supposed to tell my whole life story but I don’t know how much to tell. Help.”

This month’s question comes from Jeff in Colorado. Don, I am curious as to the one big thing you are preaching to Advisors and clients alike right now. I’m getting in touch with a lot of people and I always struggle to make my message simple. Do you have one talking point that you use more than others?

This AskDON question comes from Marc in Houston. Don, I have been on the phone nonstop since the bottom fell out of the market. It’s really hard to know what to say because we are in uncharted waters. Can you please give me the simple words?

Thanks, Chris. Your email certainly is timely. The answer to your question is yes. I see an opportunity to burnish your image. I see an opportunity to reinforce your original message. And I see a great prospecting opportunity.

This question comes from Jason. “Don, I have been somewhat lax in prospecting for the last several months. It seems there is always something that needs to be done that stops me from doing what I should be doing. Do you have a good prospecting idea I can put to work?”

This AskDON comes from my Advisor friend Ross. Ross didn’t ask me anything. Instead he told me a story I want to share with you.

Brian from Pittsburgh asks Don's opinion on the need (or lack of need) to build his personal brand.

An Advisor asks Don if it's ok for clients to see how they live.

In this AskDon, Greg from Long Beach asks how to turn a friendly conversation into discussing business with a prospective client. Don discusses ways to lead into that change in conversation and tackling some of the challenges to gain their business.

In this month's AskDON, Paul asks Don about responding to long term client's concerns with the increasing fees as their accounts increase in value.

This AskDON question comes from Larry, a financial advisor having a hard time prospecting using the cold calling strategy. Cold calling is the toughest way to prospect clients since not only do factors such as caller ID hurt the effort, but it could compromise the credibility of an established Advisor. Don addresses these issues and gives advice on methods for prospecting. 

Some time ago, I got a call from an Advisor who said he had a ‘Don Connelly’ moment. A client had passed away and, after the requisite time had passed, the widow came to see the Advisor.

I got an interesting email from Gregg, an independent Advisor in the suburbs of a major city in the Midwest. Gregg is an eleven-year veteran and fully aware that clients focus on soft skills when dealing with their Advisors. He told me a story that highlights that very fact.

I recently met a young Advisor who is quickly figuring things out. He is determined to get to the next level and he is aware that he won’t get there by doing the same things over and over again. He knows he has to do things differently. Where, he asked, do I feel he should look to improve? That conversation reminded me exactly why I love mentoring. Questions like that make me go right back to the basics.

This month’s question comes from Todd in Melbourne, Australia. It’s not so much a coaching question. It’s more a bit of curiosity.

Kevin, an Advisor in Indiana, asks Don about how to break the habit of talking too much and learning to listening more.

This AskDON question comes from an Advisor who is working hard to grow his business and further his brand.

I got a coaching question this month from an Advisor working with Meghan, a prospective client who can’t seem to make the final move.

Matt's question in this AskDon is about how to effectively raise his fees.

I spoke recently in Lexington, Kentucky. After the meeting, an Advisor asked me if I thought it worthwhile to prospect the millennial market. Here are my thoughts.

I received an email from a new Advisor in the greater St. Louis area. He is determined to succeed and he hates the continual rejection prospecting brings. Do I have a way he can sublimate his distaste of rejection to his desire to succeed?

Here’s a great email from a great guy. I love this letter because it demonstrates the power of the right words spoken at the right time.

This month’s Ask Don is a great example of focusing on what Dave Hubbard of Exemplar Financial calls a Most Valuable Activity. An Advisor who is not a subscriber sent me an email after I spoke at his regional meeting. He asked me to give him one Most Valuable Activity to concentrate on.

Michael’s letter got me thinking, how do we create a sense of urgency when someone wants to postpone getting started?

This month’s coaching question is about downsizing. It comes from a veteran Advisor.

I got an email from an Advisor who happens to be a great guy. He’s struggling with an issue we’ve all gone through. He is hurt by the fact that a client wants to leave him for someone else.

My name is Scott and I am a fairly new Advisor. You once made the comment that everyone loves potential. Thank you for that. I would like to know what your thoughts are on high net worth people that already know me. They know that I am newer to the business but do understand my work ethic and my ethical standards. How do I approach them to earn a portion of their business or to convince them to allow me to share some ideas?

This Ask Don question is actually not a question. It’s an observation. But it’s so right on the money that I want to make an exception.

Parker wrote to me this month, asking me what to say when someone tells him they already have an Advisor.

I am sure this has come up before. It’s a common problem with any business, but what is the best way to handle/respond to clients that cancel a scheduled meeting?

Don, you mentioned in one of your webinars that talent by itself means nothing. The key is to develop that talent into a skill. In your opinion, what is the most under-appreciated skill among great Advisors?

I was in Texas recently and heard one of the most emotional stories I have ever heard. It’s a story an Advisor uses to explain his mission as a Financial Advisor. He tells the stories to his clients.
Running Time: 1:13

I received a phone call from an Advisor asking me about separating himself from the competition by means of having a better service model. What are other Advisors doing? Do I have examples of great service? Yes, I do. Let me read you an email from a wholesaler I was working with lately.
Running Time: 2:22

I am coaching an Advisor who is in an all-too-familiar dilemma. She is so anxious to build her business that she is willing to do business with practically everyone. She wants clients and she wants assets and she is not setting a high bar for entry. As a result her clientele is a mishmash of personalities. She likes most of her clients, but she has a few she really dislikes. Her question is simple. “How do other Advisors draw the line?”
Running Time: 2:36

An Advisor I know has been holding a (I believe) once-a-year breakfast for his clients. It began small and has now grown to nearly six hundred clients.

Over the years, you’ve stressed the importance of adding value to my practice. I do just that with an idea that generates referrals every year.
Running Time: 1:10

Trevor, a Platinum subscriber from Los Angeles, has asked me about defending his fees.
As you most certainly know, I love storytelling. Our brains are wired to react to good stories and good stories can move people to action. Perhaps the best argument in favor of fees came to me in the form of a story.
Running Time: 2:14

I have in front of me an email from a Platinum Subscriber who hits on a problem far more prevalent than you might imagine. The Advisor states that he struggles with explaining his fees without a bit of embarrassment. He stumbles when he should be cogent and fluid.
Running Time: 2:10

A Platinum subscriber in Texas emailed a question about the first meeting. “What’s the best way to frame the first meeting? By that, I mean I don’t want to scare people away with a million questions and a ton of material.
Running Time: 1:08

There will be times when a client relationship does not work. Don discusses how to handle the end of the relationship in a professional and effective way.
Running Time: 1:34

Don, I know that a word picture is better than a lecture. What’s your favorite story or analogy when talking about volatility?

Well, you are probably not surprised to hear that my favorite analogy is the simplest one I know. This is an analogy that is never understood; has withstood the test of time and is perfect for the occasion.

“Don, I am having trouble getting people to open an account because of the uncertainty in the markets.  I have made myself clear about the need to put their money to work and they agree.  However they are going to wait until things improve.  Help!”
Running Time: 2:25

I was in Houston this month.  A Wells Fargo Advisor asked me about maintaining composure in difficult times.  What two or three techniques could I suggest?  Here then are the most basic suggestions I can make.
Running Time: 1:35

Achieving financial success does necessitate sacrificing instant gratification. Doing this takes discipline and vision and it's up to you, the Advisor, to help your clients have patience and see long-term.
Running Time: 1:53

You may have all the information at your fingertips like in an open book exan, but very few people fare well on these tests. There are no make up exams when you run your own money. 
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Show your center of influence why they should do business with you. You have to earn the business and Advisors will do business with you if they like you, trust and think you're smart.
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'I want to think it over' is too vague to address. You must find out what exactly the person wants to think over. After you find out, address the concern.
Running Time: 1:46

There are instances where you can establish trust and open the account very early in the relationship, but those instances are few and far between.
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Can you give me more ideas for openers that will get people talking about money?
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What the headlines will be saying about the economy in 24 months.
Running Time 0:42

How do you feel about the idea of doing public seminars?
Running Time 4:57

What is the fear of success and how can an advisor overcome it?
Running Time: 7:39

Can you give me a blueprint to follow to become a million dollar producer?
Running Time: 4:22

"How do you approach a client who is holding onto an investment for sentimental reasons even though it is not in their best interest to do so?"
Running Time: 2:25

How important is it to be different?
Running Time: 3:47

How would you start building your book if you had to start over?
Running Time: 6:20

How many hours a week should I be working to become a million dollar producer?
Running Time: 3:53

What is the biggest mistake advisors make?
Running Time: 2:25

How can I stay focused?
Running Time: 4:23

Is cold calling still an effective way to grow new business?
Running Time: 3:10

Should I pursue my CFP?
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How do you feel about seminars?
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Is there a comfortable way to get referrals?
Running Time: 1:13

How do you break out of a slump?
Running Time: 1:34

How do you keep up your enthusiasm?
Running Time: 1:08

How do you explain your fees and commission?
Running Time: 3:03

How do I convince a client to let me control all of their assets?

Running Time: 1:43

In social settings, people will ask me ‘what do you do?’ I’ve been taught that I should have an elevator speech like...