16 Inconvenient Truths About Your Practice & Your Life
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Transcript of 16 Inconvenient Truths About Your Practice & Your Life
16 Inconvenient
Truths About Your
Practice & Your Life
Unstoppable Trends Forces that impact all of us
DemographicsAging population with someone turning 50 every 7
secondsMore than 70 million Americans between 40 & 60Largest transfer of wealth in history Rise of the “mass affluent”More than 1 million lawyers and more than 40,000
graduating every year
Unstoppable Trends Forces that impact all of us
TrendsEstate planning is a crowded industryLegal services as commoditiesGlobalizationWidespread use of “value billing”Relief from responsibilityBusiness: Functional to emotional and back
Are You Ready? Three groups out there
1. Those who make it happen2. Those who watch it happen3. Those who wonder what happened
The Academy’s mission Make sure all of you are in category # 1
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
Entrenched Belief Your clients and your business will
always be there
Inconvenient Truth Client loyalty and business
survival can’t be counted on 2
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
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 want4
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
Entrenched Belief The general senior market is the only
viable area for estate planning services
Inconvenient Truth Important estate planning niches
are everywhere 6
Entrenched Belief Each client acts independently with no
group awareness
Inconvenient Truth Everyone wants to be part of a
group, even a “cult” 7
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
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
Entrenched Belief Spending as little money as possible is
the best business practice
Inconvenient Truth The best of anything costs
more and, in the long run, is the best value 10
Entrenched Belief Marketing is an expense
Inconvenient Truth Marketing is an investment
that pays big returns 11
Entrenched Belief All you need is a blueprint and some tools
to be successful
Inconvenient Truth There are major distractions
at every turn 12
Entrenched Belief All you need to be successful are
technical and business skills
Inconvenient Truth Success is an inside job 13
Entrenched Belief You’re currently at your maximum
productive capacity
Inconvenient Truth You are functioning at a
small fraction of your capacity 14
Entrenched Belief Significant personal growth requires huge
changes in your personality
Inconvenient Truth Small changes in your
habits can transform your relationships 15
Entrenched Belief Competition is ruining your marketplace
Inconvenient Truth You have the power to create a new
marketplace 16
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
The Only Question to Ask… As you leave the Summit in a few days…
What group will my firm be in?1. Those who make it happen2. Those who watch it happen3. Those who wonder what happened