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Oct 29, 2009 8:25 pm

I'd like to start reading some books to help me hone my craft a bit.  Can anyone offer some suggestions on books that made you a better advisor?  I'm not into the Atlas Shrugged genre but books that discuss advisor / sales / service specific topics. I eagerly await the "gay jokes" and serious comments.

Oct 29, 2009 8:27 pm

Million Dollar Financial Services Practice



Oct 29, 2009 8:31 pm

Behavioral Investment Consulting - Nick Murray

Oct 29, 2009 8:56 pm
Moraen:

Million Dollar Financial Services Practice

 


Out of all that I have read, this is by far my favorite.  It skips the feel-good, salesy stuff, and is more of a workbook on how to achieve a million dollar practice.
Oct 29, 2009 11:08 pm

"The new financial advisor"

Oct 30, 2009 1:15 am

How To Win Friends and Influence People. It's an old book but is still valuable today.

Oct 30, 2009 6:46 am

"From Selling to Serving" Lou Cassara

Oct 30, 2009 9:42 am

I prefer to read books about the economy, here are a few updated books that I found interesting and helpful:

When Markets Collide - Mohamed El-Erian (very heady, but what little you understand is good stuff)

The New Paradigm for Financial Market: The Credit Crisis of 2008 and What it Means - George Soros (he is a bit full of himself, but if you single handedly profited $1b from a currency crisis you created, you are entitled)

The Return of Depression Economics - Paul Krugman (he is the man)

Oct 30, 2009 9:53 am

Sometimes - I think volt was trying to figure out how to grow his business.



I hate to say, I'm terribly disappointed in you. I can see Soros (communist that he is), and even El-Erian, but while I read Krugman's blog posts, I can't agree that he is the man. I think he is more of a pompous a$$. And I think he doesn't know what the fcuk he's talking about. Just my personal opinion.



His latest post is a perfect example of how economists with agendas can use statistics to reach an entirely wrong conclusion.



He reverses the positions of GDP and unemployment, saying that GDP growth is the independent variable, when in fact, historically, GDP would be MORE dependent on unemployment than vice versa.



He's an idiot. I can only hope you are joking.

Oct 30, 2009 10:21 am
Moraen:

Sometimes - I think volt was trying to figure out how to grow his business.



I hate to say, I'm terribly disappointed in you. I can see Soros (communist that he is), and even El-Erian, but while I read Krugman's blog posts, I can't agree that he is the man. I think he is more of a pompous a$$. And I think he doesn't know what the fcuk he's talking about. Just my personal opinion.



His latest post is a perfect example of how economists with agendas can use statistics to reach an entirely wrong conclusion.



He reverses the positions of GDP and unemployment, saying that GDP growth is the independent variable, when in fact, historically, GDP would be MORE dependent on unemployment than vice versa.



He's an idiot. I can only hope you are joking.



I have to admit that I largely ignore the politics of the people I read, so I really don't follow up on their blog posts. Each of them propose interesting (and largely useful) perspectives on the machinations of the economy. As for Krugman, I think that you would have a hard time convincing anyone that a Nobel Prize winning MIT PhD awardee is a moron. Disagreeing with his social policies aside (though he seems to have good reasons for his political preference) his commentary on trade and liquidity seem to be largely descriptive of some of the problems we are experiencing.

As for growing a business, I think that having some understanding of how the economy works in an underestimated part of our business. I understand the argument that if you don't have people to sell to having understanding of such things are not useful, but if you don't have an idea of what you are trying to accomplish for people and a story to sell you are just going to be an investment peddler.

For me, books about selling can be overrated. With each book you read there seems to be diminishing returns. Just adding some perspective...

Oct 30, 2009 10:56 am

Read his latest blog and tell me whether or not you think that it is nearly entirely agenda-driven and not economically-based. Not saying he's not a smart guy. But hell, have you read his papers on trade? Also, highly politicized and more qualitative than quantitative. Look at who wins Nobel Prizes lately.



On the other hand, some of his arguments I can agree with, but just because someone gets a Ph.D. from MIT (It's harder to get in that get out), and wins a Nobel Prize, doesn't mean that he can't be wrong.



Milton Friedman, Keynes and even Markowitz won the Nobel Prize. And Markowitz won it for something his research didn't show.



I completely agree that you need to understand how the economy works and basic finances.

Oct 30, 2009 11:40 am
DrcIndy:

"From Selling to Serving" Lou Cassara


 
Seen him speak live once and on tape probably 1/2 dozen times.  Very inspirational.
Oct 30, 2009 11:46 am

haha no gay jokes, looks like your on the right track

Oct 30, 2009 2:04 pm

Back on the OP's topic.

 
I think the best foundation any sales or professional of any kind can have is the ability to build and develop relationships. We constantly say this is 'a relationship business' but most of us concentrate on the sales side.
 
To that end a great book on conversation (the cornerstone to any great relationship is the conversation you can have with someone) is probably the most important 'foundational' book you should have / master.
 
I like "How to talk to anyone by Leil Lowndes"
How to win friends and influence people is great but less of a 'do this, try that' that you can see immediate results.
 
Also knowing how to read and interpret body language is a valuable skill. I have not read, but I have heard that 'The Definitive Book of Body Language' By Alan and Barbara Pease is worth readin too.
Oct 30, 2009 6:46 pm
Moraen:

Read his latest blog and tell me whether or not you think that it is nearly entirely agenda-driven and not economically-based. Not saying he's not a smart guy. But hell, have you read his papers on trade? Also, highly politicized and more qualitative than quantitative. Look at who wins Nobel Prizes lately.



On the other hand, some of his arguments I can agree with, but just because someone gets a Ph.D. from MIT (It's harder to get in that get out), and wins a Nobel Prize, doesn't mean that he can't be wrong.



Milton Friedman, Keynes and even Markowitz won the Nobel Prize. And Markowitz won it for something his research didn't show.



I completely agree that you need to understand how the economy works and basic finances.



Just out of curiosity, what do you read (economy wise)?

Oct 30, 2009 7:32 pm

Hot Prospects by Bill Good, as well as Million Dollar Financial Services Practice by David Mullins. Bill good is a far easier read, while Mullins lays a technical foundation from which to build a very successful practice.

Both great in my opinion
Oct 30, 2009 7:46 pm

Give me some bullet points on Mullins book. What is his main prospecting deal ? Cold Calling, networking, door knocking, lol ?

Oct 30, 2009 9:40 pm

Mullins states the importance of various forms of prospecting. The main focus in prequalifying prospects to meet minimums for the given stage(100k-250)in the advisor's respective career. He states that the goal of the initial contact is ALWAYS to set the appointment. He gives several scripts; however, the most valuable tools are the lists of activities and goals for new advisors such as contacts, aum,  and time allocation. He lays out clearly some of the methods to building a quality lead list and methods on how to gather information prior to the initial contact about the target market and prospects to build rapport

These are just some basic points that I found to be useful and hope to implement moving forward.
DC
Oct 30, 2009 9:48 pm

Good stuff. Thanks.

Oct 30, 2009 10:37 pm

Excellent Advisor, million dollar financial service practice.