How to earn trust fast with the reciprocity principle

Greetings!

Do you use the reciprocity principle to boost your business? Robert Cialdini, one of the most authoritative social psychologists today, says it can help you establish instant trust with potential clients.

Learn more about the reciprocity principle in your in my ThinkAdvisor story.

What are some effective strategies you use to woo clients?

Sincerely,

Mark

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Advisor Deals Continue to Rock

Our ranking of five suns continues for the 15^th month in a row.

Firms are offering out-of-this world deals to win over scarce talent. It's record breaking.

High End Boutiques: Upfront can range from 150% to 175% with total packages exceeding 300% for growing $2 million+ teams.

Wirehouses: Deals for top performers can exceed 300%. Upfront money can range from 150% to more than 180%.

Regional Firms: Packages can range from 165% to north of 300%. As much as 170% upfront is possible for top performers.

Independent Broker Dealers: Upfront typically ranges from 20% to 50%. There are lucrative AUM-based deals as well.

RIAs: There are RIA options that offer 50% upfront but AUM-based deals are more typical. Custodians can offer funds to pay for a variety of business expenses.

Ask Mark

Q: How is the advent of investments like bitcoin and dogecoin likely to affect financial advisors?

A: We live in interesting times. Financial instruments continue to become more complex. This could be an opportunity for advisors who stay on top of trends like SPACs, NFTs (non-fungible tokens), and other crypto investments. Even if your firm won’t let you sell these products, you will show value if you can explain their risks and whether they fit into clients’ portfolios. This is particularly true for older clients who might not be comfortable with some of the newer offerings.

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DID YOU KNOW...

... Admiral James Stockdale survived seven years in captivity during the Vietnam war where he was often treated with great brutality. He’s famous for the Stockdale Paradox which shows us how we can cope with great stress in our business or professional lives.

Learn how .

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