2016 MDRT Annual Meeting e‐Handout Material Title: Speaker: Presentation Date: Presentation Time: Building a Practice You Love Brad Elman, CLU Tuesday, June 14, 2016 8:30 ‐ 9:30 a.m. The Million Dollar Round Table® (MDRT) does not guarantee the accuracy of tax and legal matters and is not liable for errors and omissions. You are urged to check with tax and legal professionals in your state, province or country. MDRT also suggests you consult local insurance and security regulations and your company’s compliance department pertaining to the use of any new sales materials with your clients. The information contained in this handout is unedited; errors, omissions and misspellings may exist. Content may be altered during the delivery of this presentation. © 2016 Million Dollar Round Table Million Dollar Round Table 325 West Touhy Ave. Park Ridge, IL 60068 USA
Slide 1
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Brad Elman, CLU
Building a Practice You Love
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Slide 2
A FORMULA FOR SUCCESS
 Motivation
 Goal
 Strategies/Tactics
 Perseverance
 Perspective
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Slide 3
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A PERSPECTIVE ON OUR PROFESSION
 View Your Career in its Entirety
What Does it Provide:
Your Clients, Your Family, Your Community, You?
 Focus on Leading a Successful Life:
Your Career Will Follow
 Happiness Leads to Success,
Success May or May Not Lead to Happiness
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Slide 4
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TIME BUDGET
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Slide 5
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HOW DO WE SPEND OUR TIME?
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Health
Family
Career
Financial
Service to Others
Spirituality
Education
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Slide 6
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HOW DO WE SPEND OUR TIME?
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168 hours in a week
Here is my weekly time budget:
Health
Family Time
Career
Finance
Sleeping
Eating
Exercising
50 hrs
15 hrs
15 hrs
10 hrs
-Enjoyable Things
35 hrs
-Unenjoyable Things 5 hrs
1 hr
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Service -Volunteering
Spirituality
Education
15 hrs
1 hr
5 hrs
Un accounted For
Total Accounted For
16 hrs
152 hrs
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Slide 7
HOW DO WE SPEND OUR TIME?
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Education
Work Not Spirituality
Fun
Work Fun
Family
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Finance
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Health
-Sleep
-Exercise
-Eating
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Service to
Others
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Slide 8
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MY LIFE
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Things I like to do
Things I don’t like to do
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Slide 9
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Let’s Take 2 Minutes to Make A List of Things
We Could Change To Make Better Use of Time
1.
2.
3.
4.
5.
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Slide 10
DOING WHAT YOU ENJOY
IS MOTIVATING
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If you enjoy something you will be motivated to do it
If you are motivated to do something you will do it more frequently
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If you do something more frequently, you will become good at it
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If you become good at something you will enjoy it
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Slide 11
WHERE
DO YOU START
MOTIVATION
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FOCUSING ON “ONE” THING CREATES A…
SPECIALIZATION
The Benefits of Specialization
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More Fun
More Efficient-Creates More Time
More Self Esteem
More Referrals
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BENEFITS OF SPECIALIZATION
Efficiency Surrounding::
 Fact finding
 Note taking
 Letter writing
 Summarization
 Knowing the solutions
 Presenting the solutions
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Slide 14
BENEFITS OF SPECIALIZATION
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Specializing Makes
You An Expert!
People Want to Work with EXPERTS!
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Slide 15
BENEFITS OF SPECIALIZATION
Compliance/Regulators!!!!
You Need To Be An Expert or
You Run the Risk of Giving Bad
Advice Which Can Lead to
Problems!
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BENEFITS OF SPECIALIZATION
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BENEFITS OF SPECIALIZATION
WHERE DO YOU GO FOR MERCEDES SERVICE?
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DUAL SPECIALIZATION
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Slide 19
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PRODUCT SPECIALIZATION
 Life Insurance
 Long Term Care
 Investments
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PLANNING SPECIALIZATION
 Financial Planning
 Estate Planning
 Business Planning
 Charitable Planning
 Personal Insurance
Planning
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Slide 21
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SPECIALIZATION BY PROFESSION
• Specialize in working with physicians
• Specialize in working with lawyers
• Specialize in working with venture capitalists
• Specialize in working with high end closely held
service businesses
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Slide 22
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SPECIALIZATION BY CORRELATION-HOBBIES
Ferrari Club
Cognac Club
Yacht Club
Golf Club
Patek Phillipe Club
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LET’S TAKE 2 MINUTES TO WRITE DOWN
GOOD SPECIALIZATIONS FOR US?
Product?
Planning Type?
Profession?
Hobbies?
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Slide 24
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WHAT HAVE WE LEARNED SO FAR?
• Doing something we enjoy motivates us to do it more
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• Doing something more makes us good at it
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• Doing a lot of something creates efficiencies, gives us more time,
and allows us to become an expert
• Being an expert on something specifically, makes it possible to
brand ourselves as an expert
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Slide 25
BRANDING YOURSELF AS AN EXPERT…
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 Generates More Referrals
 Makes Your Career Easier and More Enjoyable
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 Raises Your Self Esteem… Which Makes You Happier and
Helps You Live a More Successful Life!
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BRANDING YOUR SPECIALIZATION
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Slide 27
HOW DO WE BRAND
AS AN EXPERT?
Credentials
CLU, CFP, MSFS, ChFC, CLTC, LUTCF
Media and Public Relations
 Write Articles in Our Trade Press
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 Write Articles For Referral Sources Press
 Write Articles in Financial Press
 Write Articles in Popular Local Press
 Communicate Your Press!
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QUOTED IN THE TRADE
PRESS
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Clients Don’t Have To Subscribe To See It!
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Where Our Clients See Our Articles:
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Website
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Email Signature
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PostCard
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Office
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Google
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Slide 30
“Google” yourself-your clients and prospects are…
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Even if it’s just to get your phone number
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Slide 31
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CHANGE IS GOOD - EMBRACE IT
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Slide 32
A FORMULA FOR SUCCESS
 Motivation
 Goal
 Strategies and Tactics
 Perseverance
 Perspective
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Slide 33
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IF YOU TAKE THIS APPROACH TO
SOMETHING YOU WANT BADLY
ENOUGH…
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EVERYTHING IS POSSIBLE
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