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Harry Beckwith - Selling The InvisibleThe planning process tends to attract perfectionists. But something paralyzes these people: their fear that executing the plan will show that the plan was not perfect. So rather than risk being found out, these people do nothing. They wait.

Many outstanding big-picture thinkers are always looking for, and burdened by, this search for perfection. But too often, the path to perfection leads to procrastination. Don’t let perfect ruin good.” – Harry Beckwith, Selling The Invisible

The Sedoric Group: “More Than Money Managers” – Barron’s Ranked Top Financial Advisor 5 Years Running [Interview]

Sedoric Group

I recently interviewed Tom Sedoric of The Sedoric Group/Wells Fargo Advisors.  He has been ranked the #1 Financial Advisor in New Hampshire and rated one of the best advisors in the country five years running.

John: Give us some quick background on The Sedoric Group/Wells Fargo Advisors?

Tom: Sure, we are firm based in New Hampshire that manages about $320m for 200 families. Most of our client base is what is called the mass affluent. We are a team of four soon to be five people who act like a virtual family office co-ordinating information between various professions such as lawyers, accountants etc. We are a fiduciary and run our business on an acronym we call ART (accountability, responsibility and transparency) which is part of our core values. 

We also consider ourselves risk managers. Not just about what happens in the stock market but changes in tax legislation, issues with intergenerational wealth, policy changes in Washington D.C. etc. So our responsibility goes beyond managing money.

John:  How did you become a financial advisor? What brought you to this industry?

Tom:  After graduating and short stint as a ski bum I began a successful career at Xerox . What I liked most was working directly with clients. Looking back at my ski bum days I noticed I was the only person around me who subscribed to the Wall Street Journal. It was something I picked up from my father when I bought my first stock aged 19. Rather than climb the management rungs at Xerox I realized I wanted to work in this industry so I could help and deal directly with clients.

John: Barron’s recently ranked your firm as a top advisor. What distinguishes your firm from others?

Tom: We are great listeners. We spend time with our clients understanding their needs and goals. For example, we spend a lot of time thinking about distributions/withdrawals once a person retires. Even if we have a client who is 50 and plans to retire in 15 years we start considering their best options. In our mind asset location can be just as important as asset allocation so we make sure assets are in the right place.

John: What software, tools and techniques do you use to ensure you remain successful?

Tom:  Wells Fargo provides us with very good resources. For example we use Envision to manage our financial planning process. 

John: Your firm has been very successful but what challenges do you face on a day-to-day basis?

Tom: I think people are generally emotionally fatigued after 5 years of financial turmoil. Our biggest job is managing expectations. We are living in a parallel universe when the central bank is pumping $85bn into the economic system every month. We understand why they are doing it, but it can’t last forever.

John: What software and tools do you think are missing in the industry?

Tom: An integrated tool that allows clients to get a 30,000 feet view of where they are, where they want to be and how close they are to their goals. There is software that does this but not in a summarized fashion.

John: Lastly, What do you think advisors need to focus on in the future to be successful? 

TomSurround yourself with people who are smarter than you. You will learn and grow considerably faster.

[Sneak Peek] Pocket Risk 2 is coming soon…

Hi,

A while back you took a look at our risk tolerance questionnaire on Pocket Risk. Our goal is to help you assess your clients’ risk tolerance, educate them and select the best possible investments. 

I am emailing you about a big update shortly. We’ve listened to your feedback and implemented some changes.

You’ve been chosen for early access to Pocket Risk 2
Since you appreciate the need to assess risk we thought we would let you know before the rest of the world. You’ll also get a special offer.

I’ll be in touch in a few days with more details about how you can start using Pocket Risk. In the meantime, I wanted to give you a quick look at what’s being released.

Pocket Risk 2

  1. You wanted a new questionnaire that was a little shorter, client-friendly and also robust. We’ve created a new 15 item questionnaire that assesses goals, risk tolerance, risk capacity and behavioral biases.

2. You wanted to do more with your model portfolios. You can now integrate your model portfolios and investments.

3.You wanted to use the questionnaire for prospecting. Now you can embed Pocket Risk on your website and collect leads you can convert to clients.

4. You wanted “international versions” of the questionnaire. We will be available in Canada, UK, Australia, New Zealand and India next month.

5. You wanted better pricing and more value on each pricing plan. We’ve done that.

Launch Date
You’ll have access to Pocket Risk 2 soon. Expect to hear from me with the info. The rest of the world will get access at a later date.

Pricing
Pocket Risk has 3 monthly pricing tiers of $69, $149 and $399 depending on features, clients and team size. Shortly you’ll get a chance to claim a free trial and a significant discount off these prices.

Kind regards,

John
Pocket Risk – Risk profiling for financial advisors