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Why You are Fat, Poor, Stupid and Lonely — How to Obliterate Failure and Master Success – in Any Area of Life

Trees don’t grow in the inner city.  The inner city is paved with concrete and asphalt and trees need a clearing of soil to take root. They also need sun and water. Hold this idea of a required clearing and conditions for success and let’s see how to apply it to your goal and obliterate failure. Why You Don’t Have the Success You Want If you say that you have the success you desire in all domains of life, you are lying.  Whether it be financial, in relationships, or inner happiness or satisfaction, there is some area where you are not as successful as you would like.   Let’s get to the bottom of why and then provide a fix.   Lack of Success Reason #1: You Don’t Follow instructions I have created marketing systems for financial advisors for the last 20 years.  For the most part (and a lesser degree, the reasons below),  those who have been successful with the marketing systems have followed the instructions.  Those that have failed, have not.  Sadly, many that have failed just did not read the instructions.  Others unknowingly violated the instructions and actually thought they were indeed complying with the instructions. This failure […]

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Posted by Larry Klein - February 28, 2014 at 10:55 pm

Categories: business growth   Tags:

Overlooked Way to Earn More

For years, I have assisted advisors to gain clients and earn more.  I recall an advisor who once called to tell me that using one of my marketing systems, he was getting in touch with people who could not afford his products.  I researched the demographics of his area and learned that his market was dominated with poor people.  I gave the advisor some simple advice: MOVE! It is shocking that the simplistic thinking of Willie Sutton (“I rob banks because that’s where the money is”) does not occur to advisors.  Just because you were born in a particular city does not mean you need to stay there!  If you want to be a successful advisor, go where the money is: Millionaire households per capita State $1M+ Investable Assets Ratio Millionaires to Total Households 1. Maryland 169,287 7.70% 2. New Jersey 242,647 7.49% 3. Connecticut 100,754 7.32% 4. Hawaii 33,520 7.18% 5. Alaska 18,209 6.75% 6. Massachusetts 174,225 6.73% 7. Virginia 208,187 6.64% 8. New Hampshire 33,867 6.48% 9. Delaware 21,679 6.20% 10. District of Columbia 17,378 6.10% Source: Phoenix Marketing International Of course, there are many small pockets of wealth in the US.  Notice that New York is not […]

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Posted by Larry Klein - January 30, 2014 at 6:15 pm

Categories: Uncategorized   Tags:

Get Unstuck. Change Your Mindset. Get to the Next Plateau.

There is no a human who has not become stuck at some point in reaching their goals.  Those that move on and progress have uncovered ways to change their mindset. The others stay in the same place for decades, repeating the same actions, mistakes and insanely believing things will change. Having a particular mindset is just a point of view, such as believing the world is flat.  Most people had that mindset at one time and this prohibited those people from taking effective action, like getting in a ship to sail “around” the world. There are a few ways to get unstuck in your business or personal life and alter your mindset about a particular issue. Talk to Others Who Are Where you Want to Be If you’re currently in a dis-empowering or negative mindset, you likely say, “but I don’t know anybody like that.”  The good news is that in this age of social networking, you can locate such people quickly.  Just ask your Facebook friends, people in your LinkedIn groups, people who work for your firm or check the forums of the industry magazines such as wealthmanagement.com, financial-planning.com investmentadvisor.com.   Once you locate that person, ask for a few […]

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Posted by Larry Klein - December 24, 2013 at 8:23 pm

Categories: Uncategorized   Tags: , , , ,

The Major Reason People Do Not Buy Insurance is Not Cost

It’s easy to believe that people avoid make certain purchases because of their cost. But this is too simplistic as the consumer always weighs the cost relative to perceived value. And perceived value is often an emotional perception.  People make decisions emotionally and there are a couple things we know for sure about typical human behavior: 1.  The emotion of fear trumps all other emotions for its motivational power.  Here’s proof. Among Americans, 76% live paycheck to paycheck meaning that once they pay their bills and have mitigated the fear of having their car repossessed, being foreclosed on, or being evicted, they stop earning.  Just keeping the wolf at bay is what motivates Americans to earn up to a specific level.  Given that fear runs American’s actions and financial preferences, you would think life insurance to be an easy sale.  But this preference to assuage this fear is offset by the next emotion. 2.  Americans prefer immediate to deferred gratification.  If that were not the case, everyone would have the purchase of life insurance at the top of their “must have” list.  Rather, Americans opt for having the latest smart phone, a cool BMW or vacationing in the latest trendy […]

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Posted by Larry Klein - December 17, 2013 at 12:01 am

Categories: Uncategorized   Tags:

Marketing vs Advising – Which is More Important in Financial Services

After graduating with a prestigious masters degree in architecture from a well-known school and spending 2 years in a large architectural firm, Stu decided to open his open architecture practice.  The business grew and two years later he took on a partner and business was good.  Sean, the partner, had a particular talent we would best call socializing.  The firm was in New York and every evening, Sean was at a party, an opening night of a play (and getting invited to the after-party), a philanthropy event or some other social gathering that included plenty of rich and famous. Sean was able to turn this socializing into architectural work for his firm: designing multi-million dollar homes, designing the interior for apartments in the Trump Tower and designing restaurants for 2 chains that have locations in every major city. However, over time, Stu actually became resentful toward Sean as Sean arrived late each day at the office and did little architectural work.  Stu felt that he and the associates he managed were doing “all the work.”  The resentment eventually grew such that Stu and Sean parted ways. Turn the clock 25 years forward. Stu is an accomplished and talented architect but […]

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Posted by Larry Klein - December 8, 2013 at 6:10 am

Categories: Advertising & Marketing   Tags:

The Worst Idea You Can Have This Holiday Season

This post was contributed by David Sage of Brokerville The worst idea you can have is that you can’t do business during the holidays. The gentleman who brought me into the financial services business as a stockbroker was a huge success. On the last trading day of December one year, his trades accounted for 4% of the New York Stock Exchange volume. Yes—he had plenty of large clients but keep him in mind if you think there is no business to do. Several business ideas are perfect for the year end: Capture Year End Tax Benefit You can contact clients and remind them to sell any security on which they have a loss. To not sell such securities is just foolish. If they purchased a stock at $10 and it’s now $6, they can deduct the $4 loss (up to the amount of their gains or $3,000, whichever is higher). If December 31 comes and goes, they miss the chance to get the government to share their loss. They can always repurchase the security 31 days later if they want to keep it for the long term. Send your email with the subject line: IRS Will Send you this money […]

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Posted by Larry Klein - November 22, 2013 at 8:54 pm

Categories: new clients, Uncategorized   Tags: , , ,

Fear-Based Marketing to Insurance Buyers and Investors is Effective—but is it Ethical?

Greed and Fear are powerful motivators for marketers and fear is the more powerful of the two when it comes to financial issues.  Numerous behavioral studies have shown that people are risk averse i.e. they asymmetrically avoid loss over the opportunity to gain.  Consequently, marketing that appeals to this fear of loss is effective. Let’s illustrate with examples: Headline which features opportunity for gain: Earn More from the Balance in Your Existing Annuity Headline which features loss avoidance: Will You Lose 40% to Taxes When Your Annuity Matures? The fear-based headline generates 4 to 5 times the response based on this writer’s experience. Is advertising and marketing that appeals to fear ethical? Those who think it’s “bad” to appeal to fear often state that the marketing or advertising in this manner incites fear.   In other words, these critics contend that the words are so powerful, they can create fear that was not already present.  If that were true, then with the properly worded marketing, you could attract unlimited prospects and convert all of them to clients.  But the best marketing minds know that Americans are not so gullible. The best marketing minds know that if you send an effective piece […]

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Posted by Larry Klein - October 24, 2013 at 2:41 pm

Categories: Advertising & Marketing   Tags: , , ,

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Larry Klein