16 Inconvenient

Truths About Your

Practice & Your Life

Unstoppable Trends Forces that impact all of us

DemographicsAging population with someone turning 50 every 7

secondsMore than 70 million Americans between 40 & 60Largest transfer of wealth in history Rise of the “mass affluent”More than 1 million lawyers and more than 40,000

graduating every year

Unstoppable Trends Forces that impact all of us

TrendsEstate planning is a crowded industryLegal services as commoditiesGlobalizationWidespread use of “value billing”Relief from responsibilityBusiness: Functional to emotional and back

Are You Ready? Three groups out there

1. Those who make it happen2. Those who watch it happen3. Those who wonder what happened

The Academy’s mission Make sure all of you are in category # 1

Entrenched Belief You are in the estate planning legal

business

Inconvenient Truth The real business you’re in

Communication business Information business Relationship business 1

Entrenched Belief Your clients and your business will

always be there

Inconvenient Truth Client loyalty and business

survival can’t be counted on 2

Entrenched Belief People come to you looking for estate

planning documents

Inconvenient Truth They are really looking to be led

and to find a trusted advisor to relieve them of responsibility 3

Entrenched Belief You have a good idea of what clients want

from your firm

Inconvenient Truth The attorney/technician rarely

knows what his clients really want4

Entrenched Belief Doing good legal work is the only

competitive advantage you need to grow your practice

Inconvenient Truth Clients have little understanding

about the quality of your legal work 5

Entrenched Belief The general senior market is the only

viable area for estate planning services

Inconvenient Truth Important estate planning niches

are everywhere 6

Entrenched Belief Each client acts independently with no

group awareness

Inconvenient Truth Everyone wants to be part of a

group, even a “cult” 7

Entrenched Belief Once you have a successful formula, you

can relax and let things run on autopilot

Inconvenient Truth You must constantly reinvent

yourself and your business 8

Entrenched Belief The best way to grow your practice is to

exclusively market for new prospects

Inconvenient Truth It’s faster, easier, and less

expensive to consistently follow up with existing prospects 9

Entrenched Belief Spending as little money as possible is

the best business practice

Inconvenient Truth The best of anything costs

more and, in the long run, is the best value 10

Entrenched Belief Marketing is an expense

Inconvenient Truth Marketing is an investment

that pays big returns 11

Entrenched Belief All you need is a blueprint and some tools

to be successful

Inconvenient Truth There are major distractions

at every turn 12

Entrenched Belief All you need to be successful are

technical and business skills

Inconvenient Truth Success is an inside job 13

Entrenched Belief You’re currently at your maximum

productive capacity

Inconvenient Truth You are functioning at a

small fraction of your capacity 14

Entrenched Belief Significant personal growth requires huge

changes in your personality

Inconvenient Truth Small changes in your

habits can transform your relationships 15

Entrenched Belief Competition is ruining your marketplace

Inconvenient Truth You have the power to create a new

marketplace 16

Strategic Vision Legacy Wealth Planning

Reinvent your practice with a new paradigm Be unique in your marketplace Have a consistent compelling story to tell Develop deeper relationships by offering

complete planning Eliminate the document selling perception Create a client transformational experience

The Only Question to Ask… As you leave the Summit in a few days…

What group will my firm be in?1. Those who make it happen2. Those who watch it happen3. Those who wonder what happened