Communicating your value for Fee-Only advisers has become a competitive undertaking. It is complicated by fee pressures, access to affluent clients and an ever-evolving service model. Advisers try to set themselves apart from others, but in many cases, the message is missing the mark.
Let’s talk about the power of multi-advisor practices in the wealth management industry — also referred to as “ensemble practices,” based on the work of Philip Palaveev. You can chart the course and issues many practices encounter to a lesson learned from the legendary classic rock bands and artists of our time.
For many professionals, particularly solo or smaller firms, webinar marketing can seem exciting and overwhelming. If you are the one organizing the event, promoting the event, and garnering registrations that can be a challenge. Many larger firms succeed with webinar marketing because they have a sizable operation for marketing and outreach.
When building a game plan for webinar marketing, there are 7 key mistakes you should avoid.
Financial advisors and business professionals have the opportunity to open new niche markets with strategic alliances. Strategic alliances allow you to work with people who share similar values, yet, come from different aspects of planning. Strategic alliances may also allow you to bring additional experiences to clients that might otherwise be out of reach.
If a client or prospect reads your “About Us” page will they think it’s interesting? Your “About Us” page is one of the most important pages on your website. It shows who you are and why people should engage with you. As you craft your company website, social media pages or professional bio, you always want to engage people with the work you do and the value you provide…that’s your core. It’s easy to forget; however, that your team is made up of interesting people. These are the people who your prospects and clients will be interacting with. You want to appeal to your clients’ curiosity. You can make your “About Us” page more interesting and engaging by sharing what makes you and your team…you!
Imagine what your business would look like if you replicated your best clients. You push hard to accomplish goals and improve efficiency, but when you are in a service-oriented industry, such as wealth advisory or insurance, it becomes harder to maintain a high level of personal service. That in turn, makes it harder to grow your overall business.
A tough decision many firms face is whether or not to let go of less-than-profitable clients. It comes down to the business model you want for your future. Some firms will work with any client who wishes to take positive action in their lives, regardless of their profitability to the firm. This can be a successful model, but it may require increased overhead, technology or staff to support the service needs long-term. On the other hand, letting go of less-profitable, lower-tier clients may allow you to provide a more boutique experience for your “A” clients and high-potential relationships and give you time to focus on markets that are appropriate for your business.
One question many financial advisors will ask is “How do I get more referrals from my centers of influence (COIs)?” or “How do I go about finding a good center of influence relationship?” It is enticing for financial advisors to expand their network but many soon realize setting up a strategic alliance or a professional COI relationship does not automatically turn on the flow of referrals. There needs to be a marketing and business development strategy in place, clear expectations, and proper due diligence.