business development

All posts tagged business development

Growth vs. Culture: Which Side Will Win?

by Tiffany Markarian

In the ongoing battle of growth vs. culture which side will win? First, let’s look at the problem. Many companies are watching their bottom line and seeing a pattern. Some are in growth mode; others are seeing stagnant productivity, revenues or clients. Whatever stage you are in, one circumstance facing everyone is the continual changes to client buying patterns and perceptions. Figuring your way through these challenges will determine which side wins in the growth vs. culture battle.

Read More
Tiffany MarkarianGrowth vs. Culture: Which Side Will Win?

Letting Go of Less Than Profitable Clients

by Tiffany Markarian

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.

Read More
Tiffany MarkarianLetting Go of Less Than Profitable Clients

3 Metrics BGAs Should Consider

by Tiffany Markarian

Here we discuss 3 sets of Brokerage General Agency (BGA) metrics firms should consider in their annual business planning. In working with BGAs on their business development, there is a set of questions that continually come up during conversations. The first question is usually “How do we go after new markets…particularly supporting wealth advisors?” The second question is often “How do we set ourselves apart in the industry?” The third question, which might be the most important, is “We had a good year, but growth has stagnated, and we are not sure why?” In this last statement, this is where BGA metrics come into play. It is your metrics that can either drive or hinder your growth, depending on which angle you look at them.

Read More
Tiffany Markarian3 Metrics BGAs Should Consider

The New Rules for Approaching Advisors

by Tiffany Markarian

There are new rules for approaching and insurance professionals. As we have seen for centuries, when a crisis happens, insurance is there. When markets become volatile, financial advisors often see an uptick in insurance activity. The insurance industry has always been there to keep families and businesses whole and provide supplemental income in times of need. Sometimes, however, it takes a crisis or a pandemic to create that indelible reminder in the minds of advisors and clients of the need to protect your health, economic security, and emotional security. Insurance involves much more than managing potential risk; it is a critical survival tool.

Read More
Tiffany MarkarianThe New Rules for Approaching Advisors

Finding a Good Center of Influence Relationship

by Tiffany Markarian

One question many financial advisors will ask is “How do I get more referrals from my center of influence (COI)?” 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 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 on their value and service philosophies.

Read More
Tiffany MarkarianFinding a Good Center of Influence Relationship