Financial advisors often struggle with creating consistent marketing and social media content – especially when they don’t have a dedicated marketing team. Now you can plan and organize your 2024 marketing, social media, and client cultivation communications using our free 2024 Financial Advisor Marketing Calendar – featuring brand new content!!!
Financial advisors are often told by leadership or business consultants to “grow your financial practice,” expand your assets under management, or increase activity. The challenge with growth-based goals is they often overlook the obstacles and historical sticking points that can plague an advisor’s business.
Financial advisors often struggle with creating marketing and social media content – especially when they don’t have a dedicated marketing team. Now you can plan your 2023 marketing, social media and client cultivation strategy using our free calendar template.
Gear up everyone. There is a new set of rules for approaching prospects and clients. As we look back on this past year, it is clear the pandemic has left people fatigued, stressed, and frustrated. The ongoing disruption and losses have caused people to reflect on things. Prospects and clients are asking themselves, who is truly bringing value to my life? Who is helping me feel secure amidst all this chaos? Is the money I am spending to work with a financial professional delivering the outcomes and experience I want?
Client etiquette is your manner of professional conduct. It exemplifies the image and expectations clients have when doing business with you. Whether you are a top executive or a new hire in the office, clients will be observing and assessing you. They are watching every and all aspect of their experience. Good or bad, they are formulating opinions and judgments about what they see. If you want to elevate your client experience, it begins with the right practices for client etiquette.
Your clients have high expectations of you and your team. The challenge is delivering on a service model that is efficient for all clients while personalizing and enhancing the experience for your top clients.
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.