About 9 out of 10 advisors say they are growth challenged, yet they are ineffective marketers trying to grow their business by doing the same thing over and over and over again and expecting a different result. It’s kind of insane.
Seriously, this probably sounds absurd, but just think it through. Like most businesses that focus on sales, financial advisors require a robust sales pipeline in order to grow. However, if you look around, the numbers show very few advisors have this pipeline in place. Why? (and here’s the insane part…) Because for years the traditional industry wide sales/marketing/referral model – which has been practiced by a great majority of advisors – in all its incarnations and “new” approaches, produces mostly sluggish, limited growth and a ultimately a small number of new qualified clients. Yet, many advisors are either afraid or don’t know how to break away from this sales model.
As such, advisors are ultimately at the mercy of the markets…and left with a small number of referrals for growth. The business controls them rather than the Advisor controlling their business.
It’s time to stop the insanity
There are, indeed, more productive ways to do business but advisors must be willing park their skepticism about anything new or different. Not that they don’t have reasons to be skeptical. Many advisors have been burned by expensive “sales gurus” programs and marketing programs that promised the moon and the stars.
We know new ideas and change can feel a little risky. But growth requires a little risk and being open to new ideas, no matter how “different” they may seem.