Financial Advisors are frustrated. They want dramatic growth.

The first question many Advisors ask us is this: “Is it really possible to develop a whole new level of clients just by working with my current client base?”   Our answer is a definitive, “Yes, absolutely”.

How many new, qualified clients do you think you can grow from your relationship with one qualified client?  The number is really limitless.  Financial Advisors seek growth in their client base.However, there are nuances you need to learn to effectively work “from the inside out”.  Finding the opportunities that lie within your client book is the first step.  But this is not about simply identifying your best clients.  You’ve probably done that exercise hundreds of times.  And it’s not just the ones with assets.  Because you’re not looking for a sale.  You’re going to develop a different kind of client relationship.  One where you will have a more detailed understanding of your qualified clients’ sphere of influence, e.g., the places they have worked, the social and religious groups with which they are affiliated, the recreational clubs (golf, tennis) to which they belong, the parent relationships they have at their kids’ schools, et al.

This identification, coupled with developing and telling your new carefully crafted, unique marketing story, will provide these clients with the motivation to advocate for you and personally introduce you.

More to come.


A Marketer Who Provides Financial Services – Not a Financial Advisor Who Markets

ShiftingMarketers Who Provide Financial Services or Financial Advisors Who Market your business development strategy from being a great Financial Advisor who takes some time to market to becoming a focused marketer who is a great advisor is not a seismic shift in effort. It is, however, a major game changer for your business.

This is what Financial Advisors need to consider doing if they want to significantly grow revenue, and increase business valuation.

More to come.


Social Capital And The Most Important Story You Will Ever Tell…

As a Financial Advisor, you may not be aware of the most important asset you have available to you.  It’s Social Capital.

The way to understand Social Capital is by thinking about your relationships with your best quality clients.  They trust you with their financial assets.  But do they trust you enough to bring you into their circle by warmly introducing you to the quality people they know, people who are just like them?                                                                                                                      

That’s Social Capital. It leverages your relationships with your best quality clients into warm, personally introduced and endorsed appointments with their quality friends and colleagues.

Social Capital introductions bear no resemblance to standard referrals.  These are high quality introductions from your best quality clients, your best Centers Of Influence. 

So, how do you acquire Social Capital?

The most important marketing story you will ever tell... It’s driven by having a compelling Modern Marketing Story  (see post – The Bad News. Your Marketing Story May Suck!) that subtly addresses your clients’ Worldview of Financial Advisors and the Financial Industry –  that they are Darth Vader’s working for the Evil Empire.  (see Darth Vader post)

A compelling  Modern Marketing Story is what  moves your best quality clients to share your story with their quality circle of friends and colleagues.  It opens the door to consistent high quality personal introductions and high quality appointments on an ongoing basis.

Training New Advisors – Reduce the Burn Rate & Increase Productivity … Dramatically!

Training your Financial Advisor Trainers.Your field trainers are really good at teaching trainees the financial side of being a Financial Advisor. Your fresh, new, impressionable trainees are taught how to talk, relax, conduct an appointment, do a needs analysis, do discovery, follow-up and present a plan to a prospective client and close. And if the training sticks and the new Advisor is strong, after some period of time the cost of training may pay off.

All of this represents a significant financial investment for you. But there’s risk. And there’s usually a big burn rate.

However, there’s a simple way of lowering the risk and significantly reducing your burn rate.

It begins with the understanding that there are two different skills to learn in order to become a successful Financial Advisor: the financial skill and the marketing skill.

The problem is on the marketing side. Your trainees’ most valuable asset is probably being left on the table. It’s their contacts and they’re likely being used up without capturing the priceless marketing and growth opportunity…expanding one new appointment to many new appointments with new, warm, introductions to the contact’s qualified friends, colleagues and family.

You can’t afford to let this slip by.

Financial Advisors experience significant growth when they effectively focus on new, warm qualified introductions. When trainees are taught this – from the beginning – they more quickly and efficiently start building their new businesses. And when this happens, everyone benefits.

Train your trainers how to consistently create new, warm, qualified introductions. Productivity will go up and the burn rate will go down.