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, has produced mostly modest growth and a small number of new quality clients.
Advisors are the mercy of the markets or are left with some 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 approaches business growth… some may be outside the Industry.
Of course, it’s true that many Advisors have good reasons to feel skeptical about the new or the different, having been burned by expensive sales and marketing programs that promised the moon and the stars.
But look at other successful businesspeople and entrepreneurs. They practice “healthy skepticism” while exploring new ideas, no matter how different they seem.
It’s not risky. The only investment is a little time.
Many Financial Advisors have become skeptical about marketing. They consider it a four letter word because it’s too expensive. It’s too uncomfortable. Or it sucks. In fact, it’s not unusual for some Advisors develop real anxiety about marketing. The reality is that marketing does not have to be torture if you use a marketing approach that is uncomplicated, efficient and measurable. An approach that allows you to market as you work, not one that you do in place of your work. And if it’s right, you’ll see measurable results before you know it.
So, how do you grow a business? It’s through a dedicated marketing effort – a series of well thought out initiatives designed to raise your profile and create connections with potential customers.
You begin by focusing on activating your existing network of potential advocates. It’s more rewarding than spending time on individuals who are frequently disinclined to listen.
So who are your potential advocates? They are your current qualified clients – the clients you want to duplicate. Many will be open to becoming your most valuable trumpeters and will help you identify and connect to warm qualified prospects. But they must be identified and approached in a clear, “quiet” way, a way that addresses their existing “worldview”. You may recall, we discussed “worldview” in an earlier post. [Read Post] It refers to the underlying fact that existing and potential clients are skeptical of Financial Advisors. Most Advisor marketing approaches don’t recognize this or are not effective dealing with it.
Recognizing and addressing the worldview of your market is a foundational element to potent marketing and consistent business growth. Skepticism will evaporate, cursing – a thing of the past and marketing will be uncomplicated and maybe even fun.
The problem is not specifically you. You’re a Financial Advisor and most consumers have a distrust of Advisors and the Industry (The Darth Vader Complex). Continue reading “Guess What? People Don’t Trust You”