Born in 1981, I belong to Generation Y. I’m also an investment advisor representative and a consultant to 960 financial professionals. Because of where I personally fit in, the conversation about what the next generation wants from financial advisor relationships intrigues me.
Financial Advisor Marketing Strategies, Tips, and Articles.
Having a large minimum account size is the Holy Grail for many financial advisors. In theory, having fewer but larger clients, thus working less and earning more seems wonderful. In reality however, it can present significant challenges. If a minimum is communicated improperly, existing clients may feel jilted.
The quality of any organization begins and ends with its people. The knowledge and experience that employees possess is central to building, maintaining, and improving businesses of all kinds, including financial companies. Highlighting this fact, the 2011 Investment News/Moss Adams Adviser Compensation and Staffing Study found that “top human capital firms outperform all others financially.
The financial industry has a tendency to blame mainstream media for hyping financial news, and yet, is guilty of the same crime where social media is concerned.
When a client loses someone – especially a spouse – they are left with many complex burdens. Not only do they have to cope with their own grief, but there are financial and social responsibilities that need to be cared for. While helping a grieving client can be challenging and even uncomfortable, it can also be one of the most important services an advisor provides.
How can financial advisors utilize social media as a tool, not only to cultivate new prospects, but also to build stronger connections with the clients they already have? Here are a few steps to get you started.
Know what you can and cannot do. Before you even set up your profiles, you need to familiarize yourself with the requirements of your compliance department and industry regulators.
Are your practice management techniques the same as they were 10 or 20 years ago? Your business has evolved, just like the economy and just like social media. News and information used to travel by print or word of mouth, however, technology has changed the game.
In a recent blog, Samantha Allen of Financial Planning Magazine asked the question: Financial Advisor vs. Firm: Whose Brand Matters More? This is a question many advisors struggle to answer because, as she aptly put it: “Advisors are essentially sales professionals for the bigger companies, and their personal relationships are key to a firm’s success… yet the firm’s overall reputation supports advisors as well.” So how can an advisor decide which brand to promote? By answering three questions:
How many times has someone told you that social media, referral alliances with CPAs and attorneys, client events, or some other strategy is “the silver bullet” to transforming your practice? Don’t buy into the hype! There is no silver bullet to achieving success in our business; despite what some people would like you to believe.
Beauty is only skin deep. Image isn’t everything. You can’t judge a book by its cover. The English language is filled with expressions intended to emphasize the same point: that you shouldn’t make judgments based solely on appearances. Does that mean branding isn’t important? Certainly not. We live in a society where image matters.