In a previous blog, The Advisor’s Dilemma, I stressed the point that advisors cannot ask for referrals if they are not referable in the first place.
Here are the top 5 ways advisors can become more referable to their clients.
5. Project the Right Brand
A brand is about attracting the right audience while also promoting what it is the company actually does; think of it like the bridge between the advisors and their clients. The best brands are able to articulate with their imagery, design, and content what it is the advisor does as well as who the advisor does it for.
The most common pitfalls happen when advisors build a brand that solely reflects their own personal preferences with no consideration to the audience they are trying to attract, and advisors do not have the quality of design or printing to back up the image they are trying to convey.
Not many clients will want to refer an advisor that has poor-quality branding, printing, and design as these factors can make their advisor appear less legitimate and less successful overall.
If you are unsure if your branding collaterals are portraying the right image for you, send us your collaterals for an objective and professional second opinion. Our award-winning graphic designers offer a complimentary branding analysis.
4. Become a Household Name
Often, becoming a household name means increasing the brand awareness in the surrounding area. Many advisors will do public seminars as a way to do community outreach, but there are many additional options to consider. Putting an ad in a local newspaper or magazine that ideal clients read is a good way to start.
Charity events are fantastic to attract local affluent and high-net-worth clients. According to The 2016 U.S. Trust® Study of High Net Worth Philanthropy, “[In 2015], the vast majority (91 percent) of high net worth (HNW) households donated to charity…. On average, high net worth donors gave $25,509.”
Becoming a household name also means not being forgotten, which leads us to our next point.
3. Communicate Constantly
Nothing rings truer than the bell of missed opportunities. Clients may not always have a guest to bring to every event or a referral to give when asked, but they may in the future. The best advisors use tactics to ensure they are never forgotten when a client’s chance to refer comes around in the future. These advisors send out regular and relevant communications (emails, phone calls, letters, cards, social media posts, blogs, and etc.) to ensure they are always at the forefront of clients’ minds.
The trap to avoid, though, is relying too heavily (or exclusively) on robo-marketing for content. In an industry that relies so heavily on building trust, it doesn’t make sense to use tactics that erode it.
For more on this topic, check out Is Robo-Marketing Eroding the Trust in Your Business?
2. Create an Experience
Creating an experience is all about delivering out-of-this-world client service. Not many people stay at the Ritz Carlton just because it’s a nice place to sleep. What’s more, advisors need to be consistent. Create step-by-step office systems and make client service repeatable.
How can advisors go the extra mile? Deliberate acts of kindness are a simple solution to create those “wow moments” clients cannot help but share.
Often, client service and experiences can be muddled when advisors spread themselves too thin. This happens when advisors try to be all things for all people. What ends up happening instead is those advisors become a few things for all people, which results in a terrible client experience.
From a client’s perspective, they’re not interested in an advisor who cannot make time for them.
The best advisors segment their clients and tier their services. What this does is allows these advisors to be all things for a few people. Sometimes that means finding another advisor who can take care of lower-level clients. It’s a simple shift in focus, but it can make a world of difference.
1. Facilitate Introductions
It’s not often that taxicab drivers can park their cars at their own homes and have people come to them asking for a ride. Taxicab drivers need to take their cars and put themselves where they will get more business. The same thought process can be applied to financial advisors and meeting new prospects. They need to create opportunities to meet new people. This can be done with hosting engaging client events, building strong referral alliances with CPAs and attorneys, and proactively asking clients for introductions.
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If you have any questions about starting the complimentary branding analysis or implementing any of the other techniques that can make you more referable, contact us today. Very seldom does anything happen if you wait for it.