As a financial advisor, you need to make sure that you can wow your clients. This approach will ensure that you attract new clients who will be interested in your services. But what if you are not? This means that you may be doing something wrong. If you are facing any of the following signs that you need a new marketing plan.
You don’t know the difference between marketing practices and prospecting:
If your marketing plan is all about marketing and doesn’t involve a lot of prospecting, then you need to change your financial advisor marketing plan. Marketing is rather passive. You have a message that you put out there and hope that it attracts interested clients. Prospecting is another activity that involves calling people and approaching them through phone calls, meetings, events, and seminars.
2. You are spending the wrong amount of time on marketing:
The time you spend on marketing your firm and your financial advisor services is indirectly proportional to the number of years you have been in business. This means that theoretically, you will spend about 75% of your time on marketing your financial services if you have just started your business and about 25% of your time if you have been on the market for 6+ years. Some financial services marketing specialists will ignore the importance of marketing after they have established their business for some years. This can be a big mistake.
3. Your focus statement needs to renewed:
If you see that you are not targeting the right customers, you need to revise your marketing plan. The proper financial services marketing will involve holding seminars and social events that would appeal to your target customers. You will need to use elevator speeches to make them more interested in your services.
4. You are unable to identify your ideal clients:
You need to identify your ideal clients to be able to create the best marketing for financial advisors. List your most favorite clients with regards to their demographics and financial situation and see which niche is best working for you. Work on that niche and make sure that you excel at it and make sure that your new marketing plan shows this.
5. You don’t have a client advisory board:
A client advisory board is mainly a group of clients who meet regularly to provide you with advice and direction. If you don’t have strong personal relationships with your clients, then this is a sign that your current financial advisor marketing plan needs to be revised. This approach will help you gain insight into your clients’ experience. This will also help with referrals as satisfied clients are the best to boost your reputation as a financial advisor.
6. You don’t have client appreciation events:
These are events where your current satisfied clients come to an event with 2 or 3 potential customers who get introduced to your financial advisor services. This should be a part of your marketing plan to offer leverage to your ideal clients by organizing a special event in a private venue. A follow up with guests is the best way to approach new clients.
7. You don’t have the formal system for referrals:
Your new marketing plan should be clear on how to ask your current clients for introduction and referrals. First, you should make sure that you have strong relationships with the client and that you can ask them for referrals. You also need to make sure that have you something to deliver to your high-value clients that would most likely encourage them to introduce your services to someone else.
8. You don’t have a proper network:
A network is the key to success and is crucial to marketing financial services. You can either choose to join a successful network or create your own if you want to reach more customers. A big part of your marketing plan would be collaborating with other people who might be interested in the same customers. This might include an accountant, an attorney or a mortgage manager. These people will help you to get to know more potential customers as your services are highly related to each other. Your marketing plan should involve a lot of effort put to make your network grow.
9. You don’t educate your customers:
It is important to educate your potential customers because educated customers will be able to take the right decisions on their own. Your marketing for financial advisors should focus more on targeting a need or solving a problem rather than focusing on a product.
10. You don’t offer a second opinion:
You should offer second opinions as a part of your marketing plan. Offer your clients the chance to meet you further to discuss their situation in more details and to answer more questions if they are not sure.