Displaying items by tag: clients

There are numerous ways for an advisor to expand his or her client list, but approaching people you know might be one of the lowest-hanging fruit. However, approaching them in the wrong way will only end up in rejection. Bryce Sanders, President of Perceptive Business Solutions Inc. recently wrote an article for ThinkAdvisor on how best to approach people you know for business. According to Sanders, the first step is to identify their need and research the issue. For instance, if you’re talking with someone, listen carefully when they speak. You may realize they have a problem on their mind. The next step is to discuss the issue and demonstrate an understanding of it. You know there is something on their mind and as a friend, you are concerned. Try to “tactfully” draw it out. Next, assess their level of comfort or unease. They might be thrilled you spoke up or ask you to back off. The fourth step is to view the situation as a third party. Make a list of all the potential solutions or approaches to their issue. Then offer to do something for free. You could say it’s not the first time you heard about the problem and then connect your friend with a specialist at your firm. After you meet with the specialist, present your friend with a turnkey solution. If they say no, gently follow up.

Finsum:Bryce Sanders, President of Perceptive Business Solutions Inc. recently wrote an article for ThinkAdvisor on the best steps for approaching your friends for business, including identifying their needs, demonstrating an understanding, offering them free advice, and gently following up.

One of the biggest challenges for financial advisors is growing your client base. Rebecca Lake, CEPF recently penned an article for SmartAsset providing strategies on how to get more clients. According to Lake, the first step is to know your audience. Knowing whom you want to serve can help shape your marketing efforts in appealing to your ideal client. This can include demographics such as age range, marital status, children, and average annual income. Lake also recommends niching down in terms of your advisory services. This can help grow your client base by focusing on a smaller number of potential clients and offering a specialized service that they're seeking. Lake notes that the smaller the niche, the “greater the opportunity you have to grow your client base if you're one of only a handful of advisors who are meeting the needs of that market segment.” The next strategy is to fine-tune your brand. This can include a good logo, especially when it's linked to a catchphrase or slogan. Next, networking with other individuals in the financial services community can boost your visibility. The final strategy is to leverage your existing clients by asking for referrals, which can be a highly effective way to get new clients, but make sure to frame the ask carefully.

Finsum:Rebecca Lake wrote an article for SmartAsset on how to grow your business, including strategies such as knowing your audience, finding a niche, fine-tuning your brand, networking, and asking for referrals.

One of the toughest challenges a financial advisor will face is finding clients that are willing to trust you and let you manage their money. Suzanne Wentley, a professional writer and marketing consultant wrote a checklist article for the email marketing firm Constant Contact on how to get clients as a financial advisor. Her first action step is to nail your pitch and create a proposal packet filled with information that lets your prospective clients know what sets you apart from other financial advisors. Her next step is to improve your website ranking. She recommends a well-designed, mobile-responsive website that is optimized for SEO by integrating keywords that people search for. Wentley’s third step is to get listed in directories such as The National Association of Personal Financial Advisors, Garrett Planning Network, Boomerater, Paladin Registry, and the Financial Planning Association Directory. Her next step is to request and monitor reviews. For instance, when someone leaves a review, you should respond to it quickly and professionally. Wentley’s fifth step is to find networking opportunities through LinkedIn or hosting small in-person events. Writing guest blogs is another tool to gain new clients. Look for relevant sites where your clients are likely to spend time and submit blog ideas to those sites. The seventh and final action step is to try paid advertisements as such as Google Ads and see what keywords and messaging are most effective.

Finsum:Marketing consultant Suzanne Wentley provided a seven-step action plan for getting clients, including nailing your pitch, improving your website ranking, getting listed in directories, requesting and monitoring reviews, finding networking opportunities, writing guest blogs, and trying paid advertisements.

According to a Cogent Syndicated report from Escalent, advisors are not optimistic about the future of ESG investing partly due to growing political tension. Last year, 58% of advisors used ESG investments, down 10 percentage points from 2020, according to the Livonia, Michigan-based firms survey of over 500 financial advisors in September. In addition, only 15% of advisors who used ESG agree with its importance, while the majority of advisors don’t think ESG investing is a significant factor in attracting new clients. As part of the report, Linda York, a senior vice president in the financial services research division of Escalent, stated, “In the past six months, the topic of ESG investing has become even more divisive as political tensions rise. With firms suffering public backlash from using what many call ‘woke’ investment strategies, many advisors are waiting for clarity from regulators before using ESG investments. Increased supervision from federal or state legislature with added qualifications and reporting can only help in terms of ESG becoming more popular among advisors and investors alike.” In examining the reasons for the growing tension, Escalent said that advisors were concerned by the inconsistent definitions and perceived negative public sentiment of ESG.

Finsum:Based on the results of a recent report from Escalent, advisors are not optimistic about the future of ESG due to inconsistent definitions and perceived negative public sentiment.

According to survey findings published by Natixis Investment Managers, fund selectors are enhancing their model portfolio offerings. Natixis surveyed 174 investment professionals in North America who are responsible for their firms’ top-of-the-house selection of funds into which $18.7 trillion in client assets are invested among private banks, wirehouses, registered investment advisors, independent wealth managers, and other advisory firms. The findings are part of a larger global survey of 441 professional fund selectors, which was conducted in December 2022. Based on the survey results, fund selectors are enhancing their offerings because model portfolios help to streamline the investment management process (86%), enable advisors to spend more time addressing client needs (82%), and help to ensure a consistent investment experience for clients (77%) while managing risk exposure for the firm (78%). They also agree that heightened market volatility is accelerating advisors’ use of model portfolios (65%), while models enhance the alpha potential for their clients (62%). The survey also found that 58% of fund selectors are finding a greater need for specialty models to complement the core models that advisors use for building client portfolios. The types of specialty models include models with enhanced customization tailored to high-net-worth clients (46%), models with a focus on alternatives (42%), income generation (43%), tax management (38%); sustainability (34%), and thematics (28%).

Finsum:Based on the results of a Natixis survey, fund selectors are enhancing their model portfolio offerings to help to streamline the investment management process, and enable advisors to spend more time addressing client needs, while managing risk exposure for the firm (78%).