Displaying items by tag: practice management

Imagine trying to initiate an exercise regimen. At first, at least, it can seem a little daunting, huh?

Well, now, say you’re in practice management and thinking about developing a brand, starting with a blank slate. Whoa; you might feel as if you’ve bitten off more than you can…well, you get it.

So, three cheers for the helping hand. The checklist, according to lpl.com, can include choosing a name to coming up with a professional logo. These decisions have long term ramifications, so the pressure can be on.

With that in mind, a few pointers:

• Define your value proposition
• Pick your DBA name
• Develop a logo
• Develop a Website
• Execute with Consistency

Think about it: It’s a reality in today’s world: you’re a brand – and it’s incumbent upon you to not only develop yours, but market it, and get comfortable while you’re at it, according to hbr.org.

After all, personal branding’s an intentional, strategic practice. You’re defining yourself and putting your value proposition out there.

You can benefit in a host of ways from a potent, well managed personal brand. It bucks up your visibility can help advance your network and reel in newbies.

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.

During a recent ThinkAdvisor FMG sponsored webcast titled “How to Drive and Close More Leads in 2023,” Samantha Russell, chief evangelist at FMG, and Susan Theder, chief marketing, and experience officer at the firm, outlined ways advisors can improve their lead generation efforts this year. Both Russell and Theder believe that holding webinars and other events is a great way to generate leads, but have found that only 23% of advisors are utilizing them. They recommend that advisors pick topics that go beyond financial issues as most people are not thinking about their financial issues all the time. For instance, Theder said that in the “most successful webinars I’ve seen, advisors do combine multiple different professions.” So, an advisor could talk about wellness and bring on a nutritionist, an estate planner, and a mental health professional and have a discussion that covers more than just the financial aspect. They also recommend picking topics that are timely. For instance, during February, tax issues are a great topic to discuss. They also suggest keeping the webinars short. Russell says “Between 30 and 60 minutes is really ideal for a webcast or webinar.” In terms of marketing your webinar, make sure you’re really specific with the title. Russell and Theder also recommend sending at least three promo emails and use Google Reviews if your firm allows it for SEO purposes.

Finsum:During a recent ThinkAdvisor webcast, Samantha Russell and Susan Theder of FMG recommend utilizing webinars to generate leads this year.