CPA firms both large and small are investing thousands of dollars a year in bringing clients and resources together for social and educational panels, dinners, happy hours, briefings, CFO breakfasts and more, in the hopes of not just thanking their existing clients, but obtaining new clients through the process. Yet the results are mediocre at best. What are some best practices in having more impact through the client events you host?
Many times, millennial advisors and those just entering the industry get quite intimidated proving their value and worth to a successful prospective or existing client, particularly when there is a huge dispersion between the advisor’s age and that of the investor. Traditionally, the methodology to get around this fear has been “Fake it til you make it”. Our Introversion Coach, Heidi Brown, states otherwise.
Read our latest white paper published on the Michael Kitces website. Sales training programs should be designed around an advisor’s specific personality type. Learn about the three Consultative Sales Personalities our firm has identified, and specific strategies each of those personality types can employ to turn your unique challenges into business development advantages.
Are there specific triggers that stop you from performing at your best in your career and with your clients? Are there fears you have about putting yourself out there to develop more opportunities for yourself and for your team? Those may be due to ghosts from your past, which Sarah Hodges, our productivity coach, describes here.
Bringing in new clients into an advisory practice is the lifeblood of any business, yet there are still sour thoughts from some professionals on the old-fashioned way of cold calling prospects. In this article we discuss the new methods for growing a wealth management practice, by serving as a true consultant to those who can benefit.
Hunting for clients can prove challenging for both new and veteran money managers alike. How to spot the best prospects in a crowd of tuxedos and gowns at a gala--or in shorts on the golf course, for that matter--is a skill that can take years of experience to develop. It isn't easy to determine who is truly wealthy or who is looking for a financial adviser.
The number one constraint holding us back from growing our practice is time. With so many obligations, from family to client servicing, it seems like a waste of time to go to a networking event or take out a referral source to yet another lunch. Read this article we published in Barron’s to hear our views and recommendations for better managing your time.
Women are poorly represented among the nation’s fastest growing and largest financial advisors. Even when there are no external roadblocks, women are often stymied by self-doubt: With one or two rejections, they decide this just isn’t for them. But there’s a deeper obstacle, one that I’ve seen consistently in my own successful advisory career and now as an advisor coach. Very simply, most women are afraid to bring out their persistent, more forceful nature—they’ve been conditioned to keep it under wraps. But that nature is essential to get in front of more opportunities and close business. Here's how to conquer that.
Prospecting in the wealth management industry, if done properly and with good intentions, simply means finding more people to educate. Period. It shouldn't feel daunting, it shouldn't feel uncomfortable, it shouldn't feel intrusive.
According to recent research reports, there are over 11 million millionaires in the US alone. Furthermore, every day, new millionaires and liquidity events are in the making with the advent of technology, ease of starting a business, more divorce cases, more women breaking the glass ceiling and taking on high-paying roles, and much more.
There are so many ways for wealth managers to get in front of such families and individuals in order to showcase their platform offerings and solutions. With investors more confused than ever about the future of the economy, their income status, risk management, cybersecurity, family dynamics planning and legacy structuring, etc, financial advisors who can find better ways of getting in front of these prospective investors are only helping educate more people in this world.
Yet, most advisors I speak with keep telling me their only approach for growing their practice is through referrals.
As powerful as referrals may be, they are also like hanging on a shoestring. Unpredictable and out of our control. Here's the good news! Referrals will actually significantly increase if advisors diversify their approach and show more proactiveness in prospecting. As you look for alternative ways to grow your practice, not only will you increase your pipeline of prospects, but you will also be rewarded with more referral opportunities. It's just how the universe works! The harder you work, the more your luck will increase. Can anyone disagree with that?
The topics on this video about prospecting and connecting with ultra high net worth prospects will be what I will go much further into in our upcoming Prospecting Workshops, but I wanted to show this to you so you can get some background information.