Published in Barron’s on October 3, 2023
Listen to the podcast recording with Greg Bartalos
Below is a summary of the podcast directly from Barron’s:
Financial advisory firms that identify, and double down on, the interests and passions of their employees have more effective and motivated teams than those that exclusively focus on monetary compensation, says Amy Parvaneh, founder and CEO of Select Advisors Institute, a full-service marketing and sales management firm.
“The whole reason why I even started talking about compensation planning and how do you reward your people really stems from the fact that I could write all day long different sales manuals for teams. I could make the world’s best website. I could write everyone’s best messaging and pitch. But unless there’s that internal motivation from the actual people within the firm, all of that is just going to be kind of like a car sitting in a garage. I always say what we create is the car. We need the people on the team to be self-motivated.”
Parvaneh, who worked previously at Goldman Sachs and Pimco, says that beyond financial compensation, some employees are motivated by recognition while others seek self- improvement or influence. Those that are “cause motivated” are “driven by things beyond money,” she says. “You think of some of the biggest CEOs in the world right now. They are already billionaires. They don’t need any more money, so what’s driving them?”
Harnessing the power of employees’ interests. “I’m really big on how you motivate people to do things. One part of it is financial compensation. How do you structure it? The other part is nonfinancial compensation. It doesn’t just have to be with money. It could be to read into people’s brains and what motivates them and be able to build out programs and different reward systems that will trigger them to want to do things without you having to constantly nag them to do it.”
Using an assessment to identify skill sets. “The first thing I advise my clients to do is to take what we call the Select Advisors Rainmaker test. It has been created by our firm by looking at the data of all of the advisors that I’ve coached and consulted throughout the years. We started the firm in 2014. And we look for common skill sets. What we’ve realized is that there are pretty much about 12 essential skills that an individual needs to have, and if not be groomed around to become really good at sales.”
Clarifying what sales represent in your practice. “Step back and clarify what you mean by the word sales, because sales means different things to different people.
Your receptionist can say, “Well, I’m getting sales because I was really nice to a little lady who walked in and I gave her coffee, so I kept the client.” It could get very blurry if you’re not being very clear. No, when we say sales, we want cold leads, or we want wallet share, or we want client retention. Just be very clear about it. From there, you could mathematically figure out what the financials should look like.”
Read the rest of the article here
Have questions and challenges around how to promote more of a “sales culture” within your organization, without being salesy?
Want to improve your compensation, splits, revenue share and bonus structures to be better aligned with your ultimate goals?
Have given up on your team’s ability to bring in new business and considering hiring an external Business Development person?
Frustrated with your firm’s lack of growth beyond market performance and referrals?
Set up an introductory call with us to share how we can help. Our toolkit is listed on this page.
What are the components of financial advisor marketing so you can stand out from the crowd, get new clients, and become a household name? As a one-stop done-for-you outsourced CMO and marketing agency to financial advisors and wealth management firms, we have got the answers for you. Read our blog to learn more!
This article is about financial advisor marketing. It talks about the top financial advisor marketing tips and the ways you can enhance your growth and visibility as a wealth management firm.
In a competitive landscape where referrals are a key driver of success, financial advisors must continually evolve their strategies to stay ahead. Referralytics is the integration of research methodologies which offers a dynamic and strategic approach to maximizing referral potential, deepening client connections, and expanding opportunities for growth. Learn more in this article!
Behind on your annual sales goals? It's never too late to get back on track and finish the year off meeting the goals you set for yourself and your team in January. Here's how.
Rather than getting “I don’t know anyone right now” to your hint at getting more referrals from your clients, utilize the Referralytics™ methodology! Read this article to learn more.
Are you a financial advisor looking to get more referrals from attorneys and/or CPA’s? Or are you a CPA/attorney and looking for more referrals from financial advisors? Whichever camp you fall into, this interview can help!
Building a strong relationship with your clients beyond managing their money and speaking about their finances can be one of the most critical components to growing your practice.
Small gestures of appreciation can have a significant impact. By sending anniversary emails, hosting client-specific events, encouraging social media connections, producing monthly video updates, organizing webinars and educational events, and sharing regular newsletters, you can maintain a more robust connection with your clients without much hassle. These efforts show you care and help your clients trust you more, keeping them loyal to you over the long-term.
Select Advisors Institute offers comprehensive marketing solutions tailored specifically for financial advisors. With expertise in digital marketing, their services include email marketing, social media management, website design, search engine optimization, and advertising. These strategies aim to increase visibility, generate leads, and drive revenue for financial advisors. The agency also specializes in seminar marketing, strategies for registered investment advisors (RIA), and marketing plans. Select Advisors Institute's personalized approach ensures that each client's unique needs are met, helping them stand out in the competitive landscape of the financial advisory industry. By outsourcing marketing to the agency, financial advisors can save valuable time and benefit from the agency's industry knowledge and specialized resources. The article emphasizes the benefits of working with an investor-specific CMO, such as avoiding the costs and challenges of hiring an in-house marketing team. Overall, Select Advisors Institute offers a range of services and expertise to help financial advisors succeed in their marketing efforts.
This blog post explores the importance of improving referral quality for financial advisors. While receiving referrals is typically viewed positively, advisors often encounter referrals that don't align with their target client profile or fail to convert into actual clients. The post highlights three key factors contributing to this issue. Firstly, the lack of clarity on the advisor's niche market, emphasizing the need for a specific and well-defined ideal client. Secondly, referrals driven by niceness rather than suitability, necessitating client education on making appropriate referrals. Lastly, the importance of strong sales coaching and consultative skills to effectively convert referrals into clients. Addressing these factors can optimize referral processes, attract ideal clients, and foster business growth.
A January 2024 report showed that more than half of the world currently uses social media (62.3%). 5.04 billion people around the world now use social media, with 266 million new users coming online within the last year.What’s more: The average daily time spent using social media is 2h 23m!
So how can financial advisors and financial planners maximize their social media marketing strategy so they can better engage with their clients and find new prospects? This article goes into some strategies and methods!
In a fiercely competitive industry, financial advisors must prioritize effective marketing to attract clients and drive business growth. Crafting a well-structured marketing plan, leveraging the power of digital marketing and social media, collaborating with specialized marketing agencies, and providing valuable content through content marketing are key strategies to achieve success. By adopting innovative tactics and utilizing marketing automation, financial advisors can differentiate themselves, build credibility, and establish strong client relationships.
Select Advisors understands the challenges businesses face when integrating AI into their practices. Our AI consulting services offer tailored guidance and solutions to fully leverage the potential of AI. From devising bespoke AI strategies to selecting the right development partner and providing ongoing optimization, we ensure sustainable growth and success.
Networking is crucial for career development and business growth. Mastering networking skills leads to valuable connections and opportunities. Strategies include making connections during introductions, confidently approaching groups, excelling at small talk, avoiding controversial topics, and knowing when to move on.
This interesting research paper from 2014 captures major insight into the behaviors and circumstances that would trigger wealthy clients to refer friends and colleagues to their wealth manager.
Are you finding that your marketing and sales efforts are falling short of expectations, leaving you frustrated or surrounded by excuses? It's time to break free from the mundane routine and discover a more intentional approach to your growth efforts. This article outlines how, by first understanding the difference between a marketing strategy and a marketing plan.
YOU and your clients believe you are trustworthy. But how can you prove that to those who don’t know you? Is there a benchmark for measuring your trust level against, so you can measure your stats and improve them if need be? We believe so, and we want to show you the building blocks around measuring “trust.”
Gamification is a powerful tool that can enhance performance and growth in finance, law, and accounting. By applying game mechanics to non-game contexts, it drives engagement and motivation. This article highlights the benefits of gamification and offers five strategies for financial and legal professionals to implement. These strategies include referral contests, financial education quizzes, thought leadership contests, and more. Gamification can increase engagement, improve knowledge retention, foster collaboration, provide real-time feedback, and support continuous learning and development. By embracing gamification, professionals can create an exciting and dynamic workplace culture while empowering their teams to succeed.
Why you may want to outsource your Chief Marketing Officer Role to a full agency that focuses exclusively on the financial and legal industries, rather than looking to do it all inhouse. This article is about financial advisor marketing through a wealth management marketing agency that can help you, with a CMO and entire team of experts.
A branding case study on turning a mundane product or service into a rebellious, heavy metal-inspired brand that resonates with consumers. Dive into this fascinating case study and uncover the power of daring to be different, embracing authenticity, and disrupting traditional marketing norms, and learn lessons on applying it to your financial, legal or accounting practice.
Advisors are starting to be modernized to the 2020’s by the SEC! In this video interview with attorney Chris Stanely, we learn more about the details of the new adopted amendments to Rule 206(4)-1 under the Investment Advisers Act of 1940 (the Advisers Act) to modernize the regulation of investment adviser advertising and solicitation practices. More importantly, we discuss how to maximize these updates for your practice’s marketing efforts!
People envision the ultra high net worth lifestyle to be nothing short of perfect - Glamorous, fun, relaxing and liberating. What most people don’t know is the downside of extreme wealth. We have covered those challenges in this article.
Managing a sales team, or developing a new one, can be frustrating, especially if you don’t know how to best coach your team around sales to develop their pipeline. In this article, we’ve outlined 10 questions to help shape your meetings for better outcome.
Have you ever wondered what goes on behind the doors of the world’s most private members clubs? Discover the opulence of London's newest and most private enclave; where history, art, and extravagance converge. We unveil the secrets of Apollo's Muse, redefining luxury and exclusivity.
Salary and compensation levels for various roles and titles within the family office space. While these are numbers driven from the single family office space, they can be used as reference levels for the wealth management industry as a whole.
Amy Parvaneh was recently published in Barron’s, and recorded for Barron’s Advisor Podcast, about compensation and pay packages that are most suitable for advisory teams and firms around business development. In the recording, she discusses the downfalls of the traditional revenue split, and how to best align your team’s roles and responsibilities (including around business development) with their personality.
How to pay your staff for business development as an RIA? What are the different compensation models for RIA’s for bringing in new business? This article explains it all!
Choosing a name for your practice should not be taken lightly. Name ideas for a wealth management practice are aplenty, but most advisors seem to lean towards the same style and approach, which can be hurting them in the long run. Read this about the art of naming a new or existing advisory practice!
Advisory firms are always seeking ways to expand their brand recognition. One avenue that deserves series consideration is Sports Sponsorships and Marketing. This article discusses how sports sponsorships can help you reach a major new category of eyeballs, but is it always worth it? Let’s find out!
In this video, I discuss the future of the wealth management arena given the advent of AI, as well as discuss how wealth management firms can take advantage of adding Family Office services to their practice. What are family office services beyond investing, tax and legal? What other services should you add to your wealth management firm to truly stand apart from the competition?
Our sales training and coaching for financial advisors programs can help you learn about:
best sales training for financial advisors, sales training for financial advisors, financial planning sales training, financial advisor sales training, financial advisor sales coaching, financial sales training, wealth management sales training, financial sales training program, top financial advisor training programs, best financial advisor training program, financial services sales training, financial sales coaching, best financial advisor training, financial advisor sales, best financial advisor programs, training for financial advisors, investment advisor training, training for financial advisor, financial advisor training, best financial advisor development programs, new financial advisor training, best financial advisor training programs 2022, financial advisor training programs, trusted advisor sales training, eszylfie taylor net worth, best financial advisor training programs, investment advisor training program, financial advisor programs, sales training gurus, courses to become a financial advisor, course financial advisor, finance advisor course, investment advisor course, best sales courses, financial advisor courses, financial advisor course, private sales training seminars, financial training programs, financial advisor course free
This article is about financial advisor marketing. It talks about the top financial advisor marketing tips and the ways you can enhance your growth and visibility as a wealth management firm. Whether you’re an RIA, independent advisor, wirehouse advisor, or any other fiduciary that services end investors, you can stand out through customized marketing. Read our article to learn how!