Financial Advisors - It's Time to Ramp Up Your Marketing Plan

We've been through a pretty tough time in the last year. Some clients may have left your practice. Some clients may be discouraged. But all clients need you more than ever in this new environment.

It's time to ramp up your marketing and get your prospect-generating machine into high gear. Getting new clients is all about strategy and action. You must be willing to do the work that comes along with success.

Is this you?

Joe is an advisor with twenty years in the industry and $25 million under management. He spends his days responding to client calls, meeting with the occasional client, and tackling paperwork. He's a bit discouraged because he's lost a few clients over the past year. He's an introvert and although he engaged in public speaking in his early years as a financial advisor, he hasn't stepped outside his comfort zone at all in the past five years.

Joe calls me and says "Can you help me get new clients?" and I say "How do you feel about change?"

You need to ramp up your marketing if you want to get new clients, and you may need to change and get out of your comfort zone. You'll need to set up the correct actions and activities so that you can create a pipeline of new prospects. If you really want to kick your practice into high gear but you've been in business 20 years, you will have to go back to square one and begin devoting 30% to 50% of your time on marketing.

The truth is:

• If you are not speaking to any new prospects in your daily activities, it is highly unlikely that you will get new clients.
• If you are not leaving the office at all during the typical day it is unlikely that will you close any sales.
• If you are not proactively managing your practice like a business, it is unlikely that you will attract new business.

So what's a seasoned advisor to do? Let's keep this simple. You need exposure to new prospects. FAST! Here's how:

• Get your local business journal or business section of the newspaper
• Work on a new 30 second commercial - make sure you keep it free from jargon and speak to benefits your clients will receive from working with you
• Find 3-5 networking meetings per week (more if you are newer)
• Try to find some industry-specific networking to create a new niche
• Attend each meeting and judge which are the best fit for you
• Create a prospect pipeline using your CRM software
• Call each prospect and set up coffee (do not email - emails can be too easily deleted)
• Ask how you can help. Ask open ended questions about life and finances
• Use email software to keep in touch with clients - use a monthly newsletter

Getting new clients isn't rocket science, but it does involve a systematic approach. You must have a daily success practice that guides your daily activities and helps you keep the pipeline full of new prospects. After all, if you don't leave the office, it's unlikely you'll get new clients.