Financial advisors are in demand. Growth-minded advisory firms, therefore, need to go beyond traditional job boards and get more creative with their recruiting strategies when looking to hire another advisor. According to a Cerulli Associates report, over the next 10 years Cerulli estimates more than 111,500 advisors will retire, representing more than one-third of the workforce and assets. One way to address this outpouring is to make retaining and recruiting financial advisors a firm-wide effort, encompassing every team member — from receptionist to managing partner. Build the process into your culture, i.e., when your admin is at a holiday gathering...
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Clearly, most individuals from Generation Z have few assets, given their young age. Yet many financial advisors don’t realize the strong influence Gen Z children have on their Generation X parents, investors who have assets and need your financial advice. In this post, I provide background regarding Gen Z’s influence on Gen Xers and highlight how you can insert yourself into a discussion between the two, ultimately cementing relationships with your Gen X clients by boosting trust with their Gen Z children. Gen Z’s Influence Over Gen X Investors In a recent McKinsey Podcast discussing Gen Z and millennial...
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Last week, my financial advisor made a simple gesture, creating feelings of belonging within me. He sent me a box of chocolates. Really, Sharron? That’s not original. True. Yet, upon opening the box, I immediately felt a part of something. With one simple gesture, my advisor let me know I was a member of his community. Furthermore, he shaped a situation that spurred a thank you outreach from me. Ultimately, he created an environment I felt welcome in while building a client touchpoint for himself. Given this simple, yet fulfilling client experience, I pondered what else advisors could do to...
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Whether it’s her birthday, anniversary or Mother’s Day, giving a small gift to your female advisory clients ultimately helps advisors deepen relationships. The most important part of the process is to let her know you’re thinking of her. Therefore, here are 10 ideas for financial advisors that won’t get you into regulatory hot water, and are easy to purchase and distribute. 10 Gift Ideas for Female Advisory Clients #1 – Virgin Olive Oil – Most affluent women understand that virgin olive oil is good for them and their family. #2 – Flavored Teas – Perhaps she doesn’t drink tea....
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When was the last time you considered how clients perceive you and the outcomes stemming from these perceptions? Without accurate information to base our decisions upon, our day-to-day business growth efforts will be inefficient. Therefore, before starting any new long-term initiative, first capture a clear understanding of your clients’ perceptions regarding your current situation. For example, here’s a simple list of probing questions to ask clients in order to determine whether they view you the way you want to be viewed: Financial Advisor Client Perception Questions #1 — What questions do you wish I’d ask? #2 — Are...
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My goal is to increase investor sales leads for RIAs and other financial services firms. Therefore, when I write for an advisory firm or similar, I follow a process that lures the reader to your call-to-action. For this to happen, I need to hook the reader immediately using the headline or email subject line and the first few sentences within the body copy. Other key steps include ensuring that I’m speaking to a specific audience, e.g., pre-retirees age 50+, baby boomers, wealthy widows, etc., and that my body copy expands on the headline topic, minimizing an informational bait and...
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If you’re searching for financial advisor publicity ideas, consider this twist using a traditional marketing channel… There’s an advertising vehicle within most wealthy communities that can indirectly generate publicity for your advisory firm. It’s your local community newspaper, typically published weekly or monthly. I’ll explain the twist as well as offer a way to keep costs down. Find Wealthy Clients Through Community Newspapers First, by advertising in your local community newspaper, you’re supporting your community, which many prospective investors find appealing. Plus, almost every wealthy individual age 50 and older reads it. Maybe not the day it arrives, but sometime...
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