Good Things Come to Those Who Initiate
I bet you know the person we’re about to describe.
He/she is dissatisfied with the way things are in the office and feels compelled to let you know - repeatedly.
Day-after-day, week-after-week, month-after-month, they’re:
- upset with the boss,
- frustrated with co-workers,
- certain they are getting the short end of the stick,
and remarkably, not compelled to do anything about it.
We’ve always been baffled by co-workers like this. It’s as if they’ve turned over their career to everyone around them and are later miffed that things aren’t going their way.
While this is an extreme (but very real) example, we’ve found variations of these same symptoms in many ambitious and otherwise successful people. In fact, we have had seasons in our own careers where we began to spin in the self-pity cycle.
So why is it that people fall into the “good things happen to those who wait” mentality?
There are a lot of reasons.
- Lack of formal career development opportunities
- The boss never asks about their aspirations
- Absence of mentors
- Complacency: doing nothing is easier than doing something
- Self-doubt and fear of failure
It’s sad because it’s a recipe for career disaster that should be avoided at all costs.
Good things come to those who initiate
You’ve already initiated many aspects of your professional journey. You went to school, picked up a degree or two, perhaps some professional designations. You applied for jobs and were hired. You get the picture.
You made it this far, so why not go further?
What is it that you’re looking to accomplish? Are you hoping to build a new skillset? Get experience in working with a new type of software? Try your hand at leadership? Find a new job?
When you initiate you make conscious choices to move in the direction of your aspirations
It’s the difference between being the driver or the passenger.
The passenger can sit back and relax, take in the scenery or take a nap - but they have no control over how long it will take to arrive at the destination - or if they arrive at all.
The driver, on the other hand, can choose the scenic route or the freeway, elect to stop at every roadside attraction or drive straight through. She may be tired when she arrives but she will have driven the course of her choosing to the destination of her choice.
So, you can hope someone will hand you an opportunity, or you can take steps to make that thing you’re looking to accomplish actually happen. And there are lots of ways to do that.
- Communicate with your manager and peers. They were not hired to be mind-readers. If you don’t make your interests known, it’s highly unlikely that anyone will figure it out and be able to help you.
- Make a plan and write it down. This is critical when your goal is something bigger and more multifaceted like earning a promotion or finding a new job. Once your plan is written, ask a mentor or someone you respect professionally to review and discuss it with you. You’ll not only get feedback but the act of sharing it will make your goal seem real and less ephemeral.
- Have an open attitude. An interesting thing happens when you begin to initiate. As you take action to move in the direction of your goal, others begin to respond, sharing ideas and information. And sometimes, if you’re open, the conversations that ensue lead to new opportunities.
- Believe in yourself. You made it this far, of course you can go further. We all have self-doubt. Nobody likes to fail. Push through all of that and initiate - and don’t ever stop.
One of our most trusted mentors told us long ago that choice not chance determines your destiny. “What are you waiting for?” she said to us, “Get busy doing it!”
If you know someone who would benefit from this post please share it.
Capturing the Attention of Millennials: Be Relevant and Digital
I know Gen Y are stereotyped as being transient, digital natives who are impossible to capture, but that is just the world we live in today. Technology has caused a proliferation of advancements and the financial services industry is (or should be) feeling the pressure. We have seen the rise of the robos, fee compression, virtual advisors, and various regulatory changes, all culminating to challenge financial advisors to find ways to cut through the noise to demonstrate their value.
Developing an effective marketing and lead generation process that’s tailored to millennials is vital for two key reasons:
- It’s the only way you’re ever going to capture their attention
- It’s the only way your business can remain profitable serving this demographic
Let’s be honest; there is a bit of an over-hype and obsession with millennials right now (don’t get me wrong, I’m obviously a fan). Nearly every business is starting to ask itself, “How do we capture this next generation?” And they’re spending tons of time and resources devoted to this one demographic. So think about all the different emails, social media and digital advertising you’re competing with, even beyond just the financial services industry. Whatever you put out there will have to be niche to their needs in order to capture their attention – and will have to feel authentic if you want to build enough trust to get them to engage.
As you begin to assess your ability (or desire) to serve younger investors, the question about profitability will inevitably come up. The traditional marketing advisors do today for their HNW investors is just not an effective or profitable way to target millennials. No COIs, business networking, client events, newsletters – that takes up way too much of your time. Instead, you should take a more scalable approach using digital marketing and messaging that actually resonates with your intended target market. Serving millennials should not be a loss leader; that’s exactly why segmenting and tailoring your marketing will be vital with this demographic.
Bringing it back to our friends Marg, Chip and Drew
In order to assess what type of marketing will effectively capture the attention of our three millennial personas, we need to answer these questions:
- What are their aspirations?
- What are their problems?
- When is the best time (in their lives) to capture their attention?
Marg seems to be more reactive and short-sighted, only seeking advice when there’s a triggering event causing her stress. Chip and Drew tend to have relatively similar characteristics, which you’ll notice quite a bit throughout our research. Aside from income, assets and debt levels, Chip and Drew tend to have the same needs and preferences. This means that you can take a relatively similar marketing approach in terms of messaging, but you’ll need a slightly different approach for each party later on, when we get into fees and service models.
Chip and Drew tend to be a little more financially mature than Marg; they look at longer-term goals and aspirations. The only exception would be that, when it comes to how these three define financial success, they all answered, “Having enough savings to retire when I want” as their top choice.
With the goal of tailoring your marketing messaging and approach to effectively engage these different segments, here are our recommended approaches.
Marketing to Marg
Topical blog posts and social media are the way to go. Even though Marg might not be ready for or in need of your professional advice quite yet, you can still find scalable, automated ways to prospect her (with the long-term goal of eventually capturing her once she becomes more like Chip and Drew). The key is to identify those triggers that cause Marg to seek help and find a way to insert yourself into the picture through digital marketing.
Writing a blog with topical posts that address key questions or issues that Marg might Google or research in her time of need is a great starting point. Think of blog titles like: A 5-Step Guide to Building a Budget, What to Do When You Have Credit Card Debt, and How to Improve Your Credit Score. Even though blogging might feel like it takes a lot of initial effort putting together the content, once it’s written, it can be leveraged in so many ways that you can actually realize a return on that investment of your time.
One blog post can be broken down into 10-20 different social media posts, posted on many different social media platforms (Twitter, Facebook, Instagram, etc.), and can be used for months after the blog goes live. And, over time, that content will accumulate and improve your website’s visibility in search engines (that’s search engine optimization) to increase visitors and visits from people like Marg.
Marketing to Chip and Drew
Build a targeted marketing campaign focused on life event planning. Retirement is still a very important issue when it comes to emerging wealth prospects like Chip and Drew. Not only do they define financial success as the ability to retire when they want, they also cite retirement planning as the top financial issue they want more help with. However, big life events are the key trigger for Chip and Drew to take action on their finances. And so the key to capturing these millennials is by striking at the peak of their interest – when these life events happen.
But before you can market messaging and content specifically focused on life events like marriage, first-home purchase, first child, and change of career, you have to first address any potential branding issues. If you’re serious about wanting to engage this group, your brand and website cannot be hyper-focused on traditional financial advisor themes like retirement, investing and wealth management. Expand your current brand or create a separate brand geared to this demographic that focuses on financial planning for life events (which can still include retirement as one key component). Then build topical messaging and content that plays to each life event, like “3 Financial Musts After Having Your First Child.”
If you’re fully committed, you could even take it a step further by implementing marketing that specifically targets millennials going through specific life events. For example, you could pay to promote social media posts or ads that only target millennials between the ages of 28-30, the average age most millennials are getting married . Maybe you purchase ads on blogs or other websites like The Knot for newlyweds or The Bump for new parents. You could also identify social influencers who blog or speak about life events and other topics affecting your target market and look for cross-promotional opportunities. The more targeted your marketing and content, the more likely you are to cut through the noise and capture millennial attention.
This brings me to a key point
Marg, Chip and Drew are not niches; they are merely personas representing 3 key segments within the millennial cohort. However, niche marketing is a very powerful tool that should not be overlooked when discussing effective ways to market to Gen Y. The more niche your content and targeted your advertising approach, the more effective your marketing will become in grabbing their attention. Case in point: A 33-year-old dentist is much more likely to click on something titled “Dos and Don’ts of Tackling Debt from Dentistry School” than a generic title like “Dos and Don’ts of Tackling Student Loans.” You want millennials to feel your content to is talking specifically to them – and that you’re a resource who understands the needs and issues of people just like them.
To those advisors who still aren’t really interested in serving millennials, but are using this series as an opportunity to review industry trends – this niche thing is not just for millennials; it can be an effective marketing tactic to use with all generations of all ages. There are so many changes going on right now in financial services that can confusion among investors and muddle your value proposition as a financial advisor. Recent technical innovation has caused a proliferation of many different business models in our industry. You’ve always competed with DIY platforms, but now (whether you like it or not), you’re being compared to robo and virtual advisors who likely spend a lot more on digital marketing and targeting than your traditional advisor. That’s why niche marketing can play a key role in helping you to cut through this noise and grab the attention of potential prospects (no matter what age they might be).
To learn more about outsourced services that help you grow - saving you time, increasing profitability, and differentiating you from your competition visit the SEI Advisr Network here.
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