Do Your Prospecting Results Measure Up?

Do Your Prospecting Results Measure Up?

Simpler is better.

And there is no place where this is more true than when it comes to adding new ideal clients to your practice.   Than when you’re deciding how you will fill your pipeline with the right type of prospects who will help move your AUM to 50 million, 100 million, 250 million dollars and beyond.

And that’s why client attraction optimization is at the foundation of the AUM250 Roadmap.

Hi, I’m Rob Brown, creator of AUM250 Roadmap.  I help advisors and RIAs grow to 50 million, 100 million, 250 million dollars and beyond more simply…without working crazy nights and weekends.  Let me share a perfect example.

Look at the hierarchy of building a practice.  Think about where you are today.

As you do this, I’m reminded of a client I was working with not too long ago who was in that second level…achieving. His business was a bit inconsistent.  He was feeling like he was achieving because he had passed over the 50 million dollars in assets under management mark.

But he was still overwhelmed.

He wasn’t bringing in new ideal clients consistently, client acquisition was inconsistent.  Some days he’d bring in the million dollar relationships he was really looking for…other times they were smaller.  He accepted smaller relationships that he really didn’t want to take on for the long run.

He felt like he needed to do it because he didn’t have a system for attracting ideal clients.

So, we dug into the foundational level of AUM250 Roadmap and calculated his future client equation. We did some simple math that showed him how to really get from point A to point B, when it came to growing his business.  He didn’t need to add the volume of clients that he was thinking that he needed to add.

He was trying to add 25 to 35 new relationships every year. He felt like his prospect pipeline needed to have hundreds of prospects.  When we did the math, when we looked at the systems that were allowing him to best attract ideal clients, we realized that he only needed to bring in a dozen ideal clients each year.  This meant he only needed to have 25 to 30 good solid prospects in his pipeline.  Next, we developed a client attraction optimization plan that narrowed down his prospecting activities.

He only needed two or three strategies for bringing in new clients.

He got rid of a bunch of stuff.

He stopped spending money on seminars that weren’t working. He stopped wondering if he should take those calls from people who wanted to rebuild his website, causing him to spend thousands of dollars, wondering if that would help him bring those clients.

We cut it down to a couple of things that, frankly, didn’t cost any new money at all.

They only required that he changed some routines in the ways that he was interacting with his clients and prospects. That’s the power of the AUM250 Roadmap. It helps you focus in at that foundational level…on your future client equation.

It’s a must step if you’re serious about getting to 50 million, 100 million, 250 million dollars and beyond.

And it’s why we should hop on the phone.

I’d love to spend 15 minutes with you talking about your business…where you are today, what you’re doing when it comes to client acquisition.  Helping you map out a process, a system that will help you do it more quickly and easily and less expensively.

Robert Brown
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As the founder and chief strategist of Encore Partners, I work with financial advisors, investment managers and financial planners. My goal is to lead each of my clients to pe ... Click for full bio

Solving Your Biggest Client Issue May Be at Your Fingertips

Solving Your Biggest Client Issue May Be at Your Fingertips

Written by: Shileen Weber

When the American Funds’ Capital Group  asked 400 advisors last year to name the biggest issues they face in their businesses, it wasn’t the DOL, market uncertainty or the economy that sat in the center of the idea cloud of answers.

It was client issues.

At a time when regulatory concerns and market turbulence would seem to be at all-time highs, the advisors who answered the survey were most concerned about servicing their clients as well as ways to find new ones and grow their businesses.

It’s one of the ironies of the business, that the things most people find so hard to manage – creating financial plans, managing assets and staying ahead of events – are what advisors find to be the easiest parts of the business. Marketing - the business of selling themselves – can be the area advisors find the hardest elements to master.

In this age of instant communication, it can be even more intimidating to market your practice, especially to younger clients for whom many traditional methods like newsletters, postcards and phone calls don’t work anymore. For them, email is the preferred way to get information, and, if it’s important, they are more likely to respond to texts, not phone calls.

But, it doesn’t have to be that hard. The digital age gives you access to ideas and content of all kinds you can use to touch your clients in a way that positions you as a valuable resource. The key is to keep it simple, stick to some basics and create consistent outreach that clients and potential clients are interested in and will appreciate you sharing with them.

Here is a common-sense approach you can take that will not require you to hire an expensive agency or take valuable time away from managing your clients’ assets and running your business.

Content is King

Create a content calendar for the year: Think about reasons to touch a client 13 times during the year – that can be once a month and on their birthday. (The common rule of sales is that it takes at least 7-13 touches to make a connection.) The number is limited and keeps you from inundating the clients who likely already feel inundated with content. You can take the seasonal approach – tax planning in the fall, January for account review content, college financing in the spring – and supplement it with topical events during the year. Creating a calendar will help you stick to a plan. Here’s one resource for a content calendar.

Review what content is already available to you:  Basically, this means finding the resources you already have and determining what pieces will be most valuable to your clients. Start first by checking out content your broker-dealer already generates that you can personalize. Many firms have economists who write regularly about the market. That’s content you can pass along to keep clients up-to-date they would not have access to anywhere else. In addition to your broker-dealer, mutual funds, your clearing firm, and money managers are all excellent sources of informative and even analytical content.

Personalize the content you use: Add your name, the client’s name or some way to avoid making it feel like canned content that you are using just to check the outreach box. See what capabilities your email program may have to help you.

Related: What's an Investor to Do When History Doesn't Repeat Itself?

The birthday strategy: One advisor used clients’ birthdays in a new way. Instead of the card or lunch date, the advisor asked the client’s spouse for a list of friends he could invite to a birthday lunch and made it a memorable event that was also a soft approach to getting referrals.

Become a curator of good content: What your review will show you is that you don’t have to generate the content yourself. You can point clients to pieces you find insightful. You are likely already doing this every day just to keep yourself informed. The next step is to compile it and send out the very best pieces to your clients, again, with a note with your own thoughts about why you found it valuable.

Find out what is working and do more of it: Use your client interactions, in-person and online, to find out what types of content clients liked and any they didn’t. You can use tracking on your emails to see how many were opened as a measurement tool, but the personal interactions tend to provide more insight than raw data.

Be disciplined about your execution: Get help from an office assistant or schedule the time each month to do the content development and outreach. As any good strategy, if you make it a habit, it won’t seem so hard.

Most importantly, be yourself and be personal: You may want to regularly get personal by talking about your family and hobbies. The ultimate is if you can provide content that is personal to your clients, not just about their investments – they get that from their statements, apps and online portals. Think alma maters, hobbies, children and parents.

Of course, as a disclaimer, you have to make sure all content and communications are complying with regulations and the rules of your own broker-dealer.

The process of creating a plan will get you thinking about your clients in a new way. That exercise alone can re-energize your business and get you seeing marketing opportunities in places you may never have seen them before.

Shileen Weber is Senior Vice President of Marketing and Communications at GWG Holdings. She was previously Director of Online Strategy and Client Experience at RBC Wealth Management, where they placed first in two JD Power and Associates U.S. Full Service Investor Satisfaction Study (2011 and 2013).
GWG Holdings, Inc.
Investing in Life
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GWG Holdings, Inc. (Nasdaq:GWGH) the parent company of GWG Life, is a financial services company committed to transforming the life insurance industry through disruptive and i ... Click for full bio