When a financial advisor tells me:
“My biggest problem when it comes to growing AUM is that I don’t have enough QUALIFIED prospects on my list.”They may as well be saying:“My biggest problem when it comes to growing AUM is that I’m not willing to put in the effort to fill my pipeline with QUALIFIED prospects.”The problem is not a skinny pipeline.The problem is being committed to keeping your pipeline full.Yes, it does take work. Consistent effort.But it’s not as difficult as it may seem.Supposed lack of time is not a good excuse. It’s avoidance. As a financial advisor
, one of your most important jobs is MARKETING…getting QUALIFIED prospects into your pipeline so they can then give you money.How do you do this?You create routines. You plant new business seeds every day.By “doing marketing.”This includes but is not limited to things like…* Personal, one-to-one outreach.* Asking your clients for referrals (THE RIGHT WAY) during your regular review meetings.* Turning your professional contacts and personal connections into influencers.* Actually networking at networking events.* Volunteering to speak at the breakfasts and lunches you regularly attend that have speakers.* Giving your time to do the jobs nobody else wants to do at your favorite charity.* Talk to people on the train, in the car line, at the lunch counter…put down your smartphone.* Message your connections on LinkedIn…don’t just add more strangers.None of the above cost money.Most fall into the category of activities of daily living. Stuff you’re already doing.Just be intentional. Don’t be afraid to wear your marketing hat.
If you truly believe that you’re good at what you do. Don’t hide it under the auspices of pseudo-professionalism.Strut your stuff with elegant confidence.If you don’t…who will???And if you still want more QUALIFIED leads.You can dig deeper. Invest some extra time. Spend some money.* Build authority* Blog* Produce videos* Write a book* Deliver webinars and seminars* Create lead generation campaigns* Advertise on FacebookAll of these strategies (paid or free) work…when done RIGHT.I see it every day with my clients.You can’t just wing it. You need to build a plan.Don’t throw these ideas randomly against the wall and hope they stick.Find the marketing routines that give you the best Return on your Time and Investment
(ROT&I). 5X and 10X is attainable.And remember, you don’t have to do it all.2 maybe 3 activities, consistently applied, is all you need.Test, tweak, try again…be willing to be uncomfortable.You’ll find your groove.After all, if you’re serious about building a business filled with ideal clients, you must position yourself as an awesome expert that they have to work with.Successful marketing is not all glamor and glory.But, done consistently, it ALWAYS works.Related: What Do Your Clients Really Want?