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May 02, 2022
Better Communications, Better growth for Financial Advisors
Talking to your best clients one on one is easy. Talking to a group of your best clients seems daunting for some financial advisors. This is the reason why most financial advisors don’t have an advisory board of directors. Elite financial advisors know that feedback is critical to their success and 85% of financial advisors don’t ask for feedback. The 15% of elite financial advisors that do ask for feedback earn on average 52% more than the average advisor. (source Business Health 2019 Pty Ltd, the value of practice management) If you are average and want to improve this year start with feedback.
How Do You Do Feedback Online?
Simply draft up a few questions and add feedback to your client's agenda. Ask things like how has our communication been since the pandemic started? How can we improve our communications? What would you like to hear from us now? How often? The list of questions is easy, but the one question should be, “if I were to work with more people like you how would I connect with them and how would I meet them?” Ask your clients for help is easy if you have added value to their lives. They realize you are not asking for referrals, but favorable introductions, such as joining our webinar.
The Easiest Question to Ask
If you have an upcoming webinar, ask your clients this question, “can I ask you a favor? I am hosting a webinar on ____ and I would love it if you could join. Can you also forward the email to one person you know who would benefit from hearing about _____ right now? Would that be ok to ask you to do that for me? I ask financial advisors on my webinars that question, and they always answer, YES. Now go ask your clients.
Do you ever ask your prospects about feedback before becoming a client? For example,"tell me how your current financial advisor or firm did feedback on an annual basis?" The answer is they rarely or never did, and if they did they sent out poor communication or a feedback questionnaire and asked too many questions. This is not feedback, this is keeping someone in the head office happy for collecting data for some firm they use and did not tell you.
Plan a Webinar With Your Ideal Clients
You can call your top 30-50 clients (or couples) again and make 50 phone calls, or have a webinar with all 50 of them in 30 minutes, what is the best use of your time? I am seeing tremendous success with financial advisors who invite a select group of clients and centers of influence and ask them by email or phone to forward to a friend. This is how they are building their database of prospects for 2022. They have the time and capacity because they are using technology to communicate more. They are using videos to send out to clients and prospects. I said 2022 is the year of video finally for financial advisors, and i am starting to see it flourish. How are you building your database of prospects?
Webinar Content
The webinar is about the feedback you are getting from your clients. It is also about your new offerings. This is a perfect time to introduce new value-added services you plan to deliver in the future. Clients get excited about this as they see creativity. Financial advisors discuss what their clients will receive at their next update meeting. This can range from goals-based planning discussions, as people's goals have changed during the pandemic. It can also include how you will offer to get organized in all 7 areas of their financial life. Tax, estate, risk, investments, insurance, debt, and cash flow. It can be new opportunities you see on the horizon, and how to avoid missing key opportunities. The wealthy hate missing out on opportunities. It can also be a new way to approach your meeting process, new team members, or a new way you plan to go forward with meetings. Imagine talking to a group of clients and saying the same thing, instead of doing it one client at a time? See the communication advantages? How else can you use technology to your communication advantage this year/
Share Your Feedback
If you have done feedback with your best clients, then share it during a webinar. This would be valuable for your clients to hear. I only see the elite, the top 15% of advisors doing this. Start today with feedback. Then plan to deliver more value than ever before. I truly believe “ The more value you give the more valuable you become”. If you want to raise your fees, raise your revenue, and deliver more value! Then it is easier to acquire more ideal clients. That is what practice management is all about. How are you going to deliver more value to your client this fall? How will you communicate it?
One Example of More Value – Your Estate Planning Checklist
Tom Deans Ph.D. is a full-time professional speaker and the author of Willing Wisdom: 7 Questions Successful Families Ask. The Willing Wisdom Index takes 5 minutes to show you a probability of success in reaching your estate goals.
Practice Management Checklist
If you would like help with your communications, feedback, or practice management to grow your business, contact me at grant@ghicks.com for a 30-minute discussion on how to implement more communication click on our online calendar click the following link https://my.timetrade.com/book/JMTNJ and let’s talk. Grant Hicks, CIM is President of www.advisorpracticemanagement.com where financial advisors and financial firms go to acquire more ideal clients and implement elite practice management processes in their practices. Grants combined financial advisor clients manage over 3 billion AUM , and earn over $30 million dollars combined! How about your goals for your practice in 2022? Our Practice management checklist or fee audit checklist
While each financial advisor's practice may have a different approach, advisors need to understand where their practice needs help, and will they get the right help for the right part of their practice. What areas does your practice need help with?
Fee audit checklist for ideal prospects, click here https://feeaudit.getresponsepages.com/
Become a “Future-ready Advisor” get our 21-page technology checklist here https://technologychecklist.getresponsepages.com/
Let’s Talk
Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.
Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd edition. www.advisorpracticemanagement.com for speaking, workshops or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!
Enthusiastically yours,
Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com
Suite 1625-246 Stewart Green, SW
Calgary, Alberta T3H 3C8
Cell 403 970 8895
Email grant@ghicks.com
PS Where do you want to be in 3 years?
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