November 17, 2021

Financial advisors need a CRM and a PRM to grow in 2022

Every financial advisor needs a CRM and a PRM to grow. What is the difference between a CRM client relationship management and a PRM prospect relationship management? it's simple, what is your prospect's journey? How and when do you nurture an ideal prospect and how often? what are your offers and do you have a templated system, a proven process to take people through your prospect's journey?

What is your client's journey?

You're a financial advisor with a very busy practice with lots of clients and prospects. You built a robust CRM system to track notes to communicate and build relationships with your clients. You have segmented between ideal clients and non-ideal clients in your CRM system. You know how many meetings a year you have with your ideal clients and non-ideal clients, and your team takes care of all that. It is the client's journey and you've got the written process down to a science. Your CRM system manages the activity and drives results, but what about your prospects? 

What is your prospect's journey?

You have a name,  maybe a telephone number, and an email address of the prospect? The first step is to make the phone call, make compelling offers and book an appointment. Do you need a call script, emotionally compelling offers to engage them, and a system for following up?  If there is no answer when you make calls,  do you leave a message or voice mail,  do you send a follow-up email and when and how often do you call back? If this prospect is busy or puts you off do you send them follow-up emails, newsletters, or communicate with them on a regular basis? Do you ask permission to sign up for your blog, offer valuable guides, and have an autoresponder series of offers to make to them? How do they get to know you and what you offer? They see you as every other financial advisor doing the same thing offering the same solution and expecting different results. The prospect's journey sucks and is inconsistent and it needs to change. You need a PRM system and a process in writing, don't you? 

What is a PRM process? A five-touch system.

So what is the five touch system?   If I asked you the name of a great marketing idea, you could probably name a few. However, if I asked you the name of a great marketing system for financial advisors, could you name any? The five touch system is exactly what the name implies, a system to develop five touches or contacts with ideal prospects and take them on a journey.

For example, if I asked you the name of a great financial advisor and you said a name I have never heard of, I might not feel comfortable going to see them. But If I had heard of them before, I would first look them up online, come across their LinkedIn page, (which is usually number one in search of any financial advisor, google yourself to see ) then their website to learn more.  At this point, I would find out how you look the same as everyone else online but might be engaged by an offer.

Use the law of familiarity in your favor. Successful marketers know that through their constant marketing programs, people want to know about your business before they will do business with you.  How do they get to know your business?

I discovered that I was 80% more successful after the fifth contact. People knew us and were comfortable in choosing us. For example, I developed a system that I will share with you to develop five touches or contacts. The reason why is in the numbers:

5-10%   chance of having a person become a client after one contact ( or setting up a meeting to see if they are an ideal client)

10-20% chance of having a person become a client after two contacts

20-30% chance of having a person become a client after three contacts

I also discovered that most marketing programs stop or marketers give up after three tries

30-40% chance of having a person become a client after four contacts

50-70% chance of having a person become a client after five touches or contacts

It amazingly jumps up after five touches

70-80% chance of having a person become a client after six and seven contacts

50-80% of all new business developed after the fifth, sixth, and seventh touch or contact

I also spoke to several financial advisors who were doing different marketing strategies and discovered some interesting information.

40-50% of advisors will call once and never call again

25-40% will contact a prospect the second time and follow up

10-20% will contact them three times

5-10% will contact or touch people five times or more before doing business with them and become very successful opening new accounts 70-80% of the time and earning in the top 5-10% of advisors.

Why stop marketing after two, three, or four times when you are halfway there. Your chances of success can be greatly increased if you continued or develop a strategy to do five touches or contacts. This is where an automated PRM system comes in.  Most CRM systems do not automate your marketing process to prospects. This includes follow-up emails, landing pages, autoresponders, scripts, and more. This is a big part of the coaching I do with elite teams and financial advisors. 

When was the last time a prospect gave you a big account on the first meeting? The system is to have as many touches as possible while letting your prospect know what they don't know, which are your 5 emotionally compelling offers. 

Marketing workbook for 2022

Here is my offer to you to find out more. Go to my landing page a get your copy of your 32-page marketing workbook to help build your prospect's journey in 2022.  https://famarketingplan.getresponsepages.com/   

Then go to the technology checklist to find options for your PRM marketing system.  https://technologychecklist.getresponsepages.com/  This is the year you give up excuses and grow your ideal business! 

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 4 billion AUM, and earn over $40 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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