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 October 26, 2020
The best practice management idea you will ever read
You won't find this idea in a book course or workshop. You won't find this idea at a seminar.
Not even at a course or the Internet. In fact, you won't get this information from top performers, but you will find the best idea ever in your own practice with your own clients. It will change the way you think. It will change your business strategies. It will make you take a close look at what you are doing right and what you need to improve on.
This BEST PRACTICE idea will help you grow, develop, and build your practice to heights you thought weren't possible. It will make you understand your business better, even more than hiring a consultant. This one idea may change your business in 2019 and beyond.
If I was asked to give only one idea to build a dynamic financial and investment planning practice, this would be the idea.
Board of directors feedback meeting
Create a board of directors with your top clients and centers of influence. Ask them for feedback and ideas on every aspect of your business from advice to marketing, client appreciation, and client communication. Feedback will keep your ideal clients, and clone them. Imagine if you had 10 new ideal clients in the next 3 months?
Invite from six to ten of your top clients in one meeting for an hour and get valuable feedback on your image, identity, business, and marketing. Then hold a second meeting for your top centers of influence or referral sources. Hold these meetings three to four times a year and buy your "board of directors" lunch for giving you valuable feedback on all areas of your business. It will cost you less than $500 and a few hours of your time.
Add more value every year to your best clients
Each year add more value to your best clients and change the board to new clients and new centers of influence to build relationships. Gain insight as well as referrals from influential individuals. Don’t add more clients, deliver more value to your best clients. Just like coaching and mentoring, it is feedback from the people that use your services to tell you how you're doing. They may give you ideas that you and your coach, manager, or mentor may not see and understand. You can't get that from a book or a course.
Feedback is the key to success.
For example, If I have never experienced being one of your clients for a period of time, how can I give you long term valuable feedback on what you are doing, how you communicate with people, and how your business is perceived? It is this valuable feedback from your top clients and centers of influence that is going to give you the edge over your competitors.
Clone your best clients
A secondary objective is a way to develop referrals and clone your best clients by discussing the fact that you are looking for more clients like them to build your business. Make it clear though that this is not a referral session, but a genuine feedback session for your business. Your best clients will know who your ideal client profile is. They will see that you are working hard on delivering more value to them than any other advisor, when it comes up in conversation, making you more referable. You can also teach your best clients how to refer you, as most of them talk about you, but don’t know how to refer you.
Meeting more ideal prospects
Some advisors have used this as a marketing planning meeting by bringing in their top referring clients and discussing their business plans and discussing meeting more clients at events planned. The clients will tell them the clubs they're associated with, hobbies and activities, and where they might meet them in a casual setting to introduce their advisor to friends and associates in different groups, associations, or settings. You will learn about several types of groups and associations.
Who are your ideal clients?
For example, if you are looking to attract successful entrepreneurs, have successful entrepreneurs focus group or board of directors luncheon. If you have more than one market, then cluster together different types of groups and or have several referral and or focus group meetings. Make sure you discuss the ideal client that you are looking for. Have an agenda set up for the meeting and be prepared to discuss and disclose your business ideas that you are planning to do.
Improve your client communications
Depending on the group, you may also hand out client communication plans for the coming year. Then ask lots of questions, take lots of notes and build it the way your top clients and referral sources can clearly benefit from and help you grow. After all, it's all about them. Don't waste any time. Put this on your to-do list this month!
Schedule your consultation
Contact us to help implement these strategies and more, that can help you get more ideal clients 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/JMTNJregardless if we work together, let’s have a chat to help you build your ideal business.
Join my upcoming webinar – “Ideal client acquisition webinar using beneficiary audits and fee audit processes”
In this exclusive webinar learn how to:
-Find more ideal clients and create a compelling reason for them to talk to you
-Have them share ALL of their important documents with you
-Acquire more ideal clients by offering a list of value-added planning and advice processes such as a "beneficiary audit and fee audit service".
Discover how to implement the processes of elite financial advisors. Imagine attracting wealthier clients?
You're also going to get 2 additional benefits for registering, our latest copy of our "Exclusive 10-page Prospecting Checklist- 2020" full of marketing strategies , and a copy of my latest ebook “Guerrilla Marketing For Financial Advisors, Innovating Financial Professionals through Practice Management” The Guerrilla Marketing series has sold over 21 million copies worldwide! For more info go to www.advisorpracticemanagement.com
Join me Oct 28, 2020 11:00 AM Mountain Time (US and Canada). Register by clicking the link below:
https://us02web.zoom.us/webinar/register/WN_q1lOHUtvSWmxQf3n76jp2Q
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
Advisor Practice Management’s goal
“ Helping Financial Advisors take action, to create 10,000 comprehensive financial and investment plans for their clients”. Ask your clients and prospects this question " What does a comprehensive financial and investment plan mean to you?
Let’s work on your business together. Email us for your copy of our "Exclusive prospecting strategy checklist, or fee audit guide" to acquiring more ideal clients. Email grant@ghicks.com
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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