/ by Don Connelly / Marketing Yourself / 0 comments
It used to be, in the not so distant past, that using words like “client-focused”, “trusted”, “comprehensive”, and “knowledgeable” was enough for financial advisors to separate themselves from the pack. But today these are just the table stakes clients expect their advisors to bring to the table. After all, how many clients do you know who don’t expect their advisor to be knowledgeable, trusted, and client-focused?
In fact, in a highly muddled and fiercely competitive advisory landscape, there is very little to differentiate most advisors from each other, which causes them to disappear among the multitude of “average” advisors. Needless to say, clients today aren’t looking for average when it comes to financial advice.
A case in point is the massive amount of attention the eighty million baby boomers are receiving from the financial services industry – and rightly so because trillions of dollars of assets are at stake.
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Why You Need to Differentiate Yourself
/ by Don Connelly / Marketing Yourself / 0 comments
It used to be, in the not so distant past, that using words like “client-focused”, “trusted”, “comprehensive”, and “knowledgeable” was enough for financial advisors to separate themselves from the pack. But today these are just the table stakes clients expect their advisors to bring to the table. After all, how many clients do you know who don’t expect their advisor to be knowledgeable, trusted, and client-focused?
In fact, in a highly muddled and fiercely competitive advisory landscape, there is very little to differentiate most advisors from each other, which causes them to disappear among the multitude of “average” advisors. Needless to say, clients today aren’t looking for average when it comes to financial advice.
A case in point is the massive amount of attention the eighty million baby boomers are receiving from the financial services industry – and rightly so because trillions of dollars of assets are at stake.
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The 4 Pillars of Great Client Service
/ by Don Connelly / Managing the Relationship / 0 comments
Great client service should be a given. But according to a recent study from Cerulli Associates, less than a third of advisors strongly agreed that their practices go above and beyond to serve their clients, or that their clients offer repeatable and consistent client experiences.
At the same time, 72% of advisory firm principals say client service is a key differentiator.
Folks, if 72% say great service is a differentiator, it’s no longer a differentiator. It’s now the industry standard.
That said, some firms are clearly doing a better job than others. And those are the firms that are attracting bigger clients, with more assets to manage.
Let’s have a look at what they do differently and what are some key components to delivering great client service.
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Top 10 Most-read Posts on Our Blog in 2019
/ by Don Connelly / What's New / 0 comments
Another year is about to end tomorrow – we hope it was as great for you as it was for us at Don Connelly & Associates. We’d like to close our blogging year with a recap of the most-read posts on the blog by tens of thousands of Financial Advisors and Wholesalers in 2019.
They are mostly on using stories and analogies, getting referrals and becoming brilliant at the basics. But there were also a couple of posts on preparing yourself for market corrections, overcoming your fears and building strong relationships with prospects and clients. Enjoy and thanks for reading!
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Can Trust Be Established Early?
/ by Don Connelly / Managing the Relationship / 0 comments
I got a really interesting question from a subscriber named Jeffrey, who said he is a new advisor and he’s having a problem gaining trust with people during the initial visit. He asked if establishing trust up front is possible and if it is, how he can do that. Furthermore, he asked if it is possible to open an account without the establishment of trust.
Listen to this audio episode or read the transcript below to learn Don’s 4 suggestions on establishing trust early on in the relationship.
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How to Turn New Clients into Loyal Clients
/ by Don Connelly / Managing the Relationship / 0 comments
You have just opened a new account and you are excited to start working with this new client. Of course, you are more than qualified to provide them with the services they need, but how are you going to ensure that your relationship with them will flourish over time?
Here are few good ways to create a loyal bond between you and your client.
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5 Steps to Attracting and Retaining More Clients
/ by Don Connelly / Best Practices / 0 comments
Lack of success in this industry can be a result of many failings – from a lack of business acumen to ineffective soft skills. In this post we’ll look at some key areas many advisors might consider focusing on in order to attract and retain more clients.
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What Is Buyer’s Remorse and How to Overcome It in 3 Easy Steps
/ by Don Connelly / Managing the Relationship / 0 comments
Buyer’s remorse is defined as ‘a feeling of regret experienced after making a purchase – typically one regarded as unnecessary or extravagant’ (Oxford Dictionary).
Most of us have experienced this type of feeling at some point – maybe after buying a pair of expensive shoes that with hindsight we considered an unworthwhile purchase.
But buyer’s remorse doesn’t just apply to shopping – it’s possible your clients might feel similarly disenchanted about their decision to hire you.
Make sure your clients don’t experience post-hiring disappointment by doing the following three things.
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Combatting Low Fees
/ by Don Connelly / Marketing Yourself / 0 comments
If you ever need to combat lower fees, begin by understanding what your competition is actually doing. Then form your strategy accordingly.
Listen to this audio episode or read the transcript below to learn how to de-commoditize yourself and why you need to win the value-argument instead of the fee-argument.
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5 Risks You Run If You Grow Your Practice Too Fast
/ by Don Connelly / Best Practices / 0 comments
It’s natural to strive to grow your business, but too rapid a growth can bring with it a host of problems. By taking on too many clients and ‘running before you can walk’ you might damage your practice in the long run.
“The fuel of persistence is patience, the ability to tolerate delays while persisting.”
Elite advisors all share an important trait – that of patience. It doesn’t matter how good you are at your job. If you don’t see that success requires time and effort, you will remain at a mediocre level.
Here are five consequences of attempting to grow your practice too fast.
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Best Target Markets for Financial Advisors: How to Choose The Best One for You
/ by Don Connelly / Marketing Yourself / 0 comments
There’s no ‘one size fits all’ target market for advisors. A market that may be perfect for one advisor may be a poor fit for another. You need to narrow down to the best target market for you, based on your personal background, specialty, knowledge, interests, social networks and so on.
By identifying your perfect niche you’ll find it far easier to differentiate your practice and set yourself up as the ‘go-to’ expert.
If you’re struggling to identify the ‘right niche’ here are a few ways to get started.
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