How to Become Top of Mind with Your Clients and Prospects

How to Become Top of Mind with Your Clients and Prospects

As a financial advisor, you can’t always be there when a client or prospect has a need. You can only hope that you’re the first person they think of when they want to discuss it or when one of your clients is asked to recommend an advisor. That’s where top-of-mind awareness comes in. If you can develop it effectively, your name is more likely to be the first to come to mind when they have a need.

Chances are, when you crave a cola, you think Coca Cola. That’s because Coke spends hundreds of millions of dollars on advertising to ensure you do. You want that same reflexive thought to occur with your clients and prospects, but you don’t have to blow out your budget to create similar top-of-mind awareness. The objective of a top-of-mind strategy is to be remembered, and you can accomplish that with five easy steps.

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Why You Matter: Embracing the Difference Financial Advisors Make in People’s Lives

Why You Matter - Embracing the Difference Financial Advisors Make in People’s Lives

Allow me another movie reference because it’s crucial for the point I want to make. If you haven’t seen the movie, Oh God! or if you haven’t seen it in a while, I encourage you to track it down. The film is excellent – funny, full of life’s lessons and a joy to watch. But it’s the last ten minutes that is worth 100 times your time and effort in trying to find it.

You remember the story: Jerry Landers, an assistant manager of a supermarket played by John Denver, is convinced he has visits from God, played brilliantly by George Burns, who asks him to take on some worldly responsibilities.

Now, imagine telling your spouse, friends, and co-workers that you’ve spent a few hours talking with God, and you describe him as Jerry did, as a short, old man wearing sneakers, a fishing hat, and smoking a cigar. That his wife threw him out, his friends ostracized him, and his boss fired him shouldn’t surprise anyone.

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Email Newsletters for Financial Advisors: 6 Tips to Engage Your Contact List

Email Newsletters for Financial Advisors - 6 Tips to Engage Your Contact List

With the heavy emphasis on social media marketing, many have said that email marketing, and sending email newsletters in particular, is outdated. That couldn’t be further from the truth. Why do I know that? Because the financial advisory business is a relationship business and there’s no better method for cultivating relationships in a digital environment than email marketing. Why? Because it’s inexpensive, easy to manage, gets quicker than most results, and it reaches your clients and prospects where they spend a lot of their time—in their inbox.

It’s also effective. According to Litmus, on average, for every dollar you invest in email marketing, you receive $42 in return. Can you think of anything else you could do to acquire more clients that generates a better return?

Of course, that also assumes that you are doing email marketing right, employing all the best practices to ensure optimal results. Executing an effective email marketing campaign is not rocket science, but it does require adherence to some proven techniques that involve some effort and resources.

Here are six critical elements of effective email newsletters and other email marketing campaigns.

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For Great Financial Advisors, the Profit is in the Relationship

For Great Financial Advisors, the Profit is in the Relationship

The industry pressures that have weighed on financial advisors over the last few years will continue into 2021 and beyond, especially with the lingering effects of the pandemic. Fee compression, increasing regulation, heightened competition, and the commoditization of services are all part of an inevitable trend that threatens the survivability of many advisors. From now on, advisors who fall short of clearly differentiating themselves will have a difficult time bucking the trend, and advisors who fail to put their entire focus on their client relationships may be doomed.

Unfortunately, many advisors learn too late in their careers what I have stressed numerous times—that this isn’t a money business. It is a people business! For the first several years of an advisor’s career, the focus is almost solely on acquiring product knowledge, investment expertise, and planning skills. While that is essential for building necessary competencies, too few advisors come to realize that money management is not the lifeblood of their business—their clients are.

For financial advisors, the profit is not in the financial analysis or the transactions they conduct; it’s in the relationship.

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Prospect Objections Are Often a Cry for Help. Your Job Is to Help Them.

Prospect Objections Are Often a Cry for Help. Your Job Is to Help Them.

As a financial advisor, you are valued for your expert knowledge, but you are only as effective as your ability to get your prospects and clients to act on your recommendations. If you can’t, their situations won’t improve, and neither will yours. Many financial advisors in that situation might chalk it up to them being “bad” prospects and move on, but aren’t they abdicating their role as an advisor?

Certainly, advisors shouldn’t use strongarm tactics to turn their prospects around, but shouldn’t they at least understand the reason behind the objection? Could they learn some valuable insights that would help resolve the issue, if not for the prospect in front of them, but for similar situations they encounter in the future?

In the financial advisory business, objections come with the territory. They’re often just knee-jerk reactions from clients hesitant to make a change. Prospects often don’t understand the real reason behind their objection—they’re just not comfortable moving forward. As an advisor, your job is to help them acknowledge the real reason so they can place it in the context of what you have offered them.

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What Is Outstanding Work Ethic and How Financial Advisors Can Develop It?

What Is Outstanding Work Ethic and How Financial Advisors Can Develop It

Let’s face it, not everyone is cut out to be a financial advisor for many reasons, but one of the top reasons is a “lack of work ethic.” Having a good work ethic is a bare minimum requirement for any serious consideration of a career as a financial advisor. For any chance at succeeding, financial advisors must have command of their time and their ability to multi-task, driven by a “can do” attitude.

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The 5 Essential Qualities Financial Advisors Need to Improve Cold Call Results

The 5 Essential Qualities Financial Advisors Need to Improve Cold Call Results

No one ever said cold calling was easy, but some people have an easier time of it than others. Skills have a lot to do with that. But sometimes, learning skills is not enough.

The most successful cold callers share certain qualities and traits that give them an edge over and above the skills they acquire. We’ve discussed some of these traits in past articles, including positivity, perseverance, tenacity, and resilience. These traits are critical because they can keep you in the game in the face of constant rejection. However, successful cold callers possess other essential qualities and attributes that help them up their game.

Let’s have a look at five such essential qualities and traits.

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