Financial Advisors and Social Distancing: How to Keep Prospecting and Servicing Clients

Financial Advisors and Social Distancing - How to Keep Prospecting and Servicing Clients

Traditionally, being a financial advisor has been a face-to-face business. We are creatures of the working lunch, the handshake, the coffee meeting. Appointments are the lifeblood of our business, because we’re in the business of personal relationships. That’s our real advantage over the low-cost robo-advisors, and a big part of how we justify our fees.

But social distancing is changing all that in a flash. I’m optimistic about the economy and the stock market long-term. But this bug isn’t going away anytime soon. We are undergoing a rapid cultural shift where social distance may very well become the norm for a good, long while.

And all of us old-school financial advisors, as well as brokers, planners, insurance agents, all of us, are going to have to adjust.

I’ve talked with a lot of people, and I’ve seen a lot of economic cycles. Here’s what I suggest you do to keep growing your business even with social distancing.

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Don’t Let Your Niche Get Too Narrow

Don’t Let Your Niche Get Too Narrow

Having a tightly defined niche as a Financial Advisor is important. A research by CEG Worldwide confirms it – six out of ten advisors they surveyed said that focusing on a niche has been “tremendously or very positive” in helping them attract affluent clients. Only three percent said that focusing on a niche had had a “negative impact.”

So if focusing on a niche is so good, why are any advisors having a negative experience with it?

In many cases, it’s likely that these planners have fallen into a common trap: Their focus is too narrow.

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The Importance of Why when Soliciting Referrals

Don Connelly audio featured image

When you ask clients for referrals, and hopefully clients are going to solicit referrals for you, you really have to get them to focus on why they do business with you. I think it’s important to tell people what you do and how you do it, but why they’re doing business with you is the most important part of any referral.

Listen to this audio episode or read the transcript to learn the importance of why when it comes to growing your business as a Financial Advisor.

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Three Things Elite Advisors Love That Average Advisors Fear

Three Things Elite Advisors Love That Average Advisors Fear

Average Advisors get held back by letting their fear of performing certain essential tasks take control. Elite Advisors on the other hand have learned that with practice and perseverance it’s possible to actively embrace previously daunting tasks.

Here are three challenging aspects of their job that Elite Advisors are keen to take on, thus guaranteeing their success.

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There Are Three Main Ways to Gather New Clients

There Are Three Main Ways to Gather New Clients

There are three main ways to gather new clients and grow your business. To excel, you should put your effort into mastering all three of them.

1. Acquiring new clients from existing clients
Referrals are by far and away the best way to gather new clients. And the only way you can earn referrals is by becoming referable – which will only happen once your clients feel you’re delivering them a 5-star service.

Clients won’t refer you until you become part of their inner circle, when you become someone they like and trust on both a personal and professional level.

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Self-sabotage – 10 Behaviors to Avoid

Self-sabotage – 10 Behaviors to Avoid

Self-sabotaging behaviors can create problems, interfere with goals and ultimately put your career at risk. Without even realizing it you could be a victim of self-sabotage. Be honest and identify the traits that are holding you back so you can make the positive changes required to move forward.

Here are ten ways you could be self-sabotaging – along with some recommendations on how to do things better.

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Why You Need a Referral Strategy and How to Develop One

Why You Need a Referral Strategy and How to Develop One

Many advisors are uncomfortable asking clients outright for referrals, finding it hard to strike a balance between being aboveboard about wanting to acquire new business and being pushy or needy.

If that sounds like you, then you need to change your mindset because there are only three ways to gather new clients: From existing clients, people you know who are not yet clients, and people you don’t know yet. The best way by far to find new clients is via referrals.

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4 More Things That Could Get You Stuck in a Rut

4 More Things That Could Get You Stuck in a Rut

In a previous post we outlined four things that could get you stuck in a rut. Here are four more – along with some recommendations on how to get your business moving forward again.

1. Thinking you don’t need help

If you think you don’t need help in building your business, think again. Over time you will eventually work out how to do things on your own – but why waste time? With help you’ll get there far quicker.

As the ancient Chinese proverb says – if you want to know the road ahead, ask those coming back.

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Telltale Signs That a Prospect Is About to Waste Your Time

Telltale Signs That a Prospect Is About to Waste Your Time

Your time is precious so it’s essential that you spend it productively by prospecting to the right people. Some prospects are not worth spending time on – maybe expressing an interest when they’re not really committed to investing – and despite all your best efforts you won’t be able to do anything to change their minds. The problem is these prospects can be difficult to identify.

Here are a few telltale signs that someone is not about to do business with you.

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