by Carly Schulaka and Melanie Stafford
One of the benefits of attending industry conferences is learning actionable tips for improving your business. From technology to marketing to client skills, FPA Business Solutions 2011 attendees took home a wealth of advice from more than 40 practice management experts. Here are some tips from the conference to help you improve your business today.
1. Stop Asking for Referrals
Referrals are not really about asking, they’re about crafting your stories. What problems did you solve for your most successful client relationships? What types of clients have you helped? Bring your stories to life by incorporating them into your overall communication strategy.
If you can ask engaged clients for more feedback, ask what words they use to describe you. Behind their referrals there’s often a story of them helping a friend with a financial problem by suggesting your services as a potential solution. Incorporate these stories of people you’ve helped through diverse situations in your blogs, website and speeches to encourage these kinds of referrals.
– Julie Littlechild, president and founder of Advisor Impact
2. When It Comes to Clients, Be Selective
In order for you to refresh your practice, you have to make a conscious decision about every client; and that’s just business. Use client selection ratios to determine: is this a viable client for me? It’s OK to take pro bono clients, you just need to know that’s what they are.
– Deena Katz, CFP®, associate professor at Texas Tech and founding partner of Evensky & Katz
3. Embrace Technology and Social Media
Technology will not replace people; people who use technology will replace those who don’t. So use technology but don’t be enslaved by it. Investigate, but don’t jump off the bridge. Be bold, not stupid. Thirty-five percent of financial advisers use social media professionally; there is a huge opportunity here. Ninety-two percent of people will check a LinkedIn profile before a business meeting. And go mobile; in the next two years most people will use the Internet on their mobile device, not a computer.
– Gerd Leonhard, futurist and CEO of The Futures Agency
4. Keep an Eye on Social Media Compliance
Technology is evolving quicker than the law. There hasn’t been a lot of guidance from the SEC, so we’re forced to work within the confines of existing laws. Over the next 12 months we should see more guidance from the SEC to help guide your social media policies and procedures. For now:
- Remove any recommendations from your LinkedIn page; these could be considered testimonials by the SEC.
- If you want a profile page on Facebook, get your COO’s approval and copy your COO on everything.
- Set up your blog so people can’t post comments.
- Have policies and procedures for all your social media efforts. If the SEC were to come calling, they’ll look at what policies and procedures you have in place more so than, “Is this right or wrong?”
– Scott Brown, J.D., associate director of the regulatory practice group at MarketCounsel
5. Keep It Static
Have a Facebook page but keep it static. Use LinkedIn, but push it through your work e-mail so it can be properly archived. Overall, have a policy. Social media is nothing more than a website; you can’t say anything that is not third-party corroborated. Don’t do anything interactive because you can’t control it.
– Thomas Giachetti, J.D., chair of the securities practice group at Stark & Stark
6. Jump on the Video Wagon
If you don’t have videos on your website, start making them. Two billion videos are watched on YouTube every day. Video will be crucial to your success, so get yourself a flip camera and get going. People want to know what you look like; they want to get a feeling for your firm. We are television; television is us. Believe it or not, people are interested!
– Gerd Leonhard, futurist and CEO of The Futures Agency
7. Use Videos to Drive Traffic to Your Site
Use YouTube and other video sharing sites (such as SlideShare and Vimeo) to boost your search engine results. Create a video and upload it to YouTube. Once it’s there, click on the “embed” link, and you’ll get a snippet of code you can copy and paste into the html on your website or blog. By doing that, you create another link to your site, and that will help you with search engine results. Be sure to title your videos, as those are also searchable by Google and other search engines.
– Andrew Gluck, CEO of Advisor Products Inc.
8. Use a Social Media Checklist
Before you hit “submit,” “send” or “publish” ask yourself:
- What’s my objective? Does this fulfill it?
- Does this support my unique value proposition?
- Who is the audience? Is this voice appropriate for this group?
- Is everything spelled correctly?
- Have I cross-linked to additional content or contact information?
- Is a second opinion or compliance review necessary?
– Marie Swift, president of Impact Communications Inc.
9. Write a Blog
One of the most effective and unused tools in social media is writing a blog. Write one; comment on other people’s blogs; get your name, your site, your business out there. If you don’t think you’re a good writer, hire a writer or buy On Writing Well by William Knowlton Zinsser; it’ll make you a good writer.
– Andrew Gluck, CEO of Advisor Products Inc.
10. Stick to a Social Media Schedule
Blog twice a month, check LinkedIn once a day, Tweet three times a day, engage others in dialogue (comment on their posts), track mentions and archive activity. Some archiving resources include Socialware, Smarsh and Arkovi.
– Marie Swift, president of Impact Communications Inc.
11. Be a Filter
Be a filter for your clients. The problem isn’t information overload, it’s a lack of filtering. The job of the future in an ocean of information is to be the filter and create value. Become a platform where people can connect and you can add value.
– Gerd Leonhard, futurist and CEO of The Futures Agency
12. Get on the Map
Register your business with Google Places (places.google.com/business). Doing so can help you with search engine results, and people can rate your business. An unintended consequence of being able to rate your business is that people can post negative comments.
– Andrew Gluck, CEO of Advisor Products Inc.
13. Become a Google Pro
If you can’t remember a piece of information when searching for something on Google, add “*” and Google will fill in the missing information for you. Add “filetype:.xls” (or .doc, .pdf, etc.) to any search to find a specific type of file.
Use the “more” button to sort your search results by news, pictures, blogs, etc. Use the “realtime” button to see what’s going on at a company right this moment. Use the “timeline” button to map out all references to whatever you’re searching over time.
Set up Google alerts (google.com/alert) for your name, your company name or your clients’ names. It’s free, and any time Google finds something new it sends you an e-mail. Use this to get information for contacting clients. Did they just get a new job? Send them a congratulatory note.
– Sam Richter, senior vice president and chief marketing officer of ActiFi
14. Create Engaged Employees
Employee engagement is a competitive advantage because client behavior is influenced by emotion. Research shows that highly engaged employees put forth 57 percent more effort and boost client engagement by as much as 240 percent. Give your employees a line of sight as to how their careers fit into the mission of your firm. The key for good management is to know them, grow them, involve them, inspire them and reward them.
– Waldemar R. Kohl, vice president of practice management at Fidelity Investments
15. Listen and Care
Ninety-nine percent of your engagements come from a client with a pebble in his or her shoe. Clients are craving conversations about their changing circumstances and how you can help. Sometimes practitioners add five pebbles to the other shoe instead of articulating their value proposition (i.e., the kind of client experience they’re offering). If you can show the client you’re someone who listens and cares, you’ll have them for life.
– Todd Fithian, CEO of the Legacy Companies
16. Create a Client Advisory Board
A client advisory board is the best way to see your clients through your clients’ eyes. Go in with an open mind; have the attitude, “Whatever it is you have to say, I’m here to listen.”
The ideal size is nine to 12 people meeting for two to three hours typically over a meal, and always have a curmudgeon on the board.
Use a third-party facilitator because facilitating is a skill, and you want to remain in the group and not be up in front of clients leading these meetings.
– Steve Wershing, CFP®, president of The Client-Driven Practice
17. Get a Library Card
Your public library has a wealth of business information—Morningstar, Hoovers, every trade journal article—all available for free at your public library; they’re the same databases of information that big companies are paying hundreds of dollars for. And most, if not all of it, is available online.
– Sam Richter, senior vice president and chief marketing officer of ActiFi
18. Create a Vision Statement
A clear and relevant practice vision statement will be your guiding post; it’s a great decision-making tool. A good statement is short, easily understood and outlines how you will achieve your vision. Answer these questions to help create a practice vision statement:
Clients
- Who would your ideal client be and why would you enjoy working with him or her?
- What type of experience would you like to provide your ideal client?
- How would your ideal client experience adjust for other clients?
Environment and Structure
- Where is your office?
- What type of team do you have?
- What is your ideal role in the practice?
- What is your ideal practice structure?
Financial
- How much do you have in client invested assets?
- How many weeks do you work annually?
- What is the source of your practice revenue?
- Describe your practice in five years.
– John Turner, director of business management programs at Ameriprise Financial
19. Prep the Prenup
A lot of planners are afraid to bring on a partner. Here’s how you take that fear away: Whether it’s 95/5 or 50/50, do the prenup and divorce agreement beforehand. Have those documents ready. I hope it never happens, but if it does, everyone knows what the exit strategy is going to be.
20. Take Your Ego Out of Succession Planning
To have a successful succession strategy, you need to take your ego out of the equation. The practice should not be dependent on you forever. Don’t treat your junior people as junior people; step to the side and bring them up alongside you. Include them in your planning, and think about making some of your staff partners. This is the way you can leverage your finite human resources.
– Deena Katz, CFP®, associate professor at Texas Tech and founding partner of Evensky & Katz
