by Beverly D. Flaxington
Finding new ways to stand out in a crowded market and grab attention to grow an advisory business requires creativity and nonstandard thinking. Many advisers rely mostly on client referrals, which-research continues to validate-constitute 70 percent to 80 percent of new business. But advisers also seek ways to maximize referrals or growth opportunities beyond client referrals.
Although many of the standard approaches, such as newsletters, marketing commentaries and simply providing excellent client service are necessary and effective, some advisers are employing new ways of expanding their footprint in the market.
I recently set out to find advisers doing something different in today's market. Here are some strategies from advisers who are thinking creatively and strategically-and gaining new business as a result.
Use New Media to Share Your Expertise
At Mountain Financial in Greenwood Village, Colo., Kelly O'Connor and his team researched the power of video. They knew they had great information to share, so they spent four months writing and producing short video commentaries. Aggressively using social media, they've posted on Facebook, LinkedIn, Twitter and YouTube, and the response has been very positive. Clients, prospects and centers of influence forward these clips to others. O'Connor says his team has found that while people may not read a report or white paper, they'll likely watch a brief video if a friend forwards it to them. New media offers a wide range of opportunities for advisers. Podcasts, videos, blogs and Twitter are all ways to get your story delivered and appeal to different learning styles.
Convey Enthusiasm Everywhere You Go
Sometimes it's not putting together a targeted event or developing new materials, it's having a mind-set about talking to others about what you do and enjoying every minute of it. Sarah Wilson, CFP®, of T.E. Wealth in Calgary, Alberta, Canada, says she enjoys financial planning so much she feels compelled to talk to others about their lives, goals and financial aspirations. She claims she is naturally nosy, but the truth is advisers who are sincerely interested in others and take the time to talk, listen and learn-even when a sale may not be imminent-are often open to opportunities other advisers may miss.
"I am aware that there is never a downtime for me," says Wilson. "Showing a passion for the financial work you do and sharing that with others can be infectious, and you never know where you might find a client."
I know of another adviser who met one of his largest clients by talking to a couple at the next table in a restaurant.
Intelligent Use of Outside Vendors
Safe Harbor Asset Management in Huntington, N.Y., has expanded its client base by doing everything from purchasing leads from specialized marketing companies to sponsoring seminars. The firm has had success using a service that creates a weekly market update for clients that can be forwarded to a friend to join the mailing list to receive the same update. The firm has also leveraged a number of providers with specialized lists, such as CIS Marketing, to grow its annuity-based clients and 401(k) exchange services, reaching out to fiduciaries at corporations.
Attorney John Boyd launched the site, www.MeetingWave.com, which helps professionals arrange targeted networking meetings with the type of people desired as invitees. You can arrange coffee, lunch or general networking via email.
Another new idea is Gifts on Time (www.giftsontime.com), a free web tool that enables advisers to select and schedule sending client gifts. Instead of relying on your CRM and then spending time to find a nice gift, this system allows you to put in a year's worth of events and find a vendor or gift appropriate for your client base.
Know Your Market; Meet Their Needs
Kristin Harad, CFP®, founder of VitaVie Financial Planning, understands her client base well and takes into account the struggles they may be facing simply to have a meeting. Her target market is new parents and families with young children in the San Francisco area. Because it can be challenging for parents of younger children to get out to a meeting, Harad's firm holds weekend workshops at indoor play spaces.
"The kids have a great time jumping around and having unsupervised play, while we get the parents' undivided attention for a 90-minute presentation on the financial issues parents of young children face," says Harad.
This is a great example of knowing your market and marketing to them in a way that meets their needs.
Pick a Niche and Stick to It
At ACap Asset Management in Sherman Oaks, Calif., Ara Oghoorian, CFP®, CFA, shares the unique marketing ideas that work in his niche market of medical professionals. He has created marketing materials such as promotional prescription vials filled with jelly beans-the Rx sticker includes the firm's logo and contact information. It's a fun way to say, "We know our niche." Oghoorian also belongs to a networking group consisting of CEOs and high-level executives. Because he speaks to the medical community, he spends time contacting medical associations and getting articles published in association newsletters on topics related to retirement, financial planning and other concerns that may resonate with medical professionals.
Although some advisers hesitate to limit their universe of prospects, having a targeted niche allows a great deal of freedom in marketing because you know exactly to whom you are speaking.
The Tried and True Referral
Many advisers talk about the importance of just focusing on referrals-asking for them, letting clients know they are willing to talk to friends and others, connecting with centers of influence for sharing leads and relationships, and making materials available that can be easily passed along.
But the advisers researched for this article are taking business building a step further, seeking ways to really stand out in a crowded market with unique marketing tactics and knowledge of their target base. For example, Nancy Butler, CFP®, CDFA, CLTC of Waterford, Conn., found her niche in public speaking, providing information to others about financial planning. She enjoyed it so much that after 25 years of running her advisory firm, she sold it and is now a national speaker and paid consultant to other business owners. I don't expect any readers will want to change careers, but these examples show that with some creativity and a focus on growth, the opportunities abound to get your message out.
Beverly D. Flaxington is principal of The Collaborative, which, along with its division, Advisors Trusted Advisor (www.advisorstrustedadvisor.com), is a consulting, coaching and training firm exclusively serving the financial industry.
