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Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.
Dear Readers,
In going through my LinkedIn emails this morning, I was struck by how many of the invitations are now from people wanting simply to connect so they can make their pitch. Many of the outreaches I receive are financial advisors who have found me as a small business owner and aren’t looking into what I actually do as a small business owner (i.e. work with financial advisors).
The process of pressing “Ignore” on anyone who seemed like they wanted to pitch something helped me reach a new level of understanding. In today’s world of Do Not Call lists and people who never answer their phones or respond to their emails, what actually works for advisors searching for new opportunities? I’m sure some have been very successful on LinkedIn, so it’s an avenue to consider. But these are other areas of focus you could try if you want to raise your profile and attract new clients:
- People like doing business with people they like. Be out in the community, and be likable! One of my advisors is currently doing financial education for parents and high school-aged children; another is having wellness sessions at the local gym with the gym’s owner; a third is deeply involved with one of the over-55 living communities and providing financial education and support there. Getting out, meeting people, providing value and letting those around you know you are available to help them is a key way to raise awareness about who you are and what you do.
- People seek knowledge. Find a particular area of the business you are most knowledgeable about and raise awareness about how much you know. This can be in the form of blogging on your website, writing an article, posting a link to the articles of others on your social media or even writing a book about the topic. Although case studies don’t tend to carry too much weight because they are often not terribly riveting, true easy-to-tell stories about who you have helped, how and why, can be very compelling. Be a storyteller. You can also use short video clips to let people who don’t know you see how smart and approachable you are.
- Clients like to help. While you don’t want to treat your clients as your distribution arm to help you grow your business, they likely do have friends and family members who could benefit from your guidance and support. Refrain from thinking about it as “asking for referrals.” This puts pressure on you and also on the client to find a qualified individual to speak with. Rather, ask them about people they could introduce you to for an exploratory conversation. Introductions can lead to the next conversation, and then the next one. Rather than asking a client to qualify, ask them to introduce you so you can educate more people about how you can help them.
- A niche will recognize you. To the degree you can be focused on a particular niche, it is much easier to raise your profile and become known in the market. Rather than marketing to retirees, a broad category, think about marketing to a specific kind of retiree, at a specific stage of retirement with clearly defined needs. The better you can describe who your best client is and what you can do for them, the more your niche will recognize your expertise that is specific to their needs. Having a niche doesn’t mean you say “no” to anyone else who comes along with a different profile, but it does mean you can more easily find your ideal client and market to them by speaking their language.
- Two is always better than one. Find strategic partners who focus on the same markets you do and really get to know them. Having an estate attorney you refer clients to a few times a year doesn’t always count. A partner who knows you, knows exactly what you do and wants to grow just as you do is ideal. Strategic partners come in many different forms. They are not always the standard accountants and estate attorneys most advisors focus on. Anyone who is working with your audience is a good partner for you, as long as they also want to grow their business and will participate in growth activities.
- Insights should be compelling. If you are fortunate enough to have some lists of members within a niche to contact, make sure the copy you are using — either in emails or texts — is compelling. People in every walk of life are busy, and they need something that matters to make them want to read what you’ve written to learn more. Rather than simply make a pitch, ask a provocative question or provide an insight meaningful to the audience. Make it matter, so they want to get to know you more deeply.
