Client Attraction Action

Financial Advisor Marketing: 30 Percent Of Clients May Leave

June 9th, 2009

This headline leapt out of my inbox.

“Up to 30% of wealthy clients will change advisors.”

The prediction came from consultant George Walper of the Spectrem Group. It won’t happen quickly, he said, because many are still in a wait-and-see mode. It will happen when they “regain confidence in the economy.”

How will this substantial shift show up in your financial advisory practice?

You don’t know yet, but what you do now can make a mega difference. Especially if your clients experienced a typical decline of around 30%.

OK, this may be just another prediction that doesn’t pan out. Or you may be thinking, “Not my clients!” Remember, though, it’s too late when your best clients start to drift away from you.

What can you do right now to hone a marketing edge?

Here are five marketing tools and tactics to get more clients (and help you keep the ones you have):

1 - Handle Your Top Clients With Kid Gloves

Show them that you truly care. That may mean more regular contacts. It may mean Client Appreciation Events. It may mean more frequent invitations for a portfolio review.

You want to let them know that you are always in their corner. Because of the economic meltdown some advisors have changed the way they are managing money. You may be one of them with a new process - possibly one you developed yourself. Let them know what you are doing differently.

2 - Set Up A Referral System

After all, if you are giving clients the kid glove treatment and maybe showing solid results lately, then they will be doing their friends and professional contacts a favor by letting them know about you.

Also, kindle or re-ignite relationships with Centers of Influence.

3 - Be First In Line

Gear up your marketing right now so that you have high visibility when the confidence of your Ideal Prospects returns.

Rather than hit or miss marketing, generate a plan.

Zoom in on your desired target audience(s). Describe them in depth. Discover where they hang out so that you can reach them in bunches.

4 - Say ALL the right things.

Put together a list of power answers (try for ten or more) to the question: Why is my firm the only choice for . . . pinpoint your target audience here? The answers are your key positioning points.

Present them from your target market’s perspective. Examples include: You can tap into our 18 years of hands-on business experience (if you work with a business audience). You can call on advice that is truly independent. You gain a well-thought-out process to help you reach real lifestyle solutions.

Expand on each one to finish the picture.

No one else will have as compelling and complete a picture as yours. Consider each positioning point as a piece of the puzzle - when it is all together, you show up in a category of one.

5 - Drum Your Unique Message Into The Minds
Of Your Ideal Prospects (and your clients, too)

Let them experience your message again and again through different media over time. One time you send an email, another time you mail a newsletter, yet again you invite them to a webinar, you may then announce the availability of a webinar recording, you may mail a post card with information about how to get your new complimentary report, you may place an ad in a local newspaper, and so on.

After all, who better than you to attract some of those prospects ready to shed their old advisor for a different, better one! Who better than you to hold on to current clients!

We invite you to get more articles like this in our free report for financial advisors at
http://www.MarketingPlanFinancialAdvisor.com

Yours for greater production,

Shirley Hanson
Shirley@MarketingPlanFinancialAdvisor.com
www.marketingplanfinancialadvisor.com
215-753-2620

Entry Filed under: Financial Lead Generation, Direct Marketing, Financial Advisor Marketing Plan