CRM for Financial Advisors to Grow Your Business

How to survive and thrive

Under the new CRM2 Regulations

I’ve coached thousands of advisors over the past thirty years. As a coach, part of my job is to help advisors like you manage all the twists and turns that life, the government, and the markets have in store. Change can be a difficult thing to deal with, especially when it impacts your business.

It goes without saying that the new CRM2 regulations are having a big impact.

As you know, new industry-wide regulations are being implemented in Canada that will change how the financial industry reports and discloses information to investors. For the first time ever, advisors will have to show their clients the cost of every fee they’re being charged. It’s a commitment to transparency unlike anything Canadian advisors have ever known.

While some advisors are taking these changes in stride, others may be concerned about how CRM2 will affect their relationship with clients. But regardless of which camp you fall into, the steps you should take are the same.

The first two steps involve protecting your current business:

  1. Begin educating your clients now on exactly what CRM2 is and why it matters
  2. Demonstrate your own commitment to transparency by adopting the new standards now rather than waiting until mid-2017, when you will be legally required to do so. As soon as possible, start scheduling reviews with clients to go over both account costs and account performance.

By following these steps, you will be simultaneously reassuring your clients and strengthening your relationship with them. More importantly, you will be protecting yourself from the possibility of any clients deciding to take their business elsewhere due to concerns over whether they are paying too much or that you have something to hide.In short, this is how you survive under CRM2.

The next step is all about how to thrive.

While adopting new regulations is rarely fun, it does create a major opportunity. Remember what I said earlier about some advisors being concerned? It may sound predatory, but it’s those advisors whose clients are about to become your prospects.

Your next step, then, is:

  1. Immediately begin contacting prospects, mass mail lists, and strategic partners to offer a second opinion on their portfolios. Your goal is to get people to come to you to see whether they are paying their current advisor too much.

Of course, I wouldn’t give you instructions without providing some tools to help.

My company has recently released two special messages on CRM2.

The first is an educational message you can send to your clients. It explains the ins and outs of CRM2, and assures clients that you are already working to comply with the new regulations. Finally, it informs them that you will now be providing additional information on their account costs and performance.

Just think of it as a dose of preventative medicine.

The second message is a prospecting message. This is what you use to start generating new business. It also provides some education on CRM2, but then offers a free second opinion on whether people are paying too much for the investment advice they’re getting. o here’s my offer: you can claim one of these messages as your own…for FREE. The client message or the prospect message, the choice is yours.

All I ask in return is that you give us a chance to learn a bit more about you and your business. To claim your CRM2 message, just call Jill Webster at 888-495-7303 and say “I want the CRM2 letter!” She’ll ask you a few questions about your current client marketing and prospecting efforts, and give you a quick of demo of how we may be able to help. Of course, if you decide you don’t need our help, that’s fine – we’ll send you your free CRM2 message anyway.

Now it’s time to take action. Don’t waste another day –follow the steps above so you can survive and thrive under CRM2.

Bill Good Marketing – Helping Advisors Manage Change for Over 30 Years

Whether it’s market volatility, economic recessions, or mega-shifts in the industry, my company has been helping advisors like you manage change for a long, long time. We’ve basically got it down to a science. In fact, every time change is on the horizon, we give our clients:

  • The strategies they need to survive and thrive
  • Educational materials for their clients and prospects
  • Private, individualized coaching
  • And much, much more!

Through it all, we’ve consistently stuck to our motto of helping advisors DOUBLE THEIR INCOME OR WORK HALF AS MUCH.

So as you get set to manage change – whether it’s the new CRM2 regulations or something else – don’t forget that we’re here, ready and waiting to help you.

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