When you hear the word traditional, you might think these methods are outdated.
But that’s not the case.
In fact, these techniques are more reliable than some modern digital marketing strategies you use today. These techniques have stood the test of time and are still being used by advisors to build and grow their firms.
Getting referrals from current clients is one of the best acquisition channels available. Once you get your referral system set up, it becomes a low-touch channel that runs on its own.
Most advisors make the mistake of asking clients if they have people they can refer. Quizzing them in this way puts clients on the spot, making it hard for clients to come up with an answer. Rather than putting both of you in this awkward position, there’s a much subtler and easy way to get referrals.
To start with, you have to provide an excellent client experience. Make sure that every touchpoint with your clients is as easy for them as possible.
You also need to go above and beyond to stand out from other financial advisors. For example, you can list out events and milestones in your client’s life when a message from you would be appreciated. This doesn’t have to be related to their financial life either. You can send birthday cards during their or a family member’s birthday, or congratulatory cards for the birth of a new member in the family, graduation, or anniversaries. By turning this outreach into an automated system, you’ll be able to give all your clients the VIP experience they’ll remember the next time someone asks if they can recommend a financial advisor.
Next, networking. In this case, you should visit events where your ideal clients would likely be. Industry events, seminars, workshops – they’re all gold mines for potential clients. These events are not just about learning new things; they’re also about meeting new people. It’s about shaking hands, exchanging business cards, and building relationships. For example, you might meet a potential client at a seminar on retirement planning. By engaging them in a conversation about their retirement goals, you could pique their interest in your services.
People want to feel valued, they don’t like to feel like they’re just another number for you. So make sure that your connection is built in a genuine way. Even if they don’t become your client down the road, they might know someone who needs a financial advisor. It’s a good opportunity nonetheless.
The third and final method is through strategic partnerships. The concept is similar to referrals. Except this time, the ones who’ll refer clients to you is another service provider who serves the same clientele.
For instance, you could partner with a tax consultant or a real estate agent. They could refer their clients to you for financial advice, and you could refer your clients to them for tax or real estate services. It’s a win-win situation.
However, make sure that this arrangement is beneficial for both of you. The aim of this partnership is a mutually beneficial situation, but it can easily turn into a one-way street, so make sure that you have a written agreement to cover what is expected from the relationship.