A Monthly Drip is the foundation for our Client Retention Formula. Our most successful financial advisors use it as a means to create new business.
But your Monthly Drip creates more than client retention. It’s a powerful tool for lead generation.
Within six months of launching Monthly Drip, you will note an uptick in unsolicited referrals. Clients will appear at your networking events with friends in tow. Dead assets will come to life. New AUM will appear from clients. In-person meetings will experience a renaissance.
Monthly Drip is also a branding tool. Properly scheduled, your Monthly Drip letters help you build and maintain three critical brands.
1) Expert financial advisor.
2) Caring, trustworthy, well-mannered individual.
3) Good citizen.
In time, these brands coalesce in your clients’ minds into the one brand that most protects your business—that of Trusted Advisor. People only need one trusted advisor per category. They have one dentist, one primary care doctor, and one CPA or Enrolled Agent to prepare their taxes. They only need one trusted advisor to ensure they are properly invested.
You.
Talk about a best practice! Monthly Drip is a critical tool in achieving trusted advisor status.
To be an effective prospecting strategy, a good monthly drip must have a mix of four categories of communication.
Educational letters are exactly what they sound like—they educate the reader on a specific financial topic. While there may be a call to action at the end, these types of letters should not be heavy on solicitations. Educational letters are usually suitable for both clients and prospects. Education-Investing-5 Investment Tips for Women is a good example.
Concept letters, on the other hand, are all about getting the reader to take action on something. For example, one of our most popular Concept letters is to prompt the reader to take action on their IRA accounts. Concept letters often do contain some educational content, but it’s mainly to inform the reader about the benefits of whatever concept you are trying to promote. These letters can be suitable for clients, but are most often used with prospects.
Pre-Retirement letters are for our . Each letter centers on a specific issue or topic related to preparing for retirement. Check out our for an example.
“Wilson” letters are for your social connections and business contacts, and all the people it would be inappropriate to solicit, but with whom you would like to do business. Years ago, we had a client who built a multi-million dollar business by sending only feel-good letters. His name was Dick Wilson. Many of his letters are in our content library. He started his campaign with a target audience of 30 people. These were all people he wanted to do business with, but couldn’t solicit because it would break the social taboo. So, he added them to a mailing list and sent them “feel good” letters that had nothing to do with financial services. In fact, the only connection to his business was the fact that it was sent on his letterhead.
Once a year, he called the people on this list and asked if they would like to remain on the list. It was a wildly successful version of our Monthly Drip campaign. So successful that today, just last year, one of our clients brought in $99M in new assets, just by sending out these types of letters.
These are the categories of messages you should have in your mix of Monthly Drip content.
Hopefully, you use good data management practices so these marketing efforts are maximized to their full potential.
And while you can send them out as emails, we recommend you send them as direct mail through the postal service.
Every message you send should be written in simple language. We recommend that you target a Readability Score of 8th Grade. The reason for this is simple. Many of your new prospects are not going to be university professors. Writing at a college level is not going to make you look smarter. It is going to make fewer people read what you write.
So, keep your sentences short, and your syllables simple. And send out your monthly drip every month without fail. And a few months from now, you’ll find that your business is expanding.
If you’d like to find out more about how you can leverage our decades of experience with your email marketing, your direct mail efforts, or any other prospecting strategies for financial advisors, then feel free to reach out. We’d love to see how we can help you!