Suppose your goal is to raise an additional $50 million in assets under management in the next year. You’ll need a combination of greater wallet share from current clients and some new client relationships to get there.
Here are several strategies that you might employ:
- Convert transactional assets to fee-based assets,
- Look for more assets held away with current clients.
- Build more relationships with centers of influence.
- Do quarterly webinars for clients and prospects,
- Start a networking group.
Make sure to track your results and which strategies result in the greatest success.
4. Keep your higher purpose in mind.
Financial advisor coach Jim Rohrbach of Success Skills believes that it’s critical to infuse your daily activities with an awareness of our purpose: “If someone has a sense of mission, they are more likely to attain their goals.”
This purpose can be to find unique solutions to client problems or to build long-lasting relationships with them. It can also be to help them earn enough money so that they can provide for their children’s education or their parents.
Rohrbach focuses on helping advisors create a goals-based personal mission statement and urges them to recite it every morning.
5. Build deeper relationships.
“Real networking happens one on one,” Rohrbach explains.
When you build a relationship with a client or center of influence, you can look at each other’s LinkedIn contacts and make mutual introductions by email or in person. But first, you have to forge meaningful connections with others who know, like and trust you.
It’s fine to show up at local chamber of commerce meetings — but it’s useful only if you’re forming worthwhile bonds with others. That happens by getting together one on one with them.
6. Leverage the advantages of our virtual world.
Due to the current pandemic, clients have become more accustomed to interacting with their advisor online. This means advisors are no longer as limited to networking in their local communities as they used to be. In other words, it’s now easier to get clients anywhere. If your niche is, say, engineers, you can prospect nationally.
One upside of webinars, according to Kuzmeski, is that even though they may attract fewer people than in-person seminars, attendees are more likely to be people who are genuinely interested in a particular topic rather than being there to enjoy the free food and drink.
Thus, webinars have a higher closing rate with prospects than in-person seminars, as industry research has confirmed.
7. Coaches hold you accountable.
Remember that detailed business plan that you wrote up with all your lofty goals for the year?
A skilled sales coach can really hold your feet to the fire and ensure that this plan doesn’t just collect dust in your file drawer.
Silver refers to his firm as a group of “accountability partners.” They push their advisor clients to execute on the plan via weekly or monthly calls.
Plans are written collaboratively with advisors. Advisors have to honestly assess what worked and what didn’t over the past year. Did they speak with clients as often as they promised to? Did they host the number of WebEx events that they planned? If not, why not?
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