How to improve the quality of your client referrals received
This blog post explores the importance of improving referral quality for financial advisors. While receiving referrals is typically viewed positively, advisors often encounter referrals that don't align with their target client profile or fail to convert into actual clients. The post highlights three key factors contributing to this issue. Firstly, the lack of clarity on the advisor's niche market, emphasizing the need for a specific and well-defined ideal client. Secondly, referrals driven by niceness rather than suitability, necessitating client education on making appropriate referrals. Lastly, the importance of strong sales coaching and consultative skills to effectively convert referrals into clients. Addressing these factors can optimize referral processes, attract ideal clients, and foster business growth.
The Best Social Media Strategy for Financial Planners and Financial Advisors
More than half of the world currently uses social media (62.3%). 5.04 billion people around the world now use social media, with 266 million new users coming online within the last year.What’s more: The average daily time spent using social media is 2h 23m! So how can financial advisors and financial planners maximize their social media marketing strategy so they can better engage with their clients and find new prospects? This article goes into some strategies and methods!
Conquering the Cocktail Party: Six Steps for Effortless Mingling
Networking is crucial for career development and business growth. Mastering networking skills leads to valuable connections and opportunities. Strategies include making connections during introductions, confidently approaching groups, excelling at small talk, avoiding controversial topics, and knowing when to move on.
47% of your clients are waiting til you ask them for a referral
This interesting research paper from 2014 captures major insight into the behaviors and circumstances that would trigger wealthy clients to refer friends and colleagues to their wealth manager.
How to Build a 2024 Financial Advisor Marketing Plan?
Are you finding that your marketing and sales efforts are falling short of expectations, leaving you frustrated or surrounded by excuses? It's time to break free from the mundane routine and discover a more intentional approach to your growth efforts. This article outlines how, by first understanding the difference between a marketing strategy and a marketing plan.
Use Gamification with Your Clients and Team for More Growth
Gamification is a powerful tool that can enhance performance and growth in finance, law, and accounting. By applying game mechanics to non-game contexts, it drives engagement and motivation. This article highlights the benefits of gamification and offers five strategies for financial and legal professionals to implement. These strategies include referral contests, financial education quizzes, thought leadership contests, and more. Gamification can increase engagement, improve knowledge retention, foster collaboration, provide real-time feedback, and support continuous learning and development. By embracing gamification, professionals can create an exciting and dynamic workplace culture while empowering their teams to succeed.
Best questions to ask your team during your sales/pipeline review meetings
Managing a sales team, or developing a new one, can be frustrating, especially if you don’t know how to best coach your team around sales to develop their pipeline. In this article, we’ve outlined 10 questions to help shape your meetings for better outcome. Learn why we are the best sales training firm for advisory firms and wealth management RIAs
How to Motivate Advisor Teams With Creative Compensation (Comp) Structures: Amy in Barron's Podcast
Amy Parvaneh was recently published in Barron’s, and recorded for Barron’s Advisor Podcast, about compensation and pay packages that are most suitable for advisory teams and firms around business development. In the recording, she discusses the downfalls of the traditional revenue split, and how to best align your team’s roles and responsibilities (including around business development) with their personality.
Wealth Management Firms: Different Compensation Structures for Your "Sales" Team
5 Client Segmentation Structures to Revolutionize Your Advisory Practice
Feeling overwhelmed about the lack of categorization and organization in your client base? Given two finite resources, time and labor, as an RIA, wirehouse advisor or tax advisor, it’s important to put clear lines between the types of clients you serve and want to acquire, the service quality you provide to each, and your fee plans.
As seen in Kitces: Why The Best Sales Training Approach Depends On Your Unique Sales Personality Style
Read our latest white paper published on the Michael Kitces website. Sales training programs should be designed around an advisor’s specific personality type. Learn about the three Consultative Sales Personalities our firm has identified, and specific strategies each of those personality types can employ to turn your unique challenges into business development advantages.
Social Media for Investment Advisors and Wealth Managers
Financial Advisor Marketing and Branding Solutions
Investors are Feeling a Case of the Ostrich Effect...why that's bad for business
Why Competence Isn’t Enough to Set Yourself Apart in the Finance Industry
Bedside Manners: One of the biggest skills you can gain in your career
Have you ever heard of the term “bedside manners” when it comes to doctors? We all know that we don’t want our doctor to just know how to do his job right; we want him to communicate with us and help us feel better emotionally. This is what we call “Soft Skills,” and we can all benefit from it to stand out in our profession.
The most critical Soft Skills for more people to trust you
There are some people in this world you have never met but somehow deem as trustworthy. For each of us, that person is different. But what are the skills these people have to make so many people trust them, even though we have never met them? In this article we disclose some of those top skills, which you can develop as well!
Which personality test is best for my team and company goals?
You’ve heard about Big Five, DiSC, HEXACO, Myers-Briggs, StrengthFinder, Eysenck and Minnesota Multiphasic Personality. In this article we will share with you our favorite personality test for leadership and sales, which is none of these, and how it can help you make critical decisions around your business.
