by Sameer KapoorIn last couple of years, I came across various Individual Financial Advisors, Wealth Management Companies and various other Financial businesses. While few of them has kept the new business developments on the back burner while other are doing it very well. The method or techniques adopted by them purely depends upon the product and customer segment they are targeting. Among the few of them, I will be sharing my learning from them for the benefit of all.
Business development is small but essential part of financial advisors domain. More business means, you need to have more RELEVANT clients. However, in business the more never ends. You need to seek for more clients, more accounts and more referrals. When your business grows, then the entire world comes in your favor. This will only happen if the reward is worth the work.
While a common say is that, Easiest way to get more clients is to ask your existing clients for the referrals or else you can dive deeper in to our clients data to discover the new avenues of business from them.
But lets face the truth, you need to think out of the box towards new clients, if you want to do something better as a financial advisor.
So, coming straight to few of the effective ways for business marketing which may help you to excel in your career of financial advisor.
Organize Client Events
When I say client events, every one starts thinking about presentations, guest speakers etc. So Boring….
But NO, I am talking about events that can help clients to gel more with yourself. It could be a musical night passes, a movie tickets, a small get together or a religious ceremony.
A good business is a subset of good relationship.
Have you ever wondered why AMCs or Insurance companies organize trips instead of giving cash rewards to their agents??
When you host an event then you invite your clients and you show them your appreciation. Instead when you simple make a follow up of the clients then you cannot create a strong bonding with your existing clients. You may also encourage your clients to bring more guests along unless it is not going beyond your engagement reach. When you meet with your client in an event then your personal relationship with your existing clients also increases. This can create a strong bonding with your clients
Just remember !!! When you make a cold call to your client then you are just a salesman for them who is trying to meet their targets. On the other if you invite them in a personalized  event just like you do for your friends, then you come closer to them leading to long term relationship.
Start a Blog or Vlog
O My God !!! Writing…No No I can’t do that…..(I know your first thoughts)
Blogs are the easiest way to showcase your expertise in the subject. Blogs not only helps you share the latest information on the subject but also helps in sharing your thoughts about the subjects. Unlike Social Media where you gets restricted on the brand visibility, blogs helps Companies to reach their customers in a more effective manner.
(See you are reading our blog and now get more closer to us)
It helps you to share useful information search engine or social media with a proper track record. It coagulates an audience looking to relevant knowledge on your domain. That why, I strongly believe that blog followers are more likely to become your clients than anyone else.
Social Media
Social Media works on concept of building relationships either directly or through referrals or through groups. With Social Media, you can majorly improve your links and connections only though your mobile.
World is full of people….millions and millions…. And social media is a digital replica.
Unlike cold calls, where you can reach to a single client, Social media like Facebook, LinkedIn, Twitter, Whatsapp, Youtube helps you to easily increase your reach and get connected to multiple clients.
Being a financial advisor, you can also use this tool to explain your services in a better manner to your clients or may simply refer to your website or blog. This form of marketing campaigns can help your brand to increase more traffic to your business in a better manner.
Affiliates
Talking about Affiliates, It is not about looking for franchisee who will work under you, it is about people who are even better than you with different area of expertise. With business in mind they are ready to explore newer avenue. Generally, I find people looking for affiliates from their competitors but those are the people, may be with little ready business, but exhausted contact list. So a mix of both new and experienced in your domain will be a right approach.
Finding the like minded people with different domain or area of expertise
This will help you in two ways. Firstly it will increase your network and secondly it will increase your business maturity to deal with the clients in a better way. Ultimately, it will help you to grow your business in a better manner.
Be Locally Social
It is true for any business. If people know you personally, you are more likely to find clients. Attending local social meets or events even as a guest will let you interact with other people who could be your clients or affiliates. Do not discuss straight business while meeting people, it is not only against the etiquettes but also remains a futile effort.
Subsequently, Â you can enhance your business when you attend more business meetings in your local network. People in your local area know you and will surely try to understand your business proposal. This will help you to boost up your career goals. Business meetings in your locality can prove to be an opportunity to increase your network and client data base very easily in a small span of time.
While all Marketing requires a lot of efforts however putting efforts in right direction will definitely yield results. The Right and Wrong keeps changing with times and trends keep emerging.
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