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Grant Hicks, CIM
You won't find this idea in a book, even though we are writing a new book
on practice management for financial advisors in 2020. You won't find this
idea at a seminar, course or workshop.
Not even on line or any website. . In fact you won't get this information
from top financial advisor performers, but you will find the idea where you
work. It will change the way you think. It will change your business
strategies. It will make you take a close look at what your doing right and
what you need to improve on. The idea will help you grow, develop and build
your practice to heights you thought weren't possible. It will make you
understand your business better, even more than hiring a consultant. It is
a guerrilla marketing idea which is investing time energy and imagination
into your business. This one idea may change your business in 2020 and
beyond. Once you start to apply the idea over and over, you may need to buy
a new truck to haul your money to the bank with.
If I was asked to give only one idea to build and scale a financial
advisory practice, this would be the idea.
Create a board of directors with your top clients and centers of influence.
Ask them for feedback and ideas on every aspect of your business from
advice to marketing, client appreciation and client communication.
Invite from six to ten of your top clients in one meeting for an hour and
get valuable feedback on your image, identity, business and marketing. Then
hold a second meeting for your top centers of influence or referral
sources. Hold these meetings three to four times a year and buy your
"board of directors" lunch for giving you valuable feedback on
all areas of your business. It will cost you less than $500 and a few hours
of your time. Each time you are creating formal feedback for your business.
The most amazing thing happens when you tell people you are working on your
business. Within 30 days you get referrals to more like minded people and
gain additional top clients.
Each year change the board to new clients and new centers of influence to
build relationships and gain insight as well as referrals from influential
individuals. Just like coaching and mentoring, it is feedback from the
people that use your services to tell you how you're doing. They may give
you ideas that you and your success coach, manager or mentor may not see
and understand. You can't get that from a book or a course.
For example, If I have never experienced being one of your clients for a
period of time, how can I give you long term valuable feedback on what you
are doing, how you communicate with people and how your business is
perceived? It is this valuable feedback from your top clients and centers
of influence that is going to give you the edge over your competitors.
Referrals or favorable
introductions?
A secondary objective is a way to develop referrals and clone your best
clients by discussing the fact that you are looking for more clients like
them to build your business. Make it clear though that this is not a
referral session, but a genuine feedback session for your business. It is
to ask questions like" what are the 3 things that you value the most
about our services" ?
Some advisors have used this as a referral meeting by bringing in their top
referring clients and discussing their business plans and asking who or
what target market should they tackle next. The clients will tell them the
clubs their associated with, hobbies and activities and where they might
meet them in a casual setting to introduce their advisor to friends and
associates in different groups, associations or settings. You will learn
about several types of groups and associations. Others may use it as
strategic networking opportunity to find out charitable events their
clients are involved in and ask to join or participate.
For example if you are looking to attract dentists, have a dentist focus
group or board of directors luncheon. If you have more than one market,
then cluster together different types of groups and or have several
referral and or focus group meetings.
Make sure you discuss your ideal client that you are looking for. Have an
agenda set up for the meeting and be prepared to discuss and disclose your
business ideas that you are planning to do. Depending on the group, you may
also hand out a client communication plan, Business plan or your marketing
plans for the coming year. Then ask lots of questions, take lots of notes
and build it the way your top clients and referral sources can clearly
benefit from and help you grow. After all, it's all about them. Don't waste
any time. Put this on your to do list this week!
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