Where do a financial advisor’s best leads and clients come from? It’s no secret. It’s likely every financial advisor will agree that the answer is undoubtedly… referrals. Referrals are potential clients that have been introduced to you by advocates—or fans!
What’s great about referrals is that they tend to move through the sales process much faster than non-referral leads. That’s because the sales process has been initiated by someone the lead already trusts.
What is perhaps the biggest challenge advisors are facing with marketing in 2021?
In the cluttered and fiercely competitive advisory industry, it’s standing out from the crowd.
The biggest problem for solo advisors is not technology, nor is it even an economy of scale problem. It is a very big, very real differentiation problem. Today, there is very little to differentiate advisors from one another.
It wasn’t long ago that offering comprehensive financial planning was a differentiator.
While virtual conferences are certainly nothing new, they have undoubtedly skyrocketed in popularity in the wake of the COVID-19 pandemic. Social distancing, travel restrictions, and growing health concerns all but eliminated the ability for businesses and entrepreneurs to hold and attend in-person conferences that were once an integral part of their marketing strategies.
I personally have spoken at more than 50 virtual meetings, webinars and conferences since May 2020. I want to share with you what I’ve learned both from being a presenter as well as from attendees and conference hosts as to how to make the most of these events.
When I started in business I thought (naively) that if I am good at what I do that word will get around. I have since realized that people don’t spend their time talking about things that are “good.” People don’t find a reason to talk about the things that are supposed to be there (i.e. good marketing, sound investments, good service, good food, etc.). It’s not exciting enough to work into a conversation.
There is a major issue in financial services, and it very
well may be holding you back from getting the new clients you desire. I wonder
if you have recognized it also. When you walk into a business function or
cocktail party and introduce yourself as a financial advisor, the majority of
people will want to get away. Why are advisors so repelling? Shouldn’t you be
attractive based on all the meaningful work that you do in this noble
profession?
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