Hi, Dan Sheehan from Social Merlin back again for another Marketing Minute. Today’s Topic: “How Can a Financial Advisor Protect Their Practice During Times of Crisis?”
COVID-19 has pushed all of us into significant change and disruption. One of the advantages for a financial advisor during this time is that people are more open to an advisor’s prospecting than before. This crisis has opened people up to a willingness to change. They are reconsidering their values, careers, work-life balance, and investments, while some are buying new properties better suited for working from home and family life. So, what can you do to protect your practice and use this time to reach new prospects? How can you let them know that you are available to take a fresh look at their portfolio and offer them more in services?
Allow me to go back to the basics for a moment. To run a sustainable practice, you need to operate both profitably and productively. Advisors who do not have a realistically budgeted forecast lose sight of the health of their practice and get into trouble. Project your income by having a qualified sales pipeline. Then deduct your cost-of-sales to calculate your projected gross profit. Deduct your fixed expenses so that you always have a clear view of your potential net profit. Make sure you have a plan in place to achieve your projections. Then you work the plan by prioritizing the right tasks and maximizing your productivity. The key is setting a sound plan in place and doing the tasks assigned every day, the desired results will come. Sounds simple enough. Therefore, let me give you some extremely practical advice today to help you safeguard and grow your practice.
Social media networks and advertising are still the best solutions to drive down your cost-of-sales. Facebook ads are the most viable option for paid social media advertising today. It allows you to hyper-target your audience and serve them the perfect ad, based on their recent behavior or interest. You can use LinkedIn for thought-provoking posts that will amplify your authority, but content writing can be very time-consuming and may not be the best use of your time.
People do not merely say “yes” to appointing a new financial advisor. Instead, they say several small “yes’s” as they are guided along and through your conversion funnel. This process implies that you need to prioritize and enhance their user experience and be extremely helpful and responsive. If one of those small “yes’s” turns into a “no,” you have probably lost them as a potential new client.
What is your turnaround time for a personal call or email when you get a lead, or someone has clicked on your ad or downloaded your lead magnet? Set a target for yourself to get in touch with them in under a minute; I know… but work at it. That would certainly differentiate you from the competition. Put yourself in their shoes. Will they feel like a priority if they receive a generic email from you in a week? By then, you may have missed the opportunity. Respond in the moment of their need or interest as fast as you can to maximize your chances.
One of the pitfalls that advisors step into is not differentiating between high-value qualified and unqualified leads and treating them all the same. You must determine who your real prospect is and who is not. A great opening question you could ask to qualify your lead is – “What prompted you to click on my ad today?” or “What prompted you to get in touch today?” Their answer will help you identify what their key driver is and how urgent the need. Your authentic interest and prompt response will make a positive impression. Sending them a qualifying questionnaire even if it is short when you have had no personal interaction will usually result in an instant “no thanks.”
Ensure that you prioritize the most important tasks that will contribute to your practice’s profitability during this time. And one last thing, don’t wind up being the advisor losing clients. Be proactive and do the things listed here for your existing clients too but take advantage of your opportunity to outshine your competition both with existing clients, as well as high-value prospects and you will protect and grow your practice.
Would you like a free copy of my Signature Roadmap that will show you the proven path to high-value leads used by every top advisor on the planet? Before you lose another ideal prospect get this guide and other issues resolved today by going to my website, socialmerlin.com, or click the link here now. You can also ask a question, make a comment, or just get more information, and I will personally respond to you super-fast. Thanks, stay safe, and see you next week.