I probably shouldn’t start off by saying this, but the fact is I am technically a very good financial advisor. You probably are too, but this alone does not guarantee your success in this business. What will determine your success is your ability to attract and retain great clients.
Over the last 20 years, I have discovered some of the best ideas to capture and hold the attention of my clients and prospects. These strategies are cost effective, memorable, and anyone (especially those whose marketing budgets are lean) can use them.
All of the marketing that you use in your financial advisory business needs to protect, maintain or enhance your brand with clients and prospects. As a for-profit business, you need to have an outcome in one of these four revenue generating areas. You need to either:
1) Attract additional assets/insurance sales;
2) Generate quality referrals;
3) Improve your client retention; or
4) Demonstrate your value proposition to clients and prospects.
If you do not achieve a result in one or more of these areas, then all of your time, effort and marketing resources will be wasted. In order to accomplish these outcomes, here are four questions that I ask myself before designing and implementing any specific marketing campaign:
1) Will it help to establish me as a credible source in the eyes of my clients and prospects?
2) Does it have a long shelf life?
3) Will it have a high impact?
4) Will this marketing piece differentiate me from other financial advisors?
After assessing the strategy in these four areas, I stand back for a moment and forget that I am in the financial services business and pretend that I am a client. How would I feel if I just received this from my financial advisor and what could I do to make it better?
Here are specific strategies that I have used over the last 20 years, which have consistently paid
dividends.
Historic newspaper
Buy a real newspaper like The Boston Globe or The New York Times from the day that your client or prospect was born and give it to him for his 50th or 65th birthday, or at his retirement party. If you received a real original newspaper from the day that you were born from your financial advisor, how many people would you show it to? How long would you keep it? Include a letter with the newspaper highlighting the “Help Wanted Male” and “Help Wanted Female” ads.
Highlight the advertisements for Stetson Hats and who was starring in the leading roles in the latest Hollywood movies and sporting events. Point out that most mutual fund companies only had one or two funds. What did the indices close at on the day your client was born and what they closed at the day that your client retired?
How does this idea score based on the criteria of high impact, long shelf life, uniqueness and credibility? Would using this idea on your best clients generate the desired results of attracting additional assets or insurance, generate referrals, improve your client retention or help to demonstrate your value proposition? If you sent one of these papers to the biggest prospect in your community, would you increase the chance of getting to first base?
There are several Web sites that papers can be ordered from including: historicnewspaper.com, anydate.com or newspaperarchive.com.
I am writing this in July 2009. I wonder how many of your top clients are celebrating wedding anniversaries this summer. I wonder how many (or few) advisors would think to send a historical newspaper to remind a client what was going on the day they were married? Newspapers last longer than flowers!
Retirement business card
If I asked you for your e-mail address or phone number, what would you do? You would give me one of your business cards, right? The next time that you have a client retiring, buy him a box of retirement business cards. He walked around for his entire career with business cards and now he doesn’t have a business card.
Put his name along with his new title: “Retiree.” Put a few of his new duties on the card such as, “No Meetings, No Deadlines, No Boss, No Worries,” and that he is now “Available 24/7 for fun.” Add a simple tagline on the bottom of the card such as “Planned Ahead.” Put the person’s home phone or cell number along with his e-mail address on the card. You could even add his Facebook or Twitter address if he has them. Add a picture of him enjoying his favorite leisure activity such as golfing or fishing.
Now when he meets people or sees his friends and tells them he is now retired, he can offer up one of his new cards. What do you think the first question that his friend is going to ask will be? That’s right: “Where did you get the card?” This is the perfect opportunity for your name to come up. You can purchase a box of 250 cards for as little as $20.
Financial calendars
The cornerstone of my annual marketing efforts is my own unique laminated financial calendar, which I send out with a fridge magnet on the back. They contain compelling financial concepts in an easy to understand format that clients and prospects will never forget. They do a great job of differentiating me, provide a high impact and have a long shelf life. The best part is that I can repeat this campaign every year.
Financial concept pages
A picture is worth a thousand words and millions in commissions. That is why I have drawn dozens of financial concept pages to use in client interviews, as content for my newsletters, for client binders and for my financial calendars.
Some of my favorites include “reasons to diversify,” “paychecks to retirement,” “the world at night” and “winning the financial marathon.”
In just a few moments, I can quickly convey a financial concept to my clients in an understandable format that they will never forget.
Thank-you card
A famous golf quote is, “You drive for show and putt for dough.” But where do you think the average golfer spends more time practicing — on the driving range or the putting green? Statistics show 47% of PGA tour golf shots are putts and 26% are drives. Putts are the little things that make a world of difference to your success. Little things like a thank-you card after a client meeting.
Here is a simple card that you can easily modify for use after almost any client appointment:
Dear David and Mary,
I wanted to send you a brief note to let you both know how much I enjoyed our meeting. I really appreciate the confidence that you have placed in me over the years. Please feel free to call me any time. All my best!
Regards,
Michael Morrow
If the card is for a new client, just change the wording slightly to say “I look forward to the opportunity to work with you and I appreciate the confidence that you have placed in me.”
How many hand-written thank-you cards did you receive in the last 12 months? I bet you remember who wrote the ones you received.
Referral letters
When John Client gives you a referral to David and Mary, send them a letter but include a “CC” to John Client at the bottom of the letter. The chance of David and Mary talking to John Client about you will go up substantially.
In addition to the letter, I typically call a client to reinforce this important message. “Thanks again, I just wanted to assure you that whether David and Mary become a client or not, they will thank you for this introduction. You can rest assured that I will treat your friends with professionalism, and respect.”
Over my career, I have seen that this letter and this simple statement has opened doors, and often solidified new relationships. Nobody wants to look bad, so you must assure your clients that you will make them look good.
Financial organizers for clients
We have given all of our clients a 3” binder and paper punch to put all of their important documents in. When they come into our office to meet, they have their pension and mortgage statements along with other valuable information to make the meeting more effective.
People need to feel in control, and organized — it’s a simple step, it doesn’t cost much, but I am telling you that it has made me thousands of dollars. Often when I present a new client with his or her binder, I will hear, “I have been waiting for this.” It always makes me laugh, because the binder is such a simple, but effective tool.
Michael Morrow, CFP, president of Ideas For Advisors, has been a financial advisor for more than 20 years. His innovative ideas won the Grand Prize in a national contest that was open to all financial advisors from across Canada. His company helps financial advisors grow their business with easy-to-implement ideas and marketing campaigns. Morrow spoke at the 2009 MDRT Annual Meeting in Indianapolis. In addition to speaking to audiences of financial advisors, he is also the winner of his local Comic Idol competition. His views on money are regularly featured in national newspapers and trade journals. For more information visit www.ideasforadvisors.com.