Sales & Marketing
If you’re getting fewer leads than in the past, your growth has slowed, and you have more competitors in the marketplace, those are signs that it may be time for you to rebrand. As the industry evolves, so must your business. So notes Pete Muckley, VP of Marketing at Trust Company of America, in a column at WealthManagement.com. “A successful rebrand can help you attract new clients, differentiate your business and support referrals from clients,” he writes. See his column below. Also, why are client referrals on the decline? Dan Richards, in a column at Advisor Perspectives, outlines three reasons: the risk of referring friends, the lack of differentiation among advisors, and fewer investors who want to move their business. He explains how to address these factors to bump up referrals. One suggestion: Build your expertise in a certain area and provide “distinct and unique value.” See the link to his column below.
How to Accelerate Growth by Rebranding Your Advisory Practice
By Pete Muckley
Your brand—if carefully managed and properly developed—can be one of your business’s most valuable assets. It can be the key to accelerating growth and profitability and essential to building long-term business value. Most financial advisors today are so busy trying to run a successful business and deliver financial planning services to clients, they don’t have the time, resources or energy to think about their brand. That could mean that in some cases, 10, 15 or more years may have gone by since the brand was first introduced.
Why Referrals are Down – and What to Do About It
By Dan Richards
Source: Advisor Perspectives
In my article, Why Top Performing Advisors are Exiting the Business, I outlined the fundamental changes taking place in every aspect of how financial advisors operate. Perhaps nowhere is the change we’re seeing greater than in how successful advisors are attracting new clients – and in particular the collapse in the role that referrals play in bringing new clients on board.