The New Normal: What Today’s Economic Climate Means for Advisors of Affluent Clients

One of the most important Small Business Marketing Strategies, to include in your business, is upgrading your clients and prospects and working with more affluent clients.

According to Richard Weylman, a leading affluent consultant and the author of Opening Closed Doors—Keys to Reaching Hard-to-Reach People, the current economic climate offers some of the best opportunities for advisors and consultants wanting to work with wealthy clients. Why? Because today, many high net worth clients are not satisfied with their advisors and they are open to changing advisors.  Read More

Let’s face it, today prospects are more sophisticated and educated. This requires that part of your small business marketing strategy include you showing up at your best.

Advisor Marketing Strategy: Operate at Peak Performance

Begin determining when you are at your best by answering a few questions.

• When am I at my best?
• How much sleep do I need?
• What foods do I need to eat to feel great?
• What types of clients and prospects motivate and inspire me?
• What would I do if money were not an issue?
• Who do I enjoy socializing with?
• Who do I enjoy working with?
• What do I enjoy most about my career?
• What do I least enjoy about my career?
• If money were not a factor, what would I do?

Once you have answered these questions and tested the results you are ready to decide what you want.  Read More

A recent workshop I attended included a financial advisor marketing and sales session designed to help improve our results. The industry expert asked, “What’s the worst thing an affluent prospect can say when you ask them to do business with you?” Most of the 200-plus financial advisors in the room agreed that the worst reply would be, “No, I’m not interested.”

But I disagree. Depending on the type of affluent prospect you’re talking to, a response of “no” can actually be a good thing. In fact, “yes” can actually be more of a problem! To better understand why, read on.  Read More

Personality Profiles and a Success System

In my previous article (Part One: How You Can Get Your Share of the Affluent Women Market) I shared some very important information with you about understanding women.

As I mentioned, in today’s world, any male financial advisor who can’t communicate with women and cater to their specific needs should probably bypass the affluent female market altogether. These male advisors need to plan accordingly because when their affluent male clients die before their wives do, the odds are pretty good that the wives will take matters into their own hands and fire their husbands’ financial advisors as soon as they find a new financial advisor with which they can form a relationship. That is what is happening in large financial brokerage houses which have retention rates are as low as 2%.  Read More

Too many financial advisors and businesses don’t have what it takes to work successfully with affluent women clients….Until now.

Recently, I’ve received a barrage of calls and emails from huge financial advisor firms including, insurance companies, IMOs, and broker dealers wanting help capitalizing on the thriving affluent women’s market. Some of them sound desperate. They share with me how their financial advisors (mostly men) just don’t get it and that they see a rough road ahead. I know several financial advisory managers who are focusing their recruiting efforts only on women advisors.

While I agree it is wise to learn how to effectively work with women, I personally don’t agree with focusing only on any one type of financial advisor. Regardless, it is clear that a new day has come and it’s like nothing I’ve seen in my 22-year career.  Read More

Idea  #1. Increase Your Connections

Holiday Parties provide financial advisors a great opportunity to meet new people and re-connect with existing contacts and clients.  While it is easier to spend all your time at parties with people you already know, commit to meeting at least three new people at each party.

Idea  #2. Ask Questions to Gain Insight.

The best way to find out information about clients or prospects is to ask questions.  The more we listen and ask, the more we learn.  Commit to learning at least three new facts about your new acquaintances.  You will see the positive impact on both your personal and business relationships and financial advisory business through increased retention, referrals and repeat business.  Read More