Imagine earning a recommendation from a client. Now imagine a recommendation from an organization that represents thousands of potential clients. That’s exactly what George M. Bowen, CFP and AIF, of Capital Management Partners in Peabody, Mass. did when he and two partners formed Teacher Retirement Solutions LLC nine years ago.

Like Bowen, whosewife is a teacher, CFPs John J. Gregorio and Francis P. (Mike) Garvan had ties to the teacher community. The Commonwealth has two professional teachers’ associations, but Bowen and his colleagues quickly identified the American Federation of Teachers Massachusetts (AFTMA) branch as an appropriate target. AFTMA represents 25,000 educators and school support personnel, including bus drivers, custodians and secretaries, in public and private schools and universities around the state, with a conveniently strong presence in eastern Massachusetts where Capital Management Partners is located.  Read More

As an entrepreneur myself, I have come to understand the limitations of a low (if not nil) budget.  In a very short time, I’ve learned how to do things that were always delegated to other departments in the corporate world.

As with most things in life, when it comes to doing their own PR the most common obstacle cited by advisors is time. As the head of an RIA, your focus is on investment management, client relationships and building your business. Who has time to then step out of that role and not only market themselves, but also build and maintain relationships with the media?

The good news is that PR is not rocket science. You most certainly CAN implement a successful public relations plan for your firm if you, or a member of your firm, are willing to put in the TIME.  Read More

Mike Byrnes shares examples of what advisors are doing to strengthen existing alliances.

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

Your Communication Strategy Is as Good as the Results It Generates

Communicating has indeed become increasingly complex in our modern, high-tech workplace. Regardless of their size, firms and companies invest time and financial resources to put in place increasingly sophisticated communication systems, procedures, protocols and programs. However, the fundamental truth about communication is that it is as good as the results it generates.

On one hand, developing good communication skills and habits require hard work and conscious attention. On the other, once mastered it can become your secret weapon to attract new clients, build your credibility, achieve brand recognition and, ultimately, grow your business, Let me share with you Four Cardinal Rules of Communications that have helped my advisor clients engineer and deploy effective and successful communication efforts.  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

You hear it all the time: Social Media is the key to improving business in the 21^st century. But why? And how can an unending stream of seemingly mindless tweets, Facebook “likes” and LinkedIn invitations add to your bottom line?

“Social Media has leveled the playing field,” says Curtis A. Smith CFP, RIA Central member and  founder of Interactive Capital Management Company (ICMC) in Sugar Land, Texas. “I equate it with the big firms’ [financial] ability to advertise.” From a marketing perspective, Smith points out, “Social media provides a way small firms like mine can play with the big boys.”

The secret, Smith explains, is understanding that the new medium is not an objective in itself, but a cost-effective means of improving your ranking on Internet search engines like Google—the like-it-or-not key to success in today’s competitive business climate.About a year-and-a-half ago, Smith engaged a professional to update the firm’s website.  Read More

Asking for referrals is about the worst way to try getting them. Too frequently, it sets up a scenario that actually compromises the client relationship. What’s worse, unlike cold calling, which may be the crudest and least imaginative way to try to get new clients, it doesn’t work. At least cold calling, done consistently and frequently enough, will bring in clients, and sometimes good ones. Referrals provided in response to your request for them will not generally give you the best ones.

In her studies the Economics Of Loyalty and Anatomy Of A Referral, Julie Littlechild demonstrates that which clients refer has little statistical relationship to how or how often they are asked. There is simply no clear straight-line between asking clients for referrals the way we have been traditionally trained to do it and the best referrals you actually receive.  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

The success of a presentation, whether it is a client seminar or a first prospect appointment, hinges on your knowledge of two basic realities: what you offer and why you are more qualified than your competitors. Lamentably, many advisors do not spend enough time to clearly establish whether they are product providers or advisors/planners. When it comes to creating and delivering a powerful presentation this distinction is of utmost importance.

Product providers focus the content of their presentations on WHAT will get their audience engaged — the benefits associated with a specific product, not its features.

While the focus of an advisor instead should be to demonstrate WHY retaining his/her services would prove to be the most viable choice for a prospect client.  To facilitate this decision, a presentation should unequivocally emphasize the specific benefits a client can derive from a relationship with you. For instance, clearly articulate how your investment strategies have helped your current clients shield their portfolios from the adverse impact of the recent market gyrations.  Read More