Register Round Up IARFC Leaders and Financial Industry Experts were asked for their insight and advice on issues facing consultants in today’s economy. Note: Responses are printed in no particular order. Q: What is the best new marketing/sales program or strategy that you implemented this past year that has made a significant difference in your practice revenues? Tell us what has worked or even what has not. A: Getting Pre-Qualified Referrals Who Are Expecting Your Call. Qualified means ready, willing and able. No more cold calling. Plus you get instant credibility. It’s the number one way top Advisors get new clients, because it’s the number one way Clients find a new Advisor. Max Bolka Asheville, NC A: We continue to have great success by hosting retirement parties for clients that retire with our firm. These are strictly focused on the client with no sales activity, visual signs, banners, give aways, etc. We are there only as hosts and friends. The client invites 5 of their closest friends who we get to meet at the event. Invariably during the following twelve months, 80% of these guests contact us and become clients. Lloyd Lowe Jr., RFC® Dallas, TX A: Have a professional office, with a professional staff. Also never go to a client’s home or place of business unless the client cannot get to your office. Remember you are a professional. Steve Bailey, RFC® Charlotte, NC A: During 2012 Flack Advisory began earnestly "transitioning" our clients to a better investment product that offers LOWER internal fees and charges and a BETTER rate of return — due to a guarantee in place. As a direct result, we have employed 1 1/2 more staff and we have improved our revenues. One of our strongest assets are our clients who provide us with so many "Word of Mouth" referrals. During the festive season (Dec 12) we know whether we have done a good job for our clients or a not so good job for them simply by the influx of cards, gifts, and well-wishes. This year we have been completely overwhelmed by such kind gestures — obviously from very well-satisfied clients. George Flack, RFC® Eaglehawk, Victoria, Australia A: I’ve blended VA and Medicaid planning services to attract the prospect/client who has $100 – 800,000K of assets and needs long term care. With this addition of services, the results were a 42% increase in per client revenue in 2012. Wilma Anderson, RFC® Littleton, CO
The Register | February 2013
A: The Financial Advisors in our Values-Based Financial Planning Turn-key Business Model program have done 2 things to improve their business in 2012: 1. T hey have become much more refer-able. Your future clients are some other advisors existing clients. You won't attract them away by offering the same value proposition or claiming to be better at doing the same thing other advisors do. A key step to getting more referrals is to be more refer-able. Be more refer-able by being more valuable to your existing clients. 2. T hey have implemented a step-by-step process for getting referrals, orchestrating an effective introduction and following up consistently and professionally. Bill Bachrach San Diego, CA A: My best marketing idea is we quit asking for referrals! Yes, I know some folks will find that hard to believe given all I have lectured on this topic. What we did instead was just provide a WOW level of service our clients can't get elsewhere. This worked really well for us and now over 30% of our new clients come to us via referrals. Part of the reason this works so well is we limit our client base and most of them work in the same buildings. My guess is when you are seeing the same folks every day for lunch, sooner or later you run out of things to talk about and eventually our name comes up. The closing ratio on this group is much higher. I can only think of one we did not pick up who was referred to us. Katherine Vessenes, RFC® Chanhassen, MN
The ideas and strategies you receive from this and other sections of the Register may inspire you to send us your answer to one of our future Register Round Up questions. If you would like to share your tips and techniques with other RFCs, please do not hesitate to send in your response to editor@iarfc.org. Our April issue will ask this question: What are your biggest prospecting challenges and how did you overcome them? You can also send us a short article for the Register or suggest additional topics for future issues. Remember, our goal is to make this magazine an even more valuable resource for you and the clients you serve.
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