By Jorge Villar

Consultants Can Help Consumers and Thrive Using Marketing Discoveries Made During COVID19

In mid-March, the entire world got a tremendous shove into a new and unprecedented reality. Millions of people were asked to stay home to help prevent the spread of the coronavirus. Many lost their jobs, provided care for sick relatives, and worried over the risks of going out. There are, in my mind, three stages to this pandemic: • HEALTH Everyone was initially concerned about being infected by the coronavirus. • PSYCHOLOGICAL They wondered how long the pandemic would last, and how they and their families would cope with the distancing requirements. • FINANCIAL They became concerned about what might happen to their life savings and investments.

During each of these stages, people became very emotional. They also started reviewing and analyzing their financial plans and statements, as well as their legal documents. Procrastinators suddenly realized if they did not seek professional advice, they were in danger of losing assets. This was driven in part by the media, which continuously reported on the downturn of the economy and the possibility of a recession.

Discoveries that we’ve made Since this all began, we have held over 420 virtual webinar campaigns across the country, for consultants targeting audiences age 50 and up with assets in the $300,000 to $750,000 range. Before, a webinar presentation (or anything virtual) was not considered a viable way of communicating, especially to prospective clients. Everyone considered it generic and impersonal.

Yes, that age group had conducted business online and via video chats, or occasionally used the technology with family. But to employ it as a tool to present prospects with information about investments, insurance, and legal affairs? No way!

Well, guess what happened. That “shove” I mentioned? It pushed all the way into people’s homes, cell phones, tablets, and computers. If someone wanted financial advice, they now had to turn to a screen ranging from 4 inches in size up to 27 inches to learn about possible solutions to their concerns.

Responses that we’ve seen Millions responded, and registered to attend webinars nationwide. Typically, presentations lasted about 45 minutes, and most consultants used 13 to 35 PowerPoint slides to get their message across. The consultants hosting the webinars understood the law of reciprocity laid out by Dr. Robert Cialdini. They offered attendees a gift card that generated the best responses. As a result, these consultants ended up with the best appointment conversion outcomes. Registrations to virtual webinars hovered around 30 to 40 per campaign and show rates around 50%, mostly using popular local restaurants and Amazon gift cards as the incentive. Prospective clients like options It was obvious from the beginning we had to offer three choices when someone was interested in moving forward with a one-onone, private appointment after the webinar. We asked how they preferred to commit to that first meeting, and let them book a phone session, book an online session, or schedule an in-person appointment at the consultant’s office. By a wide margin, responders preferred a phone session.

People cooped up for months in their homes responded very favorably to the webinar approach, because they had lots of time to ponder important financial decisions they knew they had to make. They felt a sense of urgency to get advice or explore options. Estate planning, wills, and trusts, became a relevant presentation topic because of the number of deaths from COVID19. Sadly, some who lost their lives left loved ones with a financial burden.

Eventually, businesses, hotels, stores, and local restaurants began opening in some states, with safety protocols in place. That cleared the way for consultants who have had great success with dinner/social seminars, along with consultants holding educational workshops at libraries and colleges, to resume hosting them.

Some will prefer face-to-face And people are starting to respond to these campaigns again. They just want to get out of their homes, and return to some sense of normalcy. They also would prefer to receive in person the financial advice and answers they are looking for.

Like I mentioned before, results are promising, though due to distancing rules and limited seating capacity at restaurants, consultants are typically scheduling two to three event dates. Hybrid events have been very popular, where you let your audience choose whether to attend the dinner event or make a private one-on-one appointment via a phone session; make the appointment virtually online; or meet face-to-face in your office.

Right now, consultant dinner events are averaging 30 to 50 attendees, with higher show rates than webinars. So, you can now begin to get in front of those who would enjoy a relaxed, evening-out social experience.

Show empathy and compassion As always, you must be likeable to gain trust and connect with prospective clients. It’s critical to understand your prospects are most likely more concerned than ever about their financial status and motivated to do something about it. They have seen or heard the stories of those who were not prepared financially for this crisis, or failed to have their affairs in order. Some have witnessed this with their own friends and family members, so show genuine empathy when presenting to these folks. Keep in mind professionals from other industries are also vying for their attention. Your message must resonate and feel like a priority.

They’re searching for a local go-to person, who can calm their anxieties and address their concerns. What they’re after is peace of mind. That requires a plan that makes themselves and their family feel secure.

Consultants have a unique opportunity during the COVID19 pandemic to make a big difference in many people’s lives. Get your message out there. Use our marketing discoveries to stabilize your businesses and emerge even stronger than before. Jorge Villar Jorge Villar is a Senior Consultant at Leading Response. He is also a highly respected and sought after guest speaker. Contact: (813) 885-8231 jorgev@leadingresponse.com www.leadingresponse.com MEMBERSHIP SERVICES Vicki Caplinger, Membership Services Team Member provides support and assistance to members and prospects of the IARFC. She manages all billing and receiving of renewals and applications, and performs many tasks such as shipping and handling store orders, mailing marketing material, and performing CE audits. As coordinator for the National Financial Plan Competition she enjoys seeing the next generation of financial consultants network with the experienced Association members.

LinkedIn Frenzy Memberships Services is about to get really busy. We have a new Linkedin Marketing Program that is connecting daily with financial consultants in specific geographic areas. This results in back and forth conversations with prospective members. I am set up as the Linkedin Liaison and will be fielding questions from these connections. It is an exciting new endeavor which I hope will affect the membership totals in the months to come. Just a word of encouragement, if you have not signed up for the IARFC Linkedin Group, please request an invitation and you will be included in Association news especially targeted to members.

Ethics Exam Much is being written in this issue about our new Ethics Exam. From my perspective and the first line of feedback, I know this will be an appreciated addition to our Ethics Approved Status. In Membership Services, we diligently check Members’ records to keep their Ethical Status in check.

The exam will cover the IARFC Code of Ethics. The material is easily accessible and it is a good refresher to what you signed up for when you became a member of the Association. It adds meaning and credibility to your designation and credential. It’s a new process for us too, so I ask for your patience in advance as we roll out this new requirement. Personally, I am proud of the number of our members who received their Ethics Approved Status and feel it is an accomplishment for our Association. Successful completion of the exam awards Ethics Continuing Education Units.

Continuing Education The end of the year brings continuing education tallies. If you need a reminder of what qualifies as CE units, you can find the documentation on the IARFC website. A quick reminder:

MRFC® CE Requirements • 40 units of professional continuing education (CE) each calendar year • 2 units related to ethics and the ethical practices of a professional financial consultant

RFA®/RFC® CE Requirements • • • 40 units of professional continuing education (CE) every two calendar years 4 units related to ethics and the ethical practices of a professional financial consultant 36 units from one or more of the accepted subject topics

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• 38 units from one or more of the accepted subject topics