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 are advisors using to get new business? Are clients hunkered down and not moving.
A: Our firm has implemented a program to improve client relationships through stepped up marketing and personal contact. More client events, social gatherings and continuous contacts are key to the development of happy clients who are willing to pay fees for services they want and appreciate, thus leading to increased numbers of referrals. We attempt to stimulate interest in wealth management by offering ongoing educational seminars, workshops and courses through our educational affiliate, The Institute for Financial Education, which is a good way to meet other advisors who are also interested in practice development. Al Coletti, RFC® Smithtown, NY A: In regard to the question about modern day agents and where they get leads, I offer the following: Veteran agents I know and work with get 70% of their business from present clients. They also get referred leads from present clients. Most of these agents are very involved in community work, religious work, country clubs, etc. That’s where they get the rest of their leads. The day of cold calling is over. We are in a warm lead business. Garry Kinder, RFC® Dallas, TX A: I am fortunate enough to have people call me directly for planning business, but what I try to do is just keep putting my client’s interest first….
how it will morph after Obama Care takes hold. The advisor who addresses these issues clearly will have the attention of many clients. This generation has money, but does not and cannot afford to lose any of it or it’s game over. Fear rules. If anyone can make sense of the markets with the present demographics, Barry Ferguson and I are listening. Burnett Marus, RFC® Richardson, TX A: To get new business, we are staying in touch with our current clients — keeping them informed about their current performance. We are asking for referrals and many of our clients are sending us new potential clients. We send a gift card certificate to a nice local restaurant to current clients when they send their friends our way. Jon M. Rogers, RFC® Greenville, SC A: We are going through client files and making sure that the products and programs still align with the client’s needs. For instance, if a client has a fixed annuity about to mature, there will be a need to decide wether to renew where it currently maybe or to have assets repositioned. Here is an opportunity to show options of guaranteed lifetime income products to add to their other portfolio vehicles. Plus, you can illustrate how these different programs can relieve some anxiety about volatility. A beneficiary update is an excellent reason to also open some dialogue to review these items with clients.
Most of my clients are hunkering down. Why shouldn’t they be? The country is broke. Return of money is becoming more important than return on the money invested. Barry James Dyke, RFC® Hampton, NH A: Advisors have to be more creative than ever before. Nothing works 100% but everything works a little bit. Our model is helping pave the way for us to do just that. Advisors who are just waiting around to get business might as well retire now as we have to be innovative and change with the changing world we live in as well as compliance etc... It’s all about being creative, not just referrals and introductions. You have to do something to bring business in constantly to get referrals and introductions to others. Not everyone will be referable to someone or give you 100% referrals so what you do in the “everything works a little bit” is critical to staying on top. Rick Stanzione, RFC® Washington Terrace, UT
Connie Luttrell, RFC® Franklin, TN
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 firstname.lastname@example.org. Our September issue will ask this question: Advisors are looking for mentors. Do you have advice on who to turn to? 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.
A: Boomers rule. Right now they are the generation that hasn’t saved enough for retirement, do not have a clue about Medicare or The Register | August 2013
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