Top 10 ways financial advisers can ‘market smarter’ — and enjoy it

Originally written by Maria Marsala as a guest columnist for RIA Biz.

Developing a niche clientele will broaden, not narrow, your client base and can make your practice more profitable and pleasurable…

Can you visualize running a prosperous financial practice that consistently attracts high-quality clients? You may feel marketing is a necessary evil that takes time away from building your business and interacting with clients.

In fact, marketing is actually the key to building a clientele you truly enjoy serving — with clients who are excited to be working with you, too.

Marketing and its related activities (networking, e-mailing, public relations, etc.) are easier and more profitable than cold calling — an activity you’ll have to do less of as you emerge as an expert in your financial field. So, just how do you “market smarter”? Here are 10 ways to simplify and enjoy your marketing efforts.

Tip #1 – Create a niche and ideal client profile

To decide on a niche, take an inventory of your current clients. Do your favorite ones have anything in common? Are you particularly skillful interacting with certain clients? Are you passionate about helping a certain segment of the population? Consider looking at your own interests and aptitudes to settle on a segment you’d be happy serving on a daily basis. If your ideal clients are outside your area of knowledge, immerse yourself in their profession and become known as the go-to person in that niche.

Tip #2 – Perfect — and use — your targeted elevator speech

Tip #3 – Attend events and speak in your community

Check out your Chamber of Commerce, weekly networking groups, private events and events put on by economic development corporations. Reference your local business journal to learn more about events in your neighborhood. Speak to groups and associations that consist of your ideal clients and ask them to sign up for your newsletter or e-zine. This is the beginning of your marketing funnel. Even if they didn’t ask for an appointment at your speaking event, your new subscribers will get to know you and could become future clients. Don’t speak for free; negotiate a fee or some other trade “in kind.” Otherwise, the only folks you’ll attract are freebie seekers—and who wants them?

Tip #4 – Craft a follow-up process

On paper or electronically, or both, create some sort of process that helps you follow up with prospects you’ve met at an event that you’ve spoken at or attended. Making a phone call, sending a helpful article, or extending a invitation to coffee. These are just some of the ways to your initial conversation and develop a relationship with your new contact.

You do it for your clients, spending many hours planning, monitoring and tweaking their financial and life plans. Are you doing the same for your own business — and life? Before you say you don’t have the time, think about it this way: It’s only two or three days out of 365. You can complete your plan and other documentation during slow days of the year or, if you set your mind to it, even over a weekend. Your plan guides your decision making all year long because it contains the priorities that will bring you the most business growth. Opportunities that don’t support your plan can be safely passed over, saving you much time and hand-wringing. Find a process that works best for you, monitor it and tweak it during the year. Updating your plan the following year will take even less time, so get the process started! Include a clear vision, measurable goals, strategies that stretch you, and an action plan in Microsoft Excel, or a project management or enterprise system. Be a planning role model for your business and share it with your team.

Tip #6 – Set an intention — always

It’s always about the prospective customer, not about you. Don’t give out your business cards like they’re candy. Set yourself apart by not throwing your card in everyone’s face. When people ask for your card, you’ll know you’ve genuinely connected with them.

Tip #7 – Market and monitor — consistently

Tip #8 – Develop and referral partners

Once you’ve developed your ideal client profile, network to find other professionals who have also chosen this niche. You can then combine marketing efforts, offer informative workshops together and generally refer each other. Nurturing strategic alliances expands your “sales force” and exponentially increases the reach of your marketing message.

Tip #9 – Write articles

Write short articles directed to your client base. Don’t be daunted by the prospect: I didn’t always love to write but I kept at it and in 2000, a marketing guru called me an “article marketing pioneer!” If you’re not a born writer, hire an editor or even a ghostwriter to write the articles for you — always being sure to carefully scrutinize anything that’s coming out under your name to make sure it adheres to all applicable compliance regulations.

Tip #10 – Be ‘social’

Social networking on sites like Facebook or LinkedIn, even when used under tight compliance regulations can give your business an edge over your competitors. The key to effective—and legal—use of social media is to stay current with the regulations and be willing to get involved with your company’s social-media efforts. As each new development unfolds, you’ll be poised to apply and adjust your social-media strategy. It won’t take long for potential clients to notice your efforts—or for the competition to follow your lead.  That, too, is easier than you think.

(c) 2011 Maria Marsala,   Rev. 2022