Want to learn more?

• Members of EncoreAdvsor.com can simply sign-in to access this complete coaching session (You Need to Treat Your Prospects and Connections like they're already Clients of your Practice) and all of the related campaigns.
• You may also want to view How to Survive the Bear Market: Attracting New Clients.

Not a member?  Click here to learn about our 14 day trial membership.

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Are you taking care of yourself?

Before you get started, please take a minute to answer my latest survey question on the right side of this screen.

Five weeks ago we began reviewing six strategies for surviving current market turbulence.  This week let's move to strategy number five by looking at the importance of controlling your time and attention.

We seem to work in a 24/7 environment.  The markets are continuously churning and the business news never seems to quit.  When you least expect it, a friend or acquaintance asks for your professional advice.  This is never more evident than when we're experiencing market turbulence.

But in reality you cannot be on duty 24/7!!!

When you're working you need to stay focused, but when you're away from the office concentrate on the other important things that deserve your time and attention.  Of course, this can be easier said than done.  When things are busy, it's much easier to be reactive than it is to be proactive.  So let's look at a handful of helpful ideas for controlling your time and attention:

1. Remember (or establish) your daily success formula - When I was more actively running my practice as a financial advisor, I had a simple success formula - 12 by 12, 2 by 5, plan each day. This meant twelve calls to clients or prospects before noon each day, two client or prospect meetings five days a week and allow for planning time each day.  I actually used this formula to triple my business over a three year period of time.  You may also want to review my 6 Daily Success Habits of E.N.C.O.R.E. Advisors.

2. Listen to how you sound -- How do you sound when you're speaking with clients and the folks around your office?  When you sound downbeat or negative there is a danger of this emotion working its way into all of your thought patterns.  Negative thoughts lead to lethargy and lack of focus; it's hard to be productive.  For more ideas, you may want to read 7 Tips for Getting More Out of Each Day.

3. Turn-off the television in your office -- As I visit with financial advisors, I am surprised by the numbers who leave televisions running in their private offices.  The same news channels advisors may bemoan as providing lousy advice to their clients are constantly running in the background.  Turn-off the TV; you'll add time to your days and brighten your spirits.

4. Shut your monitor down when you're on the phone with clients or prospects -- In addition to providing your contacts with your complete attention, you'll save time and remain more focused.  If you struggle managing your phone calls, you may want to review my coaching session entitled Using Telephone Etiquette to Save Time and Improve Client Care.

5. Don't forget you - Reward yourself; spend time with your family, exercise and do some of the things you really enjoy.  This isn't selfish.  Your work is vital to your clients' success; they would rather have a rested, healthy advisor than a one who is overworked and stressed-out.  You may also want to learn how to Turn Your Business COMPLETELY Off for a Couple Days.

Want to learn more? Members of EncoreAdvsor.com can simply sign-in to access this complete coaching session and all of the related links.

Not a member?  Click here to learn about our 14 day trial membership.

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Should you add more active management to your clients' portfolios?

Last month I hosted a teleseminar (click here to listen); we reviewed six strategies for surviving down markets.  I also began a series of blog posts to further explore each of these strategies. So far we've covered:

1. Exploring the right balance for your client communication
2. Referral strategies, and
3. Strengthening your team.

This week let's look at the importance of adding more active management to your clients' portfolios.

Let me begin by saying this is NOT an excuse for unethical business.  Activity merely for the sake of generating commissions or fees is never good business.  To survive this bear market we must always put our clients' best interests first.  There is never a substitute for ethical behavior.

At this stage of the bear market, every advisor is potentially subject to irrational client decisions.  This could include switching advisors.  While most defections may stem from marginal relationships, the clients you don't mid losing, there will be surprise.  Providing more active management may help alleviate bombshells.

So, how do you go about providing more active management?  There isn't just one answer.  Your client management process and the way you run your practice will dictate your strategies.  Do get you started, here are several key themes:

(For more complete details, including 24 specific tips, read:  How to Use More Active Management to Stimulate Your Client Relationships.)

1. Nothing is sacred.  It doesn't matter if you're talking about individual investments, asset allocation strategies, all-star investment managers or financial rules of thumb; you must be willing to evaluate every aspect of the way you manage or advise your clients' finances. 

2. Quality matters. Higher quality investments tend to move first when the markets begin to recover.

3. Tax-savings may provide the most immediate benefits.  Not taking advantage of strategies that could reduce current and even year-ahead taxes could be a mistake.

4. Think safety.  Any activity you pursue that will conjure up an increased sense of security will go a long to enhancing client comfort and building loyalty.

5. Convert short-term concerns into long-term thinking.  Even if "doing nothing" is your best recommendation, you need to demonstrate active decision-making and not passive nonchalance.

Clients are looking for change; sometimes it may be irrational.  You need to build this predisposition into your communication and decision-making processes.  After all, you don't want your clients' change to be switching advisors.

Need more help? Members of EncoreAdvsor.com can simply sign-in to access this complete coaching session with 24 tips for adding active management to your clients' portfolios.

Not a member?  Click here to learn about our 14 day trial membership.

Looking for private coaching help?  Join EncoreAdvisor.com for one-year and you'll be entitled to a complimentary private coaching session.

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Does your team lack confidence?

A few weeks ago I outlined six strategies for surviving and thriving during the current market turbulence.  I also began a series of blog posts to further explore each of these strategies by first exploring the right balance for your client communication and then looking at referral strategies.  This week let's go to strategy three and look at ways to strengthen your team.

To start you need to be aware of the way recent economic and market events are affecting your teammates.  The same stress you and your clients are feeling could be impacting the folks who help you run your practice.  It doesn't matter if you simply share an assistant with other advisors in your branch or run a full-scale wealth management team, the well-being of your teammates is vital to the health of your practice.

When your team lacks confidence their attitude could negatively affect everything from marketing results to client care.  On the other hand, the confidence you display in your team will lead to opportunities to capture new assets, uncover referrals and stabilize or grow your production.  Here are a handful of helpful tips to help you show confidence:

1.  Don't wear your emotions on your sleeves -- Your actions and emotions will have both direct and indirect affects on the way your teammates carry out their responsibilities.  If you're feeling down or angry, don't let it come out in a way that creates unintended consequences.  Read 7 Tips for Getting More Out of Each Day for more details.

 

2.  Hold daily team updates -- All members of your team need to know what you're saying to your clients and prospects.  Taking five to ten minutes to speak with your team allows them to stay on the same page.  For better overall team meetings you may want to read Eight Tips for Successful Meetings.

 

3.  Remind your team that actions matter - You also need to preserve your clients' confidence. What you do is more important than what you say.  Your actions, not good thoughts or intentions, will determine the level of respect your clients have for you and your team.

 

4.  Keep a "Most Worried" clients list -- Every practice has clients who are more concerned by recent events than others.  You should keep a list of these clients so you can give them the attention they require.  At the same time you are isolating these relationships in a way that will prevent them from overly impacting your office environment.  You cannot afford to have a relatively small group of clients set the tenor for your entire office.

 

5.  Address compensation or continued employment concerns -- You cannot predict how the current markets will impact your bottom line.  This means bonuses, raises and even the continued employment of some members of your team members may be open issues.  Your teammates may be aware of these possibilities so you need to be as open as possible.

 

6.  Do something special for your teammates -- Make sure the members of your team know how important they are to you and your clients.  Surprise them from time-to-time. For specific ideas you can read Don't Forget to Thank Your Team and A Time to Say Thanks.

Need more help? Members of EncoreAdvsor.com can simply sign-in to access this complete coaching session as well as all of the related links.

Not a member?  Click here to learn about our 14 day trial membership.

Looking for private coaching help?  Join EncoreAdvisor.com for one-year and you'll be entitled to a complimentary private coaching session.

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Four Tips for Gaining Referrals in Rough Markets

A couple weeks ago I listed six strategies for surviving and thriving during the current market turbulence.  Last week I began a series of blog posts to dig deeper into each of these strategies by outlining how to find the right balance for your ongoing client communication.  This week I'll cover the second strategy, the importance of offering to advise your clients' family and friends.

The main thrust of this blog post is to outline several referral ideas.  During down markets you cannot forget the importance of client acquisition.  Referrals are the best source of new relationships.  A large number of investors are looking for help and they are most likely to work with the trusted advisors of their friends and family.

The first and most important step when it comes to referrals is to make sure your existing clients know and understand that you're accepting new clients into your practice.  Here are a number of ideas to get you started:

1.  Offer to become a resource for your clients' connections - The current economic environment brings a unique opportunity; many of your clients are being asked by friends and family for financial advice by virtue of their success as disciplined investors.  Consider sending your clients a letter (see Member Downloads for a customizable letter) offering your assistance.  By offering to assist you are both providing extra attention and creating an opportunity for referrals.

 

2.  Enhance advocacy among your clients - Client advocacy tops our list of effective methods for capturing high quality referrals. The current environment is a perfect time to introduce or capitalize on your advocacy efforts.  When you proactively turn your referral process into specifically referencing the names of your clients' connections, you receive meaningful referrals.

• Include advocacy in your upcoming meetings and telephone conversations.  The fastest way to build referrals through advocacy is to make this topic a part of your ongoing client interactions.  For more details on this topic you can review my Client Advocacy Short Course.
• Send an advocacy introduction letter.  If you're new to the advocacy concept or simply hesitant to include advocacy in your upcoming meetings, consider sending an introductory letter.  You can download a customizable letter from the Member Downloads section of EncoreAdvisor.com. 
• Schedule specific advocacy meetings or calls.  If you have already made client advocacy an integral part of your practice, this may be a great time to hold meetings or make calls in which your main priority is gathering referrals.

3.  Send simple referral notes and cards.  Some financial advisors prefer more indirect methods for gaining referrals; this is loosely termed as "promoting" referrals.  The key to this process is consistency; you cannot promote referrals today and then forget to do it for months at a time.  This shows a lack of commitment and professionalism.  Member Downloads contains both a sample referral note card and a customizable letter.  You may also want to read Six Ways to Make Referrals an Ongoing Part of Your Business Routines.

 

4.  Capitalize on your social networking contacts -- Your social contacts are like referrals to yourself.  From the people you meet, you're deciding who you would like to have as clients of your practice.  You're deciding if they meet your definition of an ideal client.  Of course this makes sense; we all enjoy doing business with people we know or meet in a friendly environment.  For more detailed steps on developing social networking contacts you can go to Improving Your Networking Results.  If you simply need a follow-up letter to reconnect with your social contacts go to Member Downloads for a customizable letter.

Need more help? Members of EncoreAdvsor.com can simply sign-in to access this complete coaching session as well as all of the related links.

Not a member?  Click here to learn about our 14 day trial membership.

Looking for private coaching help?  Join EncoreAdvisor.com for one-year and you'll be entitled to a complimentary private coaching call.

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Does your client communication have the right balance?

Last week I outlined six strategies for surviving and thriving during the current market turbulence.  This week I am beginning a series of blog posts that will dig deeper into each of the strategies.  The first concept is finding the right balance for your client communication.

In this environment, there is a tendency to either communicate too much or too little with your clients.  Too much communication can exacerbate client concerns while too little communication may show disinterest.  Here are a handful of ideas that will allow you to settle on the right balance.

1.  Shrink the intervals between your regular client contacts -- I encourage all of my advisor lients to construct a communication calendar; you can go to member downloads to see my client communication planning tool.  In times like these you may want to consider readjusting your schedule to increase your contact.

2.  Personalize your letters -- This is no time to be sending boiler plate marketing letters or making unplanned calls.  Members can go to my download library for customizable letters that allow for a high degree of personalization:

• Helping Your Clients Regain Confidence in their Personal Plans
• Client and Prospect Handholding Letters - October 2008
• Five Ideas for Improving Your Client Newsletter

3.  Script your calls -- Market volatility as well as rapidly evolving news cycles can lead to disjointed phone calls; you don't want to be caught off guard.  For help you may want to read Six Steps to More Effective Phone Calls.

4.  Host simple workshops, teleconferences or web meetings -- Several of my website members have reported success with regular in-office or electronic client gatherings.  For more details on this idea you can read How to Host Web Meetings with Your Clients and Prospects.

5.  Always prepare your clients for your next communication - The final piece of your communications strategy should be to communicate how and when you will be communicating on an ongoing basis.  Here are a few ideas that may be helpful:

• Swap email addresses to open up this very convenient line of communication.  You may also want to read 9 Steps for Using Email in Your Ongoing Client Communications for more ideas.
• Establish a protocol for voicemail and returning phone calls.  You may want to read Do You Need to Drop Everything When a Top Client Calls and Using Telephone Etiquette to Save Time and Improve Client Care for more ideas on this topic.
• End each call or meeting with a suggestion for your next communication.

Finding the right balance for your client communication is an essential strategy for surviving these chaotic times.  Try putting some of these ideas to work.  You will build loyalty, grow referral opportunities and cut down on your own stress.

Need more help? Members of EncoreAdvsor.com can simply sign-in to access this complete coaching session as well as all of the related links.

Not a member?  Click here to learn about our 14 day trial membership.

Looking for private coaching help?  Join EncoreAdvisor.com for one-year and you'll be entitled to a complimentary private coaching call.

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Six Ideas for Navigating Turbulent Markets

The economic, political and market events of the past few weeks are unprecedented.  As a financial advisor you are truly treading uncharted waters.  In times like these, you cannot forget that the work you do with your clients is a critical element of the financial landscape.  You need to dig-in by showing discipline, strength and confidence.

As time allows, you also need to assess the way you're running your practice.  You need to determine how your business practices are holding up.  From ongoing client communication to time and team management, you must ask yourself some tough questions.  Most importantly, is your practice built on a solid foundation?

Answering these questions will help you through the current economic climate as well as poise your practice for future growth.  In times like these you are building a springboard for future success.  Improving your investment management process, strengthening client loyalty, gathering referrals and accumulating assets will create leverage for the value of your business.  The future payoff is immeasurable.

With this in mind, we recently recorded a teleseminar (click here to listen) that covered six strategies for regaining your balance during the current market turbulence.  Here is quick summary of what we covered:

1.        Find the right balance for your client communications.

2.        Offer to advise your clients' friends and family.

3.        Show confidence in your team through stressful times.

4.        Add more active management to your clients' portfolios.

5.        Take care of yourself by controlling your time and attention.

6.        Treat your best prospects and connections as if they are already clients of your practice.

Over the next few weeks, we will be detailing each of these strategies for members of EncoreAdvisor.com.  Click here to join, we're offering a free personal coaching session for new members who sign up for a one-year membership.

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Five Tips for Uncovering More Business from Your Current Clients

We often focus so much time on prospecting for new relationships, we sometimes neglect the potential to increase wallet share within our existing book. On average, financial advisors manage only 40% of their client's assets. Many clients work with 2-5 financial professionals. Maximize the relationship and you can expect that 40% number to increase dramatically and look to become their most important or number one advisor.

We believe it is critical to capitalize on making the most out of your current relationships. This can be done through 5 areas: communications, profiling, advocacy, reciprocation and service. These skill-sets lead to bringing in new assets, uncovering cross-sell opportunities, increasing your client loyalty and retention and growing of referrals. 

1.      Communications: According to several client surveys, communication is the 1 problem in our industry; our clients don't hear from us as often as they'd like to. Building a communication strategy into your marketing plan can really help develop your current relationships and ultimately increase your business. 

2.      Profiling: Many advisors look at profiling as administrative or just an activity to stay in compliance, but in reality profiling can open the door to a lot more business from existing clientele. Digging beyond the basic questions will find more assets, different goals or ways you can help these clients. 

3.      Advocacy: Building advocacy is one of the best ways to capitalize on your existing clients from the standpoint of finding more clients who look just like them. Make your clients true advocates of your practice and they become your supporters, campaigners and promoters.  Advocacy will allow you to grow your business without sacrificing more time and effort on random prospecting.  You'll build stronger relationships with your existing clients by acknowledging their advocacy.

4.      Reciprocation: Finding meaningful ways to say thank you to your clients and letting them know how much you enjoy working with them and how important they are to your practice can go a long way to maximizing the relationship and exceeding expectations. Simple things you can do with your clients can make a big difference.  Whether through creative appreciation tokens or client appreciation events, you'll not only increase retention, you'll find your clients will talk more about you with friends and you gain business through increased referrals.

5.      Service: Make no mistake about it, service is a part of the sales process and makes a difference in both client acquisition and retention. Who better to help you in this arena than your assistant? The service he or she provides is key to your business. Whether sales, service, marketing or administrative, your assistant is touching your clients' everyday.  Get your assistant more involved in your practice and together, you can maximize your success. A scenario where a client is ready to leave can be turned around by an assistant's service level and attitude and the relationship is not only retained but maximized.

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A Low-Key Marketing Approach that Produces Surprising Results

Before you read this post, please answer my latest survey question on the right side of this page - "What is your marketing priority for the fall?"

One of my website members up in Canada recently sent me this message:

"I can't tell you how much insight I am getting from your website.  Specifically, I like the fact that I can email questions and you respond so quickly."

In another email she added:

"I have to share some great news. I started implementing your connections campaign a few weeks ago. I was pleasantly surprised.  Two people from my mini-list have already called for an appointment. I just can't believe it!  Thanks for your tremendous work."

Of course, I hope these testimonials encourage those of you who are not members of EncoreAdvisor.com to join.  (My summer 2008 membership special expires in three days.)  But more importantly, I want to highlight a low-key marketing strategy that produces surprising results.

Do your connections really understand what you do?

Your connections are people you know personally, socially, civically, or professionally.  You probably believe that some of these folks would be good clients for your practice, but you're not sure.  For some unexplained reason, you may even be reluctant to approach them about doing business.

This is where a low-key connections campaign comes into play.  You know what you do and how you do it, but your connections usually don't see the full picture.  In fact, the hesitation you may have in approaching them may be matched by their concern that they do not qualify to be one of your clients.

Let your connections know you're open for new business.

There are 5 elements to a successful connections marketing campaign; here is a quick description:

1. Brainstorm to Create Your Future Client Wish List - Build a list of people you know (or know of) and believe would be ideal clients, but haven't yet invited to be a client of your practice.  With my brainstorming activity, it will take you less than 30 minutes to come up with 25 to 50 names.

2. Send a Unique Introduction (or re-introduction) - In this step, through a simple letter (or email), you want to make sure your connections really know what you do.  They may know who you are and where you work, but this doesn't mean they understand the value you bring to your client relationships.

3. Let Your Connections Know that You're not going to be Pushy - Keep this entire activity as low-key as possible.  Your introductory letter will clearly let your connections know you won't be a pest.   Make it easy for them to opt-out of your campaign.  In fact, you don't even need to make any telephone calls.

4. Maintain Steady and Professional Contact - Following your first letter, you will send a series of letters (or emails) and collateral material that continue to introduce your services.  Only use resources you would be willing to send your best clients.  You're not trying to get rid of outdates brochures or push the latest mutual fund offering.

5. Wait for Your Phone to Ring - I know it sounds too easy, but within 6 months of sending the intro letter about 40 to 60% of these connections will become clients of your practice.  They may call you or you may come in contact with them in some other way, but they now know what you do.  You will be considered a preferred advisor when they need help with financial decisions.  You're probably touching them more frequently and professionally than their current advisors.

 If you're looking for a way to bolster your current marketing efforts, give my connections campaign a try.  Many newer advisors use this campaign to supplement their other prospecting activities.  Veteran advisors, who may not have much time for prospecting, use this campaign as their exclusive marketing system.

Need more help? Members of EncoreAdvsor.com can access complete details, brainstorming tools and sample letters through my three-part coaching session on running an successful connections campaign.

Not a member?  Click here to join and take advantage of my Summer 2008 Membership Special.  You'll gain complete access to all of my connection campaign tools for only $99.00.

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