Journal of Financial Planning: September 2024
Kristine McManus is chief adviser growth officer at Commonwealth Financial Network, member FINRA/SIPC.
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Next-gen advisers looking to grow their practices often have budget constraints. But this shouldn’t deter advisers from business development or prospecting! Here are four ways advisers can get their name out in front of clients and prospects without running up costs.
1. Connect with clients. The most important thing you can do for your business is build strong relationships with your current clients. Start by paying careful attention to the things that are easily within your control, low cost or free, and have a high impact.
- When was the last time you received a handwritten note, and what was it for? More than likely, it was personal—and you remember it precisely because you don’t get many. This gesture would stand out to your clients in the same way. To put this into practice and differentiate yourself, you could set a goal to send out three cards a week to your clients.
- Never underestimate random calls of kindness. Simply pick up the phone and call a client to say you were thinking of them. It really can be that simple! And if your call relates to a shared interest or something you know they like, so much the better.
- Send an email and attach an article or link to something you know your clients care about. A quick Google search can provide you with articles on raising a new puppy, foraging wild mushrooms, or walking tours in England—any topic that interests your clients.
2. Get published. One way that next-gen advisers can reach new prospects and scale their time is through leveraging PR and media to broaden their reach. Many small towns are part of a more extensive network of newspapers, and they often are looking for contributors. Come up with a unique perspective on a financial topic, pitch the idea to the local business editor, and start the conversation. In larger cities, advisers can sometimes be published in an op-ed, and services like Connectively or Qwoted allow you to sign up to be interviewed when they need an expert. Just make sure that anything you say is client-facing and of importance to your prospects. (And remember to submit your article to your compliance department in advance.) Once you are published or quoted, you can send it to clients and post it on your website and social media to stay top of mind.
3. Plan a webinar. In the past, advisers were often successful in leveraging client seminars to build their business. But next-gen advisers can save costs and scale more efficiently by hosting a client webinar online! A webinar allows advisers to scale because it doesn’t matter if there are five people or 50 in attendance; it’s free, and it enables advisers to carefully target their presentation to a specific audience. The ability to laser-focus your message to an audience is the key to attracting prospects to your webinar, so it’s important to be intentional as you plan it.
4. Host a low-key client event. Research shows that getting personal with clients pays off in terms of increased referrals and assets. Many advisers envision an event to be a time-consuming and costly affair, but it doesn’t have to be. We know one next-gen adviser who hosts periodic meetups with clients in local parks. The adviser brings coffee and donuts, clients come with their dogs, and while the pets run around, everyone relaxes and gets to chat. Another adviser skillfully leverages free concerts and events in the community but invites clients to attend with her, making it special. Shakespeare in the Park, anyone?
A lack of budget shouldn’t stop next-gen advisers from engaging in business development activities. Advisers who pay careful attention to their clients and prospects can find countless creative ways to generate new business without breaking the bank. And by taking advantage of these business-boosting tips, prepare to be the talk of the town!