The theme of this series of articles is change. In my last two articles, I discussed changing affiliations (including a move to independence) and growing through a merger or acquisition .
Why am I talking about change? For some time now, many financial advisors have been hunkered down, focused almost exclusively on maintaining clients' confidence and doing whatever they could to minimize their losses.
Some advisors may have put some business and career plans on hold while focusing on keeping their teams and their clients afloat. As the pressure to do that wanes, there's time and space to devote to regaining energy around plans for positive change.
Savvy advisors are thinking about the future. While you may be quite content with the broker/dealer or custodian you currently have, and aren't looking to sell or acquire another practice or book of business, you may be ready to expand your existing practice.
One way to do that is to consider focusing on a niche market. Here is a compelling example: Sammie Gatti, an energetic woman and tenured advisor who markets to women employees at Texas Instruments.
Marketing to Women
A financial advisor with Dallas-based Navigation Financial Group, which trades through Securities America, Gatti can trace her work with more than 300 employees of Texas Instruments to one well-connected company manager. "My first 'TI-er' was in charge of a large department. She made some introductions, the women she referred to me made a number of introductions, and that was that," Gatti explains. "My practice has really grown through word of mouth."
With referrals from her clients leading to a steady stream of new women from Texas Instruments, Gatti has spent the time and energy she might have used for marketing for new business into researching the company's benefit and retirement plans.
"I got on the company website, and I worked it every which way but loose to learn everything I could about the TI retirement process – and I discovered some critical nuances," she notes. "For example, if you don't work changes in the GATT [30-year Treasury] rate to your benefit, you could end up losing thousands of dollars. You might end up with a lump sum pension payment of $280,000 on November 1, vs. $320,000 if you waited November 30."
Picking up on those nuances has enabled Gatti to add great value for the women she works with, and convert her satisfied clients into true practice-building advocates. Her practice got another boost from her work with women clients on TI's numerous "early outs."
"Working with women who were not expecting to retire quite so soon presented unique planning challenges. As I was able to help them to make major decisions in a very short timeframe, my business really took off," Gatti explains. "These women thought they would be in for the most stressful time in their life, but with me they didn't need worry about the details."
