Given the rollercoaster market we have experienced these past two years, some advisors are still spending the majority of their time focused on reassuring existing clients rather than trying to recruit new clients. It's not a bad idea to cut back on your business development activities during tough times – and, as we all know, it takes more work to gain a new client than to keep the ones you have, so the "client first" mentality is certainly sound.
But as we head into 2010 – and hopefully better times – people in your target market are likely to be more open to your suggestions. In other words, now is the time to ramp up your marketing efforts, whether you are in the process of going independent or working to build up an existing FA practice.
Many of the smartest advisors I know have been poking their heads up out of the foxholes and stepping out in new ways to gain market share. Here are some quick examples of what your peers have been doing, paired with some suggested New Year's Resolutions for you.
Resolution #1: Work Some Media Magic
Rick Ferri, CFA(R), CEO of Portfolio Solutions, Inc., a nationwide independent RIA with client assets custodied at Charles Schwab Institutional, ramped up online visibility through a series of newswire blasts and online article placements.
Ferri, a prolific writer and the author of several books on low-cost investment strategies, has used his investment acumen, writing abilities and media connections to place numerous articles in industry trade publications such as Financial Planning magazine and consumer outlets such as Forbes.com.
After taking a trip to New York City to meet with journalists in April 2009, he enjoyed a nice-sized profile in the Wall Street Journal – a piece that generated over 80 new client inquiries. A mention in the New York Times produced another 20 or so inquiries.
If you don't know how to work with the media, you'll want to get some training and advice. Read this blog entry to get quick tips on how to do your own PR, find professional resources and improve your media savvy.
Resolution #2: "Celebritize" Yourself
Karen Lee, CFP(R), ChFC, CLU, founder of Karen Lee and Associates, a fee-based advisory firm, also stepped up and into the spotlight by speaking at industry conferences, writing articles for Financial Planning magazine and the AICPA, appearing on CNN's Your Money with Ali Velshi, and undergoing a complete rebranding process that will better position her as the go-to advisor for select clients in the Atlanta area. Her new website will be unveiled soon and she's writing a book called Its Only Money: So Why Does it Cause So Many Problems?
Thanks to all this buzz and many years of experience honing her financial planning and client counseling skills, Lee landed a plum assignment: She was asked to serve as a "Family Budget Boot Camp" financial planning expert for www.Parenting.com. In another unexpected outcome of her enhanced visibility, a journalist who met and worked with Ms. Lee was so impressed with her style and substance that he and his spouse have now become clients.
Lee is affiliated with independent broker/dealer Securities America, Inc. and is a part of one of their biggest branch office support systems, Integrated Financial Group, so she receives plenty of practice management and back office support. This allows her to focus on working with the media, meeting with clients and writing her book.
For more information on how to gain more visibility, watch for an announcement about the release of my book in 2010, Become a Media Magnet: Strategies and Advice for Do-It-Yourself PR. In the meantime, here are two excellent books on the subject of branding yourself as the go-to-expert: Get Slightly Famous: Become a Celebrity in Your Field and Attract More Business with Less Effort by Steven Van Yoder and Celebritize Yourself: The Three Step Method to Increase Your Visibility and Explode Your Business by Marsha Friedman. Both books can be found on www.Amazon.com.
Resolution #3: Expand Your Reach
