NEW ORLEANS – Building a practice is far more than just amassing a client base, Lucas Noble, of Lucas Noble Financial, told attendees Tuesday morning at MDRT's annual meeting. Building your business is about connecting with clients in a meaningful way and presenting a team approach that cultivates relationships.
Noble's session focused on:
- client retention,
- referrals from clients and centers of influence
- marketing with a long-term engagement strategy
- building a practice centered on the client
The following are the six steps he offered to make sure advisors are on the right marketing path.
Step 1
Build a team, recognize what you do well and work with your team to pick up where you lack. Noble pointed out that for many advisors, paperwork, reporting, follow-up calls and scheduling are not strong points.
If everyone on your team succeeds when you do, they will be more motivated and focused. A happy staff will translate into happy clients, which is key to building your referral base. Noble said it's key to compensate your team generously based on growth and client satisfaction
Step 2
Make sure one piece of your business each year is recurring, whether it's insurance or investments. Doing so keeps you invested in the client relationship and client experiences, which:
- 1. Retains the client 2. Makes you referable
Ensuring you have a solid base from existing clients will help produce new business and referrals, Noble said.
Step 3
Connect with clients and work on building relationships, not just completing transactions. Once clients know, like and trust you, Noble said they will want to help you succeed and help others benefit from your services.
