Page 22 - Investment Advisor - December 2021

RIA LESSONS & LEADERS

By Mark Elzweig

7 Tips on Growing Your Business From

Top Sales Coaches

Three experts share fresh perspectives on marketing, networking and

keeping yourself on track.

ow can I grow my business?
That’s long been a top-of-mind
Hconcern of most advisors.
To get some fresh perspectives on
how you can best expand your busi-
ness in a changing world today, I spoke
with three of the industry’s leading sales
coaches. Here’s what I learned.

1. FOCUS ON THE CLIENT EXPERIENCE.
Maribeth Kuzmeski of Red Zone
Marketing says the best advisors are
getting referrals without having to ask
for them. Advisors need to review their
service model and ask how they can
improve the client experience, adds
Kuzmeski, who has a doctorate in busi-
ness administration and has written
seven books.
Do you proactively reach out to cli-
ents, especially when the market drops?
Do you pleasantly surprise clients with
timely emails or phone calls to show you
really care?
Many advisors are uncomfortable golfer? Do you have your pilot’s license? to Silver. He once coached a well-heeled
with asking clients for referrals directly. How about your family situation? Do advisor who told him, “I work with
Asking if they know anyone who might you have a special-needs child, for people who are simply really rich and
need a second opinion on their portfolio instance, or are you caring for an elderly really nice.”
is a softer approach. parent? These are just a few of many
situations that might be helpful to you 3. USE A MULTI-PRONGED APPROACH
2. WHO’S YOUR TARGET MARKET? when pursuing a niche. TO ATTAIN YOUR GOALS.
Michael Silver, senior managing direc- Ask this question: Is there an under- Yogi Berra once quipped, “If you don’t
tor of the advisor coaching firm Focus served market that you can pursue? know where you are going, you might
Partners, recommends that you examine If you’ve identified a new market, wind up someplace else.” That said, it’s
your current clientele. If you have lots of you’ll need to spend time researching essential to write an annual business
doctors or business owners, for exam- and learning about it before launch- and marketing plan that contains spe-
ple, focus on those niches where you ing your marketing campaign. Also, give cific, quantifiable goals and action steps, Benedetto Cristofani/theispot.com
already had success with clients whose yourself time to establish a reputation in Silver points out.
needs you really understand. that space. Suppose your goal is to raise an addi-
Also consider your own affinities, Advisors don’t necessarily have to tional $50 million in assets under man-
interests and experiences. Are you a have a niche to be successful, according agement in the next year. You’ll need

20 INVESTMENT ADVISOR DECEMBER 2021 | ThinkAdvisor.com