Month: May 2021

Grow with the Best Prospects – Easily

Grow with the Best Prospects – Easily

At every sales meeting, my staff talks to me about concerns that our advisors have in trying to build their business. Our industry has a nearly unlimited opportunity to help American families retire and protect their wealth. With the number of financial professionals today plus the erosion of talent over the next 20 years, it’s easy to say that every planner has enough prospects to help grow their business.

So, why is it such a problem to grow the number of clients in your practice?

The problem is building your practice in a way that doesn’t overwhelm you and your staff, do it profitably, and have a higher performing practice than when you started. Most people tell me that having a higher performing practice means adding new clients. That solution works well if you truly need to add more clients, potentially add assets under management or new sales, and achieve more revenue. But, just adding more people might not create the leverage you need to make a high performing practice.

Adding more clients also means more service, more plans, more time, more effort, and more costs. That means a similar level of profitability, less time with your family, and most likely less enjoyment out of your business. You have to pay attention to how your grow your business and with whom you grow your business. If adding more clients is your solution, you have to be deliberate in the clients you choose to add.

This critical choice boils down to these key points:

1. Define your target audience.

2. Be as specific as possible.

3. Determine the #1 value you bring to that group.

It’s that simple. While we all feel a responsibility to help as many Americans as possible retire more securely we must make the careful and diligent choices that make a difference in our clients’ lives. And in our own lives as well. You must have a plan to grow your business purposefully. You may feel that you will project a negative impression by not working with everyone that comes your way. Or, you might feel that you could lose a potential sale by referring a prospective client to another person. What’s important is to understand your purpose, of your business, and to your client. You have to define your value.

Your value starts with understanding what you can deliver to your potential audience. By choosing the processes, products, and services that you specialize in, you can better articulate your value to your intended audience. And, remember, there are plenty of people that need our services for you to be laser-focused on your audience. That’s the key. Understand your audience better than everyone else and you are likely to win the client. Speak in their terms empathetically and authoritatively to demonstrates you can deliver on their needs, dreams, and goals.

Transformational Tactic

Understand your target audience better than anyone else.

If you would like more information on how to transform your business to a high performing practice, sign up for our free course and register to receive weekly updates from High Performing Practice.


Posted by hpp in News
Lessons from Presidential Hopefuls

Lessons from Presidential Hopefuls

Jeb Bush. Mitt Romney. Hillary Rodham Clinton. Although they are very different individuals, they do have a few things in common, the most obvious being that they all lost the race to be president, either in the primary or general election. And, in each case, the loss can be pinpointed as a disconnect in their messaging.

Jeb Bush lacked a clearly defined message. In each debate, he changed his message. He wasn’t clear. On the other hand, Mitt Romney had a very clearly defined, and significant, message. He was worried about the size of the national debt and the rate at which it continues to grow. Unfortunately for Mitt, his message didn’t resonate with the American people, no matter how well defined it was.

And finally, Hillary Rodham Clinton. She started out with a great message for most of the general campaign. And then right at the finish line, she changed it to “I’m with her.” She made it about herself, not the people. And she lost the campaign.

Now let’s look at some candidates who actually won the race to the White House. Barack Obama campaigned with a message of a change we can believe in. His message was clear and consistent. Bill Clinton talked about putting people first, and, in doing so, created a message we can all believe in and hope for.

And there’s one more thing to consider — their net worth. When Jeb Bush ran, his family was worth $24M. Hillary Rodham Clinton, alone, was worth $40M.  Mitt Romney’s family dynasty trust was valued at $240M. And Barack Obama’s net worth at the time of his inauguration was $15M; Bill Clinton’s was negative $500,000.

The moral? You can’t buy your way out of marketing. You have to be someone people want to hear from. There’s not a website pretty enough or a list long enough to replace the value of organic growth.  You need to build relationships and you need to have the right message. It needs to be clear. After all, if you confuse you lose. We can help clarify your message.

If you’re ready to create a message that allows you to attract quality prospects to your practice, reach out to our retirement income consultants at (800) 589-3000. Let’s talk about how we can help clarify your message and create automation that allows for growth. It’s your key to remaining relevant with your clients in the greatest shift from the workforce to retirement that we’ve ever seen in the United States.

Transformational Tactic

Learn from the mistakes and wins of presidential candidates. A clear message is key to success.

Recognize the opportunity to transform your business by taking our free course.

Posted by hpp
The Digital Age and How Baby Boomers Engage Now

The Digital Age and How Baby Boomers Engage Now

Since the pandemic started, 73% of Baby Boomers have engaged digitally in new ways. And it’s not just Baby Boomers. In fact, digital interaction among all sectors is different. And even as we see signs of the pandemic easing up, the digital changes that we’ve embraced are here to stay.

The way we shop, the way we conduct our business, the way we interact personally as well as professionally, have changed forever. 56% of consumers across all sectors agree that the pandemic has changed how they communicate and engage with companies. More and more clients are looking for education online, while clients who used to never check emails are now responding to messages. And of those ready to engage, 43% will disengage if their expectations aren’t met.

What you need to figure out is how these changes impact your business. Will lead generation be different? How should you respond to those consumers that provide an email or phone number in exchange for your content? The goal is to not be left behind, and the way to avoid that is through regular communication.

It can seem like a daunting task. But through four simple steps, you can make sure you stay in contact with your customers and prospects.

  1.  Automate. You can use automation to offer regular communication to your clients. It takes time to set up, but it can save a lot of time down the road.
  2. Speak in their voice. Don’t use industry jargon. You’re trying to relate and say something that resonates with them. Speak to their problem and how working with your financial planning firm can help solve it.
  3. Segment your book. It’s important to be very targeted in your conversation. Your messaging needs to change with your clients’ needs. Automation can help set up different campaigns for different conversations.
  4. Use lead generation to capture clients. If prospects are looking digitally for an advisor, you want to make sure that you have a program in place to capture them.  

As we rely more on digital communication, our clients’ expectations are increasing. We need to measure up to avoid having them look elsewhere for financial planning. We’re here to help you make sure that doesn’t happen. Give us a call at (800) 589-3000. Our retirement income consultants are ready to discuss how we can help you prospect in this new digital environment.

Transformational Tactic

Clients are engaging digitally, and they expect you to do the same. By taking time to develop a plan that allows you to stay in regular contact you’ll avoid getting left behind.

Recognize the opportunity to transform your business by taking our free course.

Posted by hpp