Broker Check

Don’t Waste Opportunities in a Bull Market

October 03, 2018

With the markets going so well, it may be tempting to sit back and enjoy the ride. Many advisors are likely treating this record-setting bull market as an opportunity to pause and relax – but that could be a mistake. Rather than resting on your laurels, you should capitalize on this opportunity and seek new and creative ways to improve your practice.

Here are a few ways you can capitalize on this opportunity:

Generate brand awareness
The more ways you can get your brand out, the better. An up-to-date website, blog posts, videos, social media posts and a newsletter are all important tools that generate brand awareness. Keep in mind, a brand isn’t built overnight. It is a continuous process.

Build a better website
In this age of digital marketing, people typically turn to the internet first to search for a financial advisor who meets their unique needs. While referrals are still a great way to secure new business (more on that a little later), the number of people looking for financial advice is much larger than your current circle.

When developing a website, it is easy to fall for the misconception, “if you build it, they will come.” It is not enough to just have a website. You need one that is well designed, elicits trust and turns visitors into prospects. Once your website is up and running, you’ll also need a marketing strategy for driving the right people to it.

Create a referral network
Referrals continue to be the single most powerful way to attract clients. Many advisors enhance their referral networks by working with professional centers of influence, such as CPAs and tax professionals.

Referrals from these professionals are generally a close match with the target clients of most independent advisors – affluent and high-net-worth professionals, executives and business owners.

More important, these clients are comfortable working with professionals and have shown they are willing to take advice and guidance.

Create a service matrix
As your practice grows, so do the demands for service and support. At some point, capacity and scalability become an issue. So, how can you free up time to prospect and manage more client assets without adding expensive resources that cut into revenue? Build a service matrix.

Creating a service matrix involves grouping clients in categories based on criteria you deem relevant. Clients have different levels of need and will require different levels of service.

Now more than ever, it is extremely important to have a clearly defined matrix that shows the advice and services you provide are in your clients’ best interests and your fees are reasonable.

If you would like to learn more ways you can take advantage of this record-setting bull market to build your business, contact Iron Point today for a no-obligation coaching call.