The formula for success as a financial advisor is simple. (Though…it’s not always easy.)
You generate leads, turn those leads into clients, make those clients happy….rinse & repeat.
It’s a self-feeding growth cycle.
But here’s the thing about this cycle…
While we’re conditioned to focus most of our energy on the lead generation phase, there’s power in starting with wowing clients.
When you overemphasize wowing clients, you don’t have to focus as much energy on generating leads – they start coming to you.
This is something financial advisor Christine Timms spent her 33-year career doing.
Her theory was that leading with customer experience makes the challenge of generating leads a moot point.
So she decided to build a team that would make this possible.
At the start, she was sharing an assistant with 3 other advisors.
By the time she retired, she had her own team of 6 ½ assistants.
“I believe my practice would have plateaued at about 20% of its final revenue and AUM if I had not grown my team beyond one assistant,” she says. “Most, maybe all, successful advisors I have met over the years were growing their teams.”
According to Timms, there are 7 primary client benefits associated with having a support team:
- Increased accessibility
- Faster responses (think: Usain Bolt meets email)
- More communication
- More services (like the Swiss Army Knife of finance)
- Multiple relationships
- Continuous service
- Better advice
And when you add all of these together, you get happier clients who are more likely to leave positive feedback, talk about you, and refer you to others.
So while I’m all for investing in lead generation strategies, don’t forget about the real ace up your sleeve…
…a team that blows people away with A+ client satisfaction.
Recession…or Figment of Our Imaginations? 🧠
Chalk this one up as interesting…
In a recent study funded by The Wall Street Journal, 80% of Americans say they don’t feel so great about the nation’s economy (with 85% anticipating things will get even worse).
But I want you to check out some other findings from the study:
- 62% are satisfied with their present financial condition
- 62% say their personal financial situation is either getting better or staying the same
- 66% say their financial situation is better and/or where they expected to be at this stage in life
- 72% say the rising cost of living is of no concern, not a problem, or minor in nature
Doesn’t seem very consistent, does it?
How can 80% of Americans think the economy is bad and will get worse, while over 60% are satisfied with their financial situation?
Advisor Rick Kahler suggests it might come down to media exposure and biased reporting. >> Read more here
It also speaks to how heavily influenced people can be.
As advisors, we’re in a unique position to speak facts and cut through the fear-inducing noise that most media companies push.
A recession may very well be on the way…but all hope is not lost.
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Weekly ChatGPT Prompt 🤖
ChatGPT can be a handy tool to help create content to grow your practice. So here’s a prompt you can try to up your writing game.
Prompt: Write a [adjective] [platform] post about [topic].
Example: Write a witty LinkedIn post about saving for retirement.
Try It Here!
Jeremiah D. Desmarais
#1 in ROI-Driven Training for Advisors