What if you could just stop marketing? Quit running after the next client or working to make certain your current clients stay with you. Just stick to working your current book and picking up the occasional referral?
You really can’t. Not and maintain a viable firm.
Unless you are a government and can pass laws requiring your clients to use you, marketing has to be part of the mix. Marketing is keeping current clients happy in the face of appeals from your competition, and bringing in new clients to replace assets withdrawn by clients in retirement, and the accounts of those who do leave, whether to another money manager or the step after this life. For many advisers, it is also growing the firm to add income and keep up with the increasing expenses of managing an advisory firm.
But while you can’t stop marketing, there are things you can do to automate the process so that regardless of whether you are in the mood to chase the next client, your message is getting out.
(1) Keep prospects in the loop.
The most neglected asset at most RIA firms is the prospect list -- individuals who have requested information but have not become clients. These individuals fall between the cracks because you get busy, distracted or lose track of where you are in the follow-up process. Rather than take a chance on that happening, put an automated follow-up process in place.
Develop a series of six to 10 messages, each expanding on your services and differentiating you from the competition. Four of those messages could be newsletters.
Set up an automated delivery process. The easiest method is an automated email process where emails can be scheduled months in advance. If you do not have an email address, much the same can be done with letters. As soon as you receive an email or physical address from a prospective client, drop them into the process.
(2) Touch base at least quarterly with clients with a marketing message.
You have to go beyond the quarterly performance report. There’s no personality, no sense of being a valued customer in a performance report. My favorite tool for client outreach – probably because I write newsletters for companies – is a newsletter. Yes, there are better tools. I would love to see advisers send a personalized letter at least once a quarter, but when it comes to automating the process, newsletters work. By contracting with a newsletter service you ensure that every two months or quarterly, there is a personal message to send to your clients and contacts.
(3) Customize communications.
Use client and prospect names at the start of emails and letter. Clients can be addressed by first name. If you are not sure how to address a prospect, use Mr., Mrs. or Ms. Formality rarely goes wrong. Informality, however, can sound presumptuous. If you are using an email service, the ability to personalize each message is part of their system.
Regardless of what is happening in your life, meaningful on-going contact with clients and prospects is essential. There are ways to make certain that contact happens even when you don't have the time or commitment to keep initiate each contact. Find out how Financial Communications can help with tha process by calling today - 303-989-5656.