It’s universal: everyone wants to increase production. But what works for an experienced adviser may not be the best approach for a junior adviser, and vice versa.
Consider the junior adviser who:
- focuses on building a book of clients that fit neatly into a specific niche
- decides to build credibility by writing for newspapers, providing expert commentary to the media on financial news, and so on
While these approaches might sound promising, they’re unlikely to reap immediate rewards for an adviser who’s just starting out. In general, newer, hungrier advisers need to take anyone who walks in the door as a client; they can’t afford to be as selective as their more established counterparts.
Unless they have deep pockets (or are working with a senior adviser who does), junior advisers typically need to focus on marketing strategies that yield results fast—for example, asking their network of contacts for referrals and introductions. PR strategies and other advanced techniques often require at least two years to bear fruit.
Or, take the established adviser who:
- accepts anyone as a client, even when he has a full practice and no staff to which to delegate
- continues to use the same marketing strategies he applied at the beginning of his career
Seasoned producers should be more selective about whom they bring on board. Once you’ve developed a full book of clients, it’s time to narrow your focus to ideal clients and possibly trim your book a bit.
It’s also time to focus on long-term business development strategies—for example, leveraging PR, building strategic alliances, creating a profitable bank program, acquiring a book of clients, or hiring another producer.
What about you?
Do the clients you take and the marketing strategies you pursue reflect your level of success?
- If you’re a junior adviser, are you getting ahead of yourself in terms of marketing? Do you need to cast a wider net for clients?
- If you’re more established, have you outgrown your marketing strategies? Do you need to be more selective in taking on new clients?
Managing Principal of Practice Management
Commonwealth Financial Network