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4 Steps to Use Public Speaking to Attract More Clients

Financial planners are always looking for a way to find new clients. However, many people fail to find effective marketing methods to do that.

This situation does have a solution. As a public speaking and marketing consultant, I find that most financial planners can become more successful by using public speaking in their marketing plan.

Here, I’ll outline the many speaking opportunities that you can use to attract more business. There are thousands of groups in need of a guest speaker at their meetings and conferences. A few examples include: business groups, charity groups, associations, corporations, conferences, conventions, organizations, schools and colleges, professional groups, churches, special interest groups and many other types of groups and organizations.

Now, let’s take a look at an example of a possible small marketing plan that uses public speaking. Imagine if a financial planner started by giving a 30-minute speech each week to different groups with an average attendance of 50 people per group. In a period of 50 weeks, you would have spoken to 2,500 people. Also, you would have the chance to answer their questions and shake hands with them. Just imagine how many potential new clients and customers you might attain from giving 50 speeches each year about your products or services.

Also, you might acquire many referrals as you start speaking to a variety of groups and organizations. Furthermore, this is just a starting point. Many ambitious financial planners with large financial goals can start giving 50 to 200 speeches each year and they can start speaking to much larger groups.

So, you might be wondering, why isn’t everyone using public speaking to get more business? Well, there are two main obstacles that keep people from using public speaking. First, public speaking is a very common fear for most people. The second obstacle is that most of us were never told that public speaking is a great marketing tool for attracting new customers. So, as a result, we never bothered to learn how to use public speaking to gain more clients.

But, there is good news. We can learn to conquer these two obstacles.

When I coach many kinds of business people in my seminars and teleseminars, I use what I call the “Four-Step Plan.” All four steps are very important if you want your public speaking to be successful.

Step No. 1: Know Your Reason or Goal for Becoming A Public Speaker. Think about the specific goal that you want to achieve by giving speeches. For example, you might want to get 100 new clients or earn an extra $100,000 in the next year. Now, each person may have their own goal, but make sure that you have a specific goal to aim for. Having a specific goal will motivate you to put in the effort required for making your public speaking successful.

Step No. 2: You Must Have a Slow and Safe Way To Practice Public Speaking. Since public speaking is a very common fear, you’re going to need a slow and safe way to build our confidence as speakers. This can be accomplished in small supportive groups or seminars, where people can practice giving speeches at their own pace.

Step No. 3: Be Willing to Use Public Speaking All The Time. Here, you have to decide if you’re willing to use public speaking on a regular basis. For example, if you give one or two speeches each week, you’ll discover that you have given between 50 to 100 speeches in a 50-week period. It’s this kind of commitment that will make public speaking an effective marketing tool for getting new clients and customers.

Step No. 4: The Business Side of Public Speaking. This involves learning how to make public speaking profitable by: getting paid to speak, giving free lectures in order to get new clients and referrals, getting speaking engagements at local community groups, business groups, associations, corporations, conferences, conventions, organizations, schools and colleges, professional groups, churches and many other types of groups and organizations. You will also start developing a strong “pitch” that will get groups interested in having you speak on your financial topics.

Overall, it’s important to know that public speaking can make you a well-known financial planner. It is also a great way to put you in front of many potential new clients. Finally, you will also have the chance to speak at a variety of groups and organizations that have the ability to make many referrals to you.

Edward Martin

Dr. Edward Martin is a public speaking and marketing consultant. He offers seminars and teleseminars on, “How To Attract New Customers And Clients By Using Public Speaking.” For more information, call Dr. Martin at 818-314-2054 or email him.

 


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Walking the Client Demographic Tightrope

There are moments throughout my day as a financial adviser when I feel like a tightrope walker performing a delicate balancing act.

On one side, I have my baby boomer clientele who expect a high level of personalized service, one-on-one meetings, retirement planning advice and general counsel whenever it comes time to make an investment decision.

I’m comfortable working with these clients, who I’ve primarily served throughout my 28 years in financial planning. This demographic has also had a lifetime to build up investable assets and possesses a willingness and ability to compensate their adviser.

On the other side, I know I have to start catering my services to a younger clientele if I want to be in business 20 years from now. However, this demographic comes with an entirely different set of demands and expectations. For the most part, they’re less interested in face-to-face meetings, they are just starting out in their careers and possess minimal investable funds and they are quick to do their own research and make their own decisions. This is where the balancing act comes into play.

Advisers today are stuck between a rock and a hard place. They’re comfortable serving their baby boomer clients, who also happen to be much more profitable than their younger counterparts. Yet over the next several decades, this generation is going to transfer more than $30 trillion in assets to their children, and our industry must begin to pivot our services in favor of a younger clientele if we wish to survive. However, while we know this demographic is the future, they do not exactly represent a profitable business opportunity today.

So what can we do? For starters, it’s important to remember that your career as a financial planner is a marathon, not a sprint. No one is advocating for you to completely revamp your business and cater exclusively to millennials. But here are a few steps every adviser should consider as they begin to reposition their practice for the great wealth transfer.

  1. Hire younger advisers with the wherewithal to understand and utilize the electronic forms of communication favored by Gen X and millennial investors today. These younger advisers not only bring a fresh perspective to your approach to financial planning, but will be able to counsel more senior advisers on new communication tools enabled by technology.
  2. Consider charging younger clients in a different fashion by utilizing consulting or hourly fees and establishing small account offerings with lower fee arrangements. Millennials specifically are not accustomed to paying a 1 percent management fee like your older clients, nor do they possess the level of investable assets to make this fee meaningful for the adviser. Get creative in your compensation structure, and find a way that serves both parties’ best interests.
  3. Partner with a broker/dealer that offer investments products with low minimums. These broker/dealer partners can also counsel your team on how to best put these products into the hands of your younger clients.

At the end of the day, the long-term financial needs of Gen X-ers and millennials are very similar to those of their parents, and in many ways the actual planning process will largely remain the same. However, reaching and interacting with this demographic will require a much different approach. Hang on to that balancing pole and continue to walk the tightrope. It will pay off in the end.

Beth Richardson
Beth A Richardson, CFP®, is a financial adviser at Maleta Wealth Management, a Kestra Financial-affiliated firm. She specializes in wealth management, concentrating in retirement and estate planning for senior corporate executives and high net worth individuals. 


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Your Service, Your Story, Your Value

A financial planning practice must be able to articulate and demonstrate a planner’s value, story, service menu and deliverables—these remain the most fundamental elements of your business. After all, if you can’t convey and verbalize what you do, how will you attract people to your business and grow? And, if you don’t consistently deliver your value, how will you retain clients and sustain success? As we enter the fall, it is a good time to go back to the basics.

How well can you—and every team member regardless of role—answer the following fundamental questions?

Positioning: Who are You?

  1. What is your identity as a business? How does your community perceive who you are and what you do?
  2. Do you go beyond your title and firm name when someone asks you what you do for a living?
  3. Do you have a differentiating and intriguing story? Does each team member articulate a cohesive message?

Purpose: Why Do You Do What You Do?

  1. Why are you in this business?
  2. What is your vision? What is the team’s vision?
  3. Where are you leading the team? Where are you leading your clients?

Proposition: What Do You Offer and to Whom?

  1. Can you delineate the solutionsservices and deliverables that you offer to each client segment?
  2. What problems do you solve and for whom?
  3. What is your reactive service strategy? What is included in your proactive service matrix?
  4. How do you define and delineate the ultimate client experience?

Price: How Much Do You Charge for Your Deliverables?

  1. Do you consistently execute on your pricing model or are there more exceptions than standards?
  2. How transparent are you with pricing? Do your clients understand what they are paying and what they are receiving for that fee?

Process: How Do You Do What You Do?

  1. What is your defined process for working with prospects and clients and do you consistently execute it?
  2. Do your prospects have clear expectations on what they will experience when working with your team?
  3. How efficient and systemized is your business?

Differential: What Makes You Different?

  1. Can each team member answer the question, “Why should I do business with you?”

We recommend that you schedule quarterly off-site team sessions to focus on the strategic side of your financial planning practice. You should reflect and identify successes and challenges, and then look ahead and plan for the future. The questions listed above are a starting point. Consider the strength of your value today and what changes may need to take place as you head into the future.

Sarah E. Dale and Krista S. Sheets are partners at Performance Insights, where they focus on helping financial professionals increase results through wiser practice management and people decisions.