| The continuously-evolving financial services | | | | partnerships and teams. With broadened |
| industry has returned to seminars as the most | | | | capabilities and growing expectations from clients, |
| effective method for building a business as a | | | | teams are becoming a critical component in |
| financial advisor. With continued corruption, | | | | building dynamic businesses - ones that can |
| regulatory issues and overall lack of trust in the | | | | continue to focus on organic growth while actively |
| industry, the stage is set for a new way to | | | | pursuing external growth. |
| incorporate seminars into your practice. | | | | At the same time, the Do-Not-Call list has |
| With an ever-increasing base of products and | | | | reduced the efficiency of cold calling, high-volume |
| services, combined with growing demands on | | | | seminars are riddled with empty seats, and |
| everyone's time, an effective seminar program | | | | increasing competition has diluted our prospecting |
| can attract more clients, generate more referrals, | | | | efforts. So how do we find new clients and grow |
| and enhance all of your marketing efforts while | | | | our businesses in this environment, all the while |
| saving you both time and energy. It's time to | | | | maintaining high levels of client service? |
| learn a new approach to an age-old process. | | | | Just as our role as financial advisors has become |
| I started in the financial services industry in 1982. | | | | more dynamic, so must our marketing strategies. |
| At the time, limited partnerships were the rage, | | | | In today's environment, each piece of a marketing |
| and tax shelters were a haven for investors and | | | | must work in conjunction with the others, |
| a big ticket for advisors. Cold calling was the most | | | | addressing a multitude of issues through a variety |
| effective method to grow a practice, and there | | | | of methods in order to penetrate a selected |
| were few to no compliance issues. We could open | | | | target market. |
| an account and place a trade over the phone with | | | | A well-designed, small-scale seminar program can |
| just a name, address and social security number. | | | | be the thread that weaves all of your marketing |
| In the 1990s there was a shift toward fee-based | | | | efforts together. An effective seminar program |
| business. "Limited partnership" became a dirty | | | | can emphasize your value as a financial advisor |
| phrase, and mutual funds and collateralized | | | | and differentiate you from those financial advisors |
| mortgage obligations began filling the void. | | | | who continue to build their businesses the |
| Although cold calling was still a viable form of | | | | old-fashioned way. |
| prospecting, seminars began to play an increasing | | | | Although there is a time and place for |
| role in generating volumes of potential clients. | | | | large-volume events, most seminars today should |
| Product-focused breakfast seminars at the local | | | | be smaller, more intimate events that create an |
| coffee shop were not uncommon. Participants | | | | environment conducive to building trust and |
| were seen as "buying units" and success was | | | | confidence. By incorporating a combination of |
| determined by products sold. | | | | educational, specialty, client-appreciation and |
| Over time, the term "stockbroker" was replaced | | | | image-enhancing events, you will reach more |
| with financial consultant; today, the terminology is | | | | participants and generate more referrals and |
| shifting toward "wealth manager." What was a | | | | introductions. To achieve these results, you must |
| low-touch, transactional and sometimes impersonal | | | | create a multi-tiered program that addresses |
| business in the 1980s has become a high-touch, | | | | even non-financial issues using a multitude of |
| relationship driven, fee-based business in the 21st | | | | venues and methods that appeal to the gender, |
| Century. While we used to be content to sell just | | | | age, and preferences of your target market. By |
| stocks and bonds, now we are looking to provide | | | | going beyond just financial concerns, you enhance |
| planning, insurance, lending, banking, estate | | | | your ability to connect with participants in a way |
| planning, and a multitude of products and services | | | | that updates the traditional stockbroker image. |
| that extend our reach well beyond the stock and | | | | Every aspect of your seminar program should |
| bond markets. | | | | stem from your target market, with programs |
| As we continue moving toward total wealth | | | | driven by client needs and issues. By tapping into |
| management, specialization is becoming | | | | your available product wholesalers and building |
| increasingly critical to professional survival. Depth | | | | outside alliances with other service professionals, |
| of resources is the foundation of today's practice, | | | | you can expand your reach and develop strong |
| and a high level of client service and added value | | | | referral sources. In time, your events will position |
| is what encourages client loyalty and inspires | | | | you as a trusted resource for education, enhance |
| referrals. Our relationships with clients are reaching | | | | the value you bring to your clients, and elevate |
| new levels, becoming stronger and penetrating | | | | your client service and ability to generate |
| multiple generations. All of this creates greater | | | | referrals. A well-developed seminar program is a |
| demand on our time, leaving less time to develop | | | | powerful way to meet all the needs of the 21st |
| new business, which leads us to the new push for | | | | Century financial advisor - and her clients. |