Lessons From the Best

To get started, develop a customized communications plan for each of your top clients. Some advisors confuse reporting information with communication, but communication is the clear exchange of ideas. When the advisor is the only one talking, where is the exchange? (For some specific tips on how to communicate, see the Communications Rules sidebar.)

Proactive referral system

To continue the stream of referrals, top advisors in the JPMorgan survey–86% of whom ranked existing clients as an important source of new business–have a proactive system for getting new business referrals that is tied to their business plans.

Top advisors use different techniques for different clients. Clients involved in their communities are expert networkers and excellent sources of new prospects.

Another untapped networking resource is in your own neighborhood–local groups, organizations, and associations. Contact the meeting coordinator of your local Chamber of Commerce or Rotary Club. These organizations are always looking for new topics and speakers. You don’t need to join; just volunteer to make a presentation. Your presentation could include valuable tips or real-life stories as to how you helped clients further their financial independence. Your expertise will be welcome to most groups, just remember to keep the speech informative, concise, entertaining and then, most importantly, follow up with potential targets. Your presentation will position you as an expert, validating your credibility and increasing the visibility of your practice.

Unfortunately, there are many advisors who find networking frustrating. They spend too much unproductive time in their attempts to network and have little to show for their effort. What we have found is that people confuse the purpose of networking. It is not about showcasing your knowledge and credentials. The purpose is to gain an understanding of potential clients’ concerns. To successfully network, take the time to listen rather than sell. Prompt your potential new client with questions that will lead to better understanding of their wants and needs.

Top advisors know that to remain competitive they must continue to change with the times and always look to improve their services. To reach that “top” status, ask yourself whether you’ve grown complacent. This question is so important because while it is not always easy to improve on mediocrity, there is always a chance that a great person can become average when he also becomes complacent.

As well-known motivational speaker Nido Qubein notes, “Knowledge is like food in your fridge. It doesn’t give you nourishment until you cook it, eat it, digest it. Only when it’s in your bloodstream does it do you any good. Knowledge is only good when it’s in your psyche.”

Through self-knowledge, and knowledge of clients, advisors can move from ‘average’ to ‘great.’ Your clients demand excellence in all you do and will label you by the value rendered to them. Your value is leveraging your expertise to further assist your clients so you can become their primary advisor.

With a targeted client plan consisting of an integrated approach for client segmentation, actively pursuing referrals, and furthering meaningful client contact, you will be on your way to meeting your clients’ financial needs. These proven “top advisor” behaviors can position you as your clients’ primary advisor, resulting in more personal client relationships and a consistent stream of new business.

Susan L. Hirshman, CFP, CPA, CFA, CLU, is a managing director for JPMorgan Asset Management in New York. In that position, she develops strategies to provide wealth solutions to the affluent market. She can be reached at [email protected].