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Practice Management > Building Your Business

The Power of Permanence

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These days, new sources of revenues are on the minds of many advisors. And that means signing up new clients. Fortunately (or unfortunately), with investment returns falling far short of what many folks were led to expect, there are plenty of potential clients looking for a new advisor. The question is: how can you increase your chances that they’ll look in your direction?

One of the best marketing ideas I’ve ever seen is a very simple–but extremely effective–technique that one of my clients stumbled upon.

Here’s what happened. When the market started to get dicey last fall, this advisor wanted to remind his clients that he was there for them. So he came upon the great notion to send out a laminated business card together with a letter instructing them to put the card in their wallet behind their driver’s license, so that if they ever got scared or concerned they could call him right away.

This worked fine and his clients felt the love. But a bigger unforeseen benefit also occurred: whenever one of his clients’ friends asked them to recommend a financial advisor, is contact information was readily at hand. Because he had made such a big deal out of the plastic card, they remembered it, and remembered that it was in their wallet–right behind their driver’s license. So they’d pull it out, and give their friends all the information they wanted to know.

Yes, the laminated biz cards did cost more (and at a time when you’re trying to cut costs–I’m aware). But how many clients could you have? 200? So what are we talking about here? If you get one new client from this strategy, I’m betting that would more than cover the additional expense.

Moreover, if your experience is anything like my client’s–his referrals skyrocketed because he and his contact info were top of mind and behind the driver’s license–that will be even better. I’ve shared this idea with my other clients, who have had similar results. Just a little resource to help your marketing efforts.


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