To harness young advisors’ energy and motivation to help with marketing, and maximize their contributions to their firms, firm owners who employ NexGen advisors should consider including the following ideas into their strategic marketing initiatives as they work to attract more new clients and grow their revenues:
o Create a strategic marketing plan. Because most advisors haven’t focused much on marketing, chances are the majority of firms don’t have any formal (or anything even approaching formal) plan for their marketing efforts. Now that many owner/advisors are warming to the notion that they need to actively work on attracting new clients, the typical approach is to try whatever idea comes to mind at the moment (or is suggested by a younger advisor): an e-mail asking for referrals, throwing a reception for local attorneys, beefing up your Web site (or creating a Web site if you still don’t have one), etc.
In order or them to be truly effective and cost efficient, your marketing efforts need to be both focused and coordinated. And that means sitting down and thinking strategically about what would be best for your firm (its niche, its image, its target client market, and how to best reach them), who would be best at doing those things, and when–and in what order–these things should be done.