The Financial Advisor As A True Entrepreneur

? Personal introductions

? Advertising

? Websites

? Breakfast clubs

? Money seminars

? Business briefings

? Specialized networking

Rule No. 2: Make your business more strategic–increase the transaction value. Another way of doing this would be upgrading your client’s services. It’s extraordinary how few financial advisors think about this. It’s almost as if, once a client has agreed to a certain amount he or she is willing to part with, the advisor switches off his sales button and goes into operational mode.

How you would rate your offerings? Are they so good that people want to come back time and again? Do you talk about clients’ dreams and aspirations and offer ideas of how people can get what they want? In short, do you make clients’ mouths water with a financial plan that serves their every need and future desire?

Rule No. 3: Increase the transaction frequency. To increase transaction frequency, communicate more frequently with clients. I am surprised when people say that they only contact their clients about twice a year. This is sheer madness. During the months when you’re out of touch, competitors will be delivering their messages, attempting to take your business because you have no system to keep that all-important connection going.

How many of you are on YouTube? Why don’t you promise yourself today to get on YouTube as soon as possible? You can create a video clip–or three–using a reasonable digital camera and some thought around what you want to say so your message tempts people to call you.

Another thing to think about is how extraordinary (or ordinary) your customer care is. Here are three items to consider about customer care:

? The way you answer the phone. This would include your voicemail message. What’s your message like right now?

? Polishing your shop window. Yes, the telephone is part of your shop window. So are your offices, the clothes you wear, the briefcase you carry, the state of your shoes, the quality of any accoutrements you have such as pens, glasses, mobile phones, and so on. When meeting you for the first time, prospects will be looking for visual clues as to the type of person they’ll be dealing with.

The 3 Cs–consistent, conversational, contact. Consider communicating with clients using MP3 files or video sent by e-mail or using services like YouSendIt.com.

I’m all in favor of newsletters, as long as they’re not called newsletters and as long as the information inside is bright, interesting, and a good read. The newsletter should be all about how the client can be better off financially.

However you communicate, be consistent and conversational.

Rule No. 4: Create and improve your business systems. I’m delighted to say that this is our number one attribute, which everyone notices when they come to our offices. They see a lack of paper and a minimal environment. Our team is never encouraged to spend much time in our offices because, if we’re doing most of the administration, their role is to be meeting with clients.

I wish I could tell you that I’ve created the most amazing system based on spending thousands upon thousands of pounds–and it would be untrue. I’ve simply engaged a great practice manager, who has designed a simple way of working for all of us; as well as mini-processes for submitting new business, answering phones and looking after our team.

Michael Gerber, the author of a book I read over 10 years ago, wrote that the purpose of a business is to sell it. Whether you wish to sell it or not, that’s irrelevant. The more you think about it, the more you realize that, if you are creating a business that is worthy of selling, then it has to have a value which, if the business is looked after, grows in time.