20. Avoid email clutter.
Trickle email communication has been by far my most effective marketing tool. I send only four or five emails per year to the clients that have opted in. Enough to stay on their radar, but not enough for them to unsubscribe or feel that I will unleash a marketing fury on their friends and family should they choose to give them my name. Seems to be a perfect number to cultivate a steady stream of referrals.
19. Put your client first.
Listen first and ask questions second … then verbalize back what you heard. Make sure you are having a conversation rather than making a presentation.
18. Try the reverse close.
Trust me, it works! During the first appointment (the initial fact finding time period) mention three separate times, reworded a little differently each time: “Understand that we are just getting to know each other right now. I am not honestly looking to take on any new clients that do not meet our criteria as I’m sure you are not going to just settle for any ‘ol financial advisor. Choosing someone to manage your retirement money for the rest of your retirement life (lives) is a huge decision and just as we only want clients that are a good fit for our practice, I am completely sure you only want the best advisor for you and your retirement. You’ll need someone that you would like to welcome to into your retirement life, someone you can view as a kind of family member. This is strictly a time for us to see if we might fit together. Over the course of our next couple meetings, we can determine if you are a fit for us, as well as if we are a fit for you. Sound fair?”
—Travis A. Morrow
17. Lead with Social Security planning.
I have done retirement dinner seminars, direct mail, newspaper advertisements; they all can work but no guarantees on any. Recently, I have been doing Social Security Timing for Married Couples at the public library. No dinner, not expensive. Prospects come because they want / need to learn about Social Security Timing. I will give clients a free analysis of their Social Security benefits, if they make an appointment to come to my office. I am a fee-based advisor; if they want more information without moving their money over to me I charge them a fee. So far, it has been much better than dinner seminars.
16. Publish a high-value newsletter.
Quality content establishes you as an authority in your field. No matter what your practice type, your credibility is everything. Newsletters reinforce your expertise and industry leadership with news, trends and the latest findings that will benefit your patients or clients. Newsletters communicate trust, not a blatant advertisement. By being the source of quality content, you further build trust. This sets you apart from simply looking as if you’re going for a sale. It’s an entirely different, much more professional impression.
Also, newsletters are repeatable. Many practices have the best of intentions, but with limited internal resources, have difficulty executing their marketing plans. An ongoing newsletter program provides a continuous, repeatable communication with clients or patients in a way that is meaningful to them. Good newsletters are anticipated by recipients. According to our survey data, whether it’s referring health care providers, clients or patients, quality newsletters are appreciated and anticipated. This is another reason why consistency is so important.