Right now, for many RIAs, life is good. The market is at a record high and investors are jumping back in. For many firms, the challenge has shifted from how to market and increase revenue to how to recruit and attract talent to service all this new business. Too often, I see firms pull back on their marketing when capacity becomes an issue.
While rapid and unintentional growth of your business can be just as harmful as unintentional shrinkage, you shouldn’t ignore marketing in favor or handling new business. Getting your marketing flywheel spinning takes a lot of momentum—you don’t want to have to start from scratch when new clients aren’t so abundant. Even if you don’t have the capacity to take on new clients, here is one marketing strategy you must not neglect:
Deepening relationships with clients. With an influx of new clients you barely have time to manage, you may tend to ignore your existing client relationships. However, it is the strength of those existing client relationships that dictates how your business fares in a downturn.
What you should be doing now:
- Develop or refine your client touch-point schedule to make sure each client enjoys a comprehensive client experience.
- Show your appreciation through special events or token gestures.
- Conduct client surveys to see where there is room for improvement and then take the necessary action.
Consistently implementing a solid financial plan and investment strategy in spite of fear, greed or other emotions yields the best long-term results for your clients. In the same way, implementing a consistent marketing strategy year after year will yield the best long-term results for your business.
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Kristen Luke is the principal of Wealth Management Marketing, a firm dedicated to providing marketing strategies and support for registered investment advisory firms. For more information, visit www.wealthmanagementmarketing.net.