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Marketing—your hedge against the future, part 2

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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 more marketing strategy you must not neglect:

Developing relationships with centers of influence. Developing referral relationships with centers of influence is a long-term process which can take several years before bearing fruit. It’s a good idea to begin building those relationships now while business is booming. That way, you’ll have another channel funneling you clients in the future when things may not be as bullish.

What you should be doing now:

  • Identify which professions are potential referral sources.
  • Develop a nurturing process for each COI.
  • Identify existing COI relationships and insert them into your nurturing program.
  • Find new COIs via LinkedIn or networking events and insert them into your nurturing program.
  • Develop marketing materials specific to your COIs so that you will stand out.
  • Develop and implement a follow-up process for COIs who refer prospects.

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


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