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Practice Management > Building Your Business > Young Professionals

4 Reasons to Get Beyond the Single-Rainmaker Model

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Once owner-advisors get past a rainmaker mentality and create a marketing foundation within their firms, executing a solid marketing plan can have many benefits beyond simply attracting prospective clients. For most advisory firms, we don’t advocate a mass marketing approach: The results are usually too low to warrant the high cost. Instead, we prefer targeted marketing, involving groups and media that are aimed at the firm’s target clientele. But within these parameters, the right local presence often has the following unexpected results:

Strengthens client relationships

When clients find that their friends, colleagues and acquaintances have heard of their advisory firm, they usually can’t help but feel better about their advisor. It’s human nature. Consequently, they are less likely to leave the firm, more likely to work out any problems that arise, more likely to listen to their advisor and way more likely to give glowing referrals.

Increases referral awareness

On the other side of those referrals, when prospective clients have already heard about a firm (in a positive light), we find that they are much more likely to act on a referral from one of the firm’s existing clients. This, of course, translates directly into higher closing rates.

Increases awareness among other professionals

Many advisors find that relationships with other local financial professionals—accountants, insurance agents, estate attorneys and bankers—can be great referral sources. But those relationships aren’t always easy to build. The credibility created by a presence in the same circles as those professionals can open a lot of doors.

Attracts potential employees

The awareness that a community presence creates among local advisory firms, banks and accounting firms will include young—or not so young—professionals at those firms. At a time when many advisory firms are looking for top young advisors, standing out in the community can be a powerful recruiting advantage. This is especially true of firms with a powerful social media presence: Young people are attracted to businesses that they feel are on the cutting edge.


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