Marketing your new practice

Morgan started this process in the first days of his career, when he met prospects by going door-to-door in the neighbourhood of his first office. He introduced himself, saying he was a chartered accountant starting a new career as a financial advisor and asking if he could follow up with a call.

The next conversation consisted of Morgan getting to know the prospect, discussing that person’s financial needs and suggesting that they make an appointment to explore those needs further. He made sure to avoid the mention of products.

“At the end of the day, clients have a need,” says Morgan, “and your interactions with them are to establish that you have the skills and resources available to meet those needs.”

While that may not seem like a typical marketing strategy, experts say this is precisely the approach that rookies should take.

New advisors need to define their value proposition, says Jillian Bannister, co-founder of Ext. Marketing Inc. in Toronto. Be prepared to explain how you fulfill your role as an advisor, who you are and what benefit you can bring to your clients’ lives.

You may not be very experienced in this industry, but you do have a story to tell. Developing a marketing strategy is simply a matter of figuring it out and communicating it properly.

“You’ll want to rehearse [your story] and rehearse it and rewrite it and rewrite it because this is the foundation of your business,” says Sara Gilbert, founder of Strategist Business Development in Montreal.

A part of Morgan’s story was the fact that he was a chartered accountant and a chartered financial analyst. He made sure to highlight those credentials, as it helped to establish his credibility.

“[The designations] don’t earn you a client but they help earn the opportunity to pitch yourself,” says Morgan. “A client’s not going to do business with you because you hold the designations but they’re more willing to listen to you.”

In addition to sharing your story with prospects and clients, make sure potential centres of influence (COI) are also aware of your value proposition, so they can share it with their clients and contacts.

“The more people telling your story, the better it is for you,” says Joanne Ferguson, president of Advisor Pathways in Toronto.

Some rookies might assume that more experienced professionals would be reluctant to listen to fresh new advisors, but that is not necessarily the case, according to Ferguson. If you can clearly define your skills, she says many COIs will gain the confidence to put you in front of their clients.

This is why Morgan wasted no time in starting a business-networking group. In his second year as an advisor, he introduced himself to other professionals from his neighbourhood and developed relationships with them. He met with mortgage brokers, lawyers and other professionals who could speak of him to their clients.

Even if many years of experience are not a part of your narrative, keep in mind that if you’re working for an established firm, you can benefit from that affiliation. Name recognition alone can help, and if you describe your firm’s solid reputation in the industry, prospects are more likely to listen to you.

“Rookies can rely on [the firm’s] brand to help them set up those appointments because it’s not an unknown name in the industry,’ says Sylvia Garibaldi, founder of SG & Associates.

Marketing is not only about developing a solid story and value proposition. As part of building your brand, it’s important to consider your personal image and professionalism, according to Garibaldi. This includes being prepared and on time for meetings, and dressing professionally.

“Just imagine someone showing up not on time, not prepared and in casual clothing,” says Garibaldi. “Would you want to give your money to someone like that?”

This is the final component of a three-part rookie survival guide.