Advisors are seldom accused of keeping their candles under bushel baskets, yet many
are not as effective at promoting themselves as they could be.
Yet the possibilities for creating “top of mind” awareness are boundless, given the wide social and business network of the average financial professional. The key to success is choosing the right promotional vehicle and employing it consistently over time.
Advisors should look at their promotional plans from two perspectives: internal activities — directed at people who know you, so you can make the most of the relationship capital already created — and external activities — to attract the attention of people you would like to know. One of the first decisions you have to make is how much weight to allot to each of those activities.
The answer is found by looking at your current situation and the intent of your promotion. Take Jerry, an advisor with whom I work, as an example. Jerry is the third generation in a financial planning practice in Hawaii. He followed his father into the business, and his father had followed his father. The firm is well-established and virtually all its business comes from existing clients and referrals. Consequently, most of its promotional budget is allocated internally: to client appreciation events, community causes and maintaining relationships with other professionals.
Jerry has ambitions to extend the practice beyond Hawaii. He is opening an office in
Oregon, where he attended university, and he intends to “commute” between the two offices as required. The bigger challenge will be to establish a presence in the new location. Because he does not have the same business heritage or client base, he will have to build his profile through solid promotion. In Hawaii, 90% of the firm’s marketing resources are directed internally; in Oregon, it will be the reverse, with 90% externally focused.
Some promotional activities Jerry might consider include:
> Media/advertising. Well-designed advertising can be useful to create awareness of your brand or to promote a specific product, service or event, such as opening a new office. The ad campaign might say, for instance: “One of the U.S.’s most prominent financial planning firms comes to Oregon.” Jerry could consider advertising through media outlets that are directed at his new target market.
> Association marketing. Becoming well-known within a professional or business association is an excellent way to focus on a target market. An advisor I know who has an engineering background directs much of his marketing activities toward members of the Society of Professional Engineers and has become recognized as the “go-to guy” for financial advice within the local chapter.
> Other professionals. Working with lawyers, accountants, bankers and P&C insurance agents can be effective in establishing a profile. Joint activities can range from cross-introductions to one another’s clients to conducting seminars together, with clients from both practices attending. The most powerful relationship is one in which professionals work together to solve client problems.
> Web site. Clients of every description are using the Internet more, making it essential for advisors to have an effective Web site. To be effective, the site must be more than a brochure of people, products and services. In an ideal world, it would allow clients to view their accounts, use calculators to do “what if” thinking, provide answers to frequently asked questions and have links to other useful sites. Clients will want to know about a good Web site — as will centres of influence — and it will boost your appeal with prospects.
> Seminars. While traditional “seminar marketing” has been played out in many areas, for many advisors it continues to be a valuable promotional tool. Currently, the best seminars are small in size, with topics directed at a specific audience. They have less reliance on outside speakers. It is common to ask clients to bring a friend.
Topics that have recently met with success include:
> preparing children for university or college;
> caring for dependent parents;
> long-term care and critical illness insurance;
> retirement lifestyle planning;
> making second marriages work financially;
> finances after divorce or death;
> financial planning for single
parents.
> Media interviews. Newspaper and broadcast journalists are often looking for qualified people to provide background to stories. Becoming known among the media as a person who can comment intelligently on financial matters is an effective way to build a profile. To develop media relationships, start by contacting journalists with an insightful (and unbiased) comment on something they have written or broadcast.
@page_break@> Regular column. Many advisors have positioned themselves as experts by writing
regular columns for newspapers or magazines. Major publications usually have their own financial columnists, but smaller ones usually rely on freelance writers.
> Radio/tv shows. A number of successful advisors have been able to build credibility in their communities through radio and television. In the best-case scenario, they act as host and “resident authority” on a show specifically focused on financial matters.
Opportunities are often found at smaller radio and TV stations, and on cable channels.
Another opportunity is sponsoring 60-second spots in which the advisor responds to financial questions in simple, generic terms. A question might be: “What factors should you consider when planning for retirement?” Where licensing and compliance permit, some advisors provide daily market commentary.
We recommend having six to eight promotional activities on the go and giving them up to 12 months to prove their worth. Before launching any activities, ask yourself: “What message do I want to communicate?” and “How will I know this activity has paid off?” IE
George Hartman is a coach and consultant with The Covenant Group and can be reached at george@covenantgroup.com.
The power of personal promotion
Take advantage of different types of promotional opportunities available — and don’t get discouraged
- By: George Hartman
- September 30, 2005 September 30, 2005
- 11:56