"They helped brand our program and provided us with solid marketing solutions to acquire new business."
Julian Wise
President, Wise Advisory
FundEX Investments

Advisor Strategies To Win Business

Capitalize on the confusion

The economy has slowed, the market has been on a roller coaster and clients are asking what’s happened to their wealth. We are in a climate change and this has left many advisors doing little more than only trying to pacify clients.

However familiar, this is the wrong time to do nothing, and doing so will leave many advisors worse off or fatally weakened when better times return, experts say. Now is the time, says Jeff Malcolm, principal of AdvisorBranding, to “focus on strengthening relationships with existing clients and building new ones with prospects, developing and highlighting unique aspects about your services, and looking at ways to capitalize on fresh prospects hoping to depart from weakened competitors.”

“Clients are looking for change,” says Mr. Malcolm “A successful American industrialist once noted wryly, ‘It is not necessary to change. Survival is not mandatory.’ So for all of you who value survival, it’s time to change because you have to. After all, the perceptions and expectations of your clients have already changed.”

Target the under served

Targeting prospects of weak advisors is one of his four survival strategies for the down market of 2009: “It is easier to win a client from someone who’s not stay in touch and performed poorly than it is from someone who has the tools available to keep what they have earned.”

Illuminate your service

His second strategy focuses on “illuminating your service,” because client relationships aren’t built in the dark. Target your key group of prospects and devote more resources to appealing to and attracting them. “This gives your prospects a better understanding of what you do, your exclusivity and the opportunities you provide. This will start cultivating deeper connections which will lead to increase commitment”. Today’s environment is very different from yesterday’s bull market, when “no one was looking for a reason to jump ship.”

Market yourself well

The third and probably most commonly neglected down-market strategy is to maintain a strong marketing effort during weak business times. Today’s prospects need to warm up to you and be certain you have the capacity to help them overcome their fears and concerns. Marketing today is less about product or ideas and all about exhibiting your expertise. Today’s clients are far more sophisticated than they were 5 or 10 years ago. With the increased prevalence of the web, consumers are constantly hit with polished marketing media. If it’s not relevant to them they will turn off and walk away.

Perception starts with the eye

Jeff’s fourth rule is that advisors should not confuse their profession with what they offer. Show that you are unique, have the skills and competence, and provide solution-based ideas. Clients value intelligence and clarity. They will be open to an introduction if you can communicate this clarity in how you present yourself, your process and service offering.

He illustrates the benefits of perception by using this “Loyalty Through Illumination™” approach: “think how powerful you would appear if you had a method to communicate your appeal, could transfer trust and explain your process to clients using a professional deliverable, in an industry that lacks differentiation – just think how you could stand out to new clients and how it would make your competition appear less capable ”

"Advisor Branding has been a tremendous help to us. We really appreciated their patience and attention to detail. They helped us brand the processes and services that we have been providing for the past 20 years into a professional package that is easy for our clients to understand and for us to use."

Robert Wright
Partner, Mowbray & Wright
Partners In Planning