According to Megan Carpenter, CEO ofFiComm Partners, a communicationsfirm focused on the wealth management space, a “video first” strategy isnecessary in these times of social distancing. Instead of typing up an emailor blog post, simply record yourself onyour laptop, iPhone or other camera.Production values are less important inour society today because of the proliferation of non-formal video contenton the Internet, so don’tover-think how you lookon video; simply point,speak and record.
That personal touchwith valuable informationgoes a long way and canbe leveraged as a digitalcommunication asset forsocial media, your website, as well as email communications. People wantto see you in these troubling times, so this type ofcommunication can be very powerful,particularly as these new advice buyersare social distancing and Google searching for a financial advisor for the firsttime, and if they come across your nameor your firm, what will they find?
A failure to communicate is the numberone reason that existing clients fire theirfinancial advisor. Surveys and researchon this topic in both good times and badare universal in pointing to this communication issue as the number one driverof dissatisfaction.
Which leads us to our second seg-
ment of investors also in the market for
a new advisor. And there are the mil-
lions of investors not happy with their
current advisor and financial services
firm. According to a recent survey by
Y-Charts, two-thirds of investors are not
happy with the level and frequency of
communications they are receiving from
their advisor, again fueling the demand
for a new approach to advice; one which
independent, planning-based advisors
How do you find these dissatisfied
investors? Simple — just ask. Leverage
your network of friends, family, col-
leagues, centers of influence (and clients
if you are comfortable doing that) to ask
this one question which has led to mil-
lions of new dollars and accounts for
thousands of advisors over the years:
“Who among your friends, family, col-
leagues is the most dissatisfied with
This question triggers in the person’s
mind a specific mention for someone
they know who has said they aren’t
happy with their advisor and invest-
ment firm, often generating an emotion-
al reply, with a conversation resulting
something like this:
“Oh, my cousin in Connecticut, Steve,is furious with how they never callhim and that they put him in a complicated, expensive product that haslost thousands and thousands.”“Is Steve someone I should be infront of ?”“Absolutely, let me give you hisnumber…”
And voila, you have a strong lead
and referral to someone who will have
money in motion soon, looking for a
different experience. Asking this simple
question in times like these is a low-
touch, zero-cost, and easy way to sub-
stantially drive new client acquisition,
but you do have to ask; and need to do
it now while this issue is top of mind
Nurturing referrals from clientsoften comes down to how you serviceand communicate with clients in thesevolatile times. Leading advisors are adding value through rebalancing portfolios,These visible, pro-active steps show to clients that you are there forthem, adding value andearning your advisoryfees. They also return dividends forfuture referrals several months downthe line when people start to interact again and compare notes on theirexperience with their advisor during the pandemic. Undoubtably, theplanning-based, value added experience of today’s independent advisorwill shine in comparison to the typicalindifference from the big banks andWall Street firms.
Which leads to a final point: Get readyfor your phone to start ringing — don’treduce staff or short-cut technology tosave costs to shore up your income statement. Now is the time to double downon your business to create the capacityto capture this incredible opportunity togrow your firm.
Timothy D. Welsh, CFP is president, CEO andfounder of Nexus Strategy, LLC, a consultingfirm to the wealth management industry andcan be reached at firstname.lastname@example.org oron Twitter @NexusStrategy.
The key to this “marketing during
a crisis” approach is not to be
too self-promotional, after all,
these are times of real pain and
suffering. Instead investors need
a value-added approach: how can
advisors help during these times?