Leveraging Tech Tools to Grow and Scale Your Practice

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Many financial advisory firms hit a wall when poised to grow beyond a certain size. They often struggle in a few key areas: driving new business through marketing and scaling their practices effectively.

But technology tools and platforms are providing advisors, in both large and small practices, ways to overcome those hurdles.

During the recent Advisor Perspectives Thought Leader Summit, two of the industry’s most respected experts shared their best practices and insights on growing and scaling your business with fintech solutions.

Finding the right mix

Although 2020 has delivered a stream of disruption and difficulties, various virtual technology solutions have allowed firms to discount geographic distance in their efforts to grow, since everyone has been forced to meet virtually. But doing this successfully requires the right marketing and communication approach.

Andrew Altfest, CFP, MBA, and president of Altfest Personal Wealth Management, stated that this tumultuous year, perhaps counterintuitively, has been the best ever for his firm in terms of finding the right prospects and converting them to actual clients.

He explained that a combination of frequent educational webinars using Zoom or GotoMeeting, delivering timely content to a range of prospective clients, learning to extract more value from the firm’s large list of contacts and partnering with influencers who bring their own followings were the key components of what he coined as “sales 2.0.”

“There’s a lot of experimentation that needs to be done,” when tweaking your prospecting technique, Altfest said. While his firm didn’t have standout results from its prospecting emails in 2019, it has perfected its technique in 2020 using a combination of automation and tailored content that appeals to more clients. “Once you identify it, invest in what’s working and move away from what isn’t,” he recommended.