The difficulty advisors face when trying to persuade clients to abandon their long-trusted way of investing is rooted in a well-known psychological bias. Understanding this bias is the key to gaining more assets.
Every one of my coaching clients asks the same question: What works and what doesn’t when it comes to generating new leads? Most have had experience (often at considerable expense) with marketing that fits into the latter category. Here’s the activity I’ve found works best.
When I started my coaching practice, my focus was on converting prospects into clients. That’s where most advisors needed help. Recently, however, advisors have asked for assistance in generating more leads. Let’s take a look at video, which should be a critical part of your marketing plan.
Advisors fall for one of three traps. Those traps share a common trait, which will become apparent. Read on to see if this applies to you.
I tell clients the process of converting a prospect is akin to a first date. Here’s what I mean.
What if I told you I could engage anyone almost instantly? The engagement will be total. The person I’m engaging will be focused on the topic of my choosing, to the exclusion of everything else. I can do this with one person or when I’m speaking to an audience.
One of the most powerful areas of research is the role cortisol plays when attempting to convert a prospect into a client.
Firms that demonstrate “value” will always have clients willing to pay a fee reasonably related to it. It may not matter whether it is a flat or AUM-based fee. But the AUM-based fee has a troubled future.
Listening is simple. But being a good listener is incredibly difficult. That lesson was illustrated by a recent conversation I had with a new coaching client.
It’s easy to listen more and talk less when meeting with a prospect or addressing a small group of investors. It’s far more challenging when you’re speaking to an audience. Here are some suggestions for rising to the challenge.