While we focus so heavily on helping our clients achieve their long-term financial goals every day, we tend to put our own business goals on the backburner. This isn’t necessarily due to poor planning or lack of interest in growth, but rather a shortage of time to focus on our own business interests. Without proper planning and business growth strategies put into place, old clients will begin to peel away, and if not replaced, a stagnant business will emerge.
To help ensure you don’t fall into a revenue and growth rut, try out one (or a few) of these 3 key growth strategies for a successful future firm.
1. Find your niche and stick to it
As advisors, we already provide an array of financial services in order to address a good chunk of the market. However, opening up to every single person in the market way not be the most effective growth strategy.
The reality of making yourself available to any and every potential client is that…
a). you’re competing with every other firm in the market who has little differentiation
b). you’re not offering clients expertise value
By becoming an expert in a specific niche, you’ll be able to differentiate yourself from others, obtain greater loyalty, and potentially justify higher fees.
2. Be strong in your pricing
Pricing and fees can be a contentious issue for us as advisors, especially with fee compression becoming so prominent throughout the industry. But where many advisors fail in growth, is knocking down their pricing without ever truly putting up a fight. By fight, we mean justification, because your clients will pay you for the value you bring to the table, you just need to make sure you’re showing them that value every single day.
Clearly identify your value proposition by:
- Showing how you’ve helped them achieve their long-term goals
- Highlight how your firm goes above and beyond for them
- Introducing new ideas you have that can help them gain more wealth
- Taking interest in them as a person, not just a client
3. Put all your focus on your existing clients
While this may seem like it’s the complete opposite of what you should be doing as a part of your business growth strategies, we can assure you that starting with your existing client base will ultimately foster a bigger book of business. While every other firm is so focused on prospecting newer clients, they’re losing touch with their biggest prospecting asset – their current clients.
Word of mouth is arguably the biggest prospecting tool an advisor has. In order to yield more word of mouth referrals, your existing clients need to be beyond satisfied with the services you’re providing them. In addition to providing outstanding financial management and portfolio allocation, try surprising your clients with an additional delight every once in a while.
Some delight ideas:
- A handwritten thank you card
- A coffee gift card
- Make a donation to a cause your client is passionate about in their name
- Hold a holiday party
Regardless of which growth strategy you choose to take, you first need to make time in your hectic strategy to implement the strategy. Benjamin, your AI assistant, can take some of the more menial, administrative tasks off of your plate, so you can gain a few extra hours in your day to help your business flourish.