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Marketing
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Former FPA President Emphasizes The Need For A Different Type Of Converstaion With Female Investors |
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Monday, October 08, 2012 13:46
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Tags: Advisor businesses | client acquisition | communication The recent Financial Planning Association (FPA) conference focused in part on changing the way advisors communicate with their female clients, stating that women need to be talked to rather than talked at. This Website Is For Financial Professionals Only
Investment News reported that Elizabeth Jetton, a former FPA president, emphasized the need to make conversations with female investors a participatory process. She also expressed disdain at the categorization of female investors as a niche.
Advisors tend to think that women know less about money-related issues than men. Women also may seem less comfortable talking about money but that may be because they are so consumed with running family life on a day-to-day basis they may fail to plan adequately for the future.
You can help fill that gap with your female clients by alleviating the tension between what’s needed today and what they may need down the road.
Viewing female clients as an exciting new part of your business can open conversations that enable women to share their wisdom and to understanding what they need in every area of wealth management and financial planning.
Just as in working with new generations of wealth, stepping out of the self-perception of expert and into the role of a truly interested partner will enhance business growth on multiple levels.
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Cerulli Report Says Wirehouse Market Share Continues To Erode And RIAs Are On The Short List Of Beneficiaries |
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Tuesday, October 02, 2012 12:25
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Tags: banks | marketing | registered investment advisors
A new Cerulli report, the Cerulli Intermediary Distribution 2012 report, says market share of wirehouses is on a downward trajectory that won’t end anytime soon. From 2007 to the end of 2011, market share of the big houses fell to 41.1% from 47.8%. This Website Is For Financial Professionals Only
By 2014, it’s projected to fall another 6.9 points to 34.2%. The large financial institutions have been pushing to get margins to 20%. They’re honing their advisory forces to be smaller in size yet more productive.
They’re also moving away from mid-tier and mass affluent clientele. Advisors serving those clients are leaving the wirehouses in droves.
At the same time, the RIA industry is providing plenty of competition for the high end markets the wirehouses are seeking to serve. Independent broker-dealer platforms have improved to a competitive level.
Cerulli expects wirehouses to continue to lose share in both upper and lower end markets.
Regional brokerages, dually registered advisors, and RIAs stand to be the primary beneficiaries of the attrition.
That said, wirehouses still are a commanding force in the industry and asset managers feel compelled to pay the increasing costs to be included on their platforms. But that could change as consolidation continues in the RIA channel and independent platforms improve.
Those RIAs adopting an authentic family office service offering still have an advantage and will grow even more competitive over time.
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Success In Marketing Means Less Talk About Process And More Talk About Client Benefits |
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Friday, September 28, 2012 12:52
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Tags: client communications | marketing | prospects
The quickest way to turn off a prospect is to talk about your process. What people want to hear is how they will benefit by working with you. They want to know how you will help them achieve their personal dreams, not just the set of goals they will list on your questionnaire. This Website Is For Financial Professionals Only
This requires a shift in mindset that is difficult to accomplish. But making that shift will open the path to growing your business in ways you never anticipated.
Clients expect you to have the skills needed to do that. If they didn’t, they wouldn’t be sitting in your office. So telling them about your process turns out to be overkill.
Telling them about the outcome you will help them create shifts the focus from you, to them. Even when prospects compliment your process, they are responding favorably to the result that process will yield them, not to the process itself.
It’s human nature to talk about things that we are proud of—such as the processes we’ve developed. But it’s even more exciting to talk about how what we’ve developed can benefit someone else.
It releases the limits on the returns we can get from the time, money, and sweat we invest in our businesses.
So when a prospect asks what makes you different or why should they work with you, talk to them about benefits that will match their definition of success.This puts the law of attraction to work for you.
You may have to first ask some questions to understand what success means to them.
Then you can tailor the benefits you give them to perfectly match what they need.
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Disruptive Power Of The Web On American Society; An Individual CFP Practitioner Can Call Out An Institution Like The CFP Board |
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Friday, September 28, 2012 02:15
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Tags: client communications | client education | marketing Leaving aside the merits of the arguments about enforcement of a fiduciary standard by the CFP Board, raised recently by CFP practitioner Allan Roth, the controversy Roth has touched off is a lesson in the disruptive power of the Internet. The asymetric power of one person with a strongly-held belief challenging institutions publicly has accelerated change in American society. It is disrupting institutions and business and changing lives.
Sociologists will look back on this era fondly. It is a turning point in civilization. We are living in the middle of an historic change-storm.
To compete, new approaches must be considered. You can't expect to be successful if you are essentially providing the same services you did five years ago.
Roth two weeks ago posted to The Wall Street Journal’s Total Return blog questioning the CFP Board’s commitment to enforcing the fiduciary standard. This Website Is For Financial Professionals Only
A sole practitioner who is likely unknown to the vast majority of the nation’s 63,000 CFP licensees, Roth's very-public accusations in WSJ led the CFP Board to issue a public response. The questions Roth raised has triggered a public debate on enforcement of the fiduciary standard by the CFP Board that is likely to spread soon to the consumer press.
A few years ago, it would have been impossible for a single person to take on a professional licesning organization, regulator, trade association, company, or government agency. Now anyone with a fair claim on public trust has a platform to speak truth to power, and it can go viral in a small but important community and change institutions. This backchannel is accelerating change in our culture.
The openness of the Internet is causing such immense disruption because all of a sudden institutions must explain their actions and be transparent, the way the CFP Board had little choice but to respond to Roth.
Incidentally, transparency will also be demanded of advisors. Those embracing transparency as a core value stand a better chance of success, as more consumers demand you do he right thing fo in the new world of financial advice business.
And if you really have original ideas on a topic a small group of people are passionate about and can advocate for clients on the Web, you may find yourself suddenly in the spotlight like Roth has.
If you have ideas people truly value, you can tap the disruptive power of the Internet and make it work to your advantage and also make the world better.
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O-p-p-o-r-t-u-n-i-t-y: Estate Plans Have Become Out Of Date After Three Years And Major Life And Economic Changes |
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Thursday, September 27, 2012 11:19
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Tags: client acquisition | family offices | marketing A new study by Rothstein Kass shows that most high net worth clients’ estate plans are at least three years old and that 95% of them have had major life changes since the last update. This Website Is For Financial Professionals Only
Yet 42.9% of 56 family office respondents saw no need to update the plans, 26.8 said they didn’t have time, and 21.4% said the topic was too difficult to address right now.
The study surveyed 74 family office executives. The study also uncovered that 53% of wealthy families do not have asset protection plans. Out of 36 single family offices, 41.1% said they saw no need, 35.9% said they didn’t have time, and 17.9% said it was too complicated. Slightly over 5% said it was illegal.
This is a time when sweeping tax and regulatory changes are taking place. It’s a huge opportunity as an independent RIA to show value to families of high net worth.
The approach to family office and family clients has to be different. Getting in the door of the family office may be difficult and the turnaround for client acquisition usually takes longer.
But the right marketing and relationship development strategies can help you earn their trust. They are wonderful clients if you are willing to follow the right strategies to attract them.
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