A confluence of trends—social media, changing consumer expectations and COVID—is rewriting the marketing playbook, requiring financial advisors to rethink their strategies for new business development.

Four Important Questions Advisors Need to Answer

As advisors draw up new strategies relevant to a changing world, they should ask themselves four critically important questions when developing that new strategy.

1. Am I all-in on digital marketing?
   Having a LinkedIn presence or sending out periodic emails is not enough. Advisors will need a comprehensive digital marketing plan that includes an active blog, social media and online advertising to build brand awareness. It also means a transition from an old-style “campaign-oriented” marketing approach to an “ever present” orientation.

   The “ever present” marketing approach involves regular and recurring client and prospect engagement, with content that is timely and relevant to the audience. This raises the imperative of niche marketing and personalization of communications. “Ever present” marketing also requires consistent messaging across all social platforms and digital communications.

   Of course, this new approach requires more effort, which leads to the next question.

2. Am I leveraging every available marketing resource available to me?
   Advisors have access to wonderful third-party and affiliated partner content and tools. Greater marketing effectiveness demands more advisor time and energy, making it essential that advisors outsource some or all of their marketing and communications activities.

   Whether it’s using outside content providers (for instance, at American Portfolios, we offer a rich library of content comprised of in-house thought leadership and third-party vendor provided materials) or tools to schedule and run multiple, parallel outreach campaigns, advisors may find that outsourcing such functions raises their productivity and their marketing results.

3. Do I have a disciplined approach to asking clients for referrals?
   For all advisors, especially those who focus on client niches (like doctors or retirees), their best source for identifying prospects with similar needs and interests are current clients. It makes perfect sense, then, that advisors formulate a disciplined practice of asking clients for referrals. Admittedly, this can be an uncomfortable exercise, but advisors can ask for referrals in subtle ways. For instance, when discussing a relevant market topic or financial planning solution, advisors can ask clients if they know anyone who would value this information. It’s asking for a referral without saying the word “referral.” The ideal time for engaging clients in this way is during the clients’ quarterly reviews.

4. Are my virtual meeting capabilities top shelf?
   With virtual meetings now a fixture in the communication space, advisors should make sure they use high-quality technology to enhance remote client interactions and promote confidence with holding virtual seminars.

While the last couple years has brought about a changing world in many ways, such evolution is not limited to times of a global pandemic.  While now is a great time to ask such questions, financial advisors are strongest when they consistently look at trends and reconsider their new business development strategies.

Please reference disclosures: https://blog-dev.americanportfolios.com/disclosures/