10 WAYS FINANCIAL ADVISORS PUNT CLIENTS BEFORE EVER MEETING THEM & HOW TO FIX IT

10 Ways Financial Advisors Punt Clients Before Meeting Them & How To Fix it

I was talking with a friend over breakfast last week, he also happens to be a RIA.  We get together about once a week over at a local chic-fil-a to just hang out and sometimes we talk shop.  Last week we got on the topic of sales process somehow.  Not your typical breakfast conversation but nothing is off the table with good friends.  I was asking him about the initial client meeting and what the process looked like.  He gave me the details which all sounded fine.  I asked how comfortable are the people you meet with…I mean, you have to talk about some pretty serious stuff right away.  He said  “Most of the people I meet with turn into clients so I think my sales process is pretty good”.  I said “then you are failing to attract enough people into a conversation with you”.  Then I asked, “How many people don’t call you?”
This generated a strange look as if to say “whatcha talkin bout willis?

Here is the truth, most advisors don’t generate enough outside leads to provide the feedback loops necessary to actually improve their sales process.  The reason why “most” meetings convert is because most of them come from a referral which is great but it’s no way to scale your practice.
The growth opportunity for advisors is not only the generation of new inquiries outside of your sphere of current influence but also converting the people who don’t call you.  Fixing one, fixes the other.  Here are 10 ways you could be punting potential clients before they ever call you and why you don’t have more leads coming in too.

1 – No Website or Shared Website

Trust is the currency of the internet, it is more powerful than economic currency online too.  Use it to your advantage and you will have more opportunity than you can handle.  If you don’t have a website, the opportunities you have will be limited.  View this through the lens of your own behavior, you look people up online, you look at businesses website before contacting them.  This has become normal behavior for most of your potential clients.
If you are thinking that the one you share with your office or anyone else is good enough then let me be the voice of reason in the back of your head…YOU ARE PUNTING IT.  Being like everyone else is not a desirable position in the market, they are called commodities.

2 – No Business FB Profile

There are over 150M people in the US alone on Facebook.  If you are thinking that your clients are not on Facebook then you don’t know how far-reaching Facebook is.  All the age groups that matter and economic backgrounds you care about are there.  You need to make it easy for people to find you and that means being where they are.  To set up, a Facebook business page, just go to business.facebook.com.  It’s super easy and it will be worth the hassle of dealing with compliance if that’s a hoop you have to jump through.

3 – No Linkedin Profile

See #2 and get our free guide on how to set up your profile correctly download here

4 – Can’t be found on Google

This one seems like a black hole for most advisors but its super important to get right.  The reason here is that people will Google your name and your business.  If you don’t show up anywhere then you have lost some online currency here.  This can easily be fixed by just running a simple brand campaign for -50/month and buying your name or your business name.  Doing this will pop you to the top of the results when someone Googles your name.

5 – Have a website but it’s not designed to generate leads

Oh, yea…just having a website isn’t good enough.  It can’t look like it’s not “current” or has language that is not congruent with how your clients communicate…NO BIG WORDS… Most of your clients don’t use the same language to talk about financial matters the way you do in the industry.  To communicate powerfully, try to keep things at an intermediate reading level.  The Wall Street Journal targets around a 7th-grade reading level with their copy.  Click the link to analyze your copy.  This doesn’t have to cost a lot of money either.  Most advisors can get an amazing website without spending 00’s of dollars.  Check out themeforrest.comfor ideas.

6 – No content positioning you as an authority

The content you have not written for your potential clients will not help them.  You might have lots of experience and insights locked away in your brain vault but that is only helping the people that are your clients.  Offer some level of free help online through content and the phone will start to ring.  Give the people in the desert a drink of water, then point them to the oasis of working with you.

7 – No online advertising

I have heard everything from “I don’t believe in advertising” to “It doesn’t work, I tried it”.  To these people I say, you are correct.  For everyone else still paying attention, advertising online can massively transform a business when properly executed.  If Fortune 500 companies spend 20-30% of their budget on advertising then maybe it might work to help you build your practice.  I know what the “marketing experts” say…” you have to create lots of content, blog blog blog blog blog….”  Here is the truth, most of the experts don’t make any money.  They waste time wrting blog posts.  If you look through our site, we don’t do that for a reason, sure we have a few but you don’t need a content factory.  Our clients create high converting online presentations and distribute them to the market quickly and powerfully using paid advertisng.  To get it to work, watch our free training here.

8 – No differentiation from anyone else

See end of bullet #1.  Being a commodity leads to being cross shopped and into having to jump through hoops or defend your fees.  Here is the TRUTH…There is only one of you.  There is not more than one of you.  You need to see that your personality, individuality is what people are buying, be authentic and communicate that to the market.

9 – No niche

If you don’t know who your clients are, how are you going to find them?  How are they going to identify with you as someone that can help them?  You risk more by not having a niche than by narrowing your focus and offering your services to a segment of the market.

10 – Not communicating to the market powerfully

While sitting down to write something for your market might not be your favorite thing to do.  Get over it.  This blog post only took me about 30 min to write and I am a recovering engineering graduate that only had “Composition for Engineering Majors” in college.  Yes, that was a real class and I don’t think it helped much.
How many people won’t call you if nothing changes with this stuff?
For more, check out our free training that will be sure to help your business…

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