Right now, there is blood on the streets in the world of financial advisors.
It seems like everyday there are new reports of 9-figure and 10-figure breakaways, the formation of a new super-ensemble RIAs, the rise of the robo-advisor...
...and the big wirehouses are shaking in their boots as they watch billions of dollars walk out their doors and into the hands of independent advisory firms just like yours!
After decades of being insulated from the heavy disruption other industries have faced, a new wave of entrepreneurial advisors have appeared and are swinging for the fences…
The independent channel is the fastest growing advisory model... and it’s showing no signs of slowing down.
- Over the next decade, the financial advice world is expected to boom at a 32% growth rate — more than double the average growth rate for all occupations (14%).
- The RIA channel currently manages 19.8% of retail investor assets... and is expected to grow to almost 28% in 2018.
- More than half of all RIAs expect to grow by more than 20% next year and almost 1/3 expect to grow more than 30% next year.
For the the savvy advisor who knows how to win in this new business environment… it’s a once in a lifetime opportunity to build an incredible business that generates monumental wealth for it’s shareholders… but only if they can adapt to the rapidly changing business landscape.
There’s never been a better time in history to stick it to Wall Street than right now. Crippled by their massive size... the wirehouses can’t keep up with the younger, more agile RIAs who are taking advantage of innovative technologies and are finally discovering the power of internet marketing.
The Only 2 Ways To Grow Your Business
If you want to grow an RIA, you have to get more assets under management. To get more assets under management... you really only have two options.
- Acquire New Clients
- Get More AUM From Existing Clients
Most firms have a pretty good idea how to get more assets under management from existing clients... but getting new clients in today's competitive market is a problem everyone is trying to solve.
Since the beginning of the profession, direct sales has been the strategy most firms have used to acquire new clients. But direct sales has a huge weakness that cripples your business…
New client acquisition relies heavily on hiring new advisors (and hoping they produce) or acquiring experienced advisors with an existing clientele.
And this creates a massive problem.
If you’re the CEO of an RIA and you’re trying to grow through mergers and acquisitions… this puts you at a huge disadvantage during negotiations.
Top producing advisors are rare and they are rapidly diminishing in supply. It's absolutely a seller's market right now. Because they know that you don't know how to quickly generate new clients organically... they have a huge amount of leverage in the deal.
On the rare chance that you can actually find a rainmaker advisor who is willing to join your firm… how much equity is it going to cost you to get him? What kind of concessions will you have to make to keep him happy? What will you have to sacrifice in order to make the deal happen?
But... seeing as how the failure rate for new hires is 80-90% using the traditional direct sales model… what choice do you have?
The only way to continue to grow without sacrificing huge amounts of equity is to take control of the client acquisition process.
You need a way to generate new clients that doesn't require to you roll the dice with hiring advisors.
Direct Sales is Dead
Slowly but surely, the financial advisory industry is waking up to the bitter reality that direct sales is dead. The business model that has worked for hundreds of years in the insurance and B-D world just isn’t fit to fight in the internet driven marketplace.
If you want to have any real chance of rapidly growing your firm and competing in the ultra-ripe modern day market… you’re going to have to get smart about using marketing and advertising to acquire new assets.
For far too long, marketing has been crippled by the overzealous compliance departments of the Wirehouses and B-Ds. With no real competition or incentive to change, the bloated bureaucracy never bothered to take advantage of revolutionary new technology and instead decided to just cut their advisors off at the knees...
…and this is the exposed Achilles Heel that will allow the independent RIA to start laying siege to 800b gorilla.
But this window of opportunity won’t be open forever. You must move quickly if you want to capitalize on this once-in-a-lifetime chance.
Understanding and utilizing modern marketing is the key to explosive growth in 2016 and beyond.
How To Think About Marketing
Here’s something that might shock you. Marketers have long since cracked the code on how to sell personal and professional services on a massive scale. It’s all based around proven methods that have been around for more than 100 years… but you just didn’t know it existed.
It’s not your fault. You were brainwashed into thinking direct sales was the only way to grow a business.
Financial advisors as a whole are woefully ignorant when it comes to marketing and social media. That’s really not too surprising when you consider the average age of today’s advisor is 58 years old.
The Customer Vending Machine
Imagine for a moment that you had a vending machine in your office that was stocked full of $10 bills. You could buy each of these crisp bills for just $2.
How many would you buy?
Now I certainly don’t know of any cash vending machines like that… but what if you had something that did the next best thing?
What if inside that vending machine was a revenue generating customer that you could buy at a profitable rate?
This is how you need to be thinking about marketing. It’s not an expense… it’s an investment into an asset the business owns that generates revenue.
Money goes in one end… and out pops a paying customer on the other end. How do you build one of these machines?
That’s exactly what I’m going to teach you how to do.
The "Attracting Affluent Clients On Autopilot" System
Step 1) Identify — Uncover your most profitable opportunities.
Step 2) Position — Establish authority in the niche market.
Step 3) Attract — Get qualified prospects to come to you.
Step 4) Engage — Educate and motivate prospects to take action.
Step 5) Enroll — Selling conversations that convert prospects into customers.
Step 6) Deliver — Designing and delivering an ideal customer experience.
Step 7) Retain — Creating long term clients out of first time customers.
Step 8) Refer — Getting high quality referrals to high value prospects.
To keep things simple, I've separated all of the content in this blog into four key topic categories:
Identifying and Dominating Niche Markets
"Step 1) Identify" and "Step 2) Position" are based around identifying and dominating niche markets.
The only way to get a huge return on your marketing investment (ROMI) is to have a hyper-focused target that you are aiming at. Today's marketing isn't dreamed up by creatives in Madison Avenue firms... it's data driven and research driven.
Creating Compliant Content Marketing and Advertising
"Step 3) Attract" and "Step 4) Engage" are both driven by using high-scale marketing and advertising methods to reach a large number of prospects in a short period of time.
"Content Is King"... or so the saying goes. The whole purpose of creating content is to educate and motivate your prospects to pick up the phone and call you when they are ready to do business. Imagine never having to cold call again? This is how you make that happen.
But... it can be quite challenging to create compliant content marketing if you don't know what you're doing. I'll show you everything you need to know about created heavy hitting marketing campaigns that don't put your business at risk.
New Client Acquisition
"Step 5) Enroll" and "Step 6) Deliver" are focused around how to actually acquire a new client... and what you need to do during the on-boarding process to start the relationship off right.
If you have a strong direct sales background, you're going to love this. Imagine how much easier life would be if you spent all of your time only talking to pre-qualified prospects who already wanted to do business with you?
However... you still need to deliver the goods. It's critical to the long term success of your business that your new clients first experiences with you are world class. If you don't get this right, it's very difficult to retain clients and get referrals.
Client Retention and Getting Referrals
"Step 7) Retain" and "Step 8) Refer" are essential components to maximizing the long term profitability of any marketing system. This is where the majority of your profit comes from (and how you can afford to run the marketing machine).
These two steps really go hand in hand. You retain clients by delivering an awesome service and anticipating their needs. You get more referrals by kicking ass at what you do and creating highly satisfied clients who tell their friends about you.
Taking The First Step
If you're brand new to the site... you're going to want to start with the basics. For a broad overview and more detailed introduction to each of the 8 steps, read these first:
- How Any Advisor Can Find Highly Profitable Niche Markets
- How To Properly Position Your Practice To Attract Affluent Clients
- Content Marketing Strategies For Attracting Affluent Clients
- Is Cold Calling Killing Your Business?
- 6 Steps For Effortlessly Enrolling Affluent Clients
- 4 Steps To Wowing Wealthy Clients With World Class Service
- 7 Tips for Creating Lifetime Clients
- 3 Ways Advisors Can Get More High Quality Referrals
And if you haven't already... opt-in to my weekly newsletter by clicking the link below. I'll send you only awesome articles that will help you get more wealthy clients.
The 5 Tech Tools Every Advisor
Needs To Attract Affluent Clients
Do you want a steady stream of qualified prospects start calling you asking to become your client instead of wasting time with manual prospecting methods like cold calling and networking events?
My free report reveals the 5 MUST HAVE free or low-cost tech tools you can start using today to get more clients.