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Advertising
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The Way To Capture Female Prospects Is Through Face-To-Face Networking |
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Thursday, March 24, 2011 02:59
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By now, everyone in the industry knows that women are forceful financial decision-makers -- this isn't the '60s. But the latest survey that announces this "surprising fact" also has some helpful prospecting tips.
This Website Is For Financial Professionals Only
A polling firm called Mintel recently "discovered" that younger women are making their own investing decisions, and the more affluent they are, the more likely they are to have an independent brokerage account.
That's not news. What's noteworthy here is where those independent women go for investment information.
Mintel discovered that 39% of female investors get most of their ideas from professional advisors, compared to just 27% of the men. This indicates that women appear to be more likely to seek out -- and even follow -- outside guidance.
And as to where they find those advisors, it looks like recommendations from friends and family still rule: in the absence of an established advisor, 29% of female investors go to members of their personal social circle for ideas.
By comparison, the men tend to try to do it themselves online, going to financial blogs 38% of the time or sticking around their broker or fund company's site another 31% of the time.
As Mintel points out, a balanced offline/online marketing strategy can help capture clients of both sexes -- but if you rely too much on the Web, you'll lose the women.
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A Quarter Of All "Fiduciaries" Are Still Not Capitalizing On That Fact |
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Thursday, March 17, 2011 03:59
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Tags: fiduciaries | prospecting By this point, fiduciary advisors know that their conflict-free code of ethics is a big differentiator in the eyes of prospects. But this only raises the question of what a "fiduciary" means these days.
This Website Is For Financial Professionals Only
The findings from Boston account aggregator ByAllAccounts reveal that 67% of advisors who describe themselves as fiduciaries do in fact capitalize on this fact at least some of the time.
But the matter of whether those advisors are true fiduciaries or simply flocking to the fiduciary banner was not clarified.
ByAllAccounts seems to have framed the topic in terms of monitoring client accounts in the aggregate -- "reporting and advising on all of a client's assets is one of the top three things two-thirds of advisors say is indicative of putting their clients' interests first."
According to that standard, 90% of all advisors the company talked to believe they are acting as a fiduciary. But in fact less than half of them engage in that sort of aggregate account monitoring.
A little over half say they provide conflict-free advice on retirement accounts, and that's how they earn the "fiduciary" label. And 72% create a financial plan for their clients.
Maybe the financial plan is the best indicator of fiduciary practice? But no -- according to the most recent court rulings, anyway. Remember, apparently advisors who prepare a financial plan for free are exempt from the fiduciary code, and thus are not fiduciaries.
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The Old Reliable Ways Still Work Best For Prospecting, But Keep An Eye On LinkedIn For Delivering Results |
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Wednesday, February 23, 2011 12:27
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Tags: referrals It turns out that old-fashioned calls for referrals still work best for advisors looking to build their books, but some forms of social media prospecting have started delivering real returns on the time invested.
This Website Is For Financial Professionals Only
According to the Advisors Trusted Advisor's latest survey, getting a lead from a client or fellow professional is still the most successful way to generate new clients, while hosting a seminar or other networking event is still the most popular.
The gap between "successful" and "popular" is interesting in itself, and points to the age-old notion that advisors love to throw a party even if it fails to deliver much immediate business impact -- and yet hate to ask existing clients the single most important question to build a business.
"Do you know anyone who may need an advisor that delivers the same service that I give you?"
The gap also emerges in the data on social media. Formerly hated as a gimmick in many firms, platforms like Facebook are still wildly unpopular -- tied with cold calling -- as a marketing channel. But LinkedIn is becoming relatively popular, with use doubling off a low base over the last year.
Unfortunately, ATA is staying cagey for awhile on whether social media actually work to bring in new clients. If it turns out that it doesn't, then all the bells and whistles in the world may be just another form of throwing a party.
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Marketing The Fiduciary Advantage Against The "Uniform Standard" Fracas |
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Friday, February 18, 2011 05:20
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Tags: fiduciaries The grousing about exactly what sort of "fiduciary standard" would be best for members of the securities industry -- and not so much retail investors -- has been embarrassing, but true fiduciaries can use the buzz to differentiate themselves from the pack.
This Website Is For Financial Professionals Only
Great piece on exactly how those who do conform to the fiduciary standard can give prospects the scoop on how their approach to the business sets them apart from most of the advisors out there.
Simple, direct, actionable.
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Wealth2k Provides Free Long-Term Care Video To Financial Advisors |
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Tuesday, February 15, 2011 01:44
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Tags: Long-Term Care Insurance | prospecting The movie describes the value of long-term care insurance in the context of retirement planning and advisors can download it for use for free. This Website Is For Financial Professionals Only
The video aims to make it easier for advisors to broach the issue of planning for the costs of long-term care.
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