For More Business, Prospect Fewer Clients Hot

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A lot has been written about target marketing and having a niche. Yet I am surprised by how many advisors I meet who cannot bring themselves to commit to a market because it means not attracting some profitable clients.
 
Here's a classic example: I was conducting one of my Secrets of Referral Marketing workshops and we were discussing finding a niche. We talked about how specialization and aiming at a small part of a market can bring more clients than that advisor can successfully service. Think about it – if you are the one advisor that 1% of the people in your geographic area really needs, how many potential clients is that? Where I live, that's about 800 households. So it is okay to basically ignore 99% of the population. If you can be the advisor with the most compelling value proposition for that target market, what do you need to achieve your goals? Ten percent of that potential market? 20%? And that's without leaving town. I can drive an hour east or west and have another market almost as big.
 
Everyone agreed. If we designed an irresistible message for the 1%, we can accomplish as much as we would ever want to. Nods all around. Is everyone okay with that idea? Yes, all the participants say it makes perfect sense. We will determine who we can specialize in, and create plans that will successfully attract them, even if no other prospects (outside the niche) respond to the message.
 
An advisor raises his hand. "So, if I meet a prospect outside my target at a cocktail party, and he has a rollover of $1 million, and I tell him what I do and it doesn't interest him at all, it's okay?" Yes, it's okay.
 
Immediately another participant objects. "But we have to say something that would get them interested – he would be a great client!"
 
From the day we enter the profession, we are trained to pursue any prospect who could be profitable. Eventually, we end up with a diverse client base that can be a challenge to service and a value proposition that attempts to attract everyone and is compelling to practically no one. When we first try to market to a target audience, we find ourselves unable to resist the dilemma of "and I do that, too. And that…" It is counterintuitive. As much as we have discussed it, many, maybe most, advisors still cannot bring themselves to focus on a single, targeted client profile.
 
But if we want people to talk about us, to refer us, we need to be known for something specific. And that means leaving a majority of the population out of your marketing and prospecting plans.
 
Narrow and deep beats wide and shallow. Less is more. Get known for being the single go-to advisor for something specific, and you can eventually get to the point that many of those prospects find you.

 

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A Strategically Focused CE Curriculum

With classes approved for over a decade by the CFP Board, IWI, and NASBA, Advisors4Advisors CE classes are an optimal knowledge stream for CFP®, CIMA®, CPA, CPA/PFS®, CFA®, and other practitioners. It's not a grab bag of speakers willing to sponsor CE content. Nor is it a one-man CE course. It's a group of subject matter experts with amazing communication skills and a history of thought leadership that, together, give advisors a well-rounded knowledge system for running a professional practice ethically and intelligently.

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A4A CE classes for financial professionals began in October 2008, the week Lehman Bros. collapsed. Initially billed as “The Financial Crisis Webinar Series,” A4A connects advisors with authoritative sources on investing, tax, and financial planning, chosen by A4A Editor Andrew Gluck, a veteran financial reporter. A4A members get a stream of CE classes for an advisor who: 

  • holds a CFP®, CIMA®, CPA, CPA/PFS, CFA or other designation requiring CE annually 
  • values monthly CE classes by Fritz Meyer, Craig Israelsen, Bob Keebler, Frank Murtha, or Andrew Gluck
  • diversifies a core of client portfolios in low-expense funds
  • invests based on MPT and economic fundamentals
  • advises on tax and financial planning as well as investing
  • needs financial counseling skills
  • wants the Certified Financial Counselor™ designation 
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  • wants the facts when bad news breaks
  • wants CE aligned with a content marketing system
  • wants 24/7 access to CE on-demand
  • insists on objective evidenced-based tax and investment planning analysis

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"Participant needs ready access to all hand out materials before/during the presentation merely by hitting a print button on their office computer. Never a separate fee or subscritpion !..."
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"he constantly repeats himself, wasting at least 25% - 33% of entire time devoted to presentation, tell him to stop repeating every other sentence"
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"Not enough time to cover this complex topic. Also, it would have been more helpful if subject matter related to less affluent clients. "
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I get CPA CE credit and CFP credit for the webinars.  But not only that, the A4A content is terrific