Strategies of Financial Advisors to Increase Assets and Attract Better Clients

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THere are many financial advisor strategies you can use to increase your assets and attract better clients. Do you want to increase your minimums to at least $ 1 million? What would your business look like if you brought in an extra $ 25 million next year?

Not only do you want to attract better customers, but you also want to nurture those relationships to the point that they refer you to their network.

Each year, in our Mastermind Collegium, we honor the best performing advisors and offices. Our top two advisers of 2021 were Bryan Bibbo and DC Chamberlin.

Bryan and DC both sat down with us on the on-demand Rainmaker Multiplier podcast to discuss some of their strategies as a financial advisor as well as anecdotal stories of how they each found success after raising their minimums and focused on high net worth clients.

Bryan Bibbo, AIF, NSSA, is a Partner, Certified Investment Trustee and National Security Advisor at JL Smith. It contributed around $ 45-50 million in assets in 2021.

DC Chamberlin, CFP®, CFF® is a certified financial planner of the Chamberlin group. It brought in around $ 25-30 million in assets in 2021.

Click here to listen to the latest episode of the Rainmaker Multiplier On-Demand Podcast.

RAISE YOUR MINIMUM

Several years ago, DC made the decision to accept clients only if they were willing to invest at least $ 1 million. Now his need is $ 2 million or more.

Bryan recently raised his minimum to $ 1 million and he is increasing his investment requirement to $ 1.5 million by January 1, 2022.

“I realized I should work with people who have higher net worth and stop fishing in a pond, trying to pick up as much as possible.”

-Bryan Bibbo

As you begin to make these changes, take a close look at your roster and see which clients can be transferred to another advisor while you focus on the higher rung accounts.

DC often gets clients who invest their minimum of $ 2 million. But as it nurtures the relationships and builds trust, they keep increasing their investments year after year.

“I only added three new clients this year, and two of them were referrals. I really crushed my existing clients.

-DC Chamberlin

Alternatively, Bryan’s approach is more about getting his clients to invest as much as possible up front.

Although their strategies as financial advisers differ, DC and Bryan meet and exceed expectations. If you’re ready to start attracting higher net worth clients, it might be time to change your approach. Schedule a free call today to learn more about financial advisor strategies through C2P Enterprises.

ASK FOR REFERENCES

Let your high profile customers know that you are a valuable resource. Offer your services to their friends and family. Encourage them to be an advocate for their community.

DC Still Accepting Customers Below Its $ 2 Million Minimum IF they are referred by one of its existing clients.

“It’s hard for me to turn down a million dollar client who just fell on my knees, but I’m targeting higher net worth clients. “

-DC Chamberlin

Present your arguments in compelling and easily reproducible stories that your clients can tell their friends over a cocktail at a charity event. This is how these referrals come from your best clients.

Bryan offers a private equity fund to some of his wealthier clients, which allows them to invest in private companies that are expected to go public soon. People love to hear about innovative ways you use their money instead of just dropping them into an investment model.

MAINTAIN RELATIONSHIPS WITH EXISTING CUSTOMERS

On the on-demand Rainmaker Multiplier podcast, Bryan and DC discussed how in the past they worked every Saturday and some Sundays. Now they reserve the occasional Saturday date for their highest earners and can spend more time outside of work.

Let the customer choose how they want to interact with you. According to DC, 90% of its customers choose Zoom over in-person meetings. However, Bryan reports that most of his clients still want to meet in person.

So ask your clients one-on-one if they are more comfortable online, on the phone or in your office. If they want to meet in person, be sure to find out about their COVID preferences.

Bryan and DC both recommend communicating with your most valuable clients at least quarterly to keep them up to date on their account performance and to find out what is going on in their lives.

  • Do they have a milestone anniversary coming up?
  • Are they having surgery?
  • Has a child gone to college?
  • Are they planning a vacation?
  • Was there a birth or death in the family?

Think about how you can create more intimate moments to further develop these relationships. Consider sending a card or flowers depending on the occasion. You can also send promotional products or corporate gifts during the holiday season to thank you and stay ahead as the new year approaches.

On the on-demand Rainmaker Multiplier podcast, Bryan recalled a client whose wife was 60, and he mentioned that they were planning a trip to Tahiti for her birthday. Before the trip, Bryan’s team sent them a travel diary on Tahiti.

SET EXPECTATIONS WITH THE ADVISOR OF THE SECOND CHAIR

It is difficult to let go of the reins, especially the clients who have been with you since the beginning of your career. No one wants to give up on someone they’ve established a relationship with, but when your account has grown too big, it’s time to bring in your second chair.

The second chair supports more experienced advisers. They often assist their superiors with administrative responsibilities and integration, in addition to managing small clients themselves.

Who is your ideal client? Think about it: spend some time sketching out your ideal buyer persona. Now compare that to your customer portfolio. Which accounts do not match your criteria? Can these be transferred to a second chair advisor?

“If you’ve got the right people around, with a customer-centric mindset, you’ll be fine. “

-Bryan Bibbo

Include your second Presidential Advisor in your meetings so that when it’s time to hand over your responsibilities, your clients will already feel comfortable and confident working with your replacement.

You are busy focusing on the richest clients, as you should be. This way, your second CEO advisor will take better care of smaller clients because they will have the time to give each account the attention it deserves.

“It’s just the natural progression of our careers.”

-Bryan Bibbo

Want to raise your minimums and attract high net worth clients so you can reap $ 25 million in assets next year? Click here to schedule a 20 minute free call with C2P Enterprises to learn more about our financial advisor strategies.

This article originally appeared on C2P Enterprises.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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