Trending
As a financial advisor, next year will either be the “best of times” or the “worst of times”, as Charles Dickens once wrote.
Here’s what I mean by that…
By the “best of times”, I mean by now your business has more inbound opportunities that you can handle, your cup has runneth over.
Your biggest challenge in the new year is expanding your practice to handle all the new client growth you’re bringing in.
And the source of all these new opportunities are from your “warm” market, your client base, referrals from other professionals, etc…they just keep coming in, more than you ever expected.
On the flip side, if you’re running out of “warm” market (you can’t keep shaking the same trees hoping more apples will fall from them), then next year could be the “worst of times”.
Why?
Because most advisors have only one way to engage new opportunities, by building relationships through networking (“warm” market) and then working on expanding those relationships until an opportunity presents itself (that process creates a very long sales cycle with diminishing and unpredictable returns).
Or they keep going back to their current book of clients asking for referrals, at some point, that becomes ineffective.
Many advisors have a tendency to do a lot of free consulting upfront, dispensing a lot of their expertise “pre-sale”, in the hope the potential client will recognise their value and start onboarding right way.
Bottom line, it’s time to end being in “response mode”, waiting to get inbound opportunities, rather than systematically and proactively putting in place a system to target specific ideal clients (i.e. higher net worth) that you want to engage.
As an ambitious advisor, you have a choice to make right now:
1. Do more of what you’ve been doing, hoping that will bring you enough work in the new year year…or
2. Become a Trusted Authority, create inbound consistent demand from your market and raise your advisory fees to the levels that matches your ideal client profile.
When you become a Trusted Authority, you don’t need to wait for a “middle man” to send you a referral occasionally. You get full control to create inbound demand at will.
A Trusted Authority is what you need to become before the sale, a Trusted Advisor is what you become after the sale.
Related: Real Doctors Don’t Do Coffee
Get your Free copy of Ari’s best-selling book "Trust In A Split Second!" here and you’ll also receive a Complimentary Sales and Lead Generation Consultation (value $995.00). Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after high-net-worth new client acquisition expert for financial advisors. His latest book, “Trust In A Split Second!” has become an instant best-seller among financial advisors worldwide.