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Written by: Jack Heintzelman
Business development is SCARY. It’s one of the main reasons many young professionals either leave our industry early in or don’t join it at all. Business development is crucial to building a successful and sustainable career. That’s completely accurate. But don’t let that fact scare you. Let’s redefine business development so it better aligns with your motivations. It is more than just SALES.
I joined this industry with business development goals, and I was terrified. But the reason I’m still here is because of how my firm and mentors defined business development for me. To me (and my firm), it was about constantly engaging with and building relationships with people around me. The bigger my network the more opportunities that would come. It did not matter if I came out with a sale from each.
Here are some activities I focused on that helped me in doing this.
Start by identifying your target market. Who are your ideal clients? What are their needs and preferences? Conduct market research to understand the demographics, behaviors, and pain points of your potential clients. This knowledge will help you tailor your services and marketing efforts effectively.
Focus on the activities, not on the results. How many people do I need to say hello to today? NOT how many new clients do I need to get? Commit to the activities and the results will come.
Commit to the client relationship. Constantly be looking for ways to enhance it. Utilize technology to streamline your processes and enhance these interactions. Is it someone’s birthday? Can I call them and say happy birthday? Anniversary? Are they bringing their child to college this week? Automate follow ups and touchpoints. They will appreciate this and start spreading the word to their friends and family.
In today’s digital age, having a robust online presence is essential. Do you have a LinkedIn, Instagram, TikTok? Can you start a blog or newsletter? This will help you establish credibility and attract potential clients. Give out your advice for free first, then people will come to you to pay for it when they are ready.
You need to be out networking. Attend industry events, join professional associations, and connect with other financial planners and professionals. Collaborations and referrals can significantly boost your client base and reputation.
Stay updated with industry trends, regulations, and best practices. Pursue certifications, attend workshops, and engage in continuous professional development. This will enhance your skills and keep you competitive in the market.
Business development is scary. But let’s redefine it. Can you focus on providing long term value? Focus on the activities that will get you to the results. Remember, consistency and dedication are essential for long-term success. It doesn’t happen overnight.
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Jack Heintzelman is a CFP professional and member of the Financial Planning Association. Serving clients at Boston Wealth Strategies in Needham Heights, Mass. and the surrounding communities. Jack is involved in the industry as he serves on the FPA National NexGen committee and locally on the FPA NexGen New England committee. He also gives back to the community as a council member of Good Sports, Inc., a charity that supports underserved youth sports programs.
Boston Wealth Strategies is located at 250 First Ave, Suite 102, Needham, MA and can be reached at 781-449-7000. Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services offered through CES Insurance Agency.