Business Development
In a Social-Distancing Society
We always need to be thinking about the reach of our practice. It is our essential role in society to help people achieve their financial goals. It is essential to our future well-being as an organization to be intentional about connecting to those who need our services–every one of us.
It is so easy to look at the work before us and think, we need to serve the clients we already have with a great client experience and there are all these projects we need to get done, why would we be looking for new clients? Shouldn’t we just deal with the referrals that come in? Aren’t we already doing pretty well?
My friends, we look for new clients because that is what good businesses with a sustainable business model do. It is what the rules of business demand and it will make all the difference in the outcome of your career. Complacency in this area, particularly now, is not the winning formula.
So, please bear with me before you head off for the weekend and let this bold statement linger with you…there are more people that need your help than you could ever take on. That’s right, the leads are limitless, and you do not need to go very far or work very hard to share your value proposition with them.
What can we do now, when we are still social distancing and not even able to connect with groups of people yet? There’s a lot we can do, and we should focus on those things in a big way.
We are shut off from a bear hug, a handshake, or a group larger than a few people. We may only fill half the chairs at our conference table, but we are still able to connect with people and that will do for now.
I want to start with the people you care about most. I heard this story from an advisor, who completely turned around his thinking about contacting his natural market after his mother died.
I care too much to ignore this….
After his mom died, he was sorry he hadn’t spoken with Mom more directly about her money. So many things that could have reduced her stress and improved her financial life were now laid scattered before him like pieces of a puzzle. The pile of paper we would refer to as her estate. He and his siblings had no idea about a lot of it as they sat around the dining room table where they’d grown up looking at the clues that had been left behind–things Mom never talked about with any of them.
Mom was spending almost $800 a month on medicine. Didn’t she qualify for some help with that?
She annuitized an annuity for life after she was diagnosed with cancer. It paid out for less than a year. Why would she do that?
She took all her money out of the IRA because it was in one CD that had matured. Didn’t she realize she could just take out what she needed and roll over the rest?
She forgot to name beneficiaries on the accounts she had inherited from their father when he died.
There was no will. And on…
His heart was heavy. He felt he’d let his parents down and his siblings too. He thought they were very private and would ask him if they wanted help. They never did. Maybe they wouldn’t have let him into this part of their lives, but he felt he should have done what he could. Maybe if he’d offered.
Now, both of his siblings are clients and he has maintained a good personal and professional relationship with them. Lesson? It doesn’t hurt to offer to help.
Who….?
The people you care most about…even if they don’t have a lot, see if your practice can give some level of support. Maybe even WebEx Education would be a good start.
We call these people your natural market. But sometimes that makes us think that we are asking a favor of them, like the advisor in the story above used to think. Don’t ask, offer. Put them at ease about confidentiality and forgo judging them based upon what they share. Who would serve them better than your team?
The people in your target market that you can help the most. Some of us choose a niche and some just stumble into their sweet spot. If you know a lot of people at one company, you know a lot about 401(k)s, or you have the compassion to deal with people going through a divorce, you may be able to find and communicate with these people in a manner that offers them a better financial future.
The other professionals that work with your existing clients. It’s not even really asking for a referral. It’s an extension of caring and going deeper with them. Do you have the estate documents, tax returns, and employee benefits for every client? Even if they don’t have a comprehensive plan with you yet? You can offer to store them digitally and get permission to share information with their CPA, estate attorney, and the benefits specialist in their workplace.
The people your clients care most about. Rather than asking who they want to refer to you, you can ask them who they miss right now–who they hope to reconnect with soon–who they are concerned about financially, such as family members who may have lost a job. If they have these people in mind, and you offer to invite them to a WebEx Event or to give them a call to see if they need help with benefits until they find a new job, you are less likely to get a blank stare when you offer to help.
How…..?
I have never been very salesy. I find it uncomfortable from both sides of the table or WebEx. My mindset has always been to be there for people to serve them well and to care about the people they care about. I believe you are like that too. So here are ways we can reach those folks and bring them a message that shows a brighter future.
Remote Marketing: There are a great number of resources, including email templates and scripts. The messaging is key, but it needs to fit the audience. You are looking through a catalog of messages and, like finding just the right birthday card, you can select the right piece to send to your selected audience. You can create a campaign that will allow you to connect relevant material to a specified group of people using your CRM system. You can ask people to opt-in, so you don’t get dumped in their email trash.
Connect Online: I hope you are already using Marketing on Demand and staying engaged with your clients and prospects in ways that are still professional but personal to leave a deep impression. Dustin Lenz, of Stoutheart Financial Group in Wichita, Kansas, put out a great video message from his bedroom to his clients. I thought it was tremendous.
Co-Branding: Inviting Centers of Influence to include their clients as guests and introducing them to yours is a great way to double attendance and gain validation of well-respected members of the professional community. While this might be limited right now to webcast events, we are seeing success and engagement at many of those happenings.
There are so many people that need you. We have tools to help you relate to your target market, build your plan, and execute that plan in an environment where you can stay 6’ away. Don’t forget to give people the opportunity to get your help.
If you want more ideas for marketing remotely, getting input on events that are working now, and building more market share, contact Debbie Weliver.
About the Author
Bernie DeLaRosa, CFP®, ChFC®, CRPC®, CLU®, APMA®, CASL®, BFA™
Managing Business Consultant
- Mergers/Acquisitions/Practice Sales
- Legal Agreement Definition
- Advisor Leadership Skills
- Initial Practice Assessment