Question

Topic: Advertising/PR

Marketing A Certified Financial Planner Business

Posted by Anonymous on 7/2/2006 at 10:12 AM ET 125 Points
Hello everybody...

I'm studying to be a financial planner and I was recently hired by a financial planner to co-ordinate his marketing efforts.

Some things that are different about him: His target market is average income families (as opposed to higher income which most financial planners market too). He has several findustry related designations and an honours degree while alot of financial 'advisors' are designation-less. He's fee based and gets no commissions. He actually doesnt even recommend buy/sell of securities. So no unbiased opinions from him. He offers a staple $1000 comprehensive financial plan. For every sale I make, I get 40% of that.

Most of his business has been WOM thus far and he wants me to do alot of cold calling but is open to other marketing methods.

What I need from you is A) Suggestions on how to make effective cold calls. Books, case studies or any resources appreciated. B) Any suggestions on how I can go about acquiring more clients using methods other than cold calling. Thanks in advance and sorry for the length.
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RESPONSES

  • Posted on 7/3/2006 at 8:25 AM Accepted
    I would start with the customers that you already have. One idea would be to create a referral program where after so many referrals the person would receive an updated financial plan at no additional cost. Another idea that works well is to host a wine and cheese party for one of your customers with good potential referrals. Create invitations for them and let them send them to their friends. It will be a good opportunity to get in front of your potential targets.

    In addition to referral programs, I would look at running an advertorial in your local newspaper on the dangers of financial planning bias and how to avoid them. This will generate leads for you. You can also offer a free seminar on financial planning that covers some very basic things, the goal then is to sell the services at the seminar.

    You have to be careful with cold calls and something with such perceived personal value (such as financial planning), it throws you in the discount category and takes a huge amount of time with generally low return. I would point to the Rich Dad, Poor Dad guy. He has made a fortune off of picking the right means to market himself.

    Good luck!
    Alyson
  • Posted by Deremiah *CPE on 7/6/2006 at 10:30 AM Accepted
    Hi Sarafina04,

    Hope you're having a great day!

    USE OTHER PEOPLES KNOWLEDGE...
    one of the easiest ways that I've used hundreds of times over to see my problem more clearly is to engage others in the industry I want to become expert in. YES, that's right! I use other peoples knowledge.


    HOLLYWOOD STAGE ACTORS UNDER STUDY OTHERS...
    WHY aren't you using this powerful method to work for you? I use it all the time and it works for me!

    Since he has been in the industry longer than you ask him if he has at least three relationships with other people who do the same thing he does. Try to get key names and numbers of people who have been in this industry for at least 10-20 years...WHY? Because they will have seen more evolutions of this particular industry and that experience can be helpful to you in many ways. Maybe even more helpful than what we are sharing. Why recreate the wheel?

    DON'T WAIT...CONTACT THEM TODAY...
    there's no since in waiting call these people immediately and explain to them that you are knew to this industry compared to others.

    USE THE 10 MINUTE RULE...
    Tell them that you only need 10 minutes of their time and that you will not run over that time unless they feel it's necessary.

    ONLY ASK 3 KEY QUESTIONS...and they should be written down.
    First ask them how they got started in the industry? Next ask them how they built their customer base...(make sure you right down everything they say so that you increase your understanding and knowledge about how you can do it). And finally ask tell them to share with you three of the most important things that should always practice with their customers. That's it interviews over.

    THANK THEM TWO WAYS...
    first thank them before you hang up secondly send them a handwritten thank you note.

    FINALLY BEFORE YOU HANG UP...
    ask them if at anytime in the future...a month or two down the road you might have a question would they be willing to allow you to share it with them. Most will say yes. Please act on this idea today. Don't wait!! It will change your life and the future success of your business. There are no easy ways around becoming successful. Only the hand of the diligent rule in our world. I have a dozen more ideas like this one but if you really go out of your way and take action on what I've shared and use this one idea I know you will succeed. You were born to be great.

    THE PROBLEM WITH MOST PEOPLES BUSINESS...
    Is that they don't work the ideas they have been given. They fail to use what they've got. And they ignore what their customers are saying...(please listen to your customers they will help you grow your business). So please use the ideas above and you will do very well. Remember there are no real problems only a failure to be more creative than we've ever been. If you invent your opportunity you'll create your future. Is there anything else I can do for you?

    Your Servant, Deremiah, *CPE (Customer Passion Evangelist)
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