With England in a second national lockdown and the rest of the UK subject to various different restrictions, attracting new clients and writing new business may well prove challenging for advisers.
A recent survey suggests that three-quarters of advisers are struggling to sign up new clients because of restrictions imposed due to Covid-19, but what's the reality?
Anecdotal research makes us think that perhaps only one in 10 advisers have written significant levels of new business since March.
As the pandemic drags on, attention needs to turn to developing strategies for tackling business growth.
What has been written so far for advisers mainly focuses on the problem but does little to offer solutions, so we decided to do something about it.
As well as researching much of the published information relating to structuring and adapting businesses to attract new clients, we also spoke to advisers who've continued to successfully grow their businesses this year.
Crucially, we asked them to share insights into how they're achieving this.
The result of all this is ‘The insiders’ guide on how to grow your business during lockdown’, a free-to-download guide that brings together a wealth of collected wisdom from experts alongside advice, tips and adviser case studies.
Continuing to adapt
As you might expect, central to success is being able to adapt. Meeting clients virtually via video apps rather than in person is perhaps one of the biggest changes advisers have had to face.
However, as Mark Finster from Helm Godfrey highlights in the guide, a recent client survey carried out by his firm shows that meeting via video software is now the preference for three out of five of their clients.
While referrals from existing clients is the most popular route to new business, other strategies are also proving effective.
Even before the pandemic, digital marketing was becoming central to business development. What is clear is those advisers who have embraced a digital marketing strategy, including effective use of social media, are seeing positive results.
In her case study, Kate Gannon of Themis Wealth Management supports the active use of Facebook.
She says her firm has joined a number of local community groups where they regularly get recommended, and can see how this generates new prospects.
As well as case studies by advisers, the guide covers:
- Why signing new clients is more important than ever
- 10 ways to find new clients
- Practical tips on how to run a virtual business
- How to stay engaged with your team
- Links to related source articles
While we don’t have all the answers, knowing what other advisers are doing and seeing strategies that work for them is a step in the right direction.
With all the signs pointing to a potentially long hard winter of Covid discontent, it’s good to know it's still possible for good businesses to grow and thrive, regardless of the challenges we're all facing.