The vast majority of financial planners and advice firms operate on a local scale.
Even in an era where firms increasingly market themselves online, face-to-face contact between advisers and clients remains an indispensable part of delivering an advice proposition.
Most of your clients and therefore prospects are likely to live within an accessible distance from your firm. So it makes sense that most of your marketing should be targeted locally.
Sometimes when writing an article, it takes a spark to ignite my train of thought.
One such spark occurred recently while involved in a video conference with the Dimensional practice management team from across the other side of the pond. It was a great forum for learning and gave me a detailed understanding of some of the innovative ideas for advisers and planners that are coming out of the States.
Attracting clients with whom you can forge a strong relationship is a question of compatibility.
If you and your clients don’t have the shared values and interests to hit it off you may still have a beneficial relationship, but it is far less likely to be long-term and deeply beneficial for your firm. Surrounding yourself with the wrong clients could lead your firm down a costly path.
Client onboarding is the crucial period at the start of your client’s journey with you. It's also the part of the advice process which most firms fail to fully exploit.
This starting point is where you define the ongoing relationship your client has with your business.
It’s a well established fact that first impressions are difficult to change. From your personal experiences, I’m sure you can think of an occasion where you began a relationship with someone on the wrong foot and, despite your best efforts, struggled to change their negative opinion of you.