Many financial advisory service professionals are aware that the need for their assistance is growing, although consumers are still a bit hesitant to spend. These independent advisors may be doing average business with their current clientele, but are not able to grow their businesses the way they’d like. Now is the ideal time to consider a Client Advisory Board to help an advisory group optimize their business model to become more client-centric and drum up additional business. There are many disgruntled clients coming from wire-houses and large stock firms who are looking for someone who values their best interests. There is no reason why that “someone” can’t be you.
Client Advisory Boards can take a look at marketing strategies to see where updates or improvements can be made. For instance, some of the most successful personal financial advisors are using Web 2.0 tools like social media sites and blogs. They also use online meeting software, provide webinars for their clients to learn financial terms and techniques, send personalized emails and provide online vaults. The board may recommend marketing techniques like brochures, seminars, webinars and newsletters. A good financial advisor will need to become increasingly more competitive in the years to come, considering the market for this profession is growing substantially, sending more and more advisors into the field.
Additionally, a Client Advisory Board will bring 8-10 clients into your management loop, which will bring your advisory business fresh insights and allow you to test out new products or services. Perhaps you were considering a promotion that would give existing clients a $100 gift card for new referrals or you were considering creating a newsletter to provide your clients with up-to-date stock info. Before implementing a business plan, consult your board first. The ideal CAB will consist of a diverse group of your favorite clients. At several short meetings, you’ll keep them informed on the latest developments and they’ll respond to surveys and advise you on marketing techniques that, from a client’s point of view, are most valuable. In return for their input, you may offer a small fee discount. Remember, if you treat these clients right, they can be a huge asset to you!
Sometimes the first Client Advisory Board meeting comes as a real shock. “I had a client walk into a meeting with 32 pages of complaints, and you usually hear a list of grievances at the first meeting,” explains Pittsford NY consultant Bruce Peters. “But that lends credibility to the seriousness of the meeting and my role is to make sure the advisor does not become defensive, and to turn it into a learning experience.” An independent financial advisor who uses Peters as a consultant, Tom Rogers of AM&M, said, “With the amount of money we’ve spent on it, I’d say that the referrals alone have offset the costs — and we didn’t even do this for the referrals.”
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