05.25.22
4 Tips and Techniques to Grow Your Business
by: Takeaways from the session “The Modern Playbook for Growth: The Future Is Now Seminar,” presented by Jackie Wilke, Vice President/Advisor Consultant, First Trust
It is no secret that the financial services industry can get hectic and unpredictable. It can get overwhelming on how you can grow your business. However, there is no need to worry! There are several methods that can help you evaluate strategies to expand your business.
During the 2022 BISA Annual Convention, Jackie Wilke, vice president and advisor consultant at First Trust, presented tips and techniques on building your business up in the modern world and preparing for the future in her session “the Modern Playbook for Growth: The Future Is Now.”
1) Understand What You Can Control
Financial services can get unpredictable, but there are a few things that are in your control. As long as you understand your controllable factors, the process becomes easier.
- Mindset: Keep a steady state of mind with a goal in mind, and keep your eye on the prize.
- Narrative: These are the things you do, say and focus on. This is what your target audience will lock onto and value.
- Experience: Create an experience for your audience that will capture their attention and allow them to talk about your business, goals, values, etc.
2) Know the Fundamentals
Know the foundation that will allow you to move forward with any plan and strategy you develop.
- Process: The key to success is continuity. Make sure that you have a plan and strategy that will provide a smooth and efficient process that will lead to success.
- People: There is nothing more unique than people. Get to know your clients from all angles, understand what it is they want and let them know that their wants and goals are the same as yours. When you get to know a person, selling the product is not transactional anymore. It becomes purposeful.
- Planning: Do not just prioritize finances. Now more than ever, it is important to start with people first — and keep them as your number one priority. Make sure you know your clients’ goals, and figure out the best plan of action to help them achieve success.
3) Pinpoint Your Target Market and Fully Invest in Them – And Their Families
Get to know your client, and don’t assume anything about them. Asking discovery questions is probably the best way to understand them more. You can follow the WEALTH principle to help define and understand your clients’ priorities, core values and purposes: Wealth, Exchanges, Affluence, Legacy, Time and Health.
It is also important to touch base with your clients about their wellbeing. Do not assume that your clients are always happy and engaged.
One way to keep track of a client’s satisfaction and wellbeing is through surveys. Distribute surveys for select clients, asking how well your team and firm is doing, event interests they have, whether they prefer in-person or digital sessions, what is top of mind regarding educational programming (e.g., cybersecurity, caring for aging parents, ESG) and more.
According to the “U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2021” report from Cerulli Associates, $84.5 trillion in assets will shift to heirs or philanthropies by 2045, with the lion’s share transferring to Generation X. The risk with this significant shift in assets is that 25% of families or friends will change to a new financial professional. To help avoid a shift in portfolio management, it is strongly encouraged that advisers begin proactively establishing a relationship to the family tree, such as regular phone calls to check in, 20-minute “ask anything” sessions for families to fully understand the client’s assets, etc.
4) Promoting Your Brand and Creating an Engaging Environment
Success often comes from a well-functioning, supported team with a strong brand position.
- Promote Your Brand: Create experiences that are not directly related to advising to keep the firm name in mind. For example, throwing themed parties with a twist is a great way to promote your business and brand while also keeping your clients entertained.
- After tax season was over, First Trust threw a shredding party with its clients, where they shredded expired tax forms while serving shredded pulled pork and shredded green beans.
- Engage Your Team: Make sure that you and your team are on the same page by communicating, holding meetings and providing updates in real time. Conduct “energy check-ins” with your team, but give them a scale of measurement. An example of this would be asking your team how they feel from a scale of one to 10 when the weekly meeting rolls around. Don’t neglect the people that you support and support you!
No matter the content you produce and provide, it is you and your team that people choose to work with. Make your team members feel valued, and your clients will feel the same.
“The Modern Playbook for Growth: The Future Is Now” seminar was presented at the 2022 BISA Annual Convention by Jackie Wilke, vice president and advisor consultant at First Trust.