When Should Financial Advisors Use a PR Firm?

When Should Financial Advisors Use a PR FirmPublic Relations (PR) involves shaping and maintaining the image of a company, organization or individual in the eyes of the client’s various “publics.” PR can be a powerful tool for independent investment advisors or, worst case, damage your practice if it is not process-driven and taken seriously.

PR is not for every financial advisor; ask any PR professional and they will tell you it is not a direct path to new business. They will also tell you there is a definite distinction between public relations and marketing. Continue reading When Should Financial Advisors Use a PR Firm?

Leveraging Social Media to Fill Your Events

Leveraging Social Media to Fill Your EventsAs social media continues to outpace traditional methods of client interaction, it’s important that independent financial advisors recognize what social media platforms offer in offline business, such as events, workshops, etc.

Many, if not most, independent investment advisors agree the top two ways to grow business is through referrals – passive and active referrals from clients, as well as those from industry associates – and events. WealthManagement.com’s 2014 Advisor Benchmarking Trend Report, “Marketing and Client Relations: Practice Management Trends,” shows referrals were high up on the list of effective methods to grow one’s business, with social media being further down the list. However, the report did indicate social media has become increasingly important for advisors looking to market themselves to new clients. Continue reading Leveraging Social Media to Fill Your Events

Implementing Education Workshops into Your Practice

Implementing Education Workshops into Your PracticeThe financial services industry is a relationship business, but it’s also a business of providing a service. Implementing education workshops can be one of the most effective marketing strategies that independent investment advisors can utilize for business development. Continue reading Implementing Education Workshops into Your Practice

A Deeper Look into Outsourcing

A Deeper Look into OutsourcingShould independent financial advisors outsource? The 2015 Trends in Adviser Compensation and Benefits Study, produced jointly by the Financial Planning Association’s Research and Practice Institute and FA-IQ, seeks to answer this question. The report found that regardless of whether a firm embraces or rejects the idea of turning over part of its operations to third-party vendors, there’s rarely a change in sentiment. Continue reading A Deeper Look into Outsourcing

Financial Advisors Can Leverage New Ways to Grow Their Business

Financial Advisors Can Leverage New Ways to Grow Their BusinessExperts say that although referrals are great, they aren’t enough to grow an advisory business. With increased competition, independent financial advisors need to know how to market and grow their business.

A study called the 2014 Drivers of Business Growth conducted by the Financial Planning Association Research and Practice Institute found that business growth is a major challenge in today’s financial advisory businesses. Only 25 percent of advisors reported exceeding their business growth goals in the past year. Continue reading Financial Advisors Can Leverage New Ways to Grow Their Business

All Financial Advisors Should have a Disaster Recovery Plan

All Financial Advisors Should have a Disaster Recovery PlanNo one likes anticipating disaster, but have you considered what it takes to be prepared if there’s a power failure, IT system crash or a natural disaster? If you answered no, you’re not alone. Most independent investment advisors don’t have a disaster recovery plan, but it is certainly worth some thought. Having a disaster recovery plan might aide in keeping your company up and running were there to be an interruption out of your control. Continue reading All Financial Advisors Should have a Disaster Recovery Plan

What’s So Stressful about Being a Financial Advisor?

What’s So Stressful about Being a Financial AdvisorBeing a financial advisor comes with a lot of responsibility. A recent survey by Adhesion Wealth Advisor Solutions, an investment platform provider, found that nearly 80 percent of surveyed financial advisors rate their work-related stress levels at a 7 or higher (out of 10) and more than 60 percent say they’ve grown more stressed over the past year. The biggest culprits are “having responsibility for their clients’ futures” (52 percent peg it at level nine or 10), “marketing and building their businesses” (42 percent) and “client demands” (37 percent). Continue reading What’s So Stressful about Being a Financial Advisor?

Summit Brokerage Recruits Advisor with $35M in AUM

Summit Brokerage Recruits Advisor with $35M in AUMFinancial advisor Andrew Watkins of Andrew Watkins & Associates in Sequim, WA, has recently joined Summit Brokerage Services, Inc., the #1 Independent Boutique Broker-Dealer in the Country*.

 

Andrew Watkins has been servicing the needs of clients for over 30 years and manages $35 million in client assets. Andrew Watkins & Associates is focused on providing a personalized approach to achieving their client’s objectives. Managing Partner, Andrew Watkins said, “Our client’s understanding and comfort with the financial concepts and process is very important to us.” Continue reading Summit Brokerage Recruits Advisor with $35M in AUM

Time is Money, Here’s how Financial Advisors can Make More

Time is Money, Here’s how Financial Advisors can Make MoreWe all know the saying, “time is money.” Like money, it’s inevitable to spend time, waste time, try to save it and make more of it.

Take a look at the average day for an advisor.  It’s jam-packed with a litany of tasks, including servicing client accounts, attending sales meetings, watching/tracking the stock market and calling on sales leads. While financial advisors are often well compensated, the long hours and workload are reasons why the burnout rate in the financial industry is so high. Continue reading Time is Money, Here’s how Financial Advisors can Make More

Creating Your Own Mission Statement

Creating Your Own Mission StatementEvery company, no matter what size, can benefit from having a clearly defined mission statement. Financial advisors are no exception. For financial advisors, a mission statement defines their purpose. It tells prospective clients who they are, what they do and how they do it. Having a well-formed, yet concise – even inspirational – mission statement will help give advisors a goal to work towards as they show clients what they represent. Continue reading Creating Your Own Mission Statement

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