7 Great Lies - click here
Financial Advisor Client Advisory Board
In a new CABHQ survey, 27% of financial advisors professed they “don’t need a Client Advisory Board to know what their clients want.” More than half of the respondents felt their clients would give them referrals, despite large losses in portfolios they manage and more than half feel their website is very effective in marketing to new prospects. Despite their confidence, there are many areas that can be improved to bring in even more business for these independent financial advisors, says CABHQ’s Andrew Gluck. “Without formally asking clients what they’re thinking-through surveys, a CAB, or other means, you’re just guessing,” he says.
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.
Bruce Peters of PeerHQ, a Pittsford NY consultant who has facilitated over 242 Client Advisory Board meetings, says that securing referrals shouldn’t be the sole objective of a CAB. “Clients of financial advisors view the success of their advisor as part of their own economic security,” Peters explains. “They are incredibly engaged and bound up in the success of their advisor, and they will do almost everything they can to help their advisor become successful. As a consequence, the value of the feedback you get from CABs for financial advisors is extremely high.” He adds that many times, a new financial advisor marketing plan comes out of a productive board meeting, as eager clients share some of their innovative ideas with their financial advisor.
Your Client Advisory Board will hold many advantages for your clients as well. Many independent financial advisors share referrals with legal, accounting and property professionals, which gives clients access to this elite network of financial planners. Additionally, some advisors offer board members a discounted fee rate on their services in exchange for their insights. They will enjoy having a say on issues that improve the level of service they receive, as well as the access to stocks. The CAB will, in turn, also have access to privileged information, social events, seminars, webinars and industry conferences.
Jeremy Larson is a foremost expert in acid reflux remedy. His work has been extensively published in various online publications in this area. For more information on the treatment for acid reflux, visit remedyforacidreflux.com.
More Make Money Articles
See more in Home Business Ideas |
