Your Financial Advisor Business Plan for 2011

The vast majority of consultants, investment advisors and financial advisors want more retention, referrals, repeat business as well as great relationships! by taking the time to create your financial advisor business plan for 2011 you can do just that!

The unfortunate reality, proven by studies, is that they are not coming close to achieving their goals. The great news is that with the opportunities available to small business owners, advisors, and consultants now is a great time to jump start your practice and create your financial advisor business plan for 2011 so it can be an amazing year! It all begins with your small business, consultant and financial advisor marketing plan.

Grow Your Funnel

There are very few marketing or business challenges that can’t be solved with more prospects and clients! The key is to be proactive. Take the time to grow your funnel by choosing a target marketing, plan your strategy and take action

Ask Better Questions

Top advisors ask amazing questions. I was talking with a friend, who was going through a divorce. She said, “You ask fabulous questions, how did you get so good?” I laughed because I was simply trying to help her. The reality is you get great at asking questions when you make a conscious effort of practicing and your focus is how you can best help the person with whom you are speaking.

Create a plan

Begin by describe the following:
Your ideal life
Your ideal business

Now, answer a few questions:
How much revenue did you make last year?
What is your revenue goal for next year?
How many ideal affluent clients would you like to serve?
With which niche do you want to work?
How are you maximizing your exposure?
Do your current clients meet your minimums for net worth and investable assets?
Does your client retention exceed 80%?
Is there a flow to your advisory business or do you operate in crisis mode?
Are you on the advisor prospecting treadmill (always looking for the next deal?
Do you cultivate and retain clients for life?
Do you have enough qualified prospects, in your funnel? and ideal clients with whom you currently work?
Will your clients heirs continue to work with you?

Check the Numbers

One of the most important components elements of your Financial Advisor Business Plan for 2011 entails analyzing the numbers to determine they are realistic. You want to determine, your desired income, desired number of affluent clients and average income per client. While you will need to analyze other numbers this is the critical first step. If your goal is $500,000 per year in revenue and you work with 100 affluent clients you would generate $5,000 from each client. If you want to work with only 50 then you would need to generate $10,000 per client. Before proceeding make sure that these numbers are realistic within your niche market. If they are great, if not then revise them.

Identify Your Ratios

The next step of your small business, consultant and financial advisor marketing & business plan is to determine your ratios,
in each aspect of your business.
How many calls do you need to make prior to meeting with a qualified prospect?
How many meeting does it take to convert a prospect to a client?
How many mailings does it take to fill the seats at your workshop?
What types and how many mailers do you need to send to get prospects to take action?
How many touches do you need to make to retain your affluent clients for life?

Identify, Test and Improve Each Step of the Process.

Once you know your baseline numbers, then you need to test and improve each process, unless of course your numbers are off the charts. Top advisors continually test and improve their strategies until they are perfected.

Add in some Relationship Marketing

The goal of every top advisor marketing strategy is to either maintain or improve retention, referrals and repeat business. This is best done by incorporating a relationship marketing strategy. Relationship marketing allows you to create and cultivate an advisory practice of which you dream. Because relationship marketing is not a function or task but a way of doing business, it requires an integrated process based on your client’s burning desires and important needs.

By taking time to create a marketing and business plan that encompasses the entire process (from identifying an ideal prospect to converting them to a client and retaining them for life), you have the perfect recipe for getting all of the affluent clients you desire.

Just Do It!

Now you need to follow Nike’s advice and “Just do it!” Then you can enjoy the fruits of your labor.

To learn how to “Just Do It!” Join us for our next marketing webinar: “Marketing Webinars

Here is to a fantastic 2011!


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