Are you looking around wondering why other financial professionals are doing better than you? Maybe you’re looking for the right niche or just want to up your game. Either way, you must know the best kept secrets successful financial advisors use to up level their business.
1. Get to know your clients
Don’t just get to know how much money your client has or what assets they own, but instead, get to know all areas of their lives. What makes them tick? What are they passionate about? These answers may not affect their financial goals, but when you’re marketing your business, you’ll know what your clients love.
This can help you if you gift your clients or when you hold events. For example, if most of your clients are golfers, you can host a golfing event and have a good turnout.
2. Have support
You are the financial professional, but there is a lot more work involved in being a good financial advisor. Knowing you can’t do it alone is key. With the right support, you can answer all of your clients’ needs and not just those that pertain to what you can do.
You won’t burn the candle at both ends and you’ll provide superior service to all clients.
3. Have a target market
Successful financial professionals don’t try to serve everyone. When you don’t narrow down your niche, you spread yourself too thin. Think about who you want to cater to whether it’s high net worth individuals, single parents, dual-income households, or a certain age.
The sky is the limit – you know what demographic you want to work with and that relates to you the most and that’s who you should target.
4. Choose an area of expertise
Just like choosing a niche is important, so is focusing on an area of expertise. For example, is estate planning your passion or do you prefer managing investments? When you choose an area of expertise and show that you’re the expert, you’ll do less cold calling because clients will come to you through word of mouth.
5. Network
There’s no way around it, all successful financial professionals network and it’s not a one-size-fits-all approach. They attend networking events, host events themselves, volunteer in the community, and have a social media page that offers free advice to show their expertise in the industry, encouraging people to use them.
Final Thoughts
If you’re ready to take your financial business to the next level, you need to find your niche and showcase your expertise. Narrowing down your focus will make you one of the successful financial professionals in your area.
It won’t happen overnight because it takes time to narrow down your niche and decide what you want clients to know you for – whether estate planning, retirement planning, budgeting, or something else. Once you clearly pave your path, you’ll see your client numbers soar and your sales follow too.
Branislav Dovedan is the chief operating officer of EveryIncome, a NAIFA partner. For members, you can learn more about EveryIncome and how to partner within the Member Portal.
