Steve Wershing

If clients look at their access to you as one of the most valuable aspects of working with your firm, how much value is left in the firm when you leave and how will you ever have enough time? This is the “access to principals” paradox, says referral expert Steve Wershing.

Communicating what you can do for prospective clients is much more effective if you talk about what changes they want to see rather than what activities you will do for them.

One of the keys to the success of a client advisory board is having the right people in the room to participate in the conversation. Many advisors assume that they want a good cross-section of their clients but Steve Wershing disagrees.

An elevator speech is a quick way to explain the unique benefit you deliver to clients, but Steve Wershing says most advisors frequently provide just a rambling, somewhat fuzzy description of their practice. He says an effective elevator speech is succinct and highlights the difference from other advisors, but that's only part of the reason for learning one.

There's a new addition to the "we already knew that" file -- a new Millionaire Corner survey of affluent investors.

What is the proper role of an advisor in the board meetings. Should they attend? Should they speak? Steve Wershing says advisors have to understand the "don'ts" before they consider the "do's."

What makes you different from other advisors? Why should your ideal clients choose you over all the other advisors they have access to? And is that uniqueness something you developed as part of your marketing plan, or is it who you are?

We can all do something better, something new, something different, something more. According to Steve Wershing, one reason advisors have difficulty following through is that we are all pretty booked up.

If referrals play a key role in your marketing plans for the year, here are some key elements that must be addressed.

One of the keys to attracting referrals is to be remarkable.

A winning marketing strategy takes more than understanding your target market, creating a value proposition that will attract ideal clients, communicating well, and delivering on your promises. It takes courage. That's one reason why so few business owners, including financial advisors, are effective marketers.

The fiscal cliff. Deteriorating fundamentals. Volatility. Is the market about to fall? There is always uncertainty, but the question remains: How will you keep your clients happy when the next bear market comes?

What is different about you? Why should prospective clients choose you over any other advisor with whom they may speak? To successfully attract clients, there needs to be some reason for those particular people to choose your offering from among all of their options. So, what is it about you?

The fiscal cliff. Deteriorating fundamentals. Volatility. Is the market about to fall? No one knows, but we know it is just a matter of time. How will you keep your clients happy when the next bear market comes?

Do you have any examples of when client feedback was significant, either in a good or bad way? Steve Wershing writes that client feedback is invaluable, but advisors need to use their best judgment.

What is your client experience like? The "Referral Doctor," Steve Wershing, asks, have you designed it to be like a fast food chain, or a high-end dining establishment?

If you want to attract new clients, spend time talking about the benefits that people will have by working with you. Too many advisors talk mostly about their process. The problem with that is people don't care about your process.

When it comes to figuring out how you will improve your services or what new things you can do for clients, there is a lively debate about where those ideas should come from. Are you overlooking an obvious source for new and profitable ideas?

How do your clients refer you? Steve Wershing, "The Referral Doctor," says the answer can help you attract significantly more. And one simple question can teach you a lot about providing your clients the motivation to refer.

Steve Wershing, "The Referral Doctor," says one of the great misconceptions in our business is that clients "give" us referrals. If advisors want to learn how to attract a significant number of ongoing referrals, they must understand the dynamic that causes people to make referrals in the first place.