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The STP Approach to Business Building for Financial Advisors
By Marie Swift
December 19, 2011
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In my work with independent financial advisors and allied institutions over the past few years, I’ve identified 5 key strategies that are working for financial advisors today. Over the coming weeks I’ll be sharing a number of advisor stories with you. Hopefully these stories of real life advisors will bring the concepts to life for you.
Last week, I wrote about credibility marketing. This week’s topic is Key Strategy #2: Relationship Marketing.
THE STP APPROACH
In the age of digital communications nothing beats the STP Approach – See The People. Nothing will ever replace a handshake or a personal conversation. Collaboration with other professionals, networking with friends and clients, and asking for favorable introductions is important. There are, of course, new and exciting ways to supplement your in-person communications and to automate the referral process.
“Everyone is always talking about thinking outside-the-box – but what about thinking in simpler terms: inside-the-box thinking,” says Nathan D. Bergeland CFP®, MS, CRC Founder & CEO, USAdvisors Network, LLC. “We already know what works, its simplifying it so people actually use it to create new, successful habits,” says Nate.
Nate’s no slouch. As one of the largest branch managers with Securities America, he has trained and mentored hundreds of advisors and registered representatives who work as independent contractors in community banks and credit unions. Nate’s business over the past 2 years has grown 80%. His branch is now up to 70 advisors and produces more than $9M GDC. Additionally, he has USAdvisors Insurance agency that is up about 80% in 2011 and works with 300+ advisors.
INSIDE-THE-BOX THINKING
As testament to his “inside-the-box” thinking, in June 2011, Nate rolled out something called ReferralPod – an online system that helps advisors manage, track and build their referrals. The system can be used in a number of ways. You build referral networks or ‘pods’ and can collaborate in real time with other professionals and strategic partners using your mobile device or computer.
“The average advisor derives 80% of their revenue from referrals,” says Nate. “60% from client referrals and 20% from referrals from Centers of Influence. Most continue to rely on emails, notes and spreadsheets – none of which can efficiently track and measure results. People today are not held accountable in this essential business building activity,” he says.
Nate says the impetus for the development of this software originates from two of the mantras. 1) "If you can't measure it, you can't manage it." and 2) "Inspect what you expect."
The main point according to Nate is that when activity is out of sight, it is usually out of mind. Advisors do not have a comprehensive plan for client acquisition that incorporates clients, fellow employees and/or COI's in a manner that incorporates communication, status, recording, reporting and managing referrals (the #1 client acquisition strategy).
“Non-performers cannot hide under the ReferralPod system. We can celebrate the success of those performing at a high level and have them help in the coaching of others,” he says.
One ReferralPod user – an advisor in Canada, is using this cloud-based software in a unique fashion. In addition to having the traditional CPA, PC agent, attorney, CPA, mortgage loan officer, etc. in his ReferralPod system, he has professionals based on their niche. His niche is working primarily in the aviation industry. So in one of his pods, he has the avionics owner, FBO operator, aircraft sales person, aircraft loan officer, leasing agent, aircraft service manager and some pilots that are using this application to refer, communicate, track and manage their client acquisition strategy.
“This is a great way to keep everyone accountable and on the same page, so to speak,” says Nate. “They are all working toward a common goal – getting the right professional contact for the right prospective client at the right time through a favorable introduction-and-nurture process.”
UP CLOSE AND PERSONAL
Along with running a successful fee-only financial planning practice, Gordon J. Bernhardt, CPA/PFS, CFP®, AIF®, is also an accomplished author who published last winter the first volume of Profiles in Success: Inspiration from Executive Leaders in the Washington D.C. Area. The book was developed after interviewing many business owners and executives, and highlights their personal stories and words of wisdom from a diverse group of business leaders in and around D.C.
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Marie Swift is a nationally recognized consultant who has for over twenty years worked exclusively with some of the industry’s top financial institutions, training organizations, investment advisory and financial planning firms. A top rated speaker at dozens of industry events including FPA, NAPFA, TD Ameritrade Institutional, Securities America, Schwab Institutional, NFL Players Association, Financial Network, Pershing and Lockwood conferences, Marie is dedicated to elevating the conversation in the industry.
Marie is also a prolific writer and contributes to many of the industry’s leading publications, including Financial Planning magazine. You can read Marie’s
newest content on www.financial-planning.com where she writes the weekly Marketing Maven column. She is also contributes content to the Networking 2.0 blog for Sourcemedia’s interactive, online destination created just for women advisors as an extension of the Women Advisors Forum events being held in cities across the country multiple times every year.
A thought leader for thought leaders, she is known for bringing some of the industry’s best and brightest voices together for dialog and debate. Her Thought Leader Round Table series is just one example how Marie generates interesting conversations with movers and shakers in the financial services industry.
Her Best Practices in the Financial Services Industry blog provides additional insights and advice, including podcasts, articles, videos and other helpful content for independent
financial advisors and the institutions that serve them. Find it at www.marieswift.com.
Prior to establishing her own firm in 1993, she served as Director of Corporate Communications for Worldwide Investment Network in Irvine, California, where she helped FNIC’s then #1 Top Producer attain and maintain that title for five consecutive years. She managed a staff of twenty that supported two-dozen successful registered representatives,
estate planners and wealth managers.
As president and CEO of Impact Communications, Inc., Marie leads a dedicated team of marketing communications and PR professionals serving financial institutions and a select group of independent advisors on an exclusive basis. Marie resides in Leawood, KS and can be reached through her website, www.ImpactCommunications.org. For breaking news, follow @marieswift on Twitter -www.twitter.com/marieswift.
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