More than 100 advisors descended on the Women Advisors Forum in Boston Tuesday to hear speakers from throughout the profession offer advice on finding new clients, managing a practice, intelligent technology use, meeting special sets of client needs and more.
Here are a few of the smart things we heard.
1. Create 21 Touchpoints a Year
During the Multimillion-Dollar Women panel, Ameriprise advisor Nannette Nocon told the audience that her best clients get 21 touchpoints a year. That includes statements, calls, meetings, a holiday card, she said. Its just being in front of them all the time. And she's considering expanding it to all clients: After one intern, the son of a client, pointed out that his dad would want the 21 touchpoints, Nocon started including the father -- who then referred his whole familys business to Nocon.
2. Use Parental Introductions
Looking to develop a relationship with the adult children of your high-net-worth clients? Parents often want to help you, because they want their kids to be smart with their inheritance. Kristin North of TD Ameritrade Institutional says some of the advisors she works with set up a seasonal introduction: While everyones together for the holidays, the advisor will stop by for coffee or bring a holiday gift basket, and begin establishing the relationship that way.
3. Watch Long-Term Care Pricing
Long-term care plans have to date been gender neutral in pricing, said Stuart H. Armstrong II during a presentation on LGBT issues. But expect that to change in the near future -- resulting in higher prices for women, who live longer and are more likely to need LTC benefits.
4. Be Smarter About Revenue Growth
To help you be more strategic about your day-to-day efforts, sit down and figure out which activities actually generate revenue, says Joni Youngwirth, a managing principal for practice management at Commonwealth Financial. Assign points to those various activities -- meeting with a strategic partner, calling a client, asking for an introduction -- and then create a calendar for yourself, making sure you get 20 points every week. Practice leaders should also create and track a CFO dashboard with four key data points: revenue, expenses, margins and productivity ratios.
5. Video Tip
If youve wanted to shoot some videos to promote your expertise and your practice, but are worried because they wont look like CNBC-quality packages, its time to relax, said Cynthia Stephens. The best videos now are candids, not high production, the marketing VP for By All Accounts told the audience during a session on changing technology.
6. Rethink Retirement
Women may think they can save as much for retirement as men -- and some can, says Claire Comerford, a vice president at AXA Advisors. But female clients should understand that its not true for most of them: At retirement, men have on average spent 13 more years in the workforce than women.