Four Strategies To Improve Financial Advisor Marketing

Distribution is one of the Seven Silos Of Practice Management™. The two major aspects of Distribution are:

• Selling
• Marketing

Most financial advisors excel at selling, but they could dramatically improve their business by improving their marketing. While selling is knee-to-knee, marketing is to the masses. Most advisors have one or two assistants. The four basic responsibilities of assistants are:

1. Office Administration
2. Sales Administration
3. Client Service
4. Marketing

For some reason, marketing always falls to the last line in to-do lists. As a result, teams are so consumed in selling and servicing marketing suffers to the point that the entire team focus is on creating the “next” sales. Marketing proves to be more long-term in nature, and doesn’t have the sizzle and excitement needed for the advisor to designate it as a priority, but for a business to grow to its maximum potential, marketing truly makes a difference. There are four main ways to manage advisor marketing, going from least to most effective, as well as the lowest to highest outlay.

1. Assign Marketing To An Assistant As Part Of Their Role.
2. Hire A Virtual Assistant To Assist With Marketing.
3. Engage A Marketing Company To Run Your Marketing.
4. Hire A Dedicated Marketing Assistant.

Each have advantages and disadvantages.

Assign Marketing To An Assistant As Part Of Their Role:

• Advantages – No Additional Staff To Hire,Familiar With The Operation
• Disadvantages – Reduces Focus On Other Responsibilities, Lack Of Total Marketing Focus

Hire A Virtual Assistant To Assist With Marketing

• Advantages – Reasonable Cost, You Can Hire Marketing Expertise, Can Possibly Be Supervised By Staff
• Disadvantages -Oversight Might Be A Challenge, Other Challenges Relating To Team Involvement, Lack Of Dedication

Engage A Marketing Company To Run Your Marketing

• Advantages – Specialized Focus, Expertise, Experience, Monthly Retainer With Limited Commitment
• Disadvantages – Challenges Relating To Team Involvement, Possible Changes In Marketing Company Staff, Possible Cookie-Cutter Solutions

Hire A Dedicated Marketing Assistant

• Advantages – Control In Hiring & Supervision, Team Integration, Total Focus & Responsibility
• Disadvantages – Additional Staffing, Highest Outlay, Possible Fringe Benefit & Insurance Costs

Many times advisors will work through a profession of these solutions, but early on you can customize a solution to the needs of your business.

Work Hard & Have Fun™