Financial Advisor Training to Boost Your Business

How Top Financial Advisors Boost Their Business: The Three Essential Keys

Based on conversations with over 3,000 advisors annually (60 per week), these are the three key strategies that successful financial advisors consistently use to grow their practices.

Key 1: Avoid Being a Commodity

What Makes You a Commodity

• Competing on price/fees
• Focusing on products
• Emphasizing company affiliation
• Highlighting "great customer service"

How to Stand Out

1. Make Basic Services Assumed
   • Fair pricing
   • Quality products
   • Good service
2. Focus on Process vs Products Example with Business Owners:
   • Wrong: "Setting up a qualified plan will save you $21,000 in taxes"
   • Right: "We'll go through a comprehensive process looking at:
     • Mitigating business risks
     • Eliminating unnecessary expenses
     • Optimizing retirement structures
     • Maximizing take-home income"

The Barbecue Test

Ask yourself: When your best client describes your services at a barbecue, do their friends say:

• Bad: "Oh yeah, my advisor does that too"
• Good: "Wow, I've never heard of that approach"

Key 2: Establish a Clear Niche

Why Specialization Matters

• Focus on doing less, not more
• Become an expert in specific areas
• Build a network for other needs

Two Ways to Define Your Niche

1. Interest-Based
   • Personal interests
   • Hobbies
   • Career connections
   • Example: Engineers if you think like one
2. Strategic Partners
   • Business bankers
   • Business brokers
   • Attorneys
   • CPAs
   • Estate planners

Creating Your Elevator Pitch

• Avoid: "I am/I do/I own..."
• Use: "I help [niche] by [unique value proposition]"
• Example: "I help CPAs deliver more proactive and holistic planning to their best clients"

Key 3: End Expensive Marketing Addiction

Two Types of Marketing

1. Paid Marketing
   • Dinner seminars
   • Cold leads
   • Radio programs
   • Pros: Fast results
   • Cons: Expensive, dependent
2. Organic Marketing
   • Client referrals
   • News articles
   • Podcasts
   • YouTube content
   • Strategic relationships
   • Pros: Long-term value
   • Cons: Takes time

Making the Transition

1. Analyze Current Mix
   • Calculate paid vs organic ratio
2. Gradual Shift Strategy
   • Start with 1-2 hours weekly on organic
   • Slowly increase organic efforts
   • Maintain paid marketing until organic produces
3. Goal Timeline
   • Year 1: 80% paid, 20% organic
   • Year 3: 50% paid, 50% organic
   • Year 5: 20% paid, 80% organic

Implementation Steps

1. Develop unique value proposition
2. Choose niche based on interests or strategic partners
3. Create transition plan from paid to organic marketing
4. Set specific time blocks for organic marketing activities
5. Track results and adjust strategy accordingly