Expert Advice to Grow Your Business

Tired, dated materials won't reassure prospective clients that you're progressive and will constantly update the knowledge and services you offer. --Marie Swift

If your logo is more than a dozen years old, chances are it's time for a makeover. Tired, dated materials won't reassure prospective clients that you're progressive and will constantly update the knowledge and services you offer. Your branding essentials may not need a complete overhaul, just a simple facelift.

Freshening up your brand can pay off in improved perceptions and opportunities to increase your business communications. An advisory firm in Kansas City celebrated its 15th anniversary by unveiling a new logo and clear marketing message. Because it had moved upmarket over the years, the firm's original folksy image no longer fit. The new, more sophisticated logo and tagline reposition it for the next 15 years. After scrubbing the wording on its Web site and applying the new brand identity, the firm had plenty of reasons to send colorful postcards and e-mail announcements to its mailing list. After a few months, the company had created a new suite of marketing materials, including a client-centered brochure. Voila--another opportunity to communicate with friends, clients, the media and prospects.

-Marie Swift is a marketing consultant and president of Impact Communications, in The Right Stuff

Advisors looking to work with football players should get involved with the Financial Advisors Program sponsored by the NFL-PA. --Dana Hammonds

Finding a niche makes sense regardless of the niche you choose. For big advisory companies, these market segments are often too small to serve profitably, but for small or mid-size companies, serving unique markets can be quite profitable. While breaking into a niche may be difficult, once you're established as the go-to expert for that particular group, personal recommendations will go a long way toward supplementing more traditional marketing activities such as ads, prospect dinners, participation at charitable events, focused networking and PR tactics.

Advisors looking to work with football players, for example, should get involved with the Financial Advisors Program sponsored by the NFL-PA, says Dana Hammonds, associate director of the NFL Players' Association program for financial advisors. The program, the first of its kind in professional sports, gives NFL players access to a diverse group of qualified, preselected advisors. Planners who attend the association's conferences learn how to approach players, agents, coaches and team managers. The association also offers financial literacy programs for players in an attempt to steer them away from classic mistakes such as investing in bad business deals.

-Dana Hammonds, associate director of the NFL Players' Association program for financial advisors, in Niche Masters

Every organizer should work with accountants and financial planners to bring value to the client relationship.  --Debbie Gilster

Taking a high-tech approach is Debbie Gilster, an organizer in Laguna Nigel, Calif., whose business is called "Organize and Computerize." That's just what she does for her clients, who are small- to medium-sized businesses. She reconciles their books and financial statements, prepares their data, and interfaces with their accountants. Her clients consider her their chief financial officer; she calls herself a productivity consultant, a title she earned as a business process engineer for 20 years with Mazda. Gilster feels the planner-organizer partnership has tremendous potential. She routinely works with two planners, one whose focus is primarily on protection products like life insurance and disability, while the other concentrates on asset management. She thinks every organizer should work with accountants and financial planners to bring value to the client relationship.

To illustrate the value of her work, Gilster recalls finding misplaced cash, checks, and even stock certificates in envelopes for her clients. She also describes one of her clients, a stockbroker who neither knew his own bank balance nor could delegate work. With the help of her coaching, he has boosted his efficiency and bottom line by learning how to work a PDA and use database software and Quicken to manage his personal banking.

-Debbie Gilster, an organizer in Laguna Nigel, Calif., in Get Your Act Together

Financial professionals are generally familiar with one another’s jargon, and working directly with them eliminates the translation often required when the client is the intermediary. --R. Douglas Pauley

Many independent planners are just that—independent and unused to collaborating across disciplines. Indeed, few planners maintain strong relationships with estate attorneys, CPAs or other professionals, experts say. These untapped connections represent a huge opportunity: Forging ties across disciplines can improve your client service and give your practice an edge over the competition...

R. Douglas Pauley, a fee-only planner near Austin, Texas, recognizes the value of an expert team. Financial professionals are generally familiar with one another’s jargon, and working directly with them eliminates the translation often required when the client is the intermediary, he says. Also, having a trusted team in place can help Pauley focus on his investment advice and planning services. Pauley has referred clients to Accountable Aging, a geriatric care manager in his region, for help understanding Medicare Part D. One of the company’s founders, Mary Koffend, had a long career in the Social Security Administration and understands the complexities of government benefits. “I don’t have to spend time doing research myself when it’s outside the scope of what I’m good at, and whatever comes out of Mary’s mouth is gospel,” Pauley says.

-R. Douglas Pauley, a fee-only planner near Austin, Texas, in Your Network of Experts

Every written communication that goes out to your clients should have their names and your signature on it and be as customized as possible. --Cliff Oberlin and Jill Powers

Every written communication that goes out to your clients should have their names and your signature on it and be as customized as possible. For example, each of our clients receives a birthday letter every year, and each letter is unique. One year, we sent a letter that described what happened during the year they were born, like major news events, who was president, and which songs were popular. In another year, we sent our clients a letter that listed the celebrities and historical figures who shared the same birthday.

It's important that you sign each card or letter personally and not use a digitized signature. This gives you a chance to add a personalized, handwritten postscript to each letter, and it also ensures that you cleanse your list, removing any clients who have left you or even passed away. We know that some advisers prefer to have their systems create the signatures, but we can't think of anything that is potentially more embarrassing or damaging to your credibility than having a birthday or anniversary letter with your signature on it arrive at the house of a client who has died. Also, have a real person answer your office telephone. In our own business, we steadfastly refuse to let our clients or prospects get lost in the maze created by an automated answering system.

-Cliff Oberlin, CPA/PFS, CFP, is CEO, and Jill Powers, CFP, CDP, is president, of Oberlin Financial, a financial advisory practice and broker-dealer in Bryan, Ohio, in Make Contact--Or Else

The willingness for a client to refer builds from the very first meeting in terms of the trust and service level that is perceived.  --Richard Steiny

Eighty percent of the new clients received by independent financial advisors are from referrals, says Richard Steiny. "The willingness for a client to refer builds from the very first meeting in terms of the trust and service level that is perceived," he says. "Some advisors like the phrase, ‘Please don’t keep me a secret; who else do you know that could benefit from my service?'" Steiny notes.

-Richard Steiny, president of AssetMark Investment Services in San Mateo, Calif., in 10 Ways to Get More Business During Your Lunch Hour

As an adviser focused on your core competency of client relationship management, outsource as many non-client relationship tasks as possible, and this includes managing compliance chores.  --John Bowen Jr.

As an adviser focused on your core competency of client relationship management, outsource as many non-client relationship tasks as possible, and this includes managing compliance chores. Your broker-dealer should be helpful here, of course, but you can also turn to other compliance, regulatory and legal experts on an as-needed basis. Also consider working with a turnkey asset management provider (TAMP), which will provide you not just with complete investment solutions, but with compliance support as well.

-John Bowen Jr. is founder and CEO of CEG Worldwide, in Small Steps, Big Results

Make a spreadsheet. List every client's name, age, source, revenue, total assets, future referral potential, enjoyment you get from them and so on. Compare each client to your ideal client using these variables. --Ronald D. Cordes and Richard E. Steiny

So, how do you identify bad clients? It's quite easy, really. Make a spreadsheet. List every client's name, age, source, revenue, total assets, future referral potential, enjoyment you get from them and so on. Compare each client to your ideal client using these variables. Rate how well each client matches your profile on a scale of 1 (low) to 5 (high). It will soon become clear who has to go. "Do they refer us to other people? Do they utilize our capabilities? Do they appreciate what we do for them?" asks Steve Ciepiela, president of Charles Stephen & Co. in Albuquerque, N.M. "We grade them. If they don't make the grade, we'll spend about six months trying to fix the relationship. If it's not fixable, I'll meet with them and say 'We're reviewing what we do for our clients and we don't feel that we are a good fit for you.'"

-Ronald D. Cordes is chairman and Richard E. Steiny is president of AssetMark Investment Services, in Trading Up

Showing up in their inbox or mailbox is the next best thing to running into these people in the community. --Gerri Leder

You can add to your visibility by sending periodic mail and email to prospects and centers of influence. Showing up in their inbox or mailbox is the next best thing to running into these people in the community. Systematic communications are effective in keeping these people familiar with who you are.

-Gerri Leder is an industry marketing consultant, in The Secret to Referrals

Women are more sensitive to nuances and underlying meanings than most men, so little details count. --Marie Swift

Women are more sensitive to nuances and underlying meanings than most men, so little details count...Surprise her every now and then with something nice—a note thanking her for her business, a card commemorating your work/relationship anniversary, a jar of boutique jam and a "thanks for your referral" card...Host and invite her to attend a variety of events tied to things of interest to her (such as family activities, genealogy, the arts, charity fundraisers, board member activities, sports, travel, food, wine, fashion).

-Marie Swift, principal of Impact Communications, in Improve Your Communication with Women

Referrals multiply in direct proportion to time spent interacting with clients, contacts and centers of influence, not to mention neighbors, competitors' clients, and retiring professionals. --Gerri Leder


There are no prospects within the walls of your office. You have to get out there! Leave your office. Join a board. Demonstrate your expertise at a community meeting. Attend the business-community social event or the private school's silent auction. Referrals multiply in direct proportion to time spent interacting with clients, contacts and centers of influence, not to mention neighbors, competitors' clients, and retiring professionals.

A banker I know served on a nonprofit board for nine years before a colleague on that board referred a commercial-lending opportunity. It ended up being the largest deal he closed all year. My banker-friend was all but convinced that he was volunteering for the greater good and not for business leads. He now realizes that community service benefits more than just the community. And the best part of all is that he never asked for a referral. He earned it through visibility and consistent work that he demonstrated through his many board activities.

-Gerri Leder is an industry marketing consultant, in The Secret to Referrals

One key to being an innovator is not being afraid to make mistakes. --Len Reinhart

One key to being an innovator is not being afraid to make mistakes. Jim Seuffert and I, business partners for 28 years, were asked at a conference recently how we knew so much about this business. Jim's response: "We've made every mistake there is to make." Another key is to ignore the nay-sayers. And finally, don't be afraid to cut your losses. If you put it out there and it isn't working, pull the plug and move on.

-Len Reinhart, president of Lockwood, an affiliate of Pershing, in Trends That Have and Will Define Financial Planning

We only contact clients when necessary, but we need to know that they’ll get back to us within 24 hours. --David Morganstern

Regardless of whether you conduct an interview on paper or in person, here is a key question to determine whether you are the right advisor–and the prospect is the right client: “What’s the best way to communicate with you?”

“We can do emails, phone calls and face-to-face meetings, but if they travel a lot and don’t return our correspondence at all, the relationship won’t work,” says Morganstern. “We only contact clients when necessary, but we need to know that they’ll get back to us within 24 hours.”

-David Morganstern, CFP, AIF, partner and co-president of CMC Advisers in Portland, Oregon, in Building Your Practice: 9 Questions to Ask a Potential Client

The whole idea is being proactive, rather than reactive. Advisors are ready with details, rather than scrambling when a client calls.

While not all software can help firms magically pare down their staffing needs, they can help uncover extra time for existing staff. The British Columbia-based Pareto Systems’ CRM program links portfolio data to organizational charts so that an advisor can see what needs to be done, and what other team members are already tackling, reducing double duty. The software sends updated reminders about what details need to be pulled before an upcoming client meeting, can link with email programs like Outlook grabbing contact data instantly from client records, and can also be accessed from a Palm or Blackberry should an advisor need to call a nervous client off-hours. "The whole idea is being proactive, rather than reactive," says Duncan MacPherson, Pareto’s co-founder and co-CEO. Advisors are ready with details, rather than scrambling when a client calls.

-Duncan MacPherson, Pareto’s co-founder and co-CEO, in How Technology Can Help Planners Clean up Their Operation