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Category Archives: Business

Building a Financial Advisor Marketing Plan That Works

This article was originally published at ModelFA.com.

financial advisor marketing, Building a Financial Advisor Marketing Plan That Works

Still think that a financial advisor marketing plan is just for the big firms? Think again!

Running a financial advisory firm is hard. In the early years, it’s a hustle to find clients and pay the bills. Five to seven years into the practice, there are workflows to optimize, staff to hire and train, and a full book of business to manage. Life gets busy.

Which is why so few advisors go the extra mile and create a marketing strategy. According to Pershing, only 30% of all advisors have a formal marketing plan.

The remaining 70% must believe that “hustling” is their marketing plan.

That is a big mistake. Those who fail to invest in an advisor marketing plan might save some time on the front end — but they hurt their practices in the long run. There’s the stress of not knowing where your next client will come from. There are periods of “feast or famine”, when the office is either dead — or swamped with urgent work. Finally, without an overarching plan, it’s impossible to be sure that your professional practice will be intentional and ideal for you as the advisor.

Why don’t more advisors have a marketing strategy? Many of them find the task daunting. Some don’t know where to start.

Here’s a simple blueprint that will demystify the process and put you back in the driver’s seat.  Read more of this post

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Facebook for Financial Advisors: 3 Myths, Debunked

This article was originally published at ModelFA.com.

Facebook for financial advisors, Facebook for Financial Advisors: 3 Myths, Debunked

Don’t let common advisor Facebook marketing mistakes burn through your budget!

Every year, the world seems to get ever more anchored in technology and social media. The pressure is ramping up, and advisors are making an effort to become more “digitally available” to their prospects and clients. And yes, that includes trying to crack the code on “Facebook for financial advisors”.

This has created an interesting shift in our industry. Online marketing topics have become the mainstays of advisor conferences. Many compliance departments have no idea what to do with this trend.

And, of course, there’s conflicting advice online.

I dug into this topic recently after a conversation with a fellow advisor. Let’s call him James. James shared his disappointment with online marketing. He had tried Facebook marketing hoping to reach more prospects. He started a company page and shared a bunch of articles. That didn’t work. He then invested several thousands of dollars in Facebook ads and promoted posts. Still, crickets.

And so, James asked me over a beer, is this social media marketing just a fad? Does it actually generate results for any advisors out there? What are those advisors doing, exactly, to make it work? And, finally, does it have to cost a fortune?

Those are all fair questions. Here’s what I know from pouring over industry research and investing over $100K into building Facebook marketing campaigns for financial advisors.  Read more of this post

Thou Shalt Not Use Email Notifications!

This article was originally published at ModelFA.com.

email notifications, Thou Shalt Not Use Email Notifications!

Here’s a question for you. Between this morning and right now, how many times did your computer or phone chime at you to let you know you just got another email?

Chances are, your number is somewhere around a dozen or more.

Many advisors think that keeping those alerts turned on is no big deal. After all, who would want to miss a critical, time-sensitive message? What if a journalist on a deadline wanted to get a quote from you? Or what if a client had an urgent question about his portfolio?

And so, “new message” alerts continue to ping throughout the day. Some of those emails are informative. Others are fun. Many are a complete waste of time. But here’s what unites them all: they kill your productivity.

Two reasons to stop email notifications from ruining your day

There are at least two reasons why you should turn off your email notifications right now and never look back. Read more of this post

Advisor Self-Limiting Beliefs and 3 Steps to Overcome Them

This article was originally published at ModelFA.com.

advisor self-limiting beliefs, Advisor Self-Limiting Beliefs and 3 Steps to Overcome Them

“Sow a thought, reap an action; sow an action, reap a habit; sow a habit, reap a character; sow a character, reap a destiny.”

― Stephen Covey, The 7 Habits of Highly Effective People

I’ve read recently that Covey adapted this quote from Gandhi. Regardless of who said those words first, the quote holds the key to the kind of outstanding results you admire in high performers.

And I think that it’s the best expression of how mindset, behavior patterns, and results are connected.

The mind’s power extends beyond our immediate consciousness. Think of an iceberg with 90% of its mass submerged beneath the surface of the water; your subconscious mind is just as vast and powerful. And once something (a belief or a habit, for example) is a part of your subconscious mind, it will drive your daily choices without any surface awareness from you.

The continuum looks something like this: Read more of this post

Oversharing: Your Biggest Cybersecurity Risk Could be You [Infographic]

Having spent the past several months exploring cybersecurity issues, including business-related risks, I encountered the following infographic that may serve as a useful reminder to any individual conducting business online. This includes the self-employed who represent themselves or those representing their business. So check this infographic out for tips on good habits to cultivate for your own cybersecurity!

Via Digital Guardian

Read more of this post

Email Marketing for Financial Advisors: Best Practices for 2019

This article was originally published at ModelFA.com

Email Marketing for Financial Advisors: Best Practices for 2019

email marketing for financial advisors, Email Marketing for Financial Advisors: Best Practices for 2019

Summary:  Email may not have the cutting edge, high-tech appeal of some of the other marketing tactics. However, when done right, email marketing for financial advisors can be remarkably effective. In order to build a productive email campaign, advisors should begin by examining the needs of their audience. A broad-based “spray and pray” approach is the quickest way to burn through your hard-earned email list. On the other hand, highly targeted value-add communications will help you build trust, drive referrals, and stay connected to your prospects and clients. Read on for best practices (by email type) and some common email marketing mistakes to avoid.

Recently, I was fortunate enough to participate in a lively discussion with a thought leadership group comprised of forwarding thinking, young marketers. The topic eventually turned to the effectiveness of email marketing for financial advisors. Although opinions differed greatly on the types of campaigns financial advisors should leverage, there was one thing we could all agree on:  Email marketing, when done correctly, is widely effective.

But what does that mean for financial advisor email marketing, now that we are in 2019?

Read more of this post

How to Design an Interview Process that Predicts Performance

The following content was submitted by Vervoe. The original article can be found here.

First, let’s get one thing out of the way. Traditional interviews don’t actually predict performance. Rather, the best way to predict performance is to test job-related skills in context. Nevertheless, there is a place for interviews in the hiring process. Interviews are a useful tool to build rapport, and even start a relationship, with candidates after their skills have been validated. They can, and should, also be used to answer unanswered questions from the hiring process.

Interviewing is often used as a synonym for candidate selection, but it shouldn’t. Interviews should only comprise a small part of the candidate selection process. In fact, if an “interview process”, a.k.a. a selection process, is designed properly then traditional interviews only need to play a minor role.

Rather than dealing with hypotheticals, I’m going to share a real blow-by-blow story about a recent hire we made. The process included a recruitment agency, marketing, online skills assessment using our own platform, interviews and reference checks. I’ll explain how each step worked and why we did things in a very deliberate order. Read more of this post

Competence is Context-Dependent

The following content was submitted by Vervoe. The original article can be found here.

The same, but different

Is a graphic designer at a major accounting firm the same job as a graphic designer at an early-stage startup? There is an obvious overlap is functional skills, but that’s where the similarity ends.

A designer at startup will have limited resources and even less time. They’ll be required to “ship fast” because the clock is ticking and everything is an experiment. Management will have a relatively high tolerance for mistakes, and decisions will be made on the spot.

Conversely, a large accounting firm will be far less tolerant of risk, decisions are made by committee, perfection will be prioritized over speed and autonomy will likely be low.

How similar do these roles sound now?

While the fundamental craft is essentially the same, the context is entirely different. Success is measured differently, and the respective operating environments have very little in common. Read more of this post

The Unexpected Costs of Chasing Your Dreams [Infographic]

Many hopeful freelancers start their business adventure so they can take control over their time and finances. As a self-employed freelancer, you get to set your own hours and decide how much you make based on how hard you work. You can decide to pursue projects that interest you the most, and ultimately do your best work. The appeal of starting off on your own is the reason why a third of Americans are currently freelance.

If you’ve ever considered quitting your day job in favor for self-employment, you’ve also probably had a few reservations as well. While the work is more flexible, so is the income. There’s less security when it comes to benefits and salary, which can land you in hot water if you don’t have a solid savings. In addition, finding and pitching your own clients can be incredibly intimidating. The fact of the matter is that starting your own venture, whether as a freelancer or entrepreneur can a difficult process.

However, that doesn’t mean that you can’t do it. With a solid plan for how you’ll make the transition financially, you can make the leap. To get you started on planning for unexpected self-employment expenses, Turbo created this helpful infographic. By making a few easy cuts, you can make your dream of quitting your day job a reality. Check it out below:

Via turbo.intuit.com: Read more of this post

How Companies Use Skills Assessments

The following content was submitted by Vervoe. The original article can be found here.

We analyzed how more than 4,000 companies use skills assessments on Vervoe, particularly employer and candidate preferences, and wanted to share the results with you.

Here are some of the most interesting things we learned:

COMPANIES

Hiring funnel

The first step companies tend to replace with skills assessments is phone screening. Intuitively this makes sense because it’s a manual process that is very time consuming. Instead, recruiters can avoid screening altogether and review candidates after they’ve completed a series of job-related tasks.

Many companies have been able to consolidate several steps into one and reduce the number of steps in their process. This reduces the burden for candidates. As a result, the average number of stages in a hiring funnel is between three and four.

Nearly 70% of companies are using a skills assessment at the top of the hiring funnel. This is consistent with the removal of phone screening, which is typically a top of funnel activity.

While corporates often use skills assessments at the top of the funnel, the companies most likely to use assessments at the bottom of the funnel are staffing firms. Read more of this post

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