Marketing your practice: 7 tips for financial advisors in 2023

During the height of the pandemic advisors were forced to modify the way they marketed their businesses. Now, forward-thinking advisors are embracing a variety of high-tech solutions even as they revisit the older, tried-and-true strategies. Here are 7 ideas advisors can use to boost their marketing plans as they search for growth in the year ahead.

1. Use the 7-touch matrix. Troy Korsgaden, principal of Korsgaden International, recommends that advisors reach out to their clients at least seven times each year. Korsgaden said that he has created a matrix that lists different products and services, such as annual reviews, auto, home, life insurance, and financial services, with a staggered schedule for reaching out to every client.

“For example,” he added, “all clients whose last names begin with A and B are contacted in January for an annual review, all clients with names starting with C and D are contacted in February, and so on. Most clients are not going to come into the office seven times a year. But these regularly scheduled touches keep the agency top of mind with clients and position it as the clients’ gateway to all things insurance and financial services. Of course, not every touch is sales related, Korsgaden pointed out. “We schedule personal touches for things like birthdays and holidays as well,” he said.

2. Introduce yourself to businesses. Another idea shared by Korsgaden is for advisors to introduce themselves to at least 4 new businesses every day. These aren’t sales meetings, he explained. “They are quick 5-minute introductions to get to know business owners in your community. (Consider bringing a small gift such as candy or cookies for the office.) You can easily complete 4 each day if you do one on your way to work, on the way to and from lunch, and on your way home. Keep track of who you meet and follow up with them periodically to get to know them and build a relationship. Remember, people do business with people they know and trust.”

John Pojeta, VP of business development at PT Services Group, shared three dos and one don’t advisors should keep top-of-mind as they seek to grow their practices. Among Pojeta’s dos:

3. Create and share video content that resonates with your audiences. 98% of people on LinkedIn only consume, they never post! “For most people in our field, this is an excellent place to reach and build an audience and there is still plenty of opportunity to make your mark,” he said.

4. “Pick up the phone,” Pojeta added. “I cannot stress this enough. Whether it’s a prospect or an existing client, get out of the habit of doing everything by email. Phone calls give you the opportunity to build relationships and learn more about your client’s needs. These are experiences that almost never occur in cyberspace,” he added.

5. “If the economy pulls back, stick with your marketing budget. In fact, if you can, increase that budget. Now is the time to put the pedal to the metal. Opportunity will come during this time, and you need to be visible to grasp the good openings,” he added.

6. Pojeta offered a “don’t” as one of his tips: Whether via LinkedIn or via email, stop connecting with strangers in the morning and selling to them in the afternoon. This is not an effective strategy for any type of sales and in fact, often has the opposite intended effect, he said.

7. Pojeta also provided a bonus tip for advisors: In 2023, try something new in your marketing plan. But do this without significant concern about the outcome. “I suggest this because we almost always learn more from the process than the outcome,” he said. “So try something different and pay attention to the full process, make sure you assess at the end, and determine what you learned and can implement in the future.”

 

Ayo Mseka has more than 30 years of experience reporting on the financial services industry. She formerly served as editor-in-chief of NAIFA’s Advisor Today magazine. Contact her at [email protected]. 

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