1. Commit to change.
Commit to making the changes necessary to take advantage of this opportunity. The market has changed. For you to be successful, your business practices must change to achieve optimal results.
2. Conduct rediscovery meetings.
At a time when many advisors are avoiding their clients, you should do the opposite. Schedule "rediscovery" meetings with your top clients and develop their total client profile mind maps. This will reassure your clients that you understand them and are the right advisor as well as insulate them from your competitors.
Offer to provide their business associates, friends and family a value added second opinion service. Let them know how much the market volatility is affecting everyone. Share with them that 4 out of 5 investors are looking to switch advisors and you are more than happy to provide the people they care about with a 'second opinion' to make sure they are making smart decisions with their money.
3. Follow up with the referrals.
Schedule appointments, conduct second opinion analyses, and demonstrate your client centered experience. Use discovery meetings and mind maps for each prospect. This level of service is something that most affluent investors have never encountered and it makes it very comfortable for them to transfer assets to your management because they know you understand their unique needs.
Our coaching clients have realized substantial increases in assets under management in a very short period of time utilizing this one simple tactic.
4. Conduct center of influence interviews.
Identify 10 individuals who have a high degree of influence in your niche market; the movers and shakers within your community.
Interview them and create a list of their top concerns, the themes of challenges you heard from them and then the opportunities that will present themselves. These interviews will give you insights about your market that you didn't have before. This will empower you to uncover new approaches, identify new organizations, and gain new access to great prospects.
5. Develop strategic alliances.
Set up meetings with CPA's, attorneys and other professional advisors who serve your target market. Our research clearly shows that more than 50% of client referrals with $1 million or more in assets come from other professionals. Fully define your value proposition and your approach prior to each meeting so these professionals understand how you can help them achieve their business goals while serving their clients well.