Even though there are still a couple months until 2016 arrives, the holiday season always puts everything on the fast track. As a result, now is the time for financial advisors to start thinking about what they’re going to do to boost business in 2016.
Create a Crystal Clear Value Proposition
A simple but effective way for trained financial advisors to stand out from competitors is to identify the unique traits they bring to the table. By taking time to clearly identify those traits and even write them down, certified financial planners can get a much better understanding of where to spend their time and energy.
Embrace Saying No
Saying no may seem like the exact opposite of what an advisor who’s trying to grow their business should do. However, the reason that saying no can be extremely important ties in directly to the previous section on coming up with a clear value proposition.
If a financial advisor tries to be everything to everyone, they’re going to end up blending in with the rest of the industry. On the other hand, a financial advisor who knows exactly who they want to work with and isn’t afraid of saying no to potential clients who don’t fit that profile will be able to get where they want in far less time.
Avoid Chasing Trends
It’s easy for professionals in any industry to get caught up in trends and hype. The important thing to remember is just because something is being hyped as “the next big thing” doesn’t always mean it’s going to pay off. A better option for financial planning professionals is to look where money is actually being spent and then carve out new opportunities.
For example, even though millennials get a lot of attention, many simply don’t have the resources to pay for financial planning services. On the other hand, a large percentage of individuals over 65 have the resources and desire to work with an advisor. By focusing and innovating within a segment like seniors, savvy advisors may find the right channel they need to significantly grow their business.
Invest in Team Training
Regardless of how hard a financial advisor works, they can only take a business so far on their own. In order to continue growing, an advisor must build a team. And for a business to really flourish, that team needs to be as skilled as possible. The good news is even if an advisor is bringing in younger team members with significantly less experience, it’s possible to close the gap.
The key to doing so is investing heavily in team training. By making this a priority, a business can enjoy all the benefits and growth that go along with having the best possible team in place.