Neil De Beger

In the five years since the Royal Commission, the number of financial advisers in Australia has nearly halved, with approximately 15,500 advisers currently active.

While this decline may appear alarming to those outside the profession, many insiders believe that the industry is now in a stronger position than ever before.

We are entering a new era of advice characterised by innovative thinking, fresh perspectives, and advisers who prioritise soft skills, such as empathy and understanding their clients’ mindsets and behaviours, alongside technical expertise in financial advice.

In this article, we explore the enduring importance of trust between advisers and their clients and how to significantly enhance your chances of business growth.

Advocates yield significant benefits

The Pareto Principle, commonly known as the 80/20 rule, illustrates that 80% of outcomes stem from 20% of causes.

This principle applies to various aspects of life, including advice businesses who are aware, that it is generally their top % of clients that generate 80% of their firm’s revenue.

Once you acquire a new client, it is widely acknowledged that developing a successful strategy to nurture that client relationship, yields significant benefits, namely:

1. Cost-effectiveness: Retaining existing clients is approximately five times more cost-effective than acquiring new ones. The cost of a customer acquisition (CAC), including distribution, marketing, and all other costs, more often surpass those associated with ongoing customer lifetime value (CLV), retention and service of existing clients.
2. Increased growth: Loyal customers are more receptive to your other recommendations and efforts due to the trust and satisfaction inherent in their relationship with you. Research indicates a higher success rate in promoting services to existing customers (60-70%) when compared to new ones (5-20%).
3. Referral potential: Satisfied and loyal clients often become ambassadors for a business, recommending its services and solutions, to others. Word-of-mouth recommendations hold far more influence, with most people more likely to purchase a product or service, based on a friend’s trusted recommendation. Nielsen research found 92% of people are more likely to buy a product or service, if their friends or a family member, recommend it.

Identifying and tapping into the gold seam

It is widely accepted that referrals are the lifeblood of many advice firms and a strategic documented approach is required, for both inbound and outbound referrals.

Referrals are so well-regarded because of the trust that is attached to them. Research by the University of Lancaster in the UK found that 33 per cent learnt about their financial adviser from a family member, employer, or a professional such as their accountant.

With smaller firms who have limited resources, as well as perhaps a lack of an appetite for what they deem to be ‘expensive’ marketing or promotional activities, it’s not uncommon to shy away from investing in marketing. It also comes down the perception, that Marketing is both expensive and too hard. Yet it needn’t be.

An essential part of any business strategy, Marketing helps to acquire, nurture, retain and evolve clients into advocates for your business. And when it comes to obtaining quality referrals, there are proven Marketing strategies that can certainly help.

The following section provides a few practical and cost-effective tips, to get you started on your client referral program (or improve your current activity to get quality referrals through the door)—some of this you may already be doing, some you might not.

1. Identify your advocates

a. Create a clear profile

To get started, you first need to decide who your advocates are. Not all clients will refer you and a simple profiling of your client database is a good place to start.

It is likely that you have a pretty good idea of who these might be, so this needn’t be exhaustive (e.g., you’ll most likely find that your advocates, are your mid to longer-term clients where there is already a healthy/more established relationship in place) so defining and applying your own criteria such as tenure, might serve as an easy starting point and you can then add further characteristics unique to your group or practice.

You might start with tenure then add your own variables (e.g., has been a client for at least 5 years and holds 1 or more Risk products, and at least one other product under your advice). The key here, is your starting point.

2. Validate them

a. Net Promotor Score (NPS)

NPS offers a simple and effective way to measure customer loyalty, provided via a simple score and based upon the likelihood or the customer’s propensity, to recommend your business.

Once identified, sending a simple NPS survey question to your advocates, will validate that you have the right clients so you can start your program.

Tools such as SurveyMonkey provide an easy and cost-effective way to do this.

3. Communicate with them

a. Content and cost-effective digital channels

Research shows that 83% of customers who feel appreciated, spend more with a brand, and 87% go on to advocate for it.

You will find common ground and consistent themes within your identified advocates and a great way to build advocacy, is to provide them with regular, engaging content.

You might already be sending ad-hoc communications, providing a select group with useful information. So, rather than sending one-off emails, covering multiple topics and content where you must start from scratch each time, consider putting a bi-monthly email or newsletter together and using an email platform such as Mailchimp or ActiveCampaign to manage and distribute it.

Make sure that you include a dedicated section explaining your referral program and provide a link to an online form (on your firm’s website), making it easy for your clients to refer their friends and family.

b. Your business website

Including a new page or a dedicated area for client referrals, is a good way to make sure that your clients can easily refer others through your website.

Better still, if your clients have a log-in to a dedicated portal, you could a section within there, that provides simple information outlining your referral program and how you can help their potential friends or family members, with easy instructions.

c. Leveraging social media

Social media provides a great way to create awareness of your advice services in a cost-effective manner, so setting up social media channel/s (e.g., a Facebook page) and inviting all clients (especially your advocates) to ‘follow’ your page, is another great way to build engagement and advocacy.

If your clients start promoting you on social media, you will quickly see who starts engaging with and/or recommending you, to their friends and family. This might give you another group to target, that sit outside of your typical advocate profile and another group of clients to communicate with.

Applying some of these simple tips and methods and focusing your efforts upon these identified clients, rather than chasing down new ones, should very quickly help you to get more value and efficiency, from your activity.

Your strongest client relationships will have been built on trust and your service and lay the foundation for successful (and stronger) referrals, so it makes sense to tap into them.

Measurement is crucial

In any business, large or small, new to market or mature, marketing is a highly valuable function. It complements your activities and helps to create awareness, drive profit and business growth, acquire new clients, and importantly retain them, strengthening their engagement with you over time.

With 92% of people more likely to purchase based on a friend’s recommendation, nurturing client relationships and identified advocates, for successful referrals can gives you a crucial competitive edge.

When it comes to any referral program designed specifically for advocates, measurement is critical, and you should make sure that you’re able to track client engagement and any referrals. You need to not only measure how many referrals come in but how they convert.

Applying a continuous ‘test and learn’ methodology is important too. Once you have the measures in place, you will soon gain a clear picture of what and which of your channels are working best and you can identify any necessary areas for improvement.

Leveraging technology for scalability

As your business grows as well as your pool of advocates expands, further profiling and segmentation of your target audiences and activity, might also be necessary so that you remain relevant and keep all your clients as engaged and as ‘happy’ as possible.

For practices with a large client base (or potentially, dealer groups, looking after certain aspects of marketing communications across several firms), personalised outreach for every customer may not be feasible.

The acceptance and integration of technology, particularly in the wake of Covid-19, has streamlined communication processes, while also enhancing client engagement. Leveraging tools such as AI-powered email platforms, enables more personalised communication, at scale.

Employing the services of a marketing expert to help with the fundamentals of any existing or new communication program to the next level. A professional marketing expert will design a strategy that complements your existing service levels freeing up time for you / your practice to focus on strategic client interactions and other important areas of the business.

Conclusion

In a post-Royal Commission era, client / adviser relationships remain a priority, with advisers embracing a more empathetic and innovative approach to advice.

As part of solid marketing strategy and road-map of activity, Word of Mouth client referrals provide a proven rich seam of gold that can be an invaluable source of new business, giving advice practices a competitive edge.

Fostering strong client relationships is essential for long-term success, so identifying and nurturing ‘advocates’ within an advice practice’s client base, therefore presents significant opportunities.

This article has presented some simple and cost-effective steps that advice practices can implement, to kick-start their client referrals with these identified advocates and to gain invaluable efficiencies alongside existing activities. If correctly implemented, they can then be scaled to support business sustainability and growth.

Leveraging marketing technology, is an effective way of streamlining advocacy efforts and facilitating higher existing client engagement.

For advisers seeking guidance in developing and scaling advocacy programs, marketing experts can add strength to your business.

Importantly, they can offer services that create efficiencies, measure what is working, identify what engages your clients the most, what keeps them loyal to you and your business and what turns them into advocates, increasing your success of generating quality referrals.
By prioritising client relationships and leveraging advocacy, advisers can continue to navigate the evolving landscape of financial advice with confidence and increased optimism. 

By Neil De Beger,  founder and principal.

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References:
[1] https://www.nielsen.com/insights/2012/global-trust-in-advertising-and-brand-messages-2/
[2] https://www.forrester.com/blogs/unlock-loyalty-throughout-the-customer-lifecycle
[3] https://ifamagazine.com/what-are-the-key-drivers-in-client-acquisition/
[4] https://www.outboundengine.com/blog/customer-retention-marketing-vs-customer-acquisition-marketing
[5] https://fastercapital.com/content/The-Power-of-Advocates–How-to-Leverage-Them-in-Your-Referral-Program.html#

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Tim Howard

The Federal Budget’s focus was on addressing cost of living pressures and, although it was extremely quiet on superannuation, there was nonetheless healthy adviser interest in some of the proposed measures, including: the tax offset for low to middle income taxpayers, social security measures such as the $250 one-off cost of living payment, and extension of minimum pension drawdowns.

Questions about the Budget handed down this week were among the most frequently asked by advisers in their conversations with BT’s technical services team in the first quarter of the year. In addition, a technical topic that was amongst those that were top of mind during the 2021 Budget, the work test, has now been clarified, with the passing of legislation in February 2022 – and this has also attracted advisers’ attention.

Mr Tim Howard, Technical Consultant, BT, said, “Some in the wealth management and advice industries may have expected more proposed measures that would impact clients from this Budget; however, at the same time, the limited changes to areas related to advice will no doubt provide welcome certainty.”

BT’s Technical Services team field over 2,000 queries from advisers every quarter on topics relating to superannuation, tax and social security, with the volume of questions historically peaking in the days after Budget night.

More details on the most popular topics are below. ^[1]

1. Tax relief for clients with incomes below $126,000

The proposed increase to the low and middle income tax offset (LMITO), effective from 1 July 2021, provides additional tax relief for low and middle income taxpayers in response to the cost of living pressures experienced by Australian households. The proposal will increase the LMITO by $420, with the initial LMITO benefit increasing from $255 to $675 and the maximum LMITO benefit increasing from $1,080 to $1,500. All other features of the current LMITO remain unchanged.

2. Supporting retirees with the extension of minimum pension drawdowns

The Government has announced a proposed extension of the 50% reduction of the superannuation minimum drawdown requirements for account-based pensions and similar products for a further year to 30 June 2023. The reduction will allow retirees to avoid selling assets to satisfy the minimum drawdown requirements. This measure will also apply to clients who are in pension phase within self-managed superannuation funds.

3. No changes to the increase of the Superannuation Guarantee

Conspicuous by its absence on Budget night, the superannuation guarantee (SG) is set to continue to increase as planned. The SG is currently legislated to increase progressively from 10% to 12% by 1 July 2025. The rate of superannuation guarantee will increase on 1 July 2022 by 0.50% to 10.5%. The rate will increase by 0.5% each year until it reaches 12% on 1 July 2025. There was no announcement to change these legislated increases.

4. Social security measures

One of the social security measures that may impact clients is the one-off cost of living payment. From April 2022, eligible income support recipients and concession cardholders will receive a $250 payment; an individual can only receive one payment even if they qualify in multiple ways. The payments will be exempt from taxation and not count as income for social security purposes.

Meanwhile, parents in the paid workforce may benefit from the proposal to enhance paid parental leave. Parental Leave Pay and Dad and Partner Pay will be combined into Paid Parental Leave as a single scheme providing up to 20 weeks in a fully flexible, shareable scheme for eligible working parents. It will also mean that eligible single parents will benefit as they will have access to two additional weeks.

5. Work test amendments become law, bring forward clarified

Related to last year’s Budget, one of the technical topics that has been top of mind for advisers in recent weeks are the changes to the work test, with the passing of legislation in February which confirmed that the work test will no longer be required for voluntary member contributions, including non-concessional, bring-forward non-concessional and small business contributions up to the age of 75 – commencing from 1 July 2022.^[1]

The amendments effectively simplify the rules for older Australians who would like to make additional contributions into their super.

With the passage of the Treasury Laws Amendment (More Flexible Superannuation) Bill 2021, it was also confirmed individuals aged under 75 at any time within a financial year will be eligible to trigger a bring-forward non-concessional contribution, subject to all other existing eligibility criteria being met, such as their recent contributions history, total super balance and timing around when they make the contribution if approaching age 75. The Australian Taxation Office has also recently issued a much-anticipated example, illustrating an individual aged 74 on 1 July, being eligible to trigger a bring-forward non-concessional contribution. ^[2]

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[1] Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021 received royal assent on 22 February 2022, https://www.ato.gov.au/General/New-legislation/In-detail/Super/Flexible-super—Repealing-thework-test-for-voluntary-superannuation-contributions/
[2] https://www.ato.gov.au/Individuals/Super/In-detail/Growing-your-super/Super-contributions—too-much-can-mean-extra-tax/?page=10

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Get the new financial year underway with a positive plan.

Steven Korner a financial planner with Omniwealth details how you can get off to a good start for the 2018-19 financial year.

Eliminate personal debt

Australia has some of the highest personal debt levels in the world and it is only increasing. Some of these debts are incurring interest at over 20%. Personal debt is considered bad debt as it does not produce income for you, it diminishes your long-term wealth. Paying this off as fast as possible will propel you on your path to financial independence.

Take control of your super

Superannuation is your nest egg for retirement. Too many of us have super spread across multiple funds. Consequently, this means that unnecessary fees are diminishing our future. This is the financial year to consolidate your super and take back what is yours!

Review your home loan

Interest rates are currently at record lows, despite this, many banks are still charging their customers an arm and a leg in interest. Speak to a mortgage broker to take advantage of the highly competitive interest rates some banks are offering. This could save you thousands of dollars a year in interest repayments.

Protect your income and assets

Australians will not hesitate to insure their car but will not insure themselves. You are your most valuable asset. Ensure you have appropriate levels of personal insurance in place, such as Life and Income Protection, to protect yourself and your family in the event of unexpected injury or illness.

Construct a savings plan

Sit down and determine how much money you want to save this financial year. Now, divide this number by 52 weeks. Congratulations, you have just created yourself a weekly savings goal. Think about things you could easily substitute out of your life in order to achieve this. If you were to stop buying your morning coffee this financial year you could save yourself an upward of $1,400!

Plan and begin to achieve your financial targets

Most of us fail our financial year’s resolutions because we do not keep ourselves accountable to our goals. A Harvard University study found that only 3% of students had both written goals and concrete plans. However, this 3% were making ten times more than the rest of the 97% of the class after 10 years. Schedule yourself one hour to write down your goals and how you are going to achieve them. Revise this every six months and the results will speak for themselves.

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Anna Hacker

People who have already written a Will shouldn’t view it as a “set and forget” document but should be reminded by their advisers to review and update it regularly, said Anna Hacker, national manager estate planning at Equity Trustees.

“It can be tempting to cross “write a Will” off your To-Do list once it’s completed and forget about it, but this could be a mistake,” Ms Hacker warned.

“Sometimes, having a Will that isn’t up to date can create more problems than having no Will at all. For instance, if a marriage has broken down since the Will was written, it might not automatically mean that the former partner will no longer be involved in the estate administration.

“There have certainly been cases where an estranged spouse has received everything under a Will after a bitter split, despite it clearly no longer being the deceased person’s wishes.

“Likewise, the birth of additional grandchildren could mean that the wording of a Will should be amended to ensure that everyone inherits equally and no-one feels left out,” she said.

Ms Hacker said Wills should be reviewed every three to four years to make sure they reflect current circumstances.

“Spending just a couple of hours going through the Will and updating it could save loved ones thousands of dollars, and significant distress, after you die.

“It is becoming increasingly common to see court cases where someone has challenged a Will because they believe they have been left out, or not received their fair share, and in many cases this could have been avoided if the Will had been kept up-to-date.

“I have seen long-standing rifts in previously close families because of such cases, and it would definitely have not been the wishes of the deceased to have caused such troubles,” Ms Hacker said.

Five key areas to look at when reviewing your estate plan include:

1. Has there been a change in family circumstances such as the addition of new family members or assets? If so, the Will should be amended to reflect this.
2. Does the Attorney or Executor need to be reviewed or updated? People often nominate a close friend for the role who is the same age as them, which means they may die before them.
3. Does the binding death benefit nomination in superannuation need to be renewed? If it has been more than three years since the nomination was made it may no longer valid.
4. Is the Will in sync with superannuation? Superannuation is not automatically covered by a Will and specific arrangements may be required to ensure the Will and super death benefit nominations work together.
5. Are any of the nominated beneficiaries vulnerable? It may be a good idea to protect their inheritance if, for instance, they have special needs, are in the middle of a marital breakdown or have alcohol, drug or gambling dependencies.

“These are the most common areas where problems can arise, so they are good ones to check on a regular basis,” Ms Hacker said.

“However, a thorough review should be undertaken from time to time as well, preferably with an expert who can help identify any potential problems, and find ways to address them.”

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Amanda Watt

Home buyers can save thousands of dollars by repaying their home loans more quickly by making extra repayments and using offset accounts, with the head of banking business act., Amanda Watt, who warns borrowers should watch out for some traps on no-frills and fixed home loans which may restrict repayments.

Watt recommends the following seven home loan tips for home buyers who want to get on top of their mortgage sooner.

Tip 1: Repay extra.

If you’ve got extra cash, put it straight on your home loan and save money. The more of the principal you repay now, the more you’ll save. If you hold an average first home buyer’s loan of around $350,000 taken over 25 years at a rate of 5.5%, you can save $30,475 in interest costs simply by putting an extra $100 on your loan each month. And you’ll be debt free sooner. Watch out for this on fixed loans as you may incur charges on extra repayments or you may only be able to repay an extra 5% to 10% of the loan amount.

Tip 2: Reduce your loan term.

When you’ve got a home loan, time means money. So the quicker you repay your loan, the less interest you’ll pay. If you take a $350,000 loan over 25 years at an interest rate of 5.5%, you’ll pay $294,791 in interest over the life of the loan if you repaid in monthly instalments. But if you repaid the loan over 20 years, you’d pay $227,825 in total interest costs – that’s a saving of $66,966!

Tip 3: Use an offset account.

Offset accounts are a great way to cut interest costs. Offset accounts link your home loan to a savings or transaction account. The balance in the savings account is then used to offset the home loan balance, reducing interest costs. As interest is calculated daily on the home loan, the benefit to borrowers accrues as soon as there is cash in the offset account. There are tax benefits also as tax isn’t paid on the interest credited to your savings account because the interest is not actually being earned as it offsets the home loan interest.

Tip 4: Save a bigger deposit.

The more you borrow, the more you will repay in interest. So, if you are saving for your first home, start making the sacrifices now and save as much as you can before you buy. Make sure you claim the first home owner’s grant and any other subsidies state governments offer.

Tip 5: Fixing your loan.

Locking in part or your entire home loan could provide good security against future rate rises. There’s a chance that interest rates have bottomed this year and we’ll get a rate rise next year and a fixed rate could insure you against this. But the risk is that if official interest rates fall, you’re stuck with the fixed rate for the term of the loan. So splitting your loan between variable and fixed portions to take advantage of both types of loans may make sense.

“But you need to check whether you can make repayments, as many fixed loans on the market do NOT allow for extra repayments, limiting your choices. act. fixed loans allow limited repayments and also have partial offset facilities, something many other fixed home loans don’t offer,” said Watt.

Tip 6: Opt for a basic home loan.

Most lenders offer basic home loans without the frills. Interest rates start from about 4% a year and for that, you might get a simple principal and interest loan on which you can make monthly repayments. Such loans may suit you if you’ve got a tight budget and simply want the lowest cost home loan. But they can have pitfalls if you can’t make extra repayments and such loans typically don’t offer offset facilities, which can help reduce interest costs.

Tip 7: Negotiate.

Some lenders are waiving establishment fees on loans and fees such as valuation costs or negotiating on interest rates to win home loan business. So ask about the best possible offer.

act. is a newly established banking service that redirect profits back into social projects. The calculator on act.’s banking page reveals how impact dollars customers generate each month by banking with act. Home loans will generate the greatest amount of impact dollars. For example, a customer that holds an average first home loan size of $350,000 mortgage with act. could generate approximately $43 a month to reinvest in the social project of their choice.

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Get your marketing plans in order.

Dismissed by some as too ‘right brain’ or ‘warm and fuzzy’, a marketing plan which complements and supports your overall business plan is now essential for advisers seeking to profitably grow their practice.

At a simple level, a marketing plan articulates your target audience(s), your proposition to those audiences, and how you plan to find more of these people and what and how you will communicate with them.

Formalising such plans makes it easier to set your direction and track your progress. It can act as a catalyst to consider whether your direction is the right one and whether your proposition is internally consistent (for example is your ideal client actually aligned with your expertise and strengths as an adviser).

An important component of any marketing plan are objectives which are SMART (specific, measurable, attainable, relevant and timebound). An example might be to generate a certain amount of online enquiries within a month, or to attract XX new clients within a year.

A marketing plan is not just about sales, it should cover off:

• Your proposition
• Your brand identity
• Your objectives
• Your marketing budget
• Specific initiatives, including a calendar and expected outcomes (e.g. hold a networking event within first quarter and have 30 guests attend, leading to 3 referrals)

The communications mix including:

• Your website
• Advertising
• Social media and video
• PR/media
• Sponsorship
• Events
• Email marketing and newsletters
• Collateral(brochures)
• Lead sources, target volumes and conversion rates

Your plan should be regularly reviewed, both for tracking purposes and to adjust as the environment changes and assumptions are proved/disproved.

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This is an extract from a collection of business improvement tips for advisers, launched at Zurich’s Trax2Success national roadshow, featuring the 2013 AFA Adviser of the year Jenny Brown.

Click here to read Hot business tip number 1: Look after yourself and your staff

Click here to read Hot business tip number 2: Survey your clients

Click here to read Hot business tip number 3: Place a higher value on your time

Click here to read Hot business tip number 4: Review your client onboarding process

Click here to read Hot business tip number 5: Adopt an estate planning methodology across your business

Click here to read Hot business tip number 6: Tailor your communication strategy by client generation

Click here to read Hot business tip no number 7: Change your approach to review meetings

Click here to read Hot business tip number 8: Create a differentiated service offering (segment your client base)

Click here to read Hot business tip number 9: Set up a Board of Advice

Click here to read Hot business tip number10: Develop a client retention strategy

Click here to read Hot business tip number 11: Run a program where staff drive improvements

Click here to read Hot business tip number. 12: Build your emotional intelligence

Click here to read Hot business tip number. 13: Go Social

Click here to read Hot business tip number. 14: Get better at handling objections

Click here to read Hot business tip number. 15: Create stronger referral sources

Click here to read Hot business tip number. 16: Set up a Google account

Click here to read Hot business tip number. 17: Learn from leading advisers

Click here to read Hot business tip number. 18: Make better use of technology in your business

Click here to read Hot business tip number 19: Improve your office environment

Click here to read Hot business tip number 20: Develop a great value proposition

Click here to read Hot business tip number 21: Make more use of video in your business

Click here to read Hot business tip number 22: Optimise your website for mobile

The post Hot business tip number 23: Have a marketing plan appeared first on AdviserVoice.

Now, more than ever, it is imperative your website is mobile friendly.

Did you know that there are more mobile devices in the world than there are people?

With the rate of mobile devices growing five times faster than the population, and more than 50% of online searches for your business now done on a mobile device, incorporating mobility into your client-engagement strategy is no longer a techno-novelty – it’s a necessity.

This has important ramifications for all businesses that rely on their website to promote their value proposition, attract new clients and provide value to existing clients.

Although this trend has been evident for some time, recent research by Zurich estimates that less than one quarter of all advisers have optimised their website for mobile devices.

Pinching and zooming a regular website on a phone is not a good user experience, especially for older people with weaker eyesight.

True optimisation for mobile doesn’t mean that a website can be viewed on a mobile browser. Mobile optimisation means that a website has either been custom built for mobile, or is built in a way that allows the format to adapt to the device on which the content is being accessed.

Indeed, many industry experts now advocate a ‘mobile first’ philosophy which means if you are building a new site, you should first design it for mobile devices and then scale up, rather than the reverse.

Advisers should also consider providing access to their site via an app. Today it is possible to build apps for well under $10,000. Furthermore, apps can be developed that are device agnostic, so you don’t need to gamble on what type of device your users have.

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This is an extract from a collection of business improvement tips for advisers, launched at Zurich’s Trax2Success national roadshow, featuring the 2013 AFA Adviser of the year Jenny Brown.

Click here to read Hot business tip number 1: Look after yourself and your staff

Click here to read Hot business tip number 2: Survey your clients

Click here to read Hot business tip number 3: Place a higher value on your time

Click here to read Hot business tip number 4: Review your client onboarding process

Click here to read Hot business tip number 5: Adopt an estate planning methodology across your business

Click here to read Hot business tip number 6: Tailor your communication strategy by client generation

Click here to read Hot business tip no number 7: Change your approach to review meetings

Click here to read Hot business tip number 8: Create a differentiated service offering (segment your client base)

Click here to read Hot business tip number 9: Set up a Board of Advice

Click here to read Hot business tip number10: Develop a client retention strategy

Click here to read Hot business tip number 11: Run a program where staff drive improvements

Click here to read Hot business tip number. 12: Build your emotional intelligence

Click here to read Hot business tip number. 13: Go Social

Click here to read Hot business tip number. 14: Get better at handling objections

Click here to read Hot business tip number. 15: Create stronger referral sources

Click here to read Hot business tip number. 16: Set up a Google account

Click here to read Hot business tip number. 17: Learn from leading advisers

Click here to read Hot business tip number. 18: Make better use of technology in your business

Click here to read Hot business tip number 19: Improve your office environment

Click here to read Hot business tip number 20: Develop a great value proposition

Click here to read Hot business tip number 21: Make more use of video in your business

Click here to read Hot business tip number 23: Have a marketing plan

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Use more video.

Research by the Forrester Group, found that video content on a particular topic is up to 53 times more likely to be found on page 1 of a Google search than other forms of the same content, making it imperative to consider video as part of any search optimisation program.

But the use of video is more than just a search play, it’s increasingly being used as a mainstream communication channel across all parts of the advice process, from lead generation to ongoing client engagement.

Improvements in camera technology combined with changing consumer expectations and viewing habits mean that most advisers now have the means to produce video content of sufficient quality to share with clients.

As sponsor of the FS Smileys award, Zurich has worked closely with advisers demonstrating best practice in using video within their business. Examples we have seen include the ‘why’ video where the adviser explains what makes them tick, and why they do what they do. Others include:

• Personalised ‘prepare for your review’ and ‘welcome aboard’ videos.
• Happy birthday videos.
• Updates on market developments.
• Educational videos on a broad range of financial topics.

2013 Adviser of the Year, Jenny Brown is a big user of video with her clients. Using a $1,000 Sony camera she films most video in the office boardroom, and distributes via YouTube and Vimeo. (Both these platforms allow you to choose whether the video is publicly accessible, or protected by password, which is suitable for videos tailored to individual clients.)

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This is an extract from a collection of business improvement tips for advisers, launched at Zurich’s Trax2Success national roadshow, featuring the 2013 AFA Adviser of the year Jenny Brown.

Click here to read Hot business tip number 1: Look after yourself and your staff

Click here to read Hot business tip number 2: Survey your clients

Click here to read Hot business tip number 3: Place a higher value on your time

Click here to read Hot business tip number 4: Review your client onboarding process

Click here to read Hot business tip number 5: Adopt an estate planning methodology across your business

Click here to read Hot business tip number 6: Tailor your communication strategy by client generation

Click here to read Hot business tip no number 7: Change your approach to review meetings

Click here to read Hot business tip number 8: Create a differentiated service offering (segment your client base)

Click here to read Hot business tip number 9: Set up a Board of Advice

Click here to read Hot business tip number10: Develop a client retention strategy

Click here to read Hot business tip number 11: Run a program where staff drive improvements

Click here to read Hot business tip number. 12: Build your emotional intelligence

Click here to read Hot business tip number. 13: Go Social

Click here to read Hot business tip number. 14: Get better at handling objections

Click here to read Hot business tip number. 15: Create stronger referral sources

Click here to read Hot business tip number. 16: Set up a Google account

Click here to read Hot business tip number. 17: Learn from leading advisers

Click here to read Hot business tip number. 18: Make better use of technology in your business

Click here to read Hot business tip number 19: Improve your office environment

Click here to read Hot business tip number 20: Develop a great value proposition

Click here to read Hot business tip number 22: Optimise your website for mobile

Click here to read Hot business tip number 23: Have a marketing plan

The post Hot business tip number 21: Make more use of video in your business appeared first on AdviserVoice.

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  Understand the importance of your value proposition.

  Why would a client choose you over another adviser?

• What is it you do for them that they value and would happily pay for?
• Why would they keeping coming back to you over the longer term?

The answers to these questions are where you will find the seeds of your ‘value proposition’. A value proposition is more than a glib tagline, it’s actually a central element of your business, and encompasses issues such as your service offering, your pricing, and your ideal target audience. It drives what you do, and helps you focus on where you add value and where you don’t.

Developing your value proposition shouldn’t be done in isolation; it should involve all members of your business in an honest appraisal of your strengths. It also needs to be consistent and integrated across the value chain; for example there is no point identifying your ideal clients as doctors or small business owners if you don’t have expertise in the types of solutions these clients typically needs.

And don’t forget the clients themselves. Establishing what they place a value on requires actual client feedback. Ask them what problems they need you to solve, and what success for them looks like.

This is an extract from a collection of business improvement tips for advisers, launched at Zurich’s Trax2Success national roadshow, featuring the 2013 AFA Adviser of the year Jenny Brown.

Click here to read Hot business tip number 1: Look after yourself and your staff

Click here to read Hot business tip number 2: Survey your clients

Click here to read Hot business tip number 3: Place a higher value on your time

Click here to read Hot business tip number 4: Review your client onboarding process

Click here to read Hot business tip number 5: Adopt an estate planning methodology across your business

Click here to read Hot business tip number 6: Tailor your communication strategy by client generation

Click here to read Hot business tip no number 7: Change your approach to review meetings

Click here to read Hot business tip number 8: Create a differentiated service offering (segment your client base)

Click here to read Hot business tip number 9: Set up a Board of Advice

Click here to read Hot business tip number10: Develop a client retention strategy

Click here to read Hot business tip number 11: Run a program where staff drive improvements

Click here to read Hot business tip number. 12: Build your emotional intelligence

Click here to read Hot business tip number. 13: Go Social

Click here to read Hot business tip number. 14: Get better at handling objections

Click here to read Hot business tip number. 15: Create stronger referral sources

Click here to read Hot business tip number. 16: Set up a Google account

Click here to read Hot business tip number. 17: Learn from leading advisers

Click here to read Hot business tip number. 18: Make better use of technology in your business

Click here to read Hot business tip number 19: Improve your office environment

Click here to read Hot business tip number 21: Make more use of video in your business

Click here to read Hot business tip number 22: Optimise your website for mobile

Click here to read Hot business tip number 23: Have a marketing plan

The post Hot business tip number 20: Develop a great value proposition appeared first on AdviserVoice.

Get your office organised and functional.

A well laid out office can do wonders for team morale, productiveness, and health and wellbeing. Your office is also a powerful non-verbal message to your clients, saying much about you and your business.

In a survey of Australian businesses conducted for Australian office environment specialist Ambius, 72% of respondents considered their office environment as having a significant impact on staff engagement and productivity.

Important factors to consider include lighting, ventilation and heating. Matching the workspace and tools to the task is also important; for example multiple screens for staff working across different systems and documents can be an inexpensive way to significantly increase their efficiency and comfort.

Colour can also have a big impact on mindset; exposure to both blue and green has been shown to enhance performance on tasks that require generating new ideas. However, red has been linked with superior performance on tasks involving attention to detail. Colour can be achieved with a lick of paint or with paintings and other decoration.

It’s also vital to give staff an outlet from their work, and so some kind of breakout room or space is important.

From a client perspective, consider if your office portrays your practice in the way you wish to be seen, and make sure it is aligned to your typical clients (‘young and funky’ versus traditional).

Soundproof offices, quality furniture (often rented), big screens and Wi-Fi are increasingly being seen in adviser offices.

And thanks to the team at Nespresso, it is now possible for everyone to be a barista and give your client experience a real lift.

This is an extract from a collection of business improvement tips for advisers, launched at Zurich’s Trax2Success national roadshow, featuring the 2013 AFA Adviser of the year Jenny Brown.

Click here to read Hot business tip number 1: Look after yourself and your staff

Click here to read Hot business tip number 2: Survey your clients

Click here to read Hot business tip number 3: Place a higher value on your time

Click here to read Hot business tip number 4: Review your client onboarding process

Click here to read Hot business tip number 5: Adopt an estate planning methodology across your business

Click here to read Hot business tip number 6: Tailor your communication strategy by client generation

Click here to read Hot business tip no number 7: Change your approach to review meetings

Click here to read Hot business tip number 8: Create a differentiated service offering (segment your client base)

Click here to read Hot business tip number 9: Set up a Board of Advice

Click here to read Hot business tip number10: Develop a client retention strategy

Click here to read Hot business tip number 11: Run a program where staff drive improvements

Click here to read Hot business tip number. 12: Build your emotional intelligence

Click here to read Hot business tip number. 13: Go Social

Click here to read Hot business tip number. 14: Get better at handling objections

Click here to read Hot business tip number. 15: Create stronger referral sources

Click here to read Hot business tip number. 16: Set up a Google account

Click here to read Hot business tip number. 17: Learn from leading advisers

Click here to read Hot business tip number. 18: Make better use of technology in your business

Click here to read Hot business tip number 20: Develop a great value proposition

Click here to read Hot business tip number 21: Make more use of video in your business

Click here to read Hot business tip number 22: Optimise your website for mobile

Click here to read Hot business tip number 23: Have a marketing plan

The post Hot business tip number 19: Improve your office environment appeared first on AdviserVoice.