I know a few financial advisors who, just three years ago, were extremely successful. People were lining up to work with them. Today, they are just shells of their former selves. Why haven't they recovered like others after the market downturn? Why isn't 2010 turning into a great year for them? Why are they having trouble acquiring new clients? Why isn't their marketing working? If you find yourself in this boat, don't give up hope yet. There are three basic reasons that explain the less than satisfactory year these advisory firms are experiencing. Here they are:
1. The leader of the organization has not changed with the changing times. Changing is not about implementing all sorts of new strategies. When times get tough, the advisors who have thrived have gone back into sales, over-serviced current clients, focused on a niche, committed to reaching out to five new people a day, etc. What worked before will work again.
2. Referrals from clients and other professionals have ceased. If your clients are not talking about what you do, there is a reason. Clients certainly know others that are nervous about their retirement and their investments. Give your clients reasons to be great advocates again.
3. No significant value is being communicated to the public. If a firm is providing value but no one is talking about it, is it really value? Either the firm is not providing significant value, or people are unaware of the value. Clarifying what is truly being provided to clients is critical today. Let people know about your best attributes or find some new ones.
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