1 Comment

Six Steps to a Great 2018 Marketing Plan

It’s not too early to prepare to rev up your marketing machine for 2018. To help you get started on your marketing plan and calendar, here are six steps we recommend:

Step 1: Begin with a review of your marketing results for the current year.

  • Check your stats for the number of new client households joining your practice this year, as well as the total amount of new assets brought in.
  • What percentage of your new clients would you consider ideal?
  • How were these new clients acquired?
  • What percentage of new assets came from new versus existing clients?

Step 2: What are your marketing goals for the new year?

  • How many new ideal households do you want to bring in?
  • How much increase do you want to see in new assets under management?
  • What is your total revenue goal? How would you break down that goal by sources, such as planning fees, AUM fees, other?

Step 3: Review and refine, or redefine, how you define your target/ideal client.

  • What quantitative factors do you look for?
  • What qualitative factors do you want to see?
  • What are the typical needs and concerns that your target/ideal clients have?
  • What are the unique qualifications that enable you or your practice to serve these target/ideal clients?

Step 4: Review and refine, or redefine, your marketing messaging. How do you tell your story so that it:

  • Connects with your prospective clients?
  • Speaks to their concerns and challenges?
  • Demonstrates your ability to help them?
  • Differentiates you from everyone else?
  • Compellingly calls them to action?

Step 5: What are the strategies that you plan to put in place that will enable you to get your story to exactly the people who need to hear it—your target/ideal clients? Here are some suggested strategies to consider.

  • Raise brand awareness. What will you do to make your message (who we are, what we do, how we’re different from our competitors) known in your community and particularly to your target/ideal client?
  • Promote referrals from existing clients. What will you do to motivate your clients to introduce you to ideal prospective clients they know who need the help you provide?
  • Develop relationships with centers of influence. What will you do to establish and develop relationships with COIs that will lead to their connecting you with ideal prospective clients?
  • What other strategies will you use to engage and develop relationships with target/ideal clients?

Step 6: After deciding on your strategies, it’s time to lay out your marketing calendar, so that each month has specific events and activities that relate to your chosen strategies.

Start with your biggest and most important strategies and events, and get them on your calendar first. Then you can fill in the smaller activities as appropriate. Some planners like to include themes for certain months or seasons of the year.

Events and activities could include:

  • Client social events. Strengthen your client relationships and provide opportunities for them to introduce their friends to you in a relaxed, comfortable setting
  • Educational events. Educational events could include small workshops in your office or local library, presentations to established organizations, or teaching adult education classes at a community college or university.
  • Letters, newsletters and blog articles. Written communications provide an opportunity to showcase your knowledge and expertise in areas of interest to clients and prospective clients, and are easy to share for referral purposes.
  • Notes, cards and gifts. Individual reminders that you are thinking of your clients and prospective clients help keep you top of mind and strengthen relationships.
  • Relationships with COIs. The best relationships with centers of influence develop over time with lots of nurturing, including one-on-one meetings discussing common concerns and challenges.
  • Community involvement. Engagement with and for non-profits and community organizations can help build your brand, enable people to experience the benefits of knowing you and get your story to more people.
  • Networking. Active networking can be done many ways and in many places—in your neighborhood, at social gatherings and while enjoying your favorite sports or recreational activities.
  • Other. You are limited only by your imagination in opportunities to engage with others who could become ideal clients or who could introduce you to your target or ideal clients.

If you are energized and ready to get started but need a little more structure, we would be happy to provide a 2018 marketing plan and calendar template that incorporates the concepts described here. Just send us an email and we’ll forward the template right back to you.

susan-kornegay
Susan Kornegay, CFP® is a consultant and coach with Pathfinder Strategic Solutions in Knoxville, Tenn.


1 Comment

How to Minimize Your Marketing Budget and Still Get Results

Want to know my favorite thing about inbound marketing? Anyone can do it, and you often get the best results from organic efforts.

Organic refers to campaigns and strategies that naturally attract your ideal prospects and clients to you—rather than paying to get in front of them. Organic marketing is free marketing with no barrier to entry.

So before you throw money at AdWords, before you rush out to hire a professional to do all your marketing for you, take a step back and consider that the only thing you actually have to invest is time.

How to Market Your Firm for Free

There are countless marketing strategies that don’t require a dime to implement. If you’re short on budget—or just want to stop massive marketing spends—try free or inexpensive tactics like:

  • Blogging and creating content (and publishing on platforms like LinkedIn, Medium or Tumblr);
  • Engaging on social media;
  • Creating a podcast or a video series;
  • Responding to reporter’s requests for stories or media queries;
  • Pitching influencers and media members with relevant, timely stories that contain something their audience would really want;
  • Developing your own event series where people can come and learn something for free (this could be a workshop, a webinar, a class, or just a networking event for a specific tribe of people);
  • Joining online communities and participating in discussions; and
  • Becoming part of in-person networking groups, business development initiatives in your area, and professional organizations or associations.

Minimize Your Budget Without Killing Your Time

Of course, the fact that all of the above takes a lot of time is the downside. That’s where organic, inbound marketing gets tricky.

It takes a lot of time to see results and as a firm owner or decision-maker in a financial planning practice, time is one resource you probably don’t have an abundance of. Still, that doesn’t mean you need to spend a ton of money or keep a massively inflated marketing budget to get results.

If you want to minimize your marketing budget but it’s not realistic to do everything yourself, here’s what to consider instead.

Know Your “Who” and “Why”

Always start with who you want to reach before you try and figure out what tactics you’ll use in your marketing. Where does your target audience live—online and off? How do they like consuming content? Understand your audience and what they want.

Then, be clear about what you want from your marketing. What’s the purpose or the goal? What does success look like for your firm? Marketing goals could include:

  • Brand awareness;
  • Greater visibility and name-recognition;
  • More referrals through word-of-mouth channels; and
  • Establishing thought-leadership or generating new business opportunities.

Your goals will also help inform your tactics. If you only want more exposure in the media and don’t care about creating your own blog, direct your attention to outreach strategies and PR campaigns.

If you want to be known as the go-to firm for a certain niche or as a thought leader on a particular topic, on the other hand, you’ll likely want to create a blog, podcast or video series establishing your expertise.

Build a Simple Strategy

Once you know what you’d like to do, map out a simple marketing strategy. You should be able to answer the following questions:

  • Goals: What are you trying to accomplish?
  • Metrics: How will you know if you succeeded? What does “successful marketing” look like for your firm?
  • Audience: Who is this marketing for? What are you trying to communicate to your audience?
  • Channels: What mediums or methods will you use to reach your audience?
  • Call to action: What will you ask your audience to do once you reach them?

Identify What You Love (and What You Hate)

With your simple marketing strategy in hand, it’s time to implement. Look at what you love doing, or what only you could do. Keep these tasks on your plate as long as they’re enjoyable.

Then, list out all the steps you absolutely hate doing—or just aren’t any good at. You should also list action items that you don’t know how to do (and would waste time on if you tried to figure out how to DIY).

Now, it’s time to divvy up those tasks. First, look around at your existing team and connections. Are there people in your firm who could take on some of these tasks (and want to)? Let others volunteer to help, especially if they have a passion for something like creating content, making connections and forging relationships with media, or managing systems and processes.

Outsource Wisely (and Cheaply)

Look at what’s left on your list of tasks that someone else needs to complete in order to implement your marketing strategy and plan. Sort these into two categories:

  • Time-intensive: These are relatively simple or basic tasks that most people could do—even if they don’t know how (by teaching themselves or getting a quick lesson in what to do).
  • Skill-intensive: These are tasks or projects that you need a trained expert to help you with. Not just anyone could complete these to-dos; a specific skill set is required.

Most tasks are time-intensive. Here’s where you can outsource cheaply to minimize your marketing budget:

  • Hire a virtual assistant: A virtual assistant and can help with most administrative tasks and very basic marketing functions, like scheduling social media posts, researching speaking opportunities. Good VAs range from $15 to $30 per hour.
  • Hire an editor: Can you jot down rough drafts for articles or marketing materials? If so, you might not need to spend hundreds on a freelance writer. You could simply hire an editor for about $50 per hour to wordsmith your drafts into polished pieces of content.
  • Hire an intern: You may feel wary about bringing a college student into your team, but younger talent can be immensely valuable when it comes to marketing. For best results, map out the marketing projects you want help with first and be as specific as possible. Don’t expect your intern to work for free, either. Show that they and their work are valued in your firm by paying them a reasonably hourly wage and help structure their workload by agreeing to a set amount of hours each week.

As for those remaining skill-intensive tasks? Consider working with an expert on an as-needed basis. There’s no need to keep a professional or an agency on a 24/7 retainer if you’re trying to minimize your marketing budget. A periodic consulting call or help with a few projects throughout the year may be all you need to market successfully.

KaliHawlk
Kali Hawlk is the founder of Creative Advisor Marketing, an inbound marketing firm that helps financial advisers grow their businesses by creating compelling content to attract prospects and convert leads. She started CAM to give financial pros the right tools to build trust and connections with their audiences, and loves helping advisers find authentic ways to communicate in a way that resonates with the right people.


3 Comments

Adviser Blackout: Why Isn’t Your Site Showing Up in Google Results?

One of the top reasons advisers come to us for help is to get their site to show up early in Google search results. It makes perfect sense. You’re a great adviser, so you want to be front and center when someone searches for “financial adviser [your city].”

Before we get started, let’s look at why search engine optimization, commonly referred to as SEO, matters. (Many thanks to Hubspot for compiling all these statistics.)

  • Google gets more than 100 billion searches per month
  • 81 percent of shoppers do online research before making a decision
  • 51 percent of smartphone users have discovered a new company while performing a search on their phone

With so many people researching and finding new companies through search engines—especially Google—advisers need to make search ranking a priority.

The problem is that Google’s algorithms (which determine the results of searches) are constantly evolving. According to Google, they change their algorithm at least once a day, and they’re reported to make up to 600 changes per year.

So how are we supposed to keep up? These three factors have been proven to play a big role in determining results.

1.) Establish Authority. SEO experts are always talking about the importance of establishing something called authority. It can seem like a vague and difficult concept when it comes to web search, but it’s really fairly simple.

For the same reason I don’t show up until page six of the results when I Google “Zach McDonald,” you have to prove that you are one of the items people want to find when they search for “financial adviser [city/state].”

If your site is brand new and your visits are fairly minimal, Google won’t ascribe much importance to you.

You have to establish authority first by publishing useful blogs and promoting those blogs via social and paid ads. After that, you have to give Google a little time to recognize that people now want to see your website. Once that’s established, you’ll see your rankings rise. And when I say “give Google a little time,” I mean anywhere from six months to more than a year.

2.) Make Sure Your Mobile and Desktop Sites Match Up. Mobile searches first outpaced desktop a couple years ago and have continued to do so ever since. As a result, Google has continuously tweaked their algorithms to place more and more importance on mobile sites.

Last November, Google announced they will be adopting a mobile-first indexing strategy.

Basically, they’ve been evaluating websites using desktop content for years, but a lot of sites have “lite” mobile versions to make them easier to navigate on a phone. That leads to issues when the majority of people use their phones for searches, then get results based on desktop content, and end up on the mobile site, which may or may not have the content they searched for.

So Google’s going mobile-first (probably sometime in 2018), and that means your mobile site needs to have the same information as your desktop site. While they may not fully implement mobile-first indexing for a little while, chances are their algorithms are already leaning heavily in that direction, so now’s the time to fix this problem.

Bottom line: You don’t want Google’s bots, which determine if you belong in their search results, scanning your mobile “lite” site and missing essential blogs and other information that could boost your standing.

If you have a responsive site—where your website looks different on mobile than desktop but the content is all the same—then you’re fine. That’s one of the reasons we only develop websites in WordPress: responsiveness comes standard.

If you have different mobile and desktop versions, here are some tips from Google on how you can bring your site up to speed.

Want to talk about how we can help your website achieve true mobile-friendliness? Drop us a line.

3.) Follow These Three Simple Rules of Local SEO. One of the first rules of SEO is that content is king. Produce quality blogs and videos regularly, attract people to your site, and your search ranking will improve.

And that’s absolutely true—except when it comes to local SEO. Getting into local searches has little to nothing to do with blogs (although getting to the top of those searches is a different story). It’s typically established through your site’s pages.

Here are three simple things you (or even your intern!) can do today that can make a big difference when people search for “financial adviser [your city].”

Make sure your firm name, address, and phone number are on every page, and that they’re always cited in the same way. This one’s so important that SEO experts have even designated an acronym for it: NAP (name, address, phone number). It’s easy to do—just insert that info into your site’s footer. As simple as that seems, this is one of the most common mistakes on business websites. Wherever you insert your NAP info, do your best to keep it consistent. There is some debate in the SEO community over whether NAP formatting inconsistencies affect your site’s rankings, but it’s better better to be safe than sorry.

Register with Google My Business and Bing Places. This takes just a few minutes. Fill out your profile using the links above, and make it as full as possible. Google loves it when people play by their rules, so if you only put your name and phone number in there, chances are they’re dinging you for that. Put in your website, appointment URL, phone number, address, office hours, and even add a couple pictures. Same with Bing.

You won’t see results immediately on this one. After you register, they’ll mail you a postcard with a PIN to confirm that you’re actually affiliated with the business. It took about two weeks for our postcard to come when we registered.

Register with online directories. Claim your firm’s profile on sites like MerchantCircle, Yelp, Local.com, your local newspaper’s directory, and chamber of commerce, just to name a few. That way you can make sure your firm’s information is correct (not to mention you can easily respond to reviews if you feel so inclined). When your NAP information on directory listings matches the information on your website, the Google gods will smile upon thee. If Yelp has your number wrong and somebody tries to call you, they’ll probably either assume you went out of business or just move on to another firm.

Don’t expect overnight results. SEO is a long process. We helped a client edit, publish and release a book last year. Now, almost a year later, their book is at the top of Google results. That success story required planning, strategizing and promotion (and patience), but the end result is worth it.

Your digital presence doesn’t just happen; it’s what you make it. Follow these three steps and you’ll be on your way up in Google’s results.

zach-mcdonald
Zach McDonald is the editorial director at Mineral Interactive, which partners with client-focused firms looking for custom marketing solutions.  


1 Comment

Use the ‘Mere Exposure Effect’ to Attract More Clients

We tend to like people we’re most familiar with.

According to this Social Psych Online article, the phenomenon of liking something or someone after we become more familiar with them is called the mere exposure effect.

Basically, the more you see or hear something, the you more you like it. A 1992 study published in the Journal of Experimental Social Psychology demonstrated just how far mere exposure can go. Scientific American noted also that people tend to like people they share things in common with.

Researchers had four different women with similar appearances attend a college class numerous times throughout the semester. One woman didn’t go to any classes, another attended five times, another attended 10 times and the last one attended 15 times. The women simply sat in on the lecture, not interacting with any students.

At the end of the semester, students were asked to evaluate the women on several scales, one of which was physical attractiveness. They rated the woman who’d been to the class 15 times more positively than the other three, Social Psych Online reported.

How Can Advisers use Mere Exposure to Their Advantage?

So just by being around others more often, you have a greater chance that they will view you more favorably. This underlies many of the tenets of networking; the more you put yourself out there, the more others will view you more favorably over time.

But, you don’t have to physically be present for mere exposure to work. Advertisers like McDonalds discovered this long ago, and have been using it to their advantage for decades, as noted in this Science Blogs post.

By sharing information about yourself online, being active on social media and participating in online discussions, others will come to feel as if they know you and will be more likely to feel that they like you.

Twenty over Ten notes that you can nurture this even more if you go one step further and share a bit of personal information about yourself. Write blog posts or articles that include personal anecdotes and stories, which open the door to building rapport and allowing prospective clients to find things about you that they might share in common.

10 Blog Post Ideas to Write and Share to Speed Up the Mere Exposure Process

Every blog post you write is a chance for readers to learn more about you. We know that consumers make choices based not just on services, but based on who they ultimately think they’d enjoy working with.

1.) “Meet the Team”

A “meet the team” post is essentially a blog post that revolves around a Q&A session with you or one of your colleagues. Sharing a glimpse into that team member’s life allows your readers to get a better understanding of the individual and who they are as a person. For example, some questions the team could answer are:

  • What gets you up and going every morning?
  • Where is your favorite place you’ve ever been on vacation, and why?
  • What books are on your nightstand?
  • What inspired you to become a financial adviser?

2.) “5 of My All-Time Favorite Books”

Any favorite books? Articles? TV Show Commentaries? The information we are drawn to and consume says a lot about us. Listing these out in a blog post allows readers to get a sense of who you are, and gives you a great talking point. Sharing this post on social media and asking others to share their top five favorite books also fosters discussion—and you may even reach a new audience of prospective clients.

3.) “Financial News I Read Every Day (That Is Worth Your Time Too)”

Similar to example No. 2, you can share the financial news you read to keep up with daily events. Although it is more geared toward finance, this is still a great way of connecting with your audience because it shares a glimpse into your interests and fosters a sense of care. You are staying up-to-date and educated on behalf of your clients—and this blog post would show that.

4.) “A Peek at Our Own Family Budget”

In this type of post, you can share a glimpse into how you and your family budget and save, and the trade-offs you make personally. For instance, you may want to specifically gear toward a scenario like: “Simple Do’s and Don’ts to Saving for a House” if you are building a client base of millennials. You can discuss the uphills, the downhills, the peaks and the trials to budgeting. We are all instinctively drawn to seeing how others live and these types of post naturally pique our interest.

5.) “Conversation with a Current Client”

For this type of blog post, talk to the client in advance to get permission and ensure them they will remain anonymous. Essentially, this blog post should let prospective clients know the type of situations you and your firm deal with when it comes to handling clients and their financial situation. For instance, you might have a series of “Conversations with a Client”—one client in their 30s, one in their 40s, etc.—that revolve around the biggest questions clients have in those age groups. Or your approach could be “Conversation with a Client Business Owner,” etc.

6.) “My Family Vacation”

Have you taken a recent vacation? Talk about how you handled the budget for vacationing, along with friendly travel tips. For instance, you may have some great recommendations for the resort you stayed at, or the beaches you visited. As we all look forward to our vacations and usually spend a good deal of time investigating which locations/resorts/experiences will be the best value and most interesting, your readers will appreciate your own tips.

7.) “Budgeting for Big Life Events”

With weddings, holidays and many of life’s big events, money is always an important factor. In this blog post, you might share how to effectively save and budget for such events. Because the post will be in real-time (especially with holidays) your chances of getting more reads are definitely higher. For example, a post titled “Budget Friendly Tips for Holiday Spending” around November is sure to get many reads!

8.) “The Top 5 Tools I Use to Run My Business (That are Worth Every Penny)”

In this post, you might share the tools you use to run your business. Are there any tech tools that you couldn’t live without on a daily basis? Perhaps there is a scheduler app to schedule appointments? Or you might use Google Drive to share documents? By sharing your top tools, your readers can get a glimpse into your daily practice and immediately feel more connected with tools they may even potentially use themselves.

9.) “How I Save Money Every Day in the Simplest Ways”

Do you cut back on your daily Starbucks coffee and make your own at home? Do you pack your lunch instead of ordering out? Share a glimpse into your daily spending habits, and how your small trade-offs result in large savings. This type of post provides inspiration to your reader, where he or she may even begin to pick up your own smart saving habits. And since you often ask your own clients to track and take note of their own spending, this is a great “practice what you preach” post.

10.) “How I De-stress from the Financial Markets”

Being in the financial industry is isn’t always easy. With fluctuating markets and worrisome clients, it can even be extremely stressful. What daily rituals do you practice to stay at peace? How do you de-stress? Similarly to No. 9, this type of post can also provide plenty of inspiration to your readers, who may also have high-stress jobs.

Sam_Russell_Headshot
Samantha Russell is the director of sales and marketing at Twenty Over Ten, a web development company that creates tailored, mobile-responsive websites for financial advisers. She’s spent the last five years empowering advisers to market themselves effectively online using digital tools. With a background in marketing, social media and public relations, Russell focuses on helping business owners understand the value of their online presence and connecting them with the marketing tools and digital solutions they need to effectively manage their brand and engage clients.


Leave a comment

8 Cybersecurity Best Practices

White Paper 3.jpgWhen it comes to cybersecurity breaches, there’s good news and bad news, according to the latest whitepaper from the FPA Research and Practice Institute™ and TD Ameritrade Institutional.

The good news is only 4 percent of firms surveyed experienced a security breach. The bad news is that while larger firms tend to experience more data breaches, smaller firms are increasingly being targeted.

But the whitepaper titled “Cybersecurity: Current Threats and Risk Management” offers readers a list of things to do to mitigate risk.

1.) Create a map of what should happen in the event of a security breach so that your entire team is on the same page.

2.) Update all email systems to limit potential for phishing attempts.

3.) Frequently scan for potential vulnerabilities. Scan more often than just quarterly or even annually to ensure your company and client data isn’t compromised. It may cost more now, but it will pay off in the long term.

4.) Brush up on your basics. Make sure you and your team both know what things make your data vulnerable and ensure that you’re not doing them. Read our last blog on for some tips on how to keep your firm safe.

5.) Ensure all your and your employees’ mobile devices have safeguards to protect any data that can be accessed on them. Ensure that sensitive data is erased form these devices should an employee leave or get a new device.

6.) Ensure only company-issued hardware and devices are accessing your company network.

7.) Identify what data must be encrypted and properly encrypt any sensitive data that is sent via email.

8.) Do not use personal email accounts for business. Create and enforce a policy that prohibits or limits employees from using personal email for work-related correspondence.

Download the full whitepaper here. Find the full cybersecurity research report, along with the other whitepapers on the topic here.

 


Leave a comment

9 Cybersecurity Tips to Keep Your Firm Safe

If somebody walked up to you and asked for your house keys, you wouldn’t give them away. But when somebody asks for our key identifying information on the Internet, most of the time we willingly hand it over. That’s what representatives from SeeGee Technologies Inc., a next-generation technology solution provider, told FPA staff at a recent cybersecurity training.

You may think that just because you have a small firm, cyber criminals don’t have any interest in you, but that’s not true. In fact, you are their portal into bigger pools of information. And your employees could unknowingly be putting you and your clients at risk each time they access sensitive information over unsecure connections.

“No individual or business is safe,” said Daniel Lakier, chief technology officer for SeeGee.

Always exercise common sense and responsibility when using the Internet and apps—don’t click on pop-ups, don’t click on links to track packages you aren’t expecting, and don’t provide personal information to hackers posing as your bank.

Here are some tips to keep your personal information and your firm’s information safe:

  1. Establish strong passwords and update them every 90 days.
  2. Don’t download email attachments you aren’t expecting and beware of emails telling you to download software to fix problems.
  3. Install anti-virus and anti-spyware programs on all devices before connecting to the Internet.
  4. Install and use a firewall on every device.
  5. Have physical access controls for all your devices.
  6. Backup all important data daily.
  7. Keep your software updates for browsers and operating systems current.
  8. Limit access to sensitive and confidential data and don’t ever access it on unsecure connections.
  9. Get technical expertise when needed.

For more information, visit seegee.com. Find more tips on cybersecurity from the FPA Research and Practice Institute™ here.

anaheadshot

Ana Trujillo
Associate Editor
Journal of Financial Planning
Denver, Colo.

 


Leave a comment

There’s Work to Be Done, says Cybersecurity Report

FPA_2016Cybersecurity_Report_R7.inddA day doesn’t go by when there’s not some attempt to hack personal information, Bryan Baas, the managing director of risk oversight and control for TD Ameritrade Institutional said at press conference at FPA BE 2016.

Baas was speaking on the results of the “Is Your Data Safe? The 2016 Financial Adviser Cybersecurity Assessment” study conducted by the FPA Research and Practice Institute™ and sponsored by TD Ameritrade Institutional.

Advisers are well aware of the issue and 81 percent of those surveyed say it is a high priority for them. But despite this, less than half of the advisers surveyed don’t understand the risks and how to mitigate them.

“Cybersecurity is with us every, single day,” Dan Skiles, president of Shareholders Service Group and a member of the FPA Board of Directors said. “It is something advisers need to worry about today, tomorrow, 10 years from now.”

The report found that there are several areas where advisers can improve in terms of establishing and implementing documented policies and procedures.

When it came to governance and risk assessment, 57 percent of the 1,015 survey participants had documented policies and procedures in place; 59 percent had them in place for access rights and prevention; 58 percent had them for data loss prevention; 51 percent had them for vendor management; and 43 percent had them for incident response.

Simply becoming aware that there is work to be done is an important first step.

untitled-7041What Can Planners Do Now
It doesn’t have to be so complicated, said Brian Edelman, CEO of Financial Computer Services, Inc.

Become aware. Become aware of what components you need to be looking at. Take an inventory of your data and do some risk assessment, which is similar to what you do with your clients.

Know that if there is a breach, you are responsible for notification. It’s embarrassing and distracting to have to tell all your clients there has been a breach, but the rule is clear that you must be the one to notify the clients.

If you have plans in place, practice them once. Ensure that your team is aware of what to do in each type of event that could possibly occur.

Give your clients tips to stay safe. Oftentimes, a breach that happens to you happens because one of your clients was hacked. So give them tips to employ tools like dual-factor authentication on their Gmail accounts.

Vet your vendors. You’re trusting these third-party technology companies with your information, so ensure that they are safe themselves. Visit their offices and see how they work and ensure they’re doing all they need to do to keep you safe.

These things might be a pain, but they’re necessary steps to ensure yours and your clients safety.

“What is an inconvenience to you is most likely a roadblock to the bad guy,” Baas said.

Three upcoming whitepapers will be released by The FPA Research and Practice Institute™ and TD Ameritrade Institutional that will give advisers information on the following topics: how advisers are communicating with clients regarding cybersecurity; how advisers are training their teams on issues related to cybersecurity; and what tools and technology (and its associated costs) advisers are using to protect their business.

For the full study, visit www.onefpa.org/Cybersecurity.

AnaHeadshot

 

Ana Trujillo
Associate Editor
Journal of Financial Planning
Denver, Colo.