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Seize the Summer with These 3 Growth Activities

Summertime can be a wonderful time to relax and recharge your batteries after a tough spring. But it can also be a great time to grow. Many advisers and their staff have excess capacity at this time of year, as clients are off on vacation. So, before you leave work early, stop and think about what a productive summer could mean for your business. You could be in high-growth mode come September instead of looking at a long list of tasks you need to complete before year-end. Here are three ways to help you get there.

Here are three growth activities you can do this summer:

1.) Connect with clients. Summer offers many opportunities to strengthen relationships with your best clients. Be sure to actively listen when clients talk about their vacation plans. If they are traveling to a particular destination, follow up with an article or item geared toward their trip. For example, clients going to a cooking school in France might love a whisk, along with a note saying you hope they whip up some wonderful summer memories. Clients heading to a national park might be thrilled to read a timely article on the “10 Things You Didn’t Know About Yellowstone.” These types of gestures could get clients talking about you, leading to introductions to potential new clients.

There’s another benefit to active listening: the ability to source names to follow up on at another time. Who is on the client’s tennis doubles team or golf foursome? Who will be at the lake house? Who’s coming to town for the family reunion? Be sure to add these names to your CRM system or database to keep your pipeline of prospects full and healthy.

2) Get to know clients’ families and friends. Are children, grandchildren or other relatives coming to town? Mention that you’d be delighted to meet them. Perhaps clients are hosting a barbecue you could attend. Or maybe there’s a Little League game in your area where you could watch their son or granddaughter pitch. Imagine their surprise and delight to find you in the bleachers, cheering on their young ones. And if you bring along a small cooler with popsicles or ice cream treats for after the game, you can quickly get introduced to a large number of players (and their parents) and make a great first impression. It’s a great way to turn clients into advocates for you.

3) Leverage community events. Many cities and towns hold free summer events that you can spin into your own unique entertainment offering. Invite clients to attend an outdoor movie in your community, and bring along blankets, popcorn, movie treats and soda to hand out. Or suggest clients come enjoy a band concert in the town square with you, and offer them wine and cheese while they relax to the music. (You’re likely to have clients introduce you to others, too, in a casual setting like this.)

Remember to take pictures (get permission, of course), and leverage the event even further by sharing those images on your website, blog or social media channels. The opportunity to delight your clients and meet potential new ones is all around you this time of year.

Make this summer fun—but make it matter to your business. When you prioritize connecting with clients, and getting to know their friends and families, you’ll create a pipeline full of prospects that can propel your business forward. And you’ll be well positioned to capture business leading into the end of the year.

Kristine_McManus_2_lg
Kristine McManus, is the chief business development officer of Commonwealth Financial Network.


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5 Steps to Manage Critical Mass

It never ceases to amaze me when I get a call out of the blue from a former client who is concerned with how their business is doing. Typically, they have had a downturn in their production for various reasons such as lack of prospecting or motivation or even as a result of being complacent. However, today was an interesting turn of events when I receive a call from a previous client, Seth, who was excited to inform me that his business had reached what he termed “critical mass” and he didn’t know what to do about it.

Apparently, his consistent prospecting had paid off and he was now bringing in more assets, new accounts and doing more production than he had ever done before. I congratulated him on all of his accomplishments and that is when the conversation turned to the real reason for his call. He simply said, “I need your help. I have no idea how to manage this level of success.”

I’m sure we can all agree that this type of scenario is a good one to have, but regardless it was now proving to be a challenge. Since we had worked together, he trusted me and knew we would brainstorm a solution.

Following is a brief overview of some of the suggestions I would offer to you if your business grows beyond your expectations.

Step 1: Know What You Like and Don’t Like to Do. Some advisers and agents like to prospect while others like to manage their client base. The first step is to get crystal clear in understanding what you like and don’t like to do. Simply make a list of all the weekly activities you need to accomplish regularly and put a plus or a minus after each. It won’t take long before you realize what activities you look forward to doing and what activities you dread—if you didn’t know already.

Step 2: Do What You Love and Delegate the Rest. In Seth’s case, he loves to prospect and that is a big reason why his business had taken off. He also loves to manage his client base. However, about six months ago his assistant had decided to be a stay-at-home mom so she resigned. To save money, he chose to be his own assistant. Unfortunately, there is no one to delegate things to that he doesn’t like to do, such as the administrative activities and day-to-day operational tasks. The solution for him was to find someone who loves to do these types of activities. So, he needed to hire, train and delegate everything not involving prospecting and managing the client base to somebody else.

Step 3: Create a Scalable Business Model and Stick to It. In order to consistently manage steady growth, it’s important to have a scalable business model. Seth had realized that years ago when he transitioned his clients to fee-based accounts and continued prospecting as well as systematically servicing his clients. Within a few short years, he had doubled his assets and revenue. His fee-based model allows him the time to continue growing and managing his book of clients. And it shows.

Step 4: Create a Team. At some point, it’s important to admit that in order to continue growing and servicing your client base effectively it takes more than one or even two people. Eventually, Seth will have to look at adding some additional people to his team. One example would be to add a paraplanner to help put financial plans together. Since he is a people person and loves to connect, it might be a good fit to have someone who loves to do manage the behind the scenes work. This would free up some of his time to continue prospecting and meeting with his client base.

Step 5: Expand Your Value. Another option is to expand your value by introducing additional services to your client base. An example of this is for Seth to add an insurance agent to the team who would cross-sell to the client base offering quotes on property/casualty, life, health and even long-term care insurance. Doing this would not only help his clients but it would also help him retain his client base.

Why Strategic Growth is Important
Generating critical mass doesn’t happen to everyone. However, if you consistently prospect it can happen to you. The reason why having a strategy to consistently grow your business is important is because it will help you reduce the growing pains that come along with success. When you know what the next step is, then you are not afraid to take it.

Have you mapped out your success? If not, why not? Discuss this with me in a complimentary 30-minute coaching session. Schedule one by emailing Melissa Denham, director of client servicing.

Dan Finley
Daniel C. Finley is the president and co-founder of Advisor Solutions, a business consulting and coaching service dedicated to helping advisers build a better business.