Identify your type to refine your strategy

In life, it is usually best to play to your strengths. That is true when it comes to marketing, too. Advertising agency Doremus recently conducted a study of financial advisers and determined that they generally fit into one of four categories that reflect their interests, skills and traits, along with their strengths and weaknesses.

When it comes to your practice, it can be helpful to determine what kind of adviser you are so that you can pursue marketing activities that complement your style.

Analysis addicts. The study describes these advisers as “quiet entrepreneurs … highly attuned to the market and its forces. A data junkie who analyzes everything under the sun and relies on his own analysis and interpretation to guide market moves.” This adviser is most comfortable working one-on-one with clients and prospects.

The analysis addicts can leverage the hours spent reviewing research, catching up on the news or updating charts by using the information to create a regular report for clients and prospects. Take notes as you go along, and later use them to compile your thoughts on subjects such as market trends, the economy or interest rates. The update could be in the form of a blog, a weekly e-mail or investment newsletter. (The exact format and content would be subject to your compliance officer.)

Keep the items short and punchy so a reader can mention it to a friend at lunch. And give it a title like “Market News You Need Now” or “Economic Edicts from Evan.” Then build your distribution list. Being a regular presence not only generates loyalty among your clients, it is also a great way to establish yourself on prospects’ radar screens.

Relationship Romeos. “Client-focused and client-driven,” this adviser “feels a real connection to clients,” according to Doremus. Such advisers “would be happy to work with a close-knit group of clients long-term.” Although these advisers enjoy being around people, they prefer small-group settings.

If you are a relationship Romeo, consider round tables to expand your business. A round table is a small group of 10 to 12 clients and prospects with like concerns and interests, such as medical practitioners or small-business owners.

At these meetings, focus on topics that concern your group. To ensure everyone’s participation, ask a different member each time to lead the meeting and help you set the agenda. Round tables are a great way to generate referrals from clients and close the deal with prospects.

Empathetic evangelists. Advisers in this group, Doremus found, are “self-made and proud of it.” Although building their businesses is a prime concern, that growth is driven using “superior social skills that are underlined by empathetic and sincere client connections. Connecting and helping people are viewed as the path to personal and economic growth.”

An empathetic evangelist is an adviser who gets it. Put that to work by organizing a woman’s book club. Women are interested in learning more, so give them that opportunity by choosing topical books about finance or Wall Street. By making it for women only, you create a setting where they are more likely to feel comfortable asking questions.

Invite your guests to bring a friend and to volunteer to lead the discussion. Two important benefits to a woman’s book club: First, in many cases, an adviser’s relationship is primarily with the husband, though it is the wife who is likely to be left with the money, and second, making referrals comes naturally to most women.

Sales stewards. This adviser is “highly motivated” and “more socially oriented and open than most. The next connection is viewed as a potential sales opportunity, and relationships are valued most as a means to sales.”

Sales stewards are usually adept at marketing, so a good strategy for this type of adviser is team up for events with companies that are seeking the same clients. Upscale boutiques, jewelry stores or auto dealers might be interested in a joint event such as a wine tasting that could be held in their place of business. Adding the other firm’s guest list to your own means reaching more of the people you want to know.

This also gives you a chance to entertain your clients in a different venue. People enjoy being part of something special, so don’t leave the details — the food, entertainment and presentations — to your partner, tempting as that may be.

So consider what personality type you are, choose an activity and get marketing.

Libby Dubick is president of Dubick & Associates Ltd., a marketing consulting firm for advisers and financial services firms. She can be reached at [email protected].

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Related Topics: Marketing Strategies