Dan Moisand thinks advertising to attract new clients is a waste.
Giving clients a superior experience and extraordinary advice is the key to business development at Moisand Fitzgerald Tamayo. New clients often come as referrals from existing clients or other professionals who witness the expert service, said Mr. Moisand, a principal at the
financial planning firm.
“People don't refer their friend to their adviser to help the adviser, they want to help their friend,” he said.
The Orlando-based firm, which manages about $400 million in assets, has a great track record.
It has consistently grown at above average industry rates for more than a decade, according to Mr. Moisand. From 2002 to the present, the firm has experienced an 11% average annual growth rate, he said — and that includes some tough times in 2008 and 2009.
Everyone at the firm, starting with those who answer the phones, is directed to think about how they impact clients. The goal is to always be improving the client experience, he said.
“Our clients know that we care because we actually care,” Mr. Moisand said.
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Part of that caring and excellent service involves educating clients and working with them on how they intake news so they don't become overly worried by headlines. The firm also is careful not to provide too much information to clients, consciously deciding not to provide a weekly market update, for instance.
The firm's (trademarked) tagline is “A sanctuary from the noise.”
“The idea is that it's a complex financial world and our job is to make it easier,” Mr. Moisand said.
(More: Follow the lead of top performing firms to boost business development)
Social media does not play much of a role in attracting business at the 16-year-old firm. Every partner and a few others at the firm are on social media, but not for marketing purposes.
Mr. Moisand also writes regularly for consumer publications, such as Florida Today and the personal finance site of the Wall Street Journal.
“Advertising in general is a waste of time and money,” he said. “We only advertise when we have something significant to say, something that is competitively unique.”
Tip sheet
- Be great at what you do, and other professionals will notice and refer people who need your help.
- Client referrals need to be constantly coming in, but be careful how advisers ask for them. Don't be awkward. Explain who you help and how.
- Focus on the client experience and constantly improving it to draw more referrals.
- Market to the crowd the firm serves best; don't try to be all things to all people.
- Don't refer a client to another professional expecting reciprocation, do it only because they are a great professional for your client to work with. Reciprocation will come in time.
- All firms say they are good planners, ethical and provide fantastic client service. Live up to it, and the marketplace will decide.
