How advisers can drive growth in any environment

I recently presented at a conference in Montreal with more than 100 advisers in attendance. For many, this was the first trip they’d taken in two years and the first time they’d sat down in person with their peers. Everyone agreed that the pandemic era has been one of the most difficult periods they’ve faced in this business. Yet, when I asked advisers to stand up if they’d had their best year ever in 2021, it looked as if everyone in the room rose to their feet!

As a group, the advisers in the room averaged 27% year-over-year growth, and many expect 2022 to be an even better year. Their referrals came from connections that were fostered during the pandemic, and these advisers now have a strong base to grow their practices moving forward.

But as one adviser wisely stated, “It doesn’t do to become complacent.” So during one of the designated roundtable sessions, attendees gathered and dedicated time to brainstorm their best strategies for driving growth. Here are a few of the key approaches from their conversations:

Communicate with clients. For the past two years, advisers spent time and energy caring for their clients and even going the extra mile to deliver groceries to those quarantined at home. These advisers were always available and kept clients informed about what was happening in the markets, even when the news wasn’t positive. They recognized the importance of simply reaching out to say “Hi,” celebrating happy occasions with their clients or offering support during difficult times.

Optimize efficiency. Zoom has helped advisers become more efficient in ever-changing work settings, and other tools can have a similar impact. Planning software tools, such as RightCapital, eMoney Advisor and MoneyGuidePro, were highly recommended by the attendees. Risk analysis software for financial advisers was another invaluable tool used to measure portfolio risk. Calendly, an automated scheduling tool, was also favorably mentioned by the group.

Personalize connections. High-touch connections and marketing ideas were freely shared, but the attendees also stressed the importance of a personal touch. These advisers spent time and thought selecting small gifts to let clients know they care. Some personalized examples included baking pies at Thanksgiving, giving treats or toys to new family pets, and recognizing significant client milestones. If surprising and delighting clients is part of your plan for 2022, you may also want to check out a great book, The Power of Moments, by Chip and Dan Heath.

Engage prospects. Client events are coming back, and advisers have been pleasantly surprised by the strong demand. The group discussed creative ideas that ranged from renting a movie theater to show a family-friendly flick to leveraging local events like concerts in the park. For example, if there’s an event, play or sing-along in the community, advisers could set up an area in advance and invite clients to join them for refreshments and conversation.

THE POWER OF CONNECTION

The roundtable discussion was energetic and informative and even spilled over into the luncheon! But the biggest takeaway of all was clear to everyone — how much we’ve missed each other during these unprecedented times. Some advisers have started holding meetings back in the office, and while not all clients are comfortable coming in, those who have resumed in-person consultations remarked on how much they’ve missed their adviser, too.

Despite the constant changes to their surroundings, advisers have built loyal client relationships that will last — and they’re seeing a steady stream of referrals and new assets as a result. But advisers get their true satisfaction from getting to know clients personally and helping them on a deeper level. So as we start to safely emerge from the winter months, I hope you find the same joy in connecting with colleagues and growing your client base — in any environment.

Kristine McManus serves as chief advisor growth officer at Commonwealth Financial Network.

Related Topics: Commonwealth Financial Network LLP