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TPC Newsletter Fall 2012


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Tips and ideas for an advisor's business

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TPC Newsletter Fall 2012

  1. 1. Follow usTel: 519-576-2262 Fall 2012 If you would prefer an email Tips and ideas for your business.What Comes First, theChicken or the Egg?The Effective Approach with a third party coach and brand coach. AdvisorsThe Personal Coach team has had the opportunity often try to get this client How to Hireto work with hundreds of advisors. More oftenthan not, an advisor comes to us for help with information Exceptionalthe development of TouchPoints (marketing through online or Employees for mail out surveys.materials) that they would like to implement as Unfortunately, Your Officepart of their practice (e.g. website, brochure, these types of The Personal Coach team isnewsletter, etc.). A common mistake we see with communication proud to announce that weadvisors is that they take a tactical approach with are publishing a booklet calledtheir TouchPoints without developing a strategic methods don’t capture the information that a brand coach needs The Right Fit Process™ toplan. help financial advisors hire to create your best brand. It’s imperative to hire right the first time. We know a brand coach who knows the financial services the costs involved if you hire industry and knows the right questions to ask. If the wrong person for the job. you are talking to your clients directly, they might This booklet will take you not be as candid with you about your business through the important steps personality, so a brand coach is also necessary to you need to follow in order to capture accurate information. hire someone who fits in with your team. The goal with branding is to create an emotional connection with your clients which you will learn If you would like to be one of the how to do as you read on in this newsletter. first to receive your copy of The Once you have a brand that a) reflects the value Right Fit Process™, please email us you offer to clients, and b) creates an emotional at connection with prospects, you are now in a for cost and delivery information.Before a financial advisor recommends a product position to build some their clients they like to spend time with their Fun Team Buildingclient to build and plan their strategy. The same TouchPoints that focus on the following are most Ideasthing should be done with an advisor’s marketing popular amongst financial advisors: The secrets of a greatmaterials – plan first and create a strategy! You i) Client Acquisition (e.g. website, brochure teamand your brand coach should meet to develop a outlining your process) A recent article in Harvardbrand that reflects your practice and then create a Business Review on “Thestrategy to implement your plan. Once this is done ii) Client Relationships (e.g. thank you cards, Secrets of Great Teams,”it becomes apparent which TouchPoints will make stationery) highlighted the importance ofthe most sense for your business. iii) Client Service (e.g. email signature, voicemail teams socializing together. The message) study suggested that even theThe key to successful branding is identifying your simple act of having employeesbusiness personality and what makes you and your You can download our MasterPoint Branding Program™ take their coffee break togetherbusiness different from everyone else. What is the document at increased productivity by 8%value you offer to your clients and how can you MasterPoint_2012_web.pdf or email us at confidence@ and up to 20% in some cases!communicate this value to your prospects? The to speak with our branding way to do this is through client interviews Continued on page 2
  2. 2. I recently attended a presentation by Million Dollar Round Table President, Jennifer Borislow, who has built a great team of 30 employees. Employees are offered perks such as an employee fitness centre, personal trainer, and team building activities which include golf tournaments, Inspiring Hope BBQ’s, and charity events. Once you have a compelling brand story, it will give you ideas for a slogan, elevator speech, a logo, images, and much more. But how can you do team building activities with a smallThe Secret Ingredient to a corner to guide you in the right direction and team? There are lots of optionsPowerful Brand keep you on course. including: spa days, canoeing, bowling, laser tag, paint ball,Many advisors are frustrated because they can’t Once you have a compelling brand story, it will cooking classes, paintableattract the right type of prospects. What are they give you ideas for a slogan, elevator speech, a ceramics, golf or ski days, rockdoing wrong? In his book “Start with Why,” logo, images, and much more. It will help you climbing, ropes course, zip lineSimon Sinek explains that successful leaders and determine what to put in your print material, etc. Keep your team’s interests and abilities in mind. Do thebusiness owners tell clients and prospects why website, thank-you cards, etc. activities during work hours sothey do what they do. That works because the That way, your client will understand why you employees with young families“Why” speaks to the behaviour and decision- do what you do. can still attend, plan the eventsmaking part of the brain, while explaining the together, include spouses if“What” speaks to the rational part of the brain, your team is very small, andand the “How” speaks to the feelings and loyalty take pictures to share withpart of the brain. To create an effective, powerful your clients. Most importantly, remain consistent and planbrand it is important to communicate all of these events year round. The mostto your potential clients, but do it in reverse order successful teams do an eventfor maximum impact. quarterly or semi-annually.Look at something you love to do, a milestone Assess your own marketing materials by:you achieved, or an event that has impacted you. Create YourLet’s say you run marathons. Determine why you 1. Booking off 20 minutes Marketing Planare passionate about running and how it reflects 2. Collecting all of your marketing materials Only 20 Minutes a Day!how you operate your practice. You might say 3. Spreading your marketing materials out and You have heard it time andmarathon running gives me the patience and scanning what you have created over the time again - if you want to bedetermination to succeed. It helps me understand past few years successful you have to plan.the importance of preparing and planning first. I Without a marketing plan 4. Asking, “Do all my marketing materials you can’t begin to attract themay run into unexpected obstacles like weather or consistently communicate my compelling right clients and your businessinjury. I count on coaches and experts to help me story and help others understand why I do will be stagnant. Creating aaccomplish my goals. what I do?” marketing plan doesn’t haveThen, draw parallels to wealth management. to be a daunting task. It can If you would like a copy of our Creating Your be done quite easily and whenClients rely on you to help them plan for financial Why Checklist, email us at confidence@ it’s most convenient for youindependence, but you may run into unexpected (This article was originally in your day-to-day changes and you need an expert in your posted in Market Your Advisory Practice Continued on page 3 tel: 519-576-2262
  3. 3. (MYAP) is a program that is based on 4 key pillars to create your marketing plan. i) Growing Relationships: The majority of your business is based upon existing clients, so focus on relationship building, cross-selling, client feedback, and providing outstanding service. Happy clients will want to introduce you to others. ii) Attracting New Clients: Start by defining your ideal Create a High Performing Team clients so you can focus your marketing efforts on people like them. Create your introduction talk and once youTips for creating a positive work training strengthens the team overall, increases perfect your message, share it team flexibility, and improves client service and with centres of influence andenvironment response time. It’s imperative that each team other referral sources.An effective support team can make all the member understands the relevance of his/herdifference in an advisory practice. If job and how it impacts the business. Knowingsomeone’s in the wrong role, you can have an the big picture promotes collaboration,unproductive or unpleasant work environment. increases commitment, and improves theWhen this happens, you’ll likely find yourself quality of work and client service.micro-managing, hanging on to tasks youshould be delegating, and feeling like the staff 3. Effective Leadership andis simply punching the clock. Common Goals Provide effective leadership to ensure staff iii) Increasing NameIn a positive work environment, people’s collaborate, grow, and develop as the firm Recognition: Share yourstrengths are matched to their roles, and message further through evolves. A critical aspect of leadership iseveryone works toward common goals. speaking engagements, trade feedback. It must be received in time to make associations, social media, andThis type of workplace leads to effective corrections; otherwise, it feels like criticism. your community. Branding iscommunication and problem solving. To Also, managers should provide feedback also the key to attracting thedevelop this type of environment, advisors on both mistakes and successes. Effective right clients.need to create the right business structure and leadership includes recognizing employees iv) Communication: Have ahire the right people. Yet, even though advisors for their good performance. Effective teams consistent process where youhave had a lot of financial training, they’ve also have common goals that are simple, are communicating to yourreceived little to no training on how to hire clients and prospects. Don’t measurable, and relevant. Each goal muststaff or build a team. let them forget about you. have key metrics that everyone on the team Use your Client RelationshipWe’ve worked with hundreds of advisors and can track. These metrics should be used to Management system to keeptheir teams over the years, and found there are determine team effectiveness and where track of when you have3 steps to creating a high-performance team: improvements need to be made. If you follow connected with clients and these 3 steps, you’ll see your team transform what the next action is (e.g.1. A Hiring Process sending a monthly letter toDefine the business need first, then the role. into a high-performing one. You’ll create an clients and prospects to stayFinally, find the right person to fit that need. environment free from constant supervision, connected).Align team members’ tasks with their natural fire-fighting, and micromanaging, and be able To learn more about how you canstrengths in mind. to focus on serving your clients. get the MYAP software, email us at2. Integration of Hires If you would like to speak to a coach, please email YouIntegrate team members by creating an us at or call us at can also learn more about marketing to prospects and clients by readingeffective training, development, communication, (519) 576-2262 (This article was originally posted Kim Poulin’s latest article,and feedback process. To increase the team in Market Differently to Prospects andmember’s awareness of how their jobs are Clients.interdependent, cross-training is critical. Cross- tel: 519-576-2262
  4. 4. We’ve Raised TIME FOR AN ASSESSMENT! Productivity Tip the Bar Looking to increase your At The Personal Coach we take a one-on-one productivity without increasing Higher with a focused approach with our advisors, evaluating your expenses? Create your 11 different areas of an advisor’s business when own “Business Dashboard” New Coach! we do their assessment. By focusing on these key using Excel. Our team is pleased to areas we help you identify areas of concern and welcome Jordan Rosenberg show you how to focus on improving and driving to The Personal Coach. your business forward. Jordan joined the Here are 2 areas out of the 11 areas we focus on: financial services industry in 1991 with a large Value Proposition fund company where he provided support to In this increasingly crowded marketplace, you, financial advisors. In 2004, he became a full as an advisor, need to be confident in what time coach assisting advisors in discovering distinguishes you from everyone else. You need their potential. Jordan is an amateur painter, to be comfortable with answering these questions motorcycle enthusiast, and is currently Canada’s This Dashboard will help you (Why should I do business with you? How will I monitor your progress in five #1 decathlete (10 track & field events) over the benefit from you? What makes you different from key business areas: revenues, age of 40. other advisors?). Nowadays you can’t distinguish assets, profits, appointments, yourself through the products you sell but rather, and hours worked. Your To learn more about Jordan, please visit his profile on the unique process you offer to clients. Always productivity will increase our website under “Meet engage your clients in this process and welcome significantly because you will Our Team”. constructive feedback. have target objectives for each month to focus on. Simply Marketing Plan divide each category goal by 12 As an advisor, marketing isn’t your area of to get your monthly goal. Take expertise so it tends to get put on the back 15 minutes at the end of eachPIECE OF MIND burner. You can’t get the results you want if you month and plot your actual results against your target don’t plan, so a documented plan of action will objectives. Holding yourself help you to attract new prospects and maintain accountable each month will better relationships with existing clients. You may motivate you to reach those feel comfortable waiting for clients to come to goals! you in order to sustain your business but if you really want to grow you need to take action. For a free sample of the Business To get a full assessment of your business before 2013, Dashboard, please email us at by Fortunato Restagno contact us at to schedule time with a coach! Personal Phrase of the Day “So many of our dreams at first seem Follow us impossible, then they seem improbable, and then, when we summon the will, they soon become inevitable.” We just started our TPC blog to better connect with you! Christopher Reeves Jordan Rosenberg, B.A. Sue Johnson, B.A. Coach - Central Canada Brand Coach Operations Manager Tel: 519-576-2262 Email: