InKnowVision May 2012 HNW Marketing Webinar


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In this 25 minute session we focused on 5 strategies that will begin the process of filling your high net worth prospect pipeline and why you must use LinkedIn as one of your top marketing and rainmaking tools.

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  • Welcome to today’s program. I am pleased so see so many in attendance today. In the next 25 minutes we will cover 5 strategies that I encourage you to employ in your practices immediately. So let’s get started.
  • As always I like to set some goals so that next month we can hear how things are going and if you have achieved any of them. Today I will be sharing 5 strategies that will start attracting HNW prospects. I will also share with you 3 reasons why you can not ignore LinkedIn and give you 2 ways to get jump started. In the end you will learn why your return on investment will effect your investment on your relationships and what the monetary effects are.
  • Let’s look at some recent industry surveys. According to a Cogent Research survey of American and Canadian investors with more than $100,000 in investable assets, more than 5 million high-net-worth investors are currently using social media for a variety of financial planning and investment research activities. Of this group, almost 75% identified LinkedIn as the social media platform they use the most for investment research—more than twice the number who are using Facebook, Google+ and Twitter combined.
  • Among “ultra affluent” investors—defined as those with more than $5 million in investable assets— investment research was identified as the top reason they visit the LinkedIn site and investment groups.  
  • Compared to the average investor, the ultra affluent are 37% more likely to trust information on their LinkedIn network and 157% more likely to trust articles that are shared on LinkedIn, the survey found
  • The survey found that respondents feel LinkedIn has created a “trusted platform for financial service companies” to engage with HNW investors and, compared to other social media sites, LinkedIn is the preferred platform for financial content, connecting with business colleagues, posting business updates and sharing and receiving new information about their industry. Remember People only do business with other people that they know, like and trust. You need to earn the trust of your clients and prospects by letting them get to know you, your credibility, reliability and focus on serving others.
  • According to a Hubspot 2011 survey of 611 advisors, 61% said they had landed a new client directly from LinkedIn. Morgan Stanley found in their pilot that 30% of financial advisors had gotten a new client thru that channel, and that 10% of those financial advisors had taken in more than $1 million in new assets Not surprisingly, HNW investors have ratcheted up their expectations of advisors and social media sites as their usage has increased. Fifty-three percent say they expect to receive relevant and timely content from these social media platforms and 45% said they would value real-time interaction and conversation with an advisor or other investors. 52% of investors want to be able to engage their financial advisors via social media, yet only 4% actually do so today. A study conducted by Hubspot earlier this year suggested that LinkedIn is “ 277 Percent More Effective for Lead Generation than Facebook and Twitter. ” It Also stated that 47% of advisors using a blog said they had acquired a client through it. While those numbers were taken from their user base, my experience suggests that the professional decision maker audience that prefers LinkedIn is much more prepared to participate in the kind of traditional authentic networking that leads to lasting business relationships than any other network.
  • Move away from focusing on you and focus on your prospect. I see so many professionals using a shot gun approach to LinkedIn with no clear purpose of why they are there. Like in every business, you need a marketing plan and if your only goal is to market through LInkedIn then it should be well thought out and written down. So that the intern you hire to oversee this can get right to work on it. It must also be strategic. No one should embark on a plan that has no purpose. If your goal is to get 10 new HNW clients then the strategy must lead you there. In addition, this type of NHW marketing is high touch, demands listening and building trust. Just because you think you are best money management firm in town or the top law or CPA firm does not mean you have earned the right to serve a HNW client. There is a delicate balance between knowledge and relationships and it is LInkedIn that gives you that opportunity to achieve it.
  • Build a really basic annual marketing plan (no more than one page) containing your high-level themes and metrics for the year. Then build more detailed plans on a monthly basis (i.e., a sprint plan), and meet at least three times a week to review your planned actions for the month (i.e., run meetings). Finally, focus meetings on what you are doing now, not what you did last week or are going to do next week. This is all the more reason to sit your staff down and confirm who your market is and work towards the common goal of finding those people within your circles and clients but use LinkedIn to catapult those efforts with virtually no cost. I appreciate that the 100 minutes a week costs something but it is far less than the cost of redoing your website, brochures etc. At the level of cliental that I am referring to, the HNW or UHNW relationship are key in attracting these types of clients and as a by product will land you clients that are in the 80% of those whom you serve today.
  • In Strategy #2, There is not need to reinvent the wheel. Use what you have/own on LinkedIn You have a data base full of active and sometimes in many cases inactive clients and prospects in your database. Revive them by importing them into LinkedIn and establishing a relationship there. In addition when I surveyed my audience 2 webinars ago over 45% stated that they were doing seminars. Every seminar has the possibility of being converted into a slideshare presentation, ( in case you have not heard LinkedIn purchased Slideshare two weeks ago) a series of blog posts, white papers, newsletters, youtube videos. Every book that you have published has the ability to do the same, chapter by chapter. E-newsletters can be posted with a link and your blog posts can filter directly into to your LInkedIn activity feed
  • Please do not take any lessons from Lindsay Lohan. Although lately she seems to be attempting to clean up her act. When looking at your LinkedIn profile, the Headline is directly below your name. After your name, it is the first thing a person viewing your profile sees. Think of your Headline as you would a business card. Use the Headline to tell people what it is you do, using keywords likely to be searched for. Your Firm Bio Is Not For Your Summary 
The Summary section is a critical part of your robust search engine optimized LinkedIn profile. Don’t just copy your firm bio into this section. This is supposed to be a summary of what you currently do, not a history of your work. Talk about the work you do and the work you want to be doing. Use this area to beef up your brand and position you as an expert in your field. Unlike your firm's bio, consider writing this in the first person.
  • Here is one example of what I mean. Take a look at your links. Do they tell someone what you do in the link to your website or does it display your company’s page? Use Your Links Wisely 
Be sure to customize your URL. Many URLs look like this when it could look like this:. Customize your URL. While you’re at it, customize your website links too. The default settings are “My Web Site,” “My Company” and “My Blog.” Edit those labels and be more specific. For example, my web site links are “ InKNowVision LLC, ” “ The Complex Estate ” and “ Twitter Me. ” Does your Linkedin profile have numbers in it? Have you tried to capture your own url in your set up?
  • I am not picking on attorneys but they are typically behind in every technology wave of change. Thankfully the younger generation of attorneys is on top of this and could help a mature practice pick up the pace to move forward in this space. Having a younger employee in the office also helps. This mindset and adding a younger a staff position to your firm will play a huge role in helping to attract and maintain relationships with the next generation of clients. You will need to find a way to incorporate your online presence for this “future client” into your practice and your into your exit plan. No matter if you are an attorney, CPA or RIA.
  • Tech Validate, content provider firm, surveyed 126 B2B marketing professionals to understand their issues with content creation. The data reveals striking trends - here are some highlights: 43% reported that the amount of time to produce content was the single biggest gate to executing marketing activities Across all respondents, it takes a median of 6 weeks to produce relevant marketing content 94% of respondents said content sourced from customers is very effective or extremely effective We’ve done a lot for you as a matter of fact almost all of it when it comes to marketing for a HNW prospect. What you need to focus on is the distribution methods. And LinkedIn is one of those must use methods. There are at least 10 ways to distribute valuable content using LinkedIn. In my last webinar I mentioned several. Some were Slideshare, Youtube,, JDSupra, WordPress, BlogLink, and there are more.
  • And this graph clearly demonstrates where people are getting their client acquisitions from. I do not want you to think I am not a believer in any of the other mediums. It is just that in our personal experience that HNW clients are acquired at the highest level through LinkedIn. And what we are doing at InKnowVision is inbound marketing. Providing important content across many mediums but focusing on our core which is LinkedIn.
  • In the event that you did not hear, Space X (the first private spaceship) left earth on Monday of this week and it reminded me that unless we step outside of our own universe and venture into ones we do not grow or learn from our own experiences and the experiences of others. The power tool on LinkedIn is Groups. For me this is the closest thing to the proven offline networking groups that exists online today. Groups can give you access to people and discussions related to an industry, topic or even geographic region. Working LinkedIn Groups effectively is a solid way to build a network and generate leads. Back up to that last sentence and dwell on the word effectively. Effective networking is about providing value, sharing, helping and informing – it’s not about spamming, promoting and selling. Participate in the latter before you’ve earned any credibility and your efforts won’t gain any steam. It is important to look at your list of clients and other relationships to determine – Do they have a common thread? Can I group them together and invite them into a private settings to learn about them? Can I join other groups that are related to my hobbies, interests or my client’s interests ( and oh by the way you can only join 50) and if so what can I contribute that will add value and allow people too see me in a different light? So that they may want to speak with me, interview me or even hire me? Once you start to get more active on LinkedIn make it a habit to reach out to five connections each week with the sole purpose of saying hi, thank you, I see you got a promotion, wonder what you’ve been working on, etc.
  • Focus on Participating but do so in that you are educating. Sharing a story will make it real. You don’ t have to give away your trade secrets but you do have to provide enough information that they will want to come back for more. There is nothing wrong about asking them to do something in exchange for wanting more. Click here to download, call me buttons, request more information, forward to a colleague, and filling out a survey are all excellent ways to capture an email address along with a first and last name to begin to build your funnel of HNW prospects. Using Slideshare for example allows us to see who is downloading, viewing and requesting more information like our fee schedule for example all within LinkedIn.
  • In a study released May 7 by Morgan Stanley Private Wealth Management and Campden Wealth found despite their high level of wealth, most respondents said they took an informal approach to educating their children about money, focusing on budgeting, asset allocation and getting to know advisors. Nearly half of the next generation look to advisors for education. The report noted wealthy families frequently use a primary advisor as a “quarterback” to execute plans and coordinate efforts between other advisors. They noted that Philanthropy is a popular way for families to teach their children about wealth. The report found 73% of next-generation parents and 56% of older-generation parents use philanthropy to teach about wealth. When it comes to managing their wealth, 19% of parents from the next-generation group and 18% from the older generation agree that wealth management should be left to the experts, while their children focus on their careers. Over half of the older-generation parents said their children should find a balance between managing wealth and focusing on their careers. None of the respondents said they wanted their children to focus solely on managing the family wealth. So for those of you who were wondering what other value add services you could add to your client’s relationships it might be adding more in depth financial basic planning educational workshops for adult children and in some instances grandchildren which could include how to buy their first home, the ins and outs of credit cards, how to plan for an inheritance , what is charitable planning, and this could taught by rotating professional advisors throughout the series so younger generations can get an introduction to several of the clients advisors over time in turn building trust and relationships. Educate – don’t sell. 1. Fill the Need and do it with precision and be purposefully collaborative when you do it.
  • We don’ t ’ know what we don ’ t know. We have created a LinkedIn analysis tool that we believe brings tremendous value for our advisors. Some small changes have yielded enormous results in visibility, online conversation and appointments.
  • In addition we will help you with the implementation and ongoing monitoring of your LinkedIn HNW marketing plan. We will update your profile or tell you what to do to update it yourself, employ a HNW newsletter, post to your LInkedIn account with relevant HNW worth information and give you a tool to get people into your office to learn more about advance planning so that the team is prepared and ready to serve a HNW client both in knowledge and in process. As I mentioned in our last webinar you are protected by geographic location so no one will receive the same newsletter or invite from multiple people within the same area.
  • In closing your return on investment should show up in your investment on your relationships. Both can be measured and we can assure you that the money is in the relationships. Please do as I say and not as I do. I have already witnessed the experienced the success and unfortunately failures of a poorly executed marketing plan whether is was ours or someone else’s. If you do as I say, the difference could be as much as $500,000 over the next 12 to 18 months or over the life time of on client.
  • InKnowVision May 2012 HNW Marketing Webinar

    1. 1. InKnowVision’s Monthly HNW Webinar Series MarketingWebinar ©2012. InKnowVision LLC. All rights reserved.
    2. 2. HIGH NET WORTH SERIES Future Webinars June 6th- Case Study June 20th – Valuations- Technical June 27th- Marketing @InKnowVision715 Enterprise Drive (630) 596-5090 InKnowVision, LLCOak Brook, IL 60523 InKnowVision All Content Copyright © 2012 TheComplexEstate
    3. 3. HIGH NET WORTH SERIES InKnowVision Institute Program “ What I like most about this program is not the typical stuff I get elsewhere.” Attendee 2 Days – Case Study/Technical/ Marketing/More End of October In Chicago @InKnowVision715 Enterprise Drive (630) 596-5090 InKnowVision, LLCOak Brook, IL 60523 InKnowVision All Content Copyright © 2012 TheComplexEstate
    4. 4. High Net Worth Marketing Webinar 5 Must Use High Net Worth Marketing Strategies Using LinkedIn @InKnowVision715 Enterprise Drive (630) 596-5090 InKnowVision, LLCOak Brook, IL 60523 InKnowVision All Content Copyright © 2012 TheComplexEstate
    5. 5. Poll LinkedIn has generated… 1 HNW Prospect More than 1 HNW More than 5 HNW Prospects All Content Copyright © 2012
    6. 6. Goals 1. 3 Reasons why you can not ignore LinkedIn 2. Provide 5 Marketing Strategies 3. Ways to get jump started 2. ROI vs IOR All Content Copyright © 2012
    7. 7. Reason #1 $100,000 (+) 5,000,000 HNW 75% - Investment Research All Content Copyright © 2012
    8. 8. Reason #1 $5,000,000,000(+) All Content Copyright © 2012
    9. 9. Reason #1 Average Investor vs. Ultra Affluent 37% Trust information 157% Trust shared articles All Content Copyright © 2012
    10. 10. Reason #2 All Content Copyright © 2012
    11. 11. Reason #3611 Advisors61% New Client All Content Copyright © 2012
    12. 12. Strategy #1 Move away from focusing on you and focus on your prospect. 1. Your LinkedIn Needs a MARKETING PLAN. 2. LinkedIn marketing must be STRATEGIC. 3. LinkedIn REQUIRES building relationships. All Content Copyright © 2012
    13. 13. 100/100/10/1Marketing Plans Require Focus 100 Minutes a week 100 New Contacts 10 Appointments 1 New Engagement All Content Copyright © 2012
    14. 14. Strategy #2 CRM – Client Relationship Management System Seminar- Estate Planning Workshops Books- Excerpts creates whitepaper E-Newsletter- Repurpose Blog – Reposting All Content Copyright © 2012
    15. 15. Strategy #3 CLEAN UP YOUR ACT•Professional Headshot•Header - What You Do•Public Profile Link•Website Link•Personalized Summary•Recommendations** If allowed All Content Copyright © 2012
    16. 16. Samples MINE THEIRS All Content Copyright © 2012
    17. 17. The Need To Pay Attention All Content Copyright © 2012
    18. 18. Strategy #4Become a Publisher orContent CuratorUse LinkedInAs A DistributionChannel All Content Copyright © 2012
    19. 19. Revenue Opportunities All Content Copyright © 2012
    20. 20. Strategy #5 All Content Copyright © 2012
    21. 21. ParticipateEducate – Don’t Sell Share a story and make it real Give them just enough, make them want more Multiple calls action All Content Copyright © 2012
    22. 22. Transfer of $27 T by2050 (trillion!) Educate – The Next Generation 1. Fill the Need 2. Do it with precision 3. Be collaborative All Content Copyright © 2012
    23. 23. Jump StartLinkedIn Analysis Review of your Profile Review of your Company Page Up to 10 Recommendations 10 Implementation Steps $250 – Satisfaction Guaranteed All Content Copyright © 2012
    24. 24. Jump StartLinkedIn Implementation Update Your LinkedIn Profile Employ HNW E-newsletter program Post to Activity Feeds Lunch & Learns Technical Webinars $549 month – Don’t Worry About AThing All Content Copyright © 2012
    25. 25. ROI vs. IORReturn on Investment vs.Investment on Relationship Measure Both Money is in Relationships Do as I say not as I do Difference – about $500,000 All Content Copyright © 2012
    26. 26. 715 Enterprise DriveOak Brook, IL 60523(630) 596-5090 Our call to action… Do Do it now Do it with our Thank you! @InKnowVision InKnowVision, LLC InKnowVision TheComplexEstate All Content Copyright © 2012