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Mar 7, 2018

Summary:

 

In today’s 5th episode of the Confident Advisor Practice from the Horizon Advisor Network, Bill Bush, Pete Bush, and Chris Sullivan of the Horizon Financial Group of Baton Rouge, Louisiana talk about ways to factor in business development when financial advisors rate themselves using the Confident Advisor Practice scorecard. They address the 1-3 category that deals with “the strategy of hope.” The 4-6 category focuses on unfocused advisors that chase the newest and latest ideas to garner clients. Then, there is the 7-9 category that takes business development into the area of having a defined data base of niche clients. Also, the 10-12 category is the level where financial advisors have a dedicated team to handle marketing.

 

 

Time Stamped Show Notes:

  • 00:26 – Bill Bush, Pete Bush, and Chris Sullivan introduce the show
  • 00:57 – Start the discussion about business development for the Confident Advisor Practice scorecard with 8 categories
  • 01:41 – The 1-3 Category: Not having the tools to expand in your niche market, a “strategy of hope,” if you don’t get an immediate yes from a prospect they slip away, without a CRM (customer relationship management system) to follow up
  • 05:04 – The 4-6 Category: Advisors that feel if they stay in touch with the newest ideas will lead to business, keep looking for the hottest things, looking for new products to offer, not using a proven strategy
  • 06:29 – Marketing is any activity you do that creates an opportunity.
  • 06:55 – Once prospects move from being attracted by your marketing efforts into your office, next step is your value proposition story – the business development activities lead the prospect to you – need a plan
  • 07:37 – Business development said another way is “selling.” Selling yourself from a value standpoint for the client
  • 08:08 – The 7-9 Category: Advisors with a well-defined niche of clients who continue to come to you for more help and send new client referrals your way, you have a staff member that handles marketing, you have a data base of clients and stay in touch systematically  
  • 10:54 – Markets are always changing. What people want is always changing - so don’t get too complacent,- keep looking forward
  • 11:28 – The 10-12 Category: have a dedicated team member that owns and operate the firm’s marketing plan: focusing on branding, public relations, communications, events in each niche market, all efforts are designed to create awareness, educate prospects, inspire them to take action – creating predictable flow of clients
  • 11:59 – You see the machine: Who am I messaging to? What type of business am I trying to develop? And then, what are all the ways I can reach those markets: be a guest columnist, appear on TV or newsprint, interviews, videos, host an event
  • 13:25 – Separating yourself from the day-to-day operations to make more time for developing and expanding the creative processes and strategies to evolve and grow
  • 13:58 – Importance of the unique abilities of an advisor, advisor’s keep doing busy work to avoid harder jobs
  • 15:38 – The tipping point when advisors need to bring on more people: attract enough of a client base to need a support system
  • 17:43 – Frustration leads to needing to hire more people or outsourcing
  • 18:20 – The wrap up of the episode: preview future episodes: professional network, process and procedure, unique ability teamwork, continuity and succession
  • 20:08 – The closing credits

 

3 Key Points:

  1. Markets are always changing. What people want is always changing - so don’t get too complacent,- keep looking forward.
  2. Who am I messaging to? What type of business am I trying to develop?
  3. The tipping point when advisors need to bring on more people: attract enough of a client base to need a support system

 

Tweetable Quotes:

-    “Business development said another way is “selling.” – Chris Sullivan.

-    “Markets are always changing. What people want is always changing.” – Pete Bush.

-    “Who am I messaging to? What type of business am I trying to develop? And then, what are all the ways I can reach those markets?” – Pete Bush.

-   “Frank Sinatra didn’t move pianos.” - Brother Pete quoting Dan Sullivan

 

Resources Mentioned: