Define your expertise to attract your ideal client.
Do you tend to put marketing and personal branding on the back burner? Do you find yourself, shall we say, “less than enthusiastic” about your book of business?
Your answer to the first question can directly influence the second.
“I find that many financial advisors have too few Ideal Clients and too many non-Ideal Clients,“ says Susan Danzig, a business development coach for financial advisors and a national board member for the Financial Planning Association. “An advisor should have a balance, with plenty of Ideal Clients. That makes for a more energized, engaged advisor — and more satisfied clients.”
We invited Susan to talk with The Flexible Advisor about the Ideal Client, and the steps advisors can take to identify, find, and keep them.
Define your niche
In a rapidly changing marketplace, where personalized service is increasingly in demand, ‘niche marketing’ can be an important element to grow a prosperous, sustainable —and satisfying — advisory firm or practice. “Think of your niche in terms of the Ideal Client you want to serve,” Danzig said. And, she adds, “be specific.” For example: “Serving women might be a starting point. But narrow it down. Women with half a million and above of AUM. Perhaps what they do for a living —Executives? Attorneys? Women in a specific industry? Or, do you want to focus on women at a specific life stage or in transition — retirement or empty-nesters, newly single women, widowed women?”
To identify that niche, Danzig suggests looking at areas of synergy between what you bring to the table and the type of client that will benefit from that specific expertise or quality. “An advisor may recognize a special connection or affinity with certain clients. Something about their needs or objectives relate to the advisor’s area of specialization. Perhaps the advisor can serve those clients in a way that will make them stand out.” Commonalities among those clients will help the advisor create an “Ideal Client” profile.
- ‘Niche marketing’ can help in growing a prosperous and satisfying business.
- Identify areas of synergy between your expertise and what specific client types need.
- Use the client screening process to determine if a prospect would be Ideal for you.
Your strength, your value, your brand
This information will shape an advisor’s strategic thinking about their brand. “Your brand is a cornerstone for success in building your practice. When you effectively communicate your value, you present yourself in a compelling way,” said Danzig. That, in turn, becomes part of the advisor’s overall marketing plan and, specifically, the way they connect with prospective clients.
“An advisor’s screening process should not only determine whether the prospect wants you as their advisor. You want to determine if the prospect would be Ideal for you. What their goals are, what their challenges are, what would best support them? Are they going to work well, not only with you and your team, but also with your process of delivering your services?”
“Your brand is a cornerstone for success in building your practice. When you effectively communicate your value, you present yourself in a compelling way”.
--Susan Danzig, Business Development Coach & National Board Member for the Financial Planning Association
Our conversation with Danzig included more insight about these concepts, as well as her suggestions for being the Ideal Advisor for an Ideal Client. She also shares where advisors can access a free online tool to assess what it'll take for you to grow your book of clients and/or streamline your business for work-life balance.
Access The FULL Podcast
You can access the full discussion on The Flexible Advisor, wherever you get your podcasts.