There’s a lot going on for advisers. Nobody can deny that. Most are grappling to keep up with the massive legislative change, education standards, increased compliance and media scrutiny. There is no denying that it is not too much to be a financial adviser at the moment.
And while advisers are always looking after their clients, the demands on time and head-space mean most planners are not focused on getting more clients – and more revenue – into their firms.
Anyone who runs a business knows that sales are one of the key drivers of revenue growth. Without a dedicated focus on sales in a business, growth remains stagnant at the least – and that is if service levels are strong and clients are kept happy.
While this is not good for advisers’ businesses, it also affects Australians who desperately need good financial advice but have to be convinced of its value. Without selling their value proposition, advisers are missing out on helping more people become financially secure.
So it’s essential for you to put some thinking time and action into sales again. Even if you don’t have capacity to serve an increase in your business. Because the reality is, there is a very long sales cycle in our industry, and unless you are undertaking a certain level of activity now, the flow on effect will not appear for the next financial year – or the year after.
What’s the best way to go about it? How you can create time and space? I find the best way is to intentionally put yourself in situations where you can talk to people one to many. Go to events that have prospective clients there. Ask to speak at a local organisation that attracts community. Host a morning tea at your office. Try and think of ideas that give you access to several people to talk about what you do and how you could help them.
While it may be the last thing you can think about right now it will serve you in two different ways.
- It will give you energy. Talking about what you do and how you can help always reminds you of why you are in it
- You are filling your pipeline to ensure future business growth. Whether you capitalize on it now or later, you need to do the work to get the reward. And give the reward of transformational financial advice.
Those who ignore sales and new revenue do so at their own peril. We are heading into an even tougher economic environment, and it’s much better to be the early bird than the one who remembers too late to stock up on stores for the cold times ahead.
Until next time,
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