Centres of influence. Referrals. Below-the-line marketing. ‘Based on all the business cards I got at my last leads breakfast, we’re forecasting 150 per cent growth in the next two months’. Awesome, hey?
Yes, we’ve all been there. Getting excited about new sources of potential business. Of course, there is absolutely nothing wrong with that. In fact, cultivating referral sources is excellent business practice.
However, most of you probably have a much faster and simpler way of generating new business. It is commonly known as your existing client base. BOR-ING. Yes, I know. But doesn’t it make sense that, assuming quality is maintained, if you concentrate on improving the breadth of advice you provide your clients, you can improve their position as well as yours?
You already know Mr Jones has a $500,000 home loan, a spouse who works part time and two primary school aged children. How is it possible that he doesn’t have term, tpd, trauma and income protection?
You know that Miss Smith quit her smoking habit, but she is still paying a smoker’s premium on her insurance policies. Isn’t it time they were reviewed?
You know that Mr Flynn is 95 years old. You’ve got his allocated pension invested appropriately. But his will hasn’t been updated in over 20 years and you’ve never even met the person listed as executor in that will.
Coaches and consultants can help you take your business to new levels over time, but you can get the ball rolling today. Right now, in fact. Open up your CRM and start generating client segments. Not just the traditional A, B, C. Or Platinum, Gold, Silver.
I’m talking about all clients who’ve not had their will reviewed in the last five years. All clients who have a level of debt that exceeds their level of term life insurance. All clients who have a super fund portfolio with an asset allocation that is not in line with their risk profile.
Yep, it is boring. But it opens up the opportunity to improve your clients’ position, improve your revenue per client and meet the people that your clients trust the most. Isn’t that the goal of any financial adviser in business, to get the most for and from their clients?
Your business intellectual property is locked up in the information you collect and hold for your clients. The right technology, which can help you record and retrieve this information easily, allows you to leverage this treasure on a daily basis.
Daniel has been involved in the financial services industry since 1999. His main passions are helping financial advisers improve their businesses through increased efficiency and improved sales opportunities.
