Prepare the ground to attract new clients in 2021

I quite regularly get phone calls from financial advisers who are hitting a wall when it comes to attracting new clients. Some are looking for a quick fix, the single activity that they can then get to work on, in the hope of getting new clients on board. This has become a significant issue for those financial advisers who rely on being “out and about” and highly visible in their communities as their main route to new clients. They are really struggling in this socially distanced world where both they and their potential clients are now working from home.

Unfortunately there isn’t a silver bullet to address this challenge. Instead the road to success is through a structured plan of activities delivered brilliantly. In this piece, we are focusing on some important themes you might consider when building up that plan.


Put your target markets at the centre of your plan

A generic plan that can be applied across all segments of your potential client population is simply not going to cut it. Your plan must zero in on the specific target markets that you are seeking to attract.

First of all, you need to know and be able to clearly articulate who is in your target market… and who is not.

Once you understand who your target markets are, you need to understand their personas and the characteristics that make them unique. How do they think, how do they buy services, what do they read and what do they engage with? Once you start to build that picture, you can then craft your Client Value Proposition (CVP) to align better with their particular traits. You can ensure that the services you deliver will meet their needs.

You can then identify the right set of marketing activities to actually attract and engage these specific audiences.


Actively use your CRM

Your Customer Relationship Management (CRM) system should be the first port of call when you start working each day. This is where opportunities should be captured, marketing activities to individual prospects should be scheduled, the potential of individual leads should be scored and all touchpoints should be tracked – among many other data points.

For too many advisers, the CRM system is being used simply to store contact details for clients and to contain information on policies as downloaded from product providers. This is a missed opportunity…

Talk to your CRM vendor or peers who use the same system, get them to walk you through the sales and marketing capabilities available to you and dedicate time (your own or one of your support staff) to driving real value from your CRM.


Use your network

In these socially distanced times, your network of contacts is such an important asset. Of course the opportunity to mingle with them is not available to you, but there are still ways to leverage your network and most importantly, to remain on their radar. Now is not the time to go quiet – if you want to retain them as important sources of referral business, you need to work harder than ever on communicating effectively with them, and constantly remind them of your expertise.


Commit to consistent marketing

And this really is the key to preparing the ground to building new client relationships in 2021. Now is the time to consider all of the tools available to you to build those new relationships. Review your proposition, look at every aspect of your online presence and the tools you are using to carry out meetings remotely – can you improve how these might be perceived?

And then look to communicate relentlessly to stay relevant and visible. Look for opportunities through email marketing, using social media (in particular LinkedIn) and through online webinars and events.


With a few weeks to run before the start of 2021, now is the time to get yourself set up for a successful year on the new client acquisition front.