To financial advisors who ask, “Who has the time and money for marketing?” the authors have an important piece of advice: Treat your practice like a small business, or you will be put out of business. In an economy in flux, prospective clients are hesitant to put their financial future in the hands of just anyone. This is where Marketing for Financial Advisors comes in. The definitive marketing book designed specifically for financial advisors, …
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This book is a great guide to help build your financial services business. I especially like the sections on investor psychology and niche marketing. These are topics that are lacking in many similar books that seem to be filled with mostly anecdotes. One of the best things about it is that it takes established marketing models and best practices and clearly applies them to being a financial advisor. This would also be a good book for anyone in financial services like estate planners, insurance advisors, and mortgage brokers.
I just got done reading an advanced copy of this book and I am very impressed. I have been both a financial advisor and a manager for the last 8 years and I have read just about everything under the sun when it comes to literature about marketing for financial advisors. This book is the most in-depth, relevant, up-to-date look at what a financial advisor should to to build a world class practice.
Eric and his team dig deep. They go beyond anecdotal evidence and truly discover how successful practices are built. My favorite part is in Chapter 2. “Segmentation = Sacrifice”. This is so true. So many advisors get stuck between “I have too many clients to service them all properly” and “I can’t cut anybody loose because it hurts my income too much.” This “pause” can last years and benefits no one. This chapter does a great job of explaining why you have to do this. The client’s deserve it.
With such a scientific approach to the age old question of “what does that guy got that I don’t” Eric and his team peal back the layers and give you a road map for what an an advisor has to do in today’s economy, today’s environment, and with today’s consumer to build a successful practice.
I highly recommend this to both new advisors and experienced advisors.
Marketing for Financial Advisors is definitely a must for financial advisors at every stage of their career. It addresses our concerns that we all have about our marketing strategy, but often feel too busy to put on paper. It provides us and our personal brand the tools in order to grow our assets under management in a focused, strategic, economic and efficient manner. For those of us that spend thousands of dollars on private club memberships and client lunches, this is the best $40 you can spend this year. Personally speaking, marketing is often a second thought when running my business, as I rely on word of mouth from clients; however, I am now holding myself to a defined market niche with clear benchmarks set for 2009, along with the analytical tools in place in order to track my marketing performance plan. Recently I addressed with a colleague the tactics for firing an unprofitable client of his, which as we all know if not handled correctly, can be a political nightmare. My friend was in a particularly difficult situation; I advised him to pick up a copy of this book. Marketing for Financial Advisors clearly addresses the possible solutions for this hairy situation, which any experienced financial manager has had to face. I HIGHLY recommend this book; you owe it to yourself to read it before your serious competition does.