Financial Planning : Top Tips for Building a Great Financial Planning Practice

With constant access to the Internet and information services, it’s easier than ever to find out the best way of running your practice and engaging with customers. However, it’s just as easy to get swamped by the deluge of tips and tricks out there. To help you access the best advice from the best advisors, we’ve searched high and low to find some actionable, career-changing advice from some of the industry’s most successful advisors.

Create a Value Proposition

One of the most important parts of your marketing toolkit, your value proposition defines your benefits, products and services in a clear way. This will set you off to a great start with prospective clients, immediately showing them what you can offer them, and why they should consider you.
Stick to Your Business Plan

You should have an inclusive business and marketing plan – so stick to it. The best financial advisors focus on their plans constantly, to ensure that their core strategies and key goals are adhered to. The time spent creating these documents can be useless if they aren’t continuously reviewed to identify and evaluate progress.

Build Your Team

Whether you already have a large team, or it’s still on the horizon, working as part of a cohesive, talented team is the best way to reach the top. Find and employ the best people possible, and create a plan to keep them happy and wanting to work with you.
Cater to Affluent Investors

If you want to target the more affluent investor, it’s vital that you understand their expectations. Research and study this target audience, and come up with ways to meet their needs in different situations. Confidence is key, and the more work you do with affluent groups, the better your success rate will be.

Keep Learning

The best financial advisors never stop learning: education and research are essential for improving sales skills and building upon the quality of your financial practice. If you’re on top of new trends, understand the latest research, and can implement new methodologies, you’re sure to flourish in the industry.
Focus on Networking

The best way to advertise a business is through word of mouth – so the more people who know about you, the better. Get out to as many events as you can, and start forming relationships with others in the industry, as well as potential clients. Introductions and professional referrals are much more reliable lead generators than cold-calling and direct mailing – and are more likely to result in success.

Constantly Review and Make Changes

Elite advisors are constantly reviewing and making changes to their marketing and business plans. You need to ensure that your strategies and processes are working for you, and if they aren’t, to make adjustments where necessary. Having this regular review session will ground you in your business, and make sure you know what’s happening, when and why.

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