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Boomers and Seniors Need a Hand

A recent survey by New York Life Investment Management LLC found that 46 percent of Boomers and 45 percent of Seniors admit that they “need the help of professionals.” That is up roughly 10 percent across the board from 2004.

Among investors without a financial plan, 39 percent of Boomers expect to need one in the future, up from 35 percent in 2004, the survey found. Pollsters defined Boomers as age 41 to 59 and Seniors as age 60 to 82.

The survey also found that:

• While “not having enough discretionary income” is the most frequently cited reason for not saving or investing more—mentioned by approximately half of all survey respondents—a significant percentage of investors procrastinate and/or lack confidence.

• More than one in seven (14 percent) of Boomers—and 8 percent of Seniors—admit they “don't have enough time/financial knowledge to make prudent investment decisions.”

• 14 percent of boomers expect to begin working with a financial advisor over the next three to five years.

Based on the survey results, you have a great opportunity to drip market on boomers and seniors about how you can help them reach their financial goals.

Many of us are making our business plans for 2007 right now. An important part of your marketing plan should be your unique theme or message. Can we suggest one that's loaded with opportunity?

Education. No, not the college funding question but client education. Do you realize how much your clients and your target audience are looking for education?

Here's why this can be a powerful marketing theme in 2007:

Financial literacy is appallingly poor. The Government Accounting Office reported recently, “A growing body of evidence indicates that many Americans are lacking in financial literacy. Numerous studies have shown most adults have not mastered basic economic concepts, such as the risks associated with investment choices.”

Consider the Wall Street Journal article titled, “The Retirement Lies We Tell Ourselves.” They recommend pre-retirees and retirees visit websites and use calculators to find their answers.

Many 401k participants are paralyzed with uncertainty about how to handle their retirement funds. Research shows that advisors can make a real difference with this group by educating them about their options and showing them how to simplify the process.

Too much noise. Historically, retirees have had limited sources to educate themselves on the subject of retirement, for instance. However, times have changed. Now pre-retirees and retirees have unlimited sources of information like other retirees, media, financial ‘gurus', and finally financial advisors. Top advisors are helping clients separate the noise from the actionable information. That's an important part of education.

If you don't educate your clients about retirement, someone else will. So, how do you become an educated resource for clients? Here's an action plan you can start using today to become the leading advisor in your community:

1. Become a guru to your clients – Develop an educational newsletter or website or workshop series that differentiates you and positions you as an expert.

Click on the links below for samples of an engaging, full-color newsletter; interactive, user-friendly website and an informative one-pager for your next workshop or client meeting.

Engaging, full-color newsletter: Study after study suggests that engaging, pro-client newsletters sent to your clients and prospects on a consistent and constant schedule (i.e. each month) are an integral part in helping advisors capture and maintain mindshare with their target audience.

Interactive, user-friendly website: Clients want to have 24/7 access to the latest financial news and updates. Your website could be a great education tool, but also a medium for communicating your unique value proposition and brand.

Informative one-pager: Wouldn't you like to leave your clients or prospects a handout on the issues you've discussed with them during a client meeting or workshop? Doing so, could help you close a sale with an existing client or your client could share the one-pager with a friend that may decide to have a financial review with you.

2. Spread the Word – Becoming a ‘guru' is great, but if you want more clients, more profits without working any harder, you have to spread the word about who you are and what makes you better than their current advisor or financial strategy. To learn how to reach your business goals with effective communication strategies, click here to view a sample of the Building Out The Brand: Communicate the Message PowerPoint presentation. This PowerPoint presentation is a part of the Communicate the Message value-added marketing program (VAMP). To view the VAMP and many others in their entirety, go to www.buildyourmarket.com and subscribe to this revolutionary marketing solution.

3. Build Alliances – Establish alliances with organizations that serve retirees, so you can become an information source for them. Offer to provide retirees and pre-retirees affiliated with these organizations free retirement education services.

Where do you find the tools to become a resource for clients? Sign up for www.buildyourmarket.com . There you can: (1) sign up for BuildYourMarket.com's Newsletter of the Month feature, which allows you to automatically send personally-branded (includes your headshot, logo and contact information) newsletters with 100% NASD-reviewed content to your clients. There are absolutely no mail shop duties for you to do! (2) choose from an extensive template library that offers professional themes, contemporary color palettes, easy site navigation and the latest usability standards to connect you and your clients. (3) choose from a robust library of presentation materials for your next workshop or client meeting.

Does your CRM just lay there? Bring it to life with BuildYourMarket.com, the original web-based brand management tool for financial advisors. This one application integrates your CRM with your website and generates four color print-on-demand newsletters and postcards. If you are a registered rep, all your marketing communication is linked to your compliance officer’s desktop.

Elite advisors seem to have a green thumb—that is—they seem to always be growing prospects to clients and clients to more loyal clients. How are they doing it and how can you do the same?

In our study of elite advisors, they all seem to plant and cultivate five seeds that lead to lifelong clients.

• Seed #1: Get the right tools for the job. Can you imagine using a rake to prune your hedges? Of course not! The same goes for gathering prospects, converting prospects to clients and making clients lifelong clients. Here are a few tools of elite advisors:

A Good CRM. Every advisor has a CRM, but every advisor doesn't have a good CRM. So, what is a good CRM? First, let's understand that a good CRM is not just a data collector and tracker. Every CRM should collect and track client and prospect information. A good CRM drives communication for birthdays, anniversaries, annual reviews and more. It segments your database into groups like hot prospects, top clients, baby boomers who golf, women with IRA's and more for easy target marketing.

A Business-Magnet Website. In today's environment, not having a website is like not having a phone. According to Forrester Research, clients expect their advisors' websites to be a virtual extension of them. In other words, your website should be as personal and inviting as it is when they visit your office.

Your website should provide interactive and user friendly tools that support your messages. Investors want to be able to use tools like calculators to verify what you're saying in meetings, on your website and in your newsletters. Also, your Internet presence should be relevant to your target market. (women, boomers, or small business owners).

To learn more about creating a great new source of business with your website, view a sample of the article How to Create a Great New Source of Business.

Smart Marketing Communications. Personalized newsletters of the month or quarter, drip marketing campaigns and greeting cards are essential touch points in growing clients for life. Elite advisors use them regularly to personally touch their clients with engaging and informative marketing collateral.

To learn more about using proven marketing tools to get more clients, more profits without working any harder, view a sample of the Secrets of Referral Marketing white paper.

Compliance Assurance. Elite advisors spend their time converting prospects to clients, keeping current clients satisfied and getting referrals. They simply don't waste much time working compliance issues. Elite advisors hire companies to provide NASD-reviewed marketing collateral that can be personalized to their target audience.

• Seed #2: Prospecting for the ideal client. After you've gathered the right tools, then you need to start prospecting for ideal clients. Elite advisors have a well-defined target audience that they focus on. For example, if an elite advisor focuses on affluent seniors, then you won't catch him prospecting and marketing to recent college graduates.
  

If you're unsure of which audience is best for you, view a sample of the Defining Your Target Market value-added marketing program (VAMP). To view the VAMP and many others in their entirety, go to www.buildyourmarket.com and subscribe to their revolutionary marketing solution.

• Seed #3: Market your brand not products. Elite advisors don't push products and services. They deliver a promise to their clients and they deliver on it better than the competition over and over again. They build a solid reputation as a client-focused advisor that meets or exceeds their clients' expectations.
  
  To learn how to build out your brand, click here to view a webcast of the "Building Out Your Brand" presentation.

• Seed #4: Always be marketing. According to a recent Harvard University study, the average sales person drops a suspect or prospect after four ineffective contacts when studies show 13 or more may be necessary to complete a sale. On the other hand, elite advisors are always drip marketing on their contacts with newsletters, greeting cards and other marketing collateral to help close sales. They never drop a prospect after a few ineffective contacts. They recognize that the conversion funnel requires contacts over 12-18 months.

One of our advisors started his monthly newsletter with just 100 prospects. Now he mails over 300 per month. His payoff: An average of three new accounts per month with over $300,000 in new assets each!

Once you have won a client, don't stop marketing to them. Continue to drip market on them because they are the number one source of new business for leading advisors. It's much easier and less expensive to win more business from a happy current client than to beat the bush for new clients.

• Seed #5: Cultivate the client relationship. Recent research suggests that clients want to be treated special by their advisor. They don't want to be ignored. Interaction breeds satisfaction. Satisfaction creates referrals.

Here are a few things that elite advisors regularly do:

1. Send articles of interest to prospects and clients. When you come across interesting articles in magazines, newspapers or general-interest periodicals that would be ideal for your contacts reproduce them (with permission) and send them to your prospects and clients. Include a personal note with the article for an added personal touch. Sending articles informs them, but more importantly it lets them know you care about them. Remember they want to be treated special.
2. Create a list of 20 ways to make your prospect's life or business better. You could include this list in your newsletter. For recreational purposes, you can send your prospects and clients a list of health tips, vacation destinations and more. If they own or operate their own business, you may send marketing, sales and other business ideas.
3. Put clients' names in print. Give them their 15 minutes of fame by putting their name in your newsletter for their birthdays, anniversaries, promotions, retirements, referrals and more. Some elite advisors even have clients of the month or quarter that they publish in their newsletters.
4. Pay attention to all the little things. Value is determined by the buyer not the seller. Find out those little things that make their day and do them regularly. It might be a personal note, a paid subscription to their favorite magazine, or lunch at their favorite restaurant.
5. Host smaller, intimate client events. Such events tend to create a sense of family and genuine care and concern.

Are you eager to start growing clients for life just like elite advisors but are unsure where to get the right tools, how to brand yourself or how to drip market? “Don't worry, be happy” because you can find all the tools you need to grow your business at www.buildyourmarket.com? Subscribe today to start reaching your business goals.

If you want more information on BuildYourMarket.com, go to www.buildyourmarket.com and click on the webinar schedule to register for their Power Marketing webinar.