Roundtable Recap: Insider Tips for Prospecting Online

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Roundtable Discussion Recap:
Insider Tips for Online Prospecting & client Communication

Did you miss our live Roundtable Discussion on The Changing World of Online Prospecting & Client Communication? We’ve got you covered, here's a recap of the event including insider tips from our panel of experts. 

We asked the following questions during the live discussion, find their expert advice below!

Question #1: What are some of the biggest challenges advisors have voiced throughout the past 6 months in regards to prospecting?

 

Question #2: Can you give actionable advice on how advisors can shift their communication strategy with their audience?

 

Question #3: Where do you see the next major disruption taking place within the industry?

 

Roundtable Panelists:

Branded Headshot-12

Question #1: What are some of the biggest challenges advisors have voiced throughout the past 6 months in regards to prospecting?

The traditional way that many advisors are used to communicating with clients and prospects has been interrupted during the pandemic, since many people are avoiding unnecessary face-to-face meetings. Therefore, the obvious struggle is that advisors who have not implemented web-based tools have found it exceptionally hard to continue business remotely in the past 6 months. 

On the flip side, the pandemic's drastic effects on the markets caused many people to seek financial help and guidance online, and the advisors with a strong online presence were more conveniently available and ready to help!

The financial industry, like many other highly regulated industries, is notorious for its slow adoption of technology. COVID-19 was an unexpected catalyst to tech adoption, speeding up the process for many Broker Dealers and RIAs who were hesitant in the past. As the case with any new technology, for those advisors there has been a learning curve on how to use web-based tools effectively. 

Here's what the panelists had to say about this: 



Charlie Van Derven

President 

Social Advisors

"Obviously, networking and in-person events have gone away completely (during the COVID19 pandemic) so advisors that were leveraging those advocate relationships or introductions are having a much more difficult time doing that right now given our current circumstances. We’ve experienced a lot of growth on LinkedIn strategies basically as a response to the fact that traditional methods are kind of dead in the water at the moment."


Rick Williamson 

Managing Training Team Lead 

Redtail Technology 

"[Redtail] put out two AdvisorCon surveys last year. This year, we got feedback that told us that 50% of the respondents struggle with customizing their communication, over 45% of respondents struggle with engaging clients outside of meetings. The reason I find these stats funny is that last year - 96% of respondents said they were not marketing beyond age, gender, income, and education. That’s it, those were the only 4 categories that they were using to target their marketing and tailor their communications.  

So if that’s all you’re using, it's no wonder that people are struggling with engagement and client communications, especially when you take out face-to-face meetings. Which is the most popular way to connect with clients."

 

Question #2: Can you give actionable advice on how advisors can shift their communication strategy with their audience?

It all comes down to audience segmentation and having the right technology in your toolbox! Every expert expressed the importance of narrowing your audience to a specific niche, because you can't communicate effectively without understanding what makes your audience unique. 

Not sure where to start? personas-awrCheck out our blog 'How to Make a Buyer Persona as a Financial Advisor' .

When you're prospecting online, it's a lot harder to compete for everyone's attention opposed to competing for the segment of audience who can benefit most from your help. Identify your niche's needs and attributes before developing a communication strategy unique to them. 

Apart from targeting your business niche, what sets successful advisors apart from the rest is having the most suitable tools to support unique business growth. Imagine what you could do with a tool that saved you hours in your working day? Is that tool(s) worth the investment of adopting? The answer to these questions will not be the same for every advisor, and depending on the practice, different tools may be more suitable than others. 

Actionable Advice from the panelists: 

  • Identify your market niche & understand their unique needs and attributes. 
  • Develop a communication strategy based on what suits your niche best. 
  • Identify tools and technology that save valuable time and elevate your business growth. 

There's an abundance of resources for advisors to communicate effectively online, many of which are discussed throughout the Roundtable Discussion: CRM (customer relationship management system), email tool, websites, social media, risk assessment and portfolio management. Click here watch the full Roundtable Replay. 

Here’s what the panelists had to say!


 

Jacob Shamberger

Head of Growth

Vise 

It comes down to building your brand as an online advisor and understanding your client profile. It's important for advisors to know who their ideal client is, what their interests are, and where they spend their time. Then really tailoring their messaging online to that specific client, dive into that niche and make yourself a professional in that space. 

 

Matt Fritsch 

Director of Channel Marketing 

Riskalyze

 

Find your niche, become an expert, and know your target audience. Just don’t try to boil the ocean along the way. I would say be a specialist, not a generalist - those are the advisors we see that are so much more successful.

 

Charlie Van Derven

President 

Social Advisors

Three actionable tactics:

  1. When you begin prospecting on LinkedIn, follow as many clients and advocates as you can find. [That way] the initial network you create is high quality. 
  2. Start 3 conversations Daily on LinkedIn. Whether it's a client or prospect, start a conversation on something you have in common, or ask them a question about a post they’ve recently shared. This works particularly well with prospects. This will take you only 10 mins per day which equals to 15 conversations a week, 60 a month, 720 a year.
  3. You'll need to also grow your network to be able to do this. So, invite 10 people to connect every day.

Rick Williamson 

Managing Training Team Lead 

Redtail Technology 


The biggest thing is to have a plan! You can spend thousands of dollars a month on technology and if you don't have a plan it doesn't matter. Put together a communication plan and process, because it can’t be one or the other,  you’ve got to have both.


Question #3: Where do you see the next major disruption taking place within the industry?

There were two disruptions discussed during the roundtable. Firstly that fundamentally, the way we communicate with clients and prospects is shifting. Many live events are turning into virtual webinars, in some cases emails are turning into text messaging, and social media is used for referrals. It's undeniable, the next generation is more comfortable with technology and virtual communication, and the industry is following suit. 

Secondly, many financial advisors are recognizing the opportunity that lies in communication becoming predominantly virtual. The opportunity in leveraging online communication and turning part or all of their practice into virtual advising. Virtual advisors are able to expand their potential market but make more time for current clients. 

 

More great insights from the experts! 


Rick Williamson 

Managing Training Team Lead 

Redtail Technology 

It will very much be in the way we communicate. I make the joke that Millennials aren’t even the next generation anymore, we are THE generation. We have Gen Z now, and you don’t have to learn TikTok in order to connect with them but you will need to text and change the way you communicate with them.

 

Jacob Shamberger

Head of Growth

Vise 

Understanding that you can be in Texas but have clients in New York and Montana - that you don’t have to be exactly where [your clients] are is a big piece of changing the way you look for new clients from and expands the pool of clients you can start prospecting. 

Gen Z trusts interaction online a lot more than the later generations. The more you converse with the younger generations, you realize that they’re more comfortable online a lot of the times than in person.


Learn More about the Roundtable Panelists: 

Redtail Logo

www.redtailtechnology.com
training@redtailtechnology.com
800-206-2030

blackwithcolorlogo-1
www.social-advisors.com
cvanderven@social-advisors.com

386-846-5291

Vise-1
www.vise.com
jshamberger@vise.com
riskalyze-12www.riskalyze.com
855-RISKALYZE
sales@riskalyze.com 

 

Roundtable Webinar Replay-04

Click here watch the full Roundtable Replay. 


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Topics: communications tips for advisors