Blog - Financial Advisor Coaching by Susan Danzig

How Defining Your Ideal Client Will Help Define Your Business

Whether your business is well-established or in its founding stages, taking the time to define your ideal client is essential to your success. Without taking the time to outline exactly who your ideal client is, you’ll waste time on your messaging, prospecting the wrong people, and lacking a clear idea of exactly what you bring to the table. It would be as if you are casting your fishing line randomly into the middle of the ocean versus into a well-stocked fishing hole. Taking the time to plan out your ideal client will improve your prospect-to-client conversions, and ultimately, your revenue.

The First Steps

If you’re unsure where to start, take a look at your current clients and the skillsets you use most. While you don’t necessarily have to follow the mold you’ve already created, it’s a good start to examine the most valuable things you have to offer. What feedback has your first client given about your services? Would your tenth say the same? It’s important to consider any potential changes as your business scales, and take the time to consider whether you should expand or rezone your offerings.

Creating an Ideal Client Profile

The first step in defining your ideal client will be to develop your ideal client profile. The metrics that matter most will depend on your industry and services, but here are some typical things to keep in mind as you create this profile. What is their age? Where do they live? What is their occupation? What is their income? What is the size of their portfolio? What prompted them to reach out to you at this time? What are they looking for specifically? Is there something beyond this list that makes them ideal for you that is notable to track?

By evaluating your perfect match for each of these questions, you’ll know where and how to focus your marketing efforts. For each of these qualifications, there should be an adjustment to your marketing strategy, specifically when, where, and how you advertise your business.

Outline Your Marketing Goals

Once you have your ideal client, sit down and determine your next steps. Given the age and income of your ideal client, where should you market? Is Facebook your best bet, or perhaps LinkedIn? The platform you use will ultimately change your marketing strategy, so research each demographic before you start considering your first marketing campaign.

Once you have your strategy outlined on paper, your next step will be to consider your budget and goals. If you’ve never marketed before, you’ll want to start with a small budget and pay close attention to the results. Conduct A/B testing to see what messaging and images work best, and don’t be afraid to start from scratch if you aren’t seeing optimal results.

Conclusion

Many businesses are so excited to start marketing that they leave out the most important step: Knowing who to reach out to. By building out your ideal client profile, you’re ensuring the success of your marketing efforts and preventing wasted time and energy. If you have any questions as you build out your ideal client profile, please reach out to me!

How to End Your 2019 On a High Note

As the end of the year approaches, it’s the perfect time to evaluate your wins, successes, and areas for improvement. Taking a comprehensive look at 2019 will prepare you for re-organizing your business strategy for 2020.

Evaluate Your Yearly Goals

The first step of your planning should be to look at the goals you set for January of 2019. Break these goals down into three categories: Accomplished, In Progress, and Needs Work. For each item, be honest with yourself about what made it a success, or what pushed it to the back burner. It’s important to be completely open about things that went wrong to perfect your process in the year to come.

When looking at the Accomplished and In Progress goals, take time to evaluate whether you should stay on the same course. If so, you may want to pick a numerical goal (like a 25% increase in ideal prospects or 20% increase in ideal clients) to help keep yourself on track. This can support your motivation and focus throughout the year.

Book out Your Calendar

The best way to keep yourself from stressing at the end of the year is to book out time to address your goals. This should be done at quarterly intervals at minimum, but it’s even better to book out monthly opportunities to assess what’s working and where you need to make changes to your strategy. Set specific goals for each session and add them to your appointment notes so you can quickly jump into the task and get the ball rolling.

While your schedule will fill up throughout the year, it’s essential to keep these appointments. If you have to move it to a different time slot in the same week, you can do so, but be careful about perpetually kicking the can down the road.

What Support Do You Need?

The end of the year is the perfect time to evaluate what’s working—and what isn’t—for your business. Take a look at the resources that you used throughout 2019, and if there are any gaps that could help you alleviate stress. Did you end up delaying your work due to lack of time or technical expertise? If so, it may be best to bring on a coach to help you fill in the gaps in your business. By gifting yourself support where you need it, you can focus your efforts on what you do best, helping to make 2020 your best year yet.

Consider Upgrading Your Technology

As you look back at your progress over the past year, think back on whether you have any major gaps in your technology. Is there any software that would be helpful in organizing and running your business? Some examples could be an email marketing service, scheduling software, or billing and accounting software. Start looking at these solutions now so you can implement in early 2020, getting ahead of the game for the year to come!

As you come to the end of a successful 2019, take a look back to see what could make 2020 even better! By taking a comprehensive and honest look at how your business is run, you can set yourself up for a more streamlined experience in 2020.

How to Create an Impactful Slogan

As your prospects browse through your industry to find the best fit, they’ll want a quick summary of exactly what to expect from your business. An impactful slogan is an easy way to convey your services, set expectations, and make a great first impression. Here are some tips to creating an impactful slogan:

Speak to Your Target Market

The first thing you should keep in mind is who you are looking to attract, as this will help you tailor your slogan from the start. Are you working with specific industries or life stages? What is the average age of your clients? For older clients, you should aim to sound established and trustworthy to build up that initial relationship, whereas the younger generations may respond to a more catchy and fun slogan. Regardless of which direction you go, sit down with your team and some trusted clients to get their input at the start of your process.

Focus on Solutions

It’s important to remember that both the problem and solution should be at the heart of your messaging. In order for clients to quickly understand what you bring to the table, you need to communicate the problems you solve right from the get-go.

Focus on Your Uniqueness

Especially in big cities or competitive industries, you’ll be competing against other firms for prospects’ attention. How can you communicate your uniqueness so prospects will remember you as they continue their search? A common mistake of financial service professionals is not having a memorable and concise marketing message. Having a slogan that is personalized for your business’s services—while still unique and memorable—is a critical piece to your overall branded system.

Make it Quick

In order to quickly communicate with prospects, a slogan should be no more than seven words. As you create your initial draft, see if you can cut down on the fluff to get to the heart of your message. Avoid filler words and ensure each verb is direct and powerful. Words like “helping” and “building” are a great start, but they’re overused and watered down. Is there a more impactful way to get across your core messaging?

Create Multiple Drafts

Given that this is such a huge part of your marketing, don’t expect to complete the task in a day. Sit with your different ideas and play with them to find a slogan you love. You may find it helpful to create a word document with about 20 different ideas, then trim it down to your favorites. Combine, refine, and rewrite over the span of a week until you find something compelling and special!

When creating an impactful slogan, it is essential to clearly communicate your specialty and unique offerings to your ideal prospects. Having a clear slogan allows you to quickly convey your services and expertise so prospects know from the get-go whether you’re an ideal fit. Creating a quick and catchy slogan will help you optimize marketing collateral, social media communications, and your website design to be consistent and memorable.

How to Scale Your Business Without Losing Focus

As your business grows, it will be essential to learn how to focus on your current clients while still expanding your business opportunities. By implementing a strategy long before you begin expanding, you can ensure that you are crafting the perfect balance between present and future success.

Fine-Tune Your Vision
As you begin ramping up your business, take a step back and fine-tune your vision. What did you define as success when you first started your business? Would you define it the same way now? Are there any immediate adjustments that you need to make to get to a place where you’ll be happy and healthy running your company? As soon as you have all of these parameters outlined, you’ll be in a good position to implement a plan to make changes happen.

Look at What’s Missing
It’s natural to hit some unexpected hurdles as you begin to expand, but many of them are easy to predict ahead of time. Will you need to hire more help in order to double your client base? Do you need to implement new technology to help automate your workload? Examine the average amount of time you spend on each task every week and see if there are solutions that might cut that wasted time down to the bone. As your business scales up, you can afford to implement new software and tools to free up your time for what matters most.

When it comes to hiring, a good approach is to set a certain profit goal. Once you pass that threshold, you know your business is ready to bring on another set of helping hands. When hiring, evaluate all the possible skills that this hire will need to service different parts of your business. For smaller companies, it’s ideal to hire someone who’s adept at many tasks rather than hiring an expert in a single field.

Explore Other Options
Almost every business starts with a single focus and grows their services over time, and it’s important to take an annual look at the market in your area as you plan ahead. In order to scale up your business, do you need to make any huge adjustments to your current plan? Take a look at how many potential clients are in your area that may benefit from your services. If the target market is too small, it may be time to expand your specialty or offer additional services.

Don’t Change What’s Working
Even as you make core changes to your business, be mindful of what brought you success in the first place. If you’re known for friendly, face-to-face interactions with your clients, don’t sacrifice that for the sake of volume. If the core of your business rests on a certain service, it would be counter productive to stop offering that service for the sake of bringing on new clients. Strike a balance between old and new and ensure your existing clients still receive the full value of your time!

While it can be stressful to drastically ramp up the scale of your business, it’s essential to stay focused on what has worked—and what needs improvement. Take an objective look at your business model and decide if any changes need to be made as you begin recruiting new clients to take your business to the next level.

Use Personal Development to Grow Your Business

As business owners, it can be easy to focus on the work itself and lose sight of your own personal development, but self-improvement is just another part of expanding your company. By taking the time to focus on yourself, you can develop new ways to support your clients and market your business. After all, as Elise Buie says, “We can’t go any further for our clients than we do for ourselves.”

Consider Your Shortcomings

Even the most well-rounded person has room for improvement, so take an objective look at yourself and decide which are your biggest opportunities for personal growth. Is there a particular skillset that you have been wanting to enhance and haven’t got around to just yet? For example, is there a part of your life that is noticeably disorganized? An area of your work that refining a particular skill would make a difference? As you reflect on your day to day, you will be able to create a list of things to improve upon over the next year. You may be lacking a skillset such as communication skills (whether in a group setting or one-on-one conversation), leadership skills, or even personal discipline such as working out to improve physical fitness and energy level. All of these can contribute to enhancing your sense of personal empowerment overall and your ability to attract new clients.

Think Small

If you are struggling to get started with a large-scale project, it can be easier to pick up a small skill instead. Even something as minute as juggling gets your brain used to new tasks, and it can be learned in a single afternoon. Once you get those balls in the air (no pun intended) you’ll find the motivation to move onto larger tasks.

Look Online

No matter how obscure the skill, there’s a class for it online. From mediaeval sword making to personal organization, you’ll be able to find course materials and tutorials. If you browse YouTube, you can watch a few minutes of each video to find a teaching style that works for you, and then watch a new video every week to master the skillset. There are also sites like udemy.com and khanacademy.org that provide full online instruction, and these tend to cost around $60-100 per course. If you need structure and the ease of finding the next step in your education, these sites may be worth the investment!

Schedule It Out

Setting benchmarks is the best way to enact your plan. I invite you to create deadlines in your calendar throughout the year. Set reminders for when to start a new task, as well as when you intend to complete it. While you can adjust these dates as other appointments come up, create a rule that you can only delay each task by two weeks. This will ensure that you stay on track while still maintaining flexibility in your work schedule.

Though your work is essential, don’t neglect your own personal development! Your clients look up to those who have mastered many different skills, and you want to always strive to have one more skill at your disposal than you did the previous year. By showcasing your own personal development, you can enhance your attraction factor which will support you in growing to meet new needs of your existing clients!

How to Optimize Your Marketing Strategy to Support Your Business Transition

As you expand your book of business, it can be easy to lose track of the best marketing plan to both entice new clients and retain your original base. By taking the time to restructure your marketing, evaluate your mission statement, and even change your branding, you can optimize your marketing to appeal to both existing clients and new prospects.

Consider Your Best Fit
In an ideal world, you will take a step back and think about your ideal client before your transition event. Has anything changed about who you want to attract? Take a look at any clients you’re acquiring, the age and specializations of your team, and your future goals to evaluate whether you should change your marketing strategy to attract a different type of client. This is a great opportunity to create your marketing focus for the future of your company. Who are the ideal clients that you want to attract and how many? While it can be tempting to shift focus entirely, think of this process as a time to narrow your focus. You still want to cater to your top clients and ensure they feel supported and valued, but you may want to reframe your branding to a more focused group.

Craft a Comprehensive Message
At the very start of your succession planning experience, sit down with your entire team to craft a unified message that speaks to your current goals and values. Look at your newly defined ideal client, existing client base, and total expertise to come up with consistent branding for your website, email campaigns, social media posts, and any printed or direct mail media. The essential thing to consider when creating this messaging is why you are the best fit for your clients’ needs. What unique experiences do you bring to the table that helps to set you apart from the rest? Why are you passionate about your business? In which situations are you most effective at helping clients meet their needs? What is your goal for your clients? What is your favorite example of a way you’ve gone above and beyond for a client? Use these questions to guide you towards a personalized tagline, then use it to create consistency across all your marketing. By unifying the message in your marketing materials, you make it easy to build brand awareness and attract your ideal clients.

Be Consistent with Your Value Proposition
As you move forward with your transition, it is essential to keep all team members on the same page in how they present your value proposition. Go over brand standards for email, social media posts (including employee’s personal LinkedIn activity), and client conversations so everyone presents the same value proposition across all mediums. Use the same language and phrases consistently so each individual appears as part of a larger team at all times, making it clear that you’re united in the service of your clients.

Reach Out to Clients
Once you have completed these steps and created a clear marketing strategy, you’re ready to reach out to your existing clients. Be sure that the first message you send out includes your new tagline and a link to your mission statement, along with what clients can expect in the first few months of your business transition. Schedule one-on-one meetings to share your new brand message, your commitment to take great care of your clients by providing ongoing support and clearly demonstrate your devotion to existing clients even if your business model or brand is changing slightly. Above all, highlight the exciting new services, features, and benefits of your new business model.

Though it can be challenging to align your marketing during a business transition, it is essential to have a clear plan as you onboard new clients and potentially new employees while setting expectations for existing clients. By sitting down as a team, crafting a new mission statement, and considering your ideal client, you can ensure that new clients feel supported even as you transition your business.

How to Create Consistent Branding Throughout Succession Planning Process

As you continue your ongoing goal of onboarding new team members and expanding your book of business, it can be easy to lose sight of the initial values that
attracted clients to your company. Here are some of the steps you should take during the transition to keep your company on track with your marketing and branding!

Meet Internally and Craft a Plan

Before you reach out to any clients, meet as a team to discuss the best messaging for your first few interactions. Often, a business transition causes stress on the client side of things, so take the time to align your talking points and mirror their existing experiences with the company. As often as possible, involve their previous points of contact in the new discussions, as these trusted advisors can create a bridge between the old and the new.

Go Back to Your Roots

After you’ve completed the initial steps of your transition, take a step back and think about the initial plan for your company. If you have old emails or marketing materials, this is a great time to review them and look back at what helped your company to grow. Though your new round of marketing and branding materials don’t have to be a complete match, your existing clients may be more comfortable to see previous values communicated clearly in your new marketing.

Meet with New Employees to Communicate Values

To ensure that new employees will champion the standards of your brand, schedule an all-hands-on-deck meeting to explore the company values. What sets you apart from the crowd? What does your ideal client need from your team? How can you take your customer service to the next level? Bring these questions to the top of your employees’ minds so they are aligned with both the company’s origins and future goals.

Reach Out to Valued Clients for Feedback

While you should have already discussed the transition with your existing clients, you may not have had time for a post-mortem examination of everything they loved about your previous company. Take the time to ask what attracted them to your brand, what they need most from your new team, and if they would recommend any changes. Taking time to hear the feedback from your loyal clients will help you evaluate if any changes need to be made, or if you can continue the course with your existing branded strategy.

Be Open to Change

While many companies want to keep everything consistent during a major transition, it can also be the perfect time to shake things up. If you weren’t happy with your previous logo, slogan, or design, it’s the ideal time to meet with a specialist and ensure your company gives the best possible impression. Involve all of your team throughout these changes to accumulate multiple points of view and reach out to trusted clients for their opinions as well.

As you complete the transition of your company, it is essential to outline your branded messaging and keep all team members on the same page. Creating this consistent messaging will craft a smooth transition for all parties involved, including your trusted clients!

How to Delegate Like a Pro!

As your business grows, it is essential to begin handing off your tasks to employees who are competent and eager. Having a properly trained team will allow you to focus your efforts on the high-level tasks that really matter, and it will also help combat burnout and ensure you get the work/life balance everyone desperately needs. Since delegating is such a key part of any management role, here are some tips to manage the process like a pro!

Hire with Future Development in Mind

This is one of the most challenging steps for a business to take, as it requires taking the time to hypothesize what future obstacles may arise. Before you hire additional staff members, sit down and brainstorm the future of your company and what new challenges you may face. How will you grow your business? What industry changes may be on the horizon? What is the best way to find new clients? Keeping these thoughts in mind will help you hire employees with skillsets that will be aligned with your needs.

Craft Client Introductions from the Start

Even if you’re not immediately requiring client interactions, you can start curating relationships between your new employees and existing clients. Facilitate brief in-person introductions when the timing is right and create organic conversations, so your clients are familiar with the names and faces of your office staff. This will make it easier to shift responsibilities when the time comes and ensure everyone gets along well ahead of large transitions!

Set Up Accountability Structures

When the you are ready to start delegating your responsibilities, you want to make it is easy to find a bird’s eye view of your team’s progress. An easy way to do this is to create shared documents (for example, a spreadsheet on Google Drive) that all team members can use to log their notes and client interactions. This will allow you to monitor new developments while still giving your team opportunities to test their new skills and interpersonal relationships.

Be Willing to Invest in Additional Training

Even if you hire the best and the brightest, they may need introductions or refreshers to certain skillsets. If you notice that they could use additional training, politely offer additional training on that skill. One way to approach this is to forward them a link to an online class or seminar and simply say “This looks interesting! Would you like to attend? The company can cover your tuition.” This is a non-judgmental way to help improve confidence and give your employees the tools they need to flourish in your absence.

Delegating is an essential part of business growth, so be sure to take the time to properly train your employees to take on more responsibility. By hiring for potential, cultivating client relationships early, and providing support and training, you can ensure your team is ready to handle even more responsibility as your company develops.

Best Practices for Acquiring a New Book of Business

For financial advisors, one of the quickest ways to grow your practice is to acquire an existing book of business from another advisor who is usually exiting the business. While this can be a huge boon for your business, you need to handle the transition delicately and create an optimal transition for your new clients. These tips will help you gracefully handle the acquisition and keep everyone happy and informed!

Find the Right Fit

Before you even consider buying a book of business, take the time to examine what would be the ideal fit for you and your team. The easiest way to create a smooth transition is to find a business that is similar to yours in terms of ideal client, area of specialization, values, and business model. These mutual traits will be essential in smoothing out the transition, so keep these in mind as you explore different companies to acquire.

Ask for Assistance

The biggest asset to help you smooth out the transition will be the previous owners, as they know the personalities of their existing clients. When signing a contract, you might ask to include billable hours for personal support, or perhaps dual meetings where they can introduce you in person. These introductions are invaluable and help create a feeling of teamwork with the new clients, reassuring that they’re in excellent hands.

Tailor Your Messaging and Stay Personal

One of the biggest concerns that your new clients will have is whether you will deliver the same level of service that they have come to expect. It’s essential to build your client relationships right from the start, so ask for personalized info on each client when acquiring the business. Instead of sending out a form letter, reach out to each client personally and invite connection, or ask them to come into the office for one-on-one meetings. While this will add to your workload at the beginning of your acquisition, it shows your new clients that you are committed to their satisfaction and start your relationship off on the right foot.

Combine Your Messaging

While it can be tempting to completely overhaul your website and messaging, your new clients will feel more comfortable with gradual changes. Keep the existing style, messaging, and website for a short period of time while gradually combining your two businesses. People tend to dislike change, especially when it’s forced on them, so keeping things familiar throughout the transition is a respectful and comforting gesture.

Continually Reach Out

After your initial introduction, stay connected with your clients by following up at four-week intervals to ensure they are happy with your service. Continue to emphasize your availability and willingness to meet and use similar messaging as their previous financial advisor to make them feel at home. Just by expressing your support, you can decrease client turnover and make an incredible first impression on your new book of business!

As you start to acquire new books of business, these steps will help ensure a smooth transition for your clients. Finding practices that have similar ideal clients, values, and business models will allow you to seamlessly combine businesses, and personalized touches and consistent follow up will seal the deal for your new clients!

How to Ensure You’re Hiring the Best Possible Candidates!

As you expand your team, you need to evaluate even more than the qualifications and certifications listed on a resume. Having a diverse staff that works well together and is united on common goals will eliminate stress and tension in your workplace and allow your business to succeed! Here are some tips to help you create the best hiring process and find unique qualities that will help your business shine!

Describe Your Ideal Candidate on Your Job Descriptions

While it is common to list out the roles and responsibilities of each job, you also want to explain what you’re looking for in terms of personality and fit. If your company has core values you want a candidate to espouse, include those in a short paragraph under the description of your role. You may also want to explain the culture of your office and what employees can expect from working for you. This helps you attract the right people and set expectations before the first interview even begins!

Monitor Your Social Media Presence and Reviews

The hiring process is a mutual agreement that will involve research on both sides, so make sure you know what comes up when a potential employee searches for your business. Sites like Glassdoor and Indeed are instrumental to showing off your workplace culture and benefits, so ask your happy employees to leave positive reviews if they feel comfortable doing so. You may also want to highlight parties and charity work on your social media profile to show off the fun side of your office!

Ask Existing Employees for Recommendations

A great way to find a cultural fit is to ask your existing employees for recommendations from their previous companies. This is an excellent way to find someone who gets along well with the personalities in your office and has a proven track record of hard work! You can also encourage your employees to share the job listing on personal LinkedIn and Facebook profiles to notify their friends and professional contacts about the new opening.

Reach out to Local Colleges

If you’re hiring for an entry-level position, be sure to post on job boards for local universities. This is a great way to onboard fresh new candidates who will be eager to learn. You can also directly email the office managers of specific departments to find recent graduates who come highly recommended by professors and staff.

Explore Social Media Profiles

To ensure that your candidate isn’t doing anything inappropriate on their personal time, you may want to examine their social media profiles and ensure they aren’t using profanity or engaging in illegal activities. This can help prevent any interpersonal drama in your office and keep your company’s image pristine in the public eye!

When you have a pool of similar candidates, it can be difficult to look past the stellar resumes and qualifications to find the best cultural fit. These tips can help you make the most of your upcoming recruiting process and ensure that the candidate your select will be a team player and a fitting ambassador for your brand!