Over the last few years, most of our advice firm clients have told us they have no problems attracting new clients – and their established clients aren't going anywhere, either. Happy days!
Our own database backs this up: according to our latest CATScan client survey data, 42% of advised clients have been with their current adviser for seven or more years, 91% expect to maintain an ongoing relationship with their adviser and 87% are happy to refer their adviser to a friend or colleague.
Further, 97% of practices have reported minimal loss of clients over the last few years. The data describes a very stable clientele who are referring. Again, happy days!
How long can this situation continue, though? Our CATScan stats also reveal that 55% of these clients are aged 60 or more, with 45% already retired.
Accumulation, saving and protection are gradually morphing into retirement, annuities, estate planning, charitable gifting and aged care – the circle of life, if you will. For many, the time is fast approaching when advice firms will need to attract new clients to replenish losses.
This means that now is the ideal time to start planning a marketing strategy. But what should that strategy look like? Here are our top 10 activities we think you should consider before you create and implement your marketing plans:
1: Review your current state of play
Assuming you had a clearly-documented marketing plan for 2024, did you achieve the results you were looking for? What worked for you and what didn’t? Where and how much did you spend on your marketing activities last year? (For reference, the average marketing spend is around $21,000, or 1.6% of practice revenue.)
2: Optimise your SEO
For prospective clients, online searches are an important "go to". And even if they’ve been referred by a friend or family member, most will check you out online before they make contact.
Are you making the best use of search engine optimization (SEO) to ensure that you/your website ranks well?
3: Review your website
Is your website modern and uncluttered? Does it surface up-to-date info, or does it contain blatantly old news and material? (If your most recent newsletter or blog was posted back in 2022, this won’t cut it!)
Your website should tell your story, celebrate your staff and promote testimonials from satisfied clients. And from left field – does your website overview your fees (level and structure)? An early heads-up for prospects could help you avoid awkward conversations later on.
It should be easy to contact you, sign up for your newsletter and/or schedule a meeting/appointment. And most importantly, your website should be mobile-friendly.
We are firmly of the belief that while a website may not get you a new client, a poorly-constructed or out-of-date one will absolutely cost you business.
4: Optimise your CRM
While most CRM systems on the market allow advisers to maintain a very comprehensive picture of their clients, very few businesses take full advantage of this functionality.
According to our latest research, only 4% of advice firms are holding 20 or more individual pieces of information on each of their key clients. A third (35%) store fewer than 15 data points – and quite often it's the more personal, key relationship-building information that's missing.
To optimise your CRM, we recommend updating data within 24 hours of client contact and ensuring your CRM stores (and maintains) the names and details of client’s children, other professional advisers (such as clients' accountants and lawyers) as well as prospective clients.
5: Revitalise your social media presence
This is the ideal, low-cost strategy to build your brand, profile and reputation. Note how often you post to your social media networks. What content do you post? Do you have client reviews on your socials and website? It’s okay to ask a satisfied client to post a few words, too.
6: Increase communication
Note how frequently you contact (or otherwise communicate with) your clients, prospects and centres of influence.
Importantly, do you provide useful and informative content that is centred around the client, not you or your practice? (A CRM is invaluable here.) Repurposing content to your socials and across different audiences will help you to achieve optimal payback for your efforts.
7: Connect with the kids
With a greying clientele, the imperative should be to build relationships with your client’s children now before something happens to Mum or Dad and the children start to reassess the situation.
Targeted communications and a broadening of services directed towards the kids' interests and needs will help. Estate planning can be a great start here.
8: Consider online adviser listings such as the FAAA’s Find a Planner and your licensee’s website
Are you included on these lists? What do prospects see? Are you presented as professional, competent and capable? Are your info and contact details up to date?
9: Have someone directly responsible for implementing, monitoring and reporting on your marketing activities
This doesn’t have to be a major task, but it's vitally important that there is someone within your firm who is responsible for your marketing. Full time and permanent, outsourced or "fractional" – the important thing is that there's someone with the responsibility.
10: Keep your service offering ahead of the curve
Finally, when was the last time you critically reviewed your product and service offering to ensure it continues to meet the evolving needs of your clients as well as prospects?
This could lead to expanding your network of strategic referral partners, for example, so you can facilitate some of the specialist services that you may not want to deliver "in-house" but that clients nevertheless need.
While the above points may not be applicable practice, we think going over them before creating and committing to a formal marketing plan is a great place to kick off.
For your consideration.
Advisely Partner
