Financial advisors operate in an industry in which success and personal relationships go hand-in-hand. Before potential clients give you their business or refer you to someone else, they need to get an idea of your character and your expertise, which means it's up to you to consistently put ideal traits on display.
Making a good impression is paramount in the financial sector that's becoming rapidly more competitive. The Bureau of Labor Statistics has projected that employment of personal financial advisors to
The good news is that there are ways to keep yourself top-of-mind among peers and prospective clients. But remember that offering unique value in the financial sector goes beyond number crunching and forecasting models — it's about making your clients and colleagues feel valued and heard while establishing a diverse far-reaching network that incorporates those from all walks of life.
Professional courtesy
When growing your professional network, avoid tunnel vision. Financial advisors are often sought out by individuals preparing for major life transitions like retirement, divorce or relocation — but so are other professionals such as business attorneys, real estate agents, physicians, therapists, etc. Build relationships with a diverse array of professionals to secure mutual referrals. Ideally, you should have close contacts in every field whose members could possibly send business your way. You can return the favor by sending your clients their way, and your clients will appreciate it.
Share the load
It's paramount that financial advisors know what's on the mind of the people they are networking with so you can cater to their needs and offer more meaningful assistance. Accountants, for instance, may be coping with the stress of tax season or a change in the tax code. Familiarize yourself and stay up-to-date with tax law so that you can reach out to offer help and advice.
Insurance agents, to take another example, may be coping with natural disasters like major hurricanes or wildfires that have caused a spike in claims. Reaching out to check up on how these folks are holding up during stressful times to strengthen relationships. The underlying idea here is to keep track of news and events that may impact segments of people within your network, then make a conscious effort to reach out and provide emotional support, and where applicable, practical advice or help.
Dates to remember
Just as you would plan email marketing campaigns to your clients around key dates, the same applies to your networking efforts. A few dates to consider leveraging include:
April 15: Tax season is a great time to reach out and empathize with prospective or existing accountants in your network. Inquire how they're coping with their workloads and offer to grab a coffee or a happy hour drink with them once tax season has ended.
June 30: Get ahead of the curve at the end of the fiscal year for many companies. Reach out to tax planners and attorneys and offer to refer your clients who may need their services. This will keep you top of mind for reciprocal referrals.
Sept. 30: The deadline for many retirement plan contributions — including those made to SEP-IRAs and solo 401(k) plans — is a great time to reach out to retirement planners in order to get on their radars and build rapport.
Expand the search
When it comes to building a network of prospective clients, you've doubtless gotten plenty of advice about giving presentations at your local Chamber of Commerce or Rotary Club. The problem is plenty of other financial advisors will already have taken advantage of this. Instead, think about how to meet young entrepreneurs and business owners on their terms. Co-working spaces are great for this. Get in touch with such spaces in your area and offer to provide free financial advice workshops to their tenants tailored to startup founders and tech workers.
Coffee shops that attract a large crowd of remote workers are also target-rich environments, especially ones that often host events aimed at professionals. You can take this one step further if you take vacations in locations that are hotspots for digital nomads. That one week vacation in Tulum, Mexico could become a great opportunity to present a couple of sessions at local co-working spaces. It would only take a few hours out of your vacation, but could build some valuable connections.
Everyday people
Establishing trust-based relationships between heavy workloads seems like an insurmountable challenge. It's not. Open your eyes to the positive relationships you cultivate in everyday life. After all, you network every day with the staff at your local deli, your colleagues and in social interactions in athletic or social activities.
As well as useful mindset adjustments that take the stress out of networking, take advantage of modern tools that can help you stay on top of the admin. For example, you can upload all your contacts into a personal CRM, which will then give you reminders each time you should reach out to somebody. You can also use this type of tool to keep track of key dates and personal details of each of your contacts. Use the right tools to streamline your networking efforts, and remember to make a habit of following up and reaching out. Your next business venture is only a handshake away.
