According to ThinkAdvisor, financial advisors should consider the following "Ten Commandments" as they market and develop their businesses in the post-pandemic world.
- Do not wait for someone to announce the pandemic is over.
The process of returning to what we know as normal has been two steps forward and one step back. Advisors should not wait for normalcy to return. Design your prospecting strategy now.
- Do not assume that clients are satisfied with their current advisor.
The stock market outperformed everyone's expectations. Your clients likely stayed abreast of equities throughout the pandemic. However, this does not mean that every advisor offered the same advice. Some clients may have been on the sideline since 2020, which likely means some clients are unhappy with their financial advisors.
- Do assume that investor priorities have likely changed.
The pandemic caused significant changes in a lot of people's lives, including investors. Several clients may be retiring sooner than they originally planned. Your clients will know people who fall into this category.
- Do Ask clients about life insurance
The pandemic has changed the way "young and healthy" people think about life insurance. Be sure to discuss life insurance and keep it top of your client's mind.
- Do not assume clients do not want to meet in person.
Your existing clients are accustomed to seeing you in your office. Make it a habit to invite clients into your office. After reminding them how you can help them, inquire about who else might need the same assistance.
- Do not assume that your clients do not have any money.
Many of your clients may not have suffered financial losses during the pandemic. Several of them might have saved a lot during the stay-at-home orders. Your clients likely have peers in similar positions. Do not miss an opportunity to share some insightful information.
- Do not assume your clients are without ideas.
Many of your clients may have fresh ideas about how to outlast the pandemic. Do not make the mistake of not hearing them out. Their friends will also have many ideas, take the initiative and draw these potential clients out.
- Do not assume that other advisors have dedicated the same amount of attention as you
Not every advisor was proactive in keeping in touch with clients or offering recommendations. Reach out to prospective clients and ask, 'when was the last time you heard from your financial advisor?" Pitch your ability to stay proactive and keep in touch as the standard.
- Do not let the news media get you or your clients down.
Do not fixate on TV news. This is advice for you and your clients. Instead, find positive information to share with clients. Clients will be excited to share that good news with their friends.
- Do take an interest in your client's family
Ask about your client's family. Because you took a genuine interest in your clients as real people, they may advise their families and friends that you should be the family advisor.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.