Advisors with leadership ambitions must figure out how to recruit new clients and grow the business. This is where the pillars of professional networking and client development become essential.
ThinkAdvisor interviewed Lisa Brown, a partner and wealth advisor at CI Brightworth. Brown shared her seven pillars of successful networking and practice development that she believes that a successful financial advisor must incorporate in their practice.
1. Be Open to Established Networking Organizations
Established networking groups bring together small groups of professionals to share ideas, business leads and referrals.
2. Be Mindful of the Referrals You Make
Making a referral that works out is one way to build credibility with clients while sending them to the wrong professional does the opposite.
3. Embrace Your Niche
Embracing your niche helps drive your messaging more clearly and find the clients with whom you want to work.
4. Be a Public Presence
Joining local organizations is an excellent way to meet potential clients and other professionals in your region. In addition to joining local organizations, advisors should consider leveraging content in the media to build their personal brand. For example, Brown spent a significant amount of time writing articles. The publication of those articles created an effective way for her name to be associated with specific technical topics.
5. Be Most Useful at the Right Times
When advisors are helpful during times of transition and opportunity, they become a great resource.
6. Build on Existing Success
Brown shared how, under her leadership, CI Brightworth developed about ten company-specific white papers related to building wealth at a company where the firm already had a client.
7. Do Not be Afraid To Buck Expectations
Brown cautions advisors, particularly young women, to ensure they do not find themselves pigeonholed to working only in one area, for example, working only with female clients if that is not what the advisor wants to do.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
