Targeting Clients: Should You Use a Rifle or Shotgun? Laser-Scope?

By Amy McIIwain, President, Financial Social Media on Thursday, April 14th, 2011

Amy McIIwain, President, Financial Social Media

Classically, as marketers we often use the expression: taking a "rifle or shotgun approach". Which approach to attracting new clients (targeted versus generic) should financial advisors use? David Friedman's answer: they need a laser-scope rifle...Read More »

Change the Nature of Your Relationship (Nurture Your Clients)

By Amy McIIwain, President, Financial Social Media on Wednesday, April 13th, 2011

Amy McIIwain, President, Financial Social Media

Advisors don't typically have a marketing background; however, prospecting and marketing skills are essential to running a successful advisory business. In order to initiate and build lasting client relationships, you must proactively nurture your clients with valuable, targeted and frequent communications that are delivered in a variety of flavors. Having a stronger relationship with your clients will also make it easier to ask for referrals, which is the easiest way to get new business. Here are some tips for how to nurture your clients along a strong, long-term relationship.....Read More »

Advisor Advice: Expert & Executive Tips of the Week for Financial Advisors

Words to the wise from our elite team of experts and executives with knowledge and experience from all corners of the financial services industry...Read More »

How Financial Advisors Can Use Video to Grow Business & Client Relationships

Amy McIIwain, President, Financial Social Media

As you know, the marketing team at ByAllAccounts uses videos to communicate with clients and prospects. We asked Joe Eldridge, Founder/VP of Marketing & Delivery at VisibleGains, an online marketing video service provider, to give some tips on how financial advisors can use video too...Read More »

No More Games, Let's Just Talk: How Timetrade Doubled My Productivity

By Amy McIIwain, President, Financial Social Media on Thursday, April 7th, 2011

Amy McIIwain, President, Financial Social Media

This is not an advertisement for Timetrade. Nobody put me up to this, nor am I being held at fake finger-in-coat-pocket gunpoint by some over-eccentric staff member demanding a testimonial for ransom (not to suggest that anyone at Timetrade would ever do such a thing, but I want my point to be made clear.) This is not a marketing ploy, but rather an honest reflection of the ways in which appointment scheduling software has impacted my performance as a sales development professional. I'm sure there are other products out there similar to Timetrade that work great. Having said that, Timetrade works wonders for me. I began using the product in October of last year, and my productivity has doubled ever since. By "productivity has doubled", what I mean is that the number of opportunities that I create per day is twice as high with the software as it was before I started using it. Why is that? With Timetrade I can spend more time talking to prospects, and less time playing games...Read More »

Bill Winterberg Talks Technology

By Amy McIIwain, President, Financial Social Media on Thursday, March 31st, 2011

Amy McIIwain, President, Financial Social Media

On Tuesday, March 22, 2011, Advisor Websites had the opportunity to speak at length with one of the industry's thought leaders, Bill Winterberg. The interview addressed current issues that Financial Advisors are facing with technology...Read More »

So You Call Yourself a Financial Advisor…Would Investors Agree?

By Amy McIIwain, President, Financial Social Media on Wednesday, March 30th, 2011

Amy McIIwain, President, Financial Social Media

Pending the congressional decision on the establishment of a common fiduciary standard for all financial advisors, at least for now, being a financial advisor does not necessarily mean being a fiduciary. From an industry standpoint, that is. I did an ad hoc survey last weekend at a group gathering with friends outside the financial services industry, and it was interesting to find that, by description, what we in the industry would refer to as "adhering to the fiduciary standard", many investors would simply call "being a financial advisor". With this discrepancy in books between advisors and investors where the definition of "fiduciary" in ours appears next to the word "financial advisor" in theirs, from the investor's point-of-view, anyone with the title "Financial Advisor" on their business card is inherently expected of the following.....Read More »

The Path to Bringing in Held-Away Assets: Roadblocks and Detours

By Erik Poje, CFP® on Friday, March 25th, 2011

Forgive me for the hyperbole here, but like reducing our dependence on foreign oil and 'going green', the concept is a no brainer. Grow my AUM by bringing in held away assets? Great idea! Advisors inherently understand that, and don't need convincing. However, implementing that strategy is a completely different story. Let's examine some of the ubiquitous roadblocks that advisors typically face when considering bringing in held-away assets, and map-out some detours for how we can get around them moving forward...Read More »

Marketing Tip: Really Speak with your Clients, Don't Just "Market" to Them

By Amy McIIwain, President, Financial Social Media on Thursday, March 24th, 2011

Amy McIIwain, President, Financial Social Media

One of the challenges that I hear from RIAs is "how can I grow my business"? As a marketer I can relate to this problem. Unfortunately, there is no silver bullet to address it. We are armed with an ever-expanding toolbox of tools to attract new clients (e.g., Twitter, blogs, search) but these come with increasing demands on our time (e.g., creating professional profiles, Tweets, blogging, updating Facebook) I can understand why some advisors choose to outsource their marketing activities...Read More »

Fiduciary Responsibility: Not a Pick-and-Choose Proposition

By Jeff Briskin, President, Briskin Consulting on Tuesday, March 22nd, 2011

ByAllAccounts' new study, Advisor Perceptions of Fiduciary Responsibility, offers a fascinating snapshot of how RIAs and brokers are demonstrating their commitment to serving in their clients' best interests, while also illustrating, however, that many apply their own litmus test to determine where this responsibility begins and ends...Read More »