Using planners as bait wins market share

Planners need to spend more time marketing themselves and less on brand awareness campaigns.

According to a recent survey of 20 of Australia’s leading financial planners, they rely more on personal marketing skills to build their practices rather than expensive brand awareness campaigns.

Conducted by marketing and advertising consultant Stewart Paul, the survey found that where the individual adviser was able to get their own name out in the marketplace in a positive way, the chances of success were significantly improved.

“At the end of the day, most prospects, clients and centres-of-influence ‘buy’ from the individual adviser, not the brand of a financial planning company,” Paul says.

Some of the strategies employed by these advisers to build their practices included building a referral culture in their practices and developing relationships with at least three or four centres-of-influence who have significant numbers of clients/employers/associates who fit the advisers preferred client profiles.

Further, when advertising and running seminars, the adviser should be used as the ‘promotional bait’. This means marketing individuals by including their photos and resumes in seminar advertisement’s and flyers.

Other strategies include writing articles for newsletters published by centres-of-influence as well as presenting seminars to these groups. Exceeding client expectations will ensure existing clients talk positively about their experience to others, further expanding the potential client base.