Financial Advisor Marketing Plan

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In this video Matt Oechsli, President of The Oechsli Institute, gives five tips on how financial advisors can build a proven marketing plan designed to attract affluent clients.

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Tip #1: Determine Your Ideal Client Profile.

Are you focused on bringing in clients with $1 million or more in investable assets? Are you focused on small business owners? Professionals? Are you dealing with C-suite executives? Your starting point is to identify your ideal client profile.

Tip #2: Match Your Ideal Client Profile to Our Affluent Research

It’s important that you understand what type of marketing the affluent respond to. Where are their eyes and ears? Our affluent research is very clear, there are five high-impact marketing activities today’s affluent respond favorably to:

1. Personal Introductions
2. Referral Alliance Partners
3. Socializing and Networking
4. Word-of-Mouth Influence
5. Intimate Client Events

Tip 3#: Take Inventory of Your Affluent Clients and Referral Alliance Partners

Each of your affluent clients have seven spheres of influence. Within these spheres of influence are your personal introductions. The seven spheres are:

1. Family
2. Neighbors
3. Colleagues
4. Organizations
5. Recreation
6. Professionals
7. Friends

Your goal is to uncover prospects through each of these seven spheres. Not all of them are going to be ideal prospects, but you will find your fair share. You also need to assess the CPAs and attorneys you are targeting to and make certain their clients fit your ideal client profile as well.

Tip #4: Create Your Relationship Management and Relationship Marketing Calendar

Next, plan the social interactions you will be having with clients and referral alliance partners. Plan the social events you will be attending and determine the intimate events you will be hosting. We recommend at least bi-monthly intimate events.

The idea is to put structure around your relationship management and relationship marketing plan.

Tip #5: Create a Budget

So, you have a great relationship management and relationship marketing plan – let’s put some dollars behind it. Our research tells us that elite advisors spend four percent or more of their total revenue on their relationship management and relationship marketing budget. This is an investment in your practice. You are schmoozing your clients and at the same time, marketing for new clients.

Now you have a great plan, designed for a financial advisors, but the best plan is worthless without execution. If you are challenged at all with execution, reach out to us. We are happy to help.


Since 1978, The Oechsli Institute has helped financial advisors achieve their goal of reaching more affluent clients and building long-term personal relationships with those clients. For more than three decades, they have conducted ongoing studies on both the affluent, in their decision making patterns, and elite advisors in their marketing and sales tactics. The goal is to help advisors and teams improve their sales and marketing efforts, modernize their service models — all while strengthening the loyalty of their affluent clients.

Books:

Best Practices of Elite Advisors (NEW book by Matt Oechsli & Stephen Boswell!)

The quickest way for a financial advisor to become an Elite Advisor is to model the Best Practices of Elite Advisors. This book is designed to serve that purpose; a road map for replicating the actions of the industry’s elite.

Becoming a Rainmaker (by Matt Oechsli)

Simply put, Rainmakers are those financial professionals who consistently bring in new affluent relationships. They are the highest compensated financial professionals, they are the most sought after financial professionals, and they are not for hire. Rainmakers are self-made.

If you have not become a Rainmaker and want to, this book is an invitation directed personally to you. Buckle up your seatbelt, because “Becoming a Rainmaker” will teach you how to:

1) Develop the mindset of a Rainmaker
2) Execute the High-Impact activities of a Rainmaker
3) Master the affluent Sales Skills of a Rainmaker.

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