John Bowen is CEO of CEG Worldwide and one of the foremost coaches of financial advisors and other professionals who focus on the affluent.
Prince: What are the most successful financial advisors doing that differentiates them from the rest of the industry?
Bowen: They’re focusing on two key elements to accelerate their success. The first is delivering a great client experience that gets results well beyond investments. The second is attracting a steady stream of prequalified, pre-endorsed clients.
For the first factor, financial advisors need to deliver a world-class experience that addresses the major concerns of wealthy families: making smart decisions about their money, mitigating taxes, taking care of their heirs, making sure that assets are not unjustly taken and making a big impact with their charitable giving. This by itself will drive the second factor, because when affluent clients receive this type of experience, they become marketing apostles for their financial advisors.
However, it’s critical for advisors to bring in both the right teammates as well as other strategic partners to deliver this experience and enjoy a growth rate of between 20 percent and 40 percent. The top financial advisors know they need this type of team and partners to attract a steady stream of affluent prospective clients who are raising their hands to explore working with their firms.
Prince: How are top financial advisors attracting a steady flow of affluent prospects?
Bowen: They’re taking advantage of today’s technology to connect effectively with the right prospective clients. Instead of communicating on just a one-to-one basis, they are now talking on a one-to-many basis.
They also understand the importance of relationship marketing, which means focusing on strategic relationships with accountants, attorneys and other professionals as well as delighting their clients so that they receive referrals. But they no longer count only on relationship marketing. More and more, they’re using video, webinars and marketing automation, and getting great results.