For advisors who are just getting started, you may be saying to yourself, “That’s fine for you, Dan, but I haven’t been in business as long.” I realize there’s a lot of truth to that. However, I don’t think you need to rely on an approach that flirts with the lines drawn by the testimonial rule to be successful. I certainly don’t think you need to be a name dropper.
You just need to do good work and word will get out without you pushing. There really isn’t much more magic to it than that, and yes, it can take a long time. You can speed that along by promoting the good work you do through advertising, if you wish. But, if you put a client in an uncomfortable position or turn off a prospective client due to your lack of discretion or find regulators scrutinizing your operations more closely because of your willingness to flirt with the testimonial line, it will take a lot longer.
Dan Moisand, CFP, has been featured as one of the America’s top independent financial advisors by Financial Planning, Financial Advisor, Investment Advisor, Investment News, Journal of Financial Planning, Accounting Today, Research, Wealth Manager, and Worth magazines. He practices in Melbourne, Fla. You can reach him at [email protected]