9. Use social media. Tom Bradley, TD Ameritrade’s president of retail distribution, spoke about the industry being in the early stages of the changes brought about by social networks. “Advisors can’t ignore this,” he cautioned attendees. “Social media will not go away.”
He said social media can be helpful with marketing, thought leadership and communications, and stressed it can be very efficient.
10. Focus on women. “Historically, the man built the wealth and provided for the family,” said Tom Nally, president of TD Ameritrade Institutional. These days, four out of ten households have women as the primary bread winners. “Two-thirds of women don’t trust the financial services industry,” he said. “Seventy percent say they would fire their financial advisor if their spouse passes away or they divorce.”
For these reasons, advisors working with couples need to focus on both people in a relationship.
Mike Byrnes is a national speaker and owner of Byrnes Consulting, LLC. His firm provides consulting services to help advisors become even more successful. Need help with business planning, marketing strategy, business development, client service and management effectiveness? Read more at ByrnesConsulting.com and follow @ByrnesConsultin.