Trace Tisler, a partner at Hudson, Ohio-based Epic Financial, says technology is essential to scaling down his fee-based practice and enabling him to deal with a larger volume of clients.
“I use it for data gathering and for meetings,” Tisler says. “Technology makes compliance and back-office stuff easier. It also helps me monitor clients’ savings and give them encouragement when they hit their goals and intervention when they don’t.”
And technology is an effective way to prospect for millennials.
“It doesn’t have to be complicated,” says Landes. “Get a web page with good search engine optimization, because millennials will look you up before contacting you, even if they meet you at a networking event.”
Content should be kept short and simple, and updated frequently.
“I’m constantly posting articles that I’m quoted in or publishing geared towards the education that I provide,” says Eric Roberge, founder of planning firm Beyond Your Hammock. “People say social media is not that great, but I’ve had clients find me through my posts. Social media allows you to passively stay in front of your network.”
Roberge uses a social media tracking and posting tool called Hootsuite to automate his postings throughout the week, which has reduced his social media management time to a mere 30 minutes a week.
By prospecting with original content, XY Planning advisors attract like-minded clients.
“I give clients an idea of who I am and how I think about money,” says Marcott. “I don’t do traditional marketing. My prospecting is being myself online. I want clients who live intentionally and have an abundance mentality. I’d say 75 percent of my clients work with me because I talk about my beliefs. It’s easy to transition into working relationships with clients who relate to you.”
While most XY Planning Network members prospect digitally, Fisher finds millennial clients using referrals.