Wealth Management Marketing's Blog: Presented by Kristen Luke

2009 is upon us. If you haven’t already written your marketing plan for the new year, it’s time to stop procrastinating and start planning. The current economic environment creates the perfect opportunity to acquire new clients. Some of the largest financial services firms in the country have collapsed and clients are losing confidence in their advisors. You will rarely see a time where prospective clients are more open to a second opinion than they are today. The question is, “How will you reach these people?” If you don’t have a clear marketing plan with specific activities and a set timeline, this opportunity may pass you by before you know it.

Effective marketing doesn’t need to be complicated or expensive. The key to successful marketing is focus and consistency. When creating a marketing plan, you should include the following:

• A plan to create loyal clients. Loyal clients generate referral business but in order to achieve this you must touch your clients throughout the year. According to a Horsesmouth article titled “The One Page Marketing Plan: 6 Rules to Follow”, mid-Level clients expect 14 touches per year while high-net-worth clients expect 28 touches per year. Your marketing plan should include a schedule of activities to ensure you touch your clients an appropriate number of times each year.
• A plan to cultivate professional relationships. Developing referral relationships with other professionals requires regular interaction. Your marketing plan should include a cultivation calendar so that none of your professional relationships are neglected.
•  A schedule of activities. Start your marketing plan by sitting in front of a calendar and filling in which activities will happen on which dates. By creating deadlines, you ensure that your marketing campaigns are implemented in a timely manner and that there is constant activity throughout the year.
• A realistic budget. It’s important to set a realistic marketing budget so that you remain disciplined when choosing campaigns. Spread your budget throughout the year so that you are consistently generating new leads.

As an advisor, you focus on three activities: Prospecting, Meeting with Clients and Closing Sales. Handling the planning and implementation of your marketing doesn’t necessarily fit into your schedule so I recommend you consider outsourcing. By outsourcing your marketing, you free up your time to focus on generating revenue and servicing clients. Marketing consultants have the expertise and resources to implement campaigns much quicker and more cost effective than you could do yourself. A good consultant will stay on top of your marketing activities and make sure that you are sticking to your timeline and goals. Plus, their job is to stay informed on the latest marketing trends and can provide you with an array of ideas you may not have previously considered. Don’t be intimidated by the idea that outsourcing your marketing will be costly. By hiring an independent marketing consultant, as opposed to a large marketing firm, you can execute consistent marketing campaigns for as little as a few hundred dollars per month. The cost of a consultant will vary depending on your requirements, but there are options for budgets of all sizes.

Many advisors have reduced their marketing budgets and therefore activity because revenue is down. This is the worst thing you can do. Even if you have never marketed your business in the past, now is the time to do so. The firms that I’m working with that have aggressive marketing plans are setting double digit first appointments each week. They are thriving because they are taking advantage of the fear in the market and the inactivity of their competition. By developing and implementing your 2009 marketing plan, you can do the same.

Kristen Luke is a marketing consultant for wealth management professionals in the Southern California region. Visit www.kristenluke.com for more information.