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PlanFees helps successful 401(k) advisors “benchmark better” and mitigate fiduciary risk. But you can also use our suite of innovative benchmarking tools to “prospect better,” nurture leads and build your professional practice. It’s as easy as 1-2-3.
Scouting for new clients is something most advisors do continuously throughout their careers. However, generating new business for your practice takes experience and finesse, and many advisors find themselves falling into a few common pitfalls. Here are five mistakes that could keep you from prospecting productively — and ways to avoid them.
You run a respectable wealth management practice with a hard-earned stable of clients, but you’d like to further expand your book of business. Over the years, you’ve found that retail investors can be slow to grow their portfolios — particularly during volatile markets. Plus, retention can be an ongoing struggle, and the availability of free trading platforms doesn’t help matters. You want to diversify your offering with business that’s more scalable, stable and tends to require fewer acquisitions before making an appreciable difference in your bottom line.
Prospecting can be an arduous, hit-or-miss task, with time-consuming campaigns often resulting in just a few bites — some might even compare the difficulty with panning for gold. Increase your odds of success and make your efforts more productive by avoiding these missteps.
The retirement plan space is exciting, challenging and highly competitive. The rewards can be considerable, but it can also take significant effort to achieve and maintain them. One of the best strategies for doing just that is to clearly define your value proposition and differentiate yourself from the competition. Here are three ways to position your advisory offering to set yourself apart, build your professional brand and grow your book of business.