10 Referral Ideas for Financial Advisors

marketing referrals May 14, 2018

When it comes to growing your practice, you probably have a few tactics up your sleeve — but it’s important to know that not all tactics are created equal, especially when it comes to referrals.

Getting clients through referrals can lead to better clients, faster growth, and lower investment than other approaches. With referral clients, you’ve already established a baseline level of trust and credibility, which helps you close deals and develop valuable and lasting relationships.

That means that referral ideas for financial advisors are a hot commodity. And, the numbers drive home how valuable referrals truly are.

Those who are referred by a friend are 400% more likely to make a purchase or become a client, and once they do become a client their lifetime value is 16% higher than that of a non-referred customer. This may be due to loyalty, as referred customers are 20% less likely to choose another brand if something shifts in...

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Of The Essence: The Best Time To Contact A Prospect

How quickly do you contact a prospect? Do you do any web-based prospecting for your practice? Do you have contact forms available on your firm’s website or are you part of an advisor directory like ours or a professional association where consumers can find you? Did you attend a community event and put out contact forms? Do you have a solid referral process in place?

If so, you probably have a database of leads coming in regularly…and how quickly you respond to them will either greatly increase or diminish your chance of success with them. While it may seem reasonable to just keep calling new introductions over and over until they meet with you, common sense (and our own experiences) would tell us otherwise. No one wants to be harassed and have their phones blowing up all day from someone they haven’t even met … even if they came looking for you to begin with.

The key is balance and the strategic use of data.

Though John’s developed an...

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Finding the Difference Between Fee-Only vs. Fee-Based Services

Exploring the fee-only vs. fee-based debate

A quick search of “financial planners” will result in a growing number of fee-only planners. But what exactly is fee-only? And how does that influence a potential customer when selecting a financial planner?

Another quick search of “fee-only planners” will result in definitions from places like Forbes.com and Yahoo Finance, who provide a short definition that works on the surface but doesn’t provide nearly enough information to make an informed decision. Forbes defines fee only financial planners as a “registered investment advisor with a fiduciary responsibility to act in their clients’ best interest” (1). Which leads us the burning question…shouldn’t all advisors being working in their client’s best interest?

Simply put fee-only agents operate through one mechanism: they work with a client. All payment received is compensation for...

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How To Attract Prospects With Your Blog

Prospects, Prospects…

You have an awesome website to attract prospects and build client relationships. You’ve developed an incredible anti-marketing system that works.

Now, you want a blog to really fine-tune the educational aspect of your business.

Getting a blog started is no short task. It is an entire website of it’s own (even if it is nestled in your domain – as it should be). You have to consider making a content calendar (to keep on top of relevant topics and stay relevant for SEO purposes!) and then of course, there’s the actual writing and optimizing of your blog posts themselves.

Whether or not you’ll be writing all the posts, your team will, or a combination of them, there are 5 major subjects you should cover regularly to attract prospects to your business. Show them you “know your stuff” before they even actually speak to you.

Value opportunities are everywhere with the use of a blog!

Planning Processes


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Create A Cash Flow Analysis in 7 Minutes Or Less

The Bane That Is Personal Expenses

Let’s talk personal expenditures & cash flow. Did you just groan? Don’t worry.

We get it.

If you’re not too excited, it’s probably because you’re using a method that soaks up too much of your valuable time helping clients “crunch numbers”, or plug value-after-value into a spreadsheet. We all can do with one less bland Excel sheet in our lives.

Simple, financial math is just part of our lives as advisors and despite it being such a foundational piece of our careers, it can be downright annoying and stressful.

Really – helping clients figure out what they are spending and where they are spending it is STRESSFUL. It ranks right up there with cold calling (because really, who enjoys that?).

So how would you feel if we could both help you improve your advisor-client relationship AND cut the stress down? (more on that in a bit). What if you never had to use another worksheet EVER AGAIN?

What if we...

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7 Key Factors To Build A Winning Financial Advisor Team

Uncategorized Jul 21, 2017

This past month, our content director Kristina chatted with Andrew Hodge, Team Coordinator for Custom Wealth Management in Syracuse, NY.

The topics ranged a bit, but more focus came in when discussing the importance of a well-oiled, fully-meshed financial advisor team.Check out the interview below for what Andy believes to be the 7 Key Factors To Build a Winning Financial Advisor Team.

Kristina: Andy, great to catch up with you.
Andrew: You, too.

K: I heard that you had a big anniversary last month?
A: Yeah, I did. It was my 6th anniversary with Custom Wealth Management.

K: Lots of cake?
A: (laughs) You know it.

K: Not to sound all poetic, but anniversaries are definitely times when we reflect on the past & look to the future. What was it like when you first joined?
A: When I joined the team, it was John and two supporting team members, me being one of the two.

K: Have things changed?
A: Quite a bit. We have since grown into a team of seven, including John....

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Objection Handling – What Financial Advisors MUST Do

“I already have an advisor”.

There’s that all-too-familiar feeling again. That slight punch in the gut mixed with the unintentional face tension. It’s probably not the first nor the last time you will ever hear an objection like this. Objection handling, just like number crunching, is a fundamental part of our career as financial advisors.

…or is it?

ThinkAdvisor.com had a great article a few years ago that said, “if we do get an objection, I feel like I haven’t done a good job”. The focus around this statement was solely that the system in place should be one that the client experience is simply SO GOOD that there can’t be any objections.

And we’re all about teaching you how to provide that white-glove client experience. Handling objections with grace and ease falls right into our purview. Let’s dive right in, shall we? 

Step #1: The Objections

Objection #1: I already have an advisor.


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The Three Types of Financial Advisors

So many articles talk about the “different kind of financial advisors” and they generally focus on fee-structure. That’s all fine and dandy … but our passion within the CWA Network is that we’re focused on helping you create a great client experience. Fee type is really only a small part of it.

Right now, helping you create a great client experience first means shining the light on yourself!

Let’s get right to it & identify your “advisor persona”.


Advisor Type #1: The Implementer

Do you focus a lot on getting new applications? While this isn’t inherently a terrible plan, if left on it’s own, relying solely on building new clientele without following through on their objectives or creating unique strategies for them might not be the best platform for growing your business.


Advisors who start with implementation, and spend the most time on it, just want to get paid and often think...

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