Summarising the views of a couple of marketing experts and supporting that with some interesting research, Jay provides some great insights into how advisers can improve the results they get from their marketing efforts…
Information, ideas, tips…the articles for professional advisers which I spotted this week that generate fresh thinking or a deeper understanding of issues are provided here as a quick readers digest for professionals who are looking ahead.
These are the highlights from the week that you should stop and read, as they are the best I’ve seen.
There is so much good information for professional services made available each week, much of which I share, that it is very easy to forget to pause and reflect.
Each week I select the best handful and give them Tony’s BIG Ticks as being the ones that made me pause and reflect, or think further. They are sometimes thought-provoking, perhaps insightful, maybe a great sales or marketing idea or sometimes just incredibly topical.
The onboarding process for new clients of advisory firms is taking far longer and costing far more, leading of course to it all taking much longer before a new client is profitable to a firm. Add to that the research out of Australia shows that the conversion rate for most firms is only about a third of the initial enquires…so what to do?
Well this superb article offers an interesting suggestion to possibly deal with each of these issues…
“…Almost 50% of investors say social media impacts whom they hire as a financial professional and 33% report they seek financial advice online, according to a new survey from Hartford Funds.
In fact, 20% of investors across age, income and assets said that an advisor’s social media was their sole deciding factor in the decision-making process when evaluating a financial professional…”
As the mutlitude of SME advisory firms are getting more “corporatised” (albeit at SME levels!) and building more robust governance it is difficult for many to figure out how to build a robust board structure which is suitable for the size of their operation. This article has some excellent suggestions on how to approach the problem…
“…Valuation multiples are a simplified, abbreviated and short-cut methodology for thinking about the value of a company. They blindly take a company’s price (market cap, enterprise value) and divide it by a fundamental metric (revenue, operating income, EPS, etc).
But they don’t tell the whole story or give a complete picture of underlying value and are prone to sizeable error when applied in isolation. And, sadly, multiples have never been less useful than they are today…”