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Curian Makes A Common Mistake In Explaining A Drop-Off In Referrals
A volatile or declining market is too easy and superficial of an explanation as to why clients are not referring. Yet respected money management platform Curian Capital, LLC, seems to have made this very mistake in explaining a referral dropoff reported by advisors.
Curian just released its annual survey of 1,000 advisors, and 77% of advisors reported that acquiring new clients is their top goal for 2012. The survey noted, however, that advisors are receiving fewer referrals than last year.
A recent article about the survey quoted Mark Schoenbeck, senior vice president of marketing for Curian: “Clients' reluctance to urge friends or family members to work with their adviser is a function of the negative news and opinions about the economy. That tends to make them feel less likely to want to go out on a limb by suggesting that their friends work with their adviser.”
I disagree. Morevoer, advisors who examine the reasons underlying the drop-off in referrals are likely come upon a strategy less reliant on market conditions.
I agree with Schoenbeck is correct in assuming that clients put friendships, relationhips, and reputations on the line when they make a referral to a financial advisor. However, I do not believe that the ups and downs of the market elevate those risks — unless the advisor has established that delivering returns a primary aspect of his or her value proposition.
Many advisors have inadvertently done exactly this by failing to consciously design and communicate a better value proposition, and that is a mistake.
In fact, if you present a solution or experience that your ideal client needs or wants — assuming the solution is not consistently positive portfolio returns — prospective clients will be attracted regardless of market conditions. Clients and centers of influence will continue to mention you when they meet prospective clients who are looking to solve a problem in which you specialize. If you've explained your value proposition properly, the stock market's ups and downs should be of little significance to your ability to deliver on your value proposition.
If you find referrals disappearing when the market gets volatile or declines, don't blame it on the market. Take a look at your value proposition instead. It probably needs rewriting or a better communication plan.
Questions?
How and why does the Advisor Products system work?
In today’s times, when consumers have become more demanding and tech-savvy, financial advisors must use content marketing to attract, inspire, engage, and convert their prospective customers.
A good content strategy is focused on developing and distributing consistent, valuable content to engage and retain prospective customers and target audience, via your website. Our content library provides financial advisors with fresh, high-quality financial content that is updated regularly, improving SEO along the way. And our automated e-newsletter and social media tools allow advisors to reach out to clients and prospects in an easy-to-use manner, providing frequent touch points for optimal brand building.
- Differentiate you from competitors
- Expose clients and prospects to your brand message more frequently
- Build an ongoing relationship with customers
- Increase your follows and fans on social media
- Drive more prospects to your website
- Help convert prospects into leads
- Increase number of pages indexed in Google
What products and services do you offer?
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What can I expect during the onboarding process?
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See how easy it is to get started with our all-in-one digital marketing platform that drives leads, encourages referrals and increases client engagement.
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Advisor Products delivers high-quality, FINRA approved financial news articles and branded weekly financial videos published automatically to your financial advisor website. We also offer marketing tools like our easy-to-use financial blog, automated financial enewsletters, social media marketing tools to help financial advisors disseminate content quickly and easily.
Advisor Products delivers high-quality, FINRA approved financial news articles and branded weekly financial videos published automatically to your financial advisor website. We also offer marketing tools like our easy-to-use financial blog, automated financial enewsletters, social media marketing tools to help financial advisors disseminate content quickly and easily.
