Feb '24 • Marketing ✨
How are you using your network to add value to your clients? Try this idea...
I'm seeing very clear signs that some in the profession are looking for new or additional ways to add value to their clients.
Some value is already integral to their proposition (such as lifestyle planning and/or coaching), whilst others are looking to supplement their proposition with value such as client education, seminars, special reports, events etc.
Some of you may be aware of the 'Dream 100' concept where a business owner aims to cultivate extremely deep relationships with around one hundred longstanding clients and advocates, with a view to them being their primary source of new referrals and introductions.
Whether you are an online or a bricks and mortar business, this is an incredibly effective strategy. It doesn't have to be a hundred people, it's more about the quality and depth of the relationships, though clearly the more of these you have, the better.
Another take on this is to use your high quality relationships to add value to your existing clients.
Here's how it works.
There are some IFAs (though they are few and far between), who have a page on their website where they highlight local businesses, 'trades' and service providers. In the old days this page would have been called 'Useful Links'. As well as genuinely providing useful information on local businesses that you trust, it also helped to increase the likelihood that those businesses would refer introductions back to you. Everyone wins.
An alternative way to use your Dream 100 relationships is to turn it into a "Team 100 Newsletter" which you send either as a standalone piece of value or which you add to your existing newsletter.
But the Team 100 Newsletter has more uses than you might imagine...
Here are some ways and occasions a financial adviser could utilise this newsletter to add value:
- Onboarding New Clients:
Include the Team 100 newsletter in your welcome package for new clients, showcasing your network and community involvement. This sets a tone of comprehensive support beyond just financial planning.
2. Regular Client Communications:
Quarterly Updates: Incorporate the Team 100 newsletter into quarterly updates, providing insights into local businesses and services that could benefit clients, reinforcing your role as a trusted resource.
Annual Review Meetings: Share the latest edition of the Team 100 newsletter during annual review meetings, sparking conversations about clients' changing needs and how the adviser's network can support those needs.
3. Client Education and Engagement:
Educational Seminars/Webinars: Hand out or reference the Team 100 newsletter during educational events, illustrating your commitment to supporting clients' broader lifestyle and service needs.
Client Appreciation Events: Distribute the newsletter during client appreciation events, using it as a conversation starter and a way to highlight your community connections.
4. Referral and Relationship Building
Referral 'Thank Yous': Send the Team 100 newsletter to clients who have made referrals and introductions, thanking them and showing them the breadth of your network, encouraging further referrals.
Networking Events: Share the newsletter with clients and local businesses at networking events, fostering a sense of community and mutual support.
Professional Connections: Offer local accountants and solicitors the opportunity to be featured in your newsletter on the basis of a mutually rewarding relationship.
5. Digital Communications
Email Campaigns: Include the Team 100 newsletter in regular email communications, ensuring clients regularly receive valuable, non-financial content that enhances their connection with you.
Client Portal/Website: Feature the Team 100 newsletter prominently on your client portal or website, allowing clients to access valuable local resources and services anytime.
Lead Magnet: Make a point of providing your Team 100 newsletter as a lead magnet on your website. Some local prospects would willingly give you their email address in exchange for it. Consider also giving the newsletter as an incentive for taking your online scorecard.
6. Personalised Client Interactions
Tailored Recommendations: Use your newsletter to make personalised recommendations to clients based on their specific needs or interests, demonstrating a deep understanding of their life beyond finances.
Problem-Solving Conversations: Refer to the Team 100 newsletter when clients face unique challenges or need recommendations, positioning yourself as a go-to resource for a wide range of solutions.
In short, by strategically incorporating the Team 100 newsletter throughout the client journey, financial advisers can deepen client relationships, enhance your value proposition and create a vibrant community of engaged clients and local businesses.
Given the value of the newsletter, I suggest making this in both digital and physical versions.
Your network has a huge amount of value within it. Put it to good use by sharing it with clients and prospects.
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How are you using your network to add value to your clients? Try this idea...
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