Most Financial Advisors do not recognize the incredible impact of rebranding their practice. A new brand can redesign your compelling message giving you more focus and clarity. A new brand can re-stoke the fires under an existing client base stimulating referrals. A new brand can inspire new ideas and a new perspective accelerating the growth of your business. A new brand can jump start your practice making 2012 your best year yet.
At some point or another every advisor will reach a plateau in their business, where the growth rate slows down to single digit numbers. Referrals dry up, prospecting is non-existent, your day becomes almost a mundane routine (is this resonating with you?) The good news is this lull in your practice can signify time for a change. By just rebranding your practice, redefining your business and message you can quickly and effortlessly turn things around.
Many financial advisors shy away from change fearing they may upset the apple cart and generate disgruntled clients, when in fact the opposite is true. Some advisors prefer the stability of the daily routine creating some consistency to an already volatile business yet this resistance to change prevents growth elevating the impact of natural attrition. The reality is change is inevitable you can either be at the tail end of change being forced to amend and adapt your practice or you can lead the change proactively reenergizing your clients, prospects and new business development. This seems like a no brainer to me. To rebrand your practice there are just 3 things to consider your tribal market, tag line or message and method of marketing.
#1. The first step in rebranding your practice is to reevaluate your tribal market. Just as everything evolves so do you and so should your business? As you review your client base you may find that the kind of client you used to attract is different than the client you are attracting now. It could also be that the kind of client you used to work with is different than the client you enjoy working with now. Don’t be afraid to redefine your tribal market, this will not negatively affect your existing clients but will only add more focus and attract more of the clients you want to work with. Remember branding and marketing is all about moving forward and should be directed to the kind of client you would love to attract. Whether or not you actually change your tribal market will not impact the next step in the process and that is defining your brand.
#2. Defining your brand is really about you and has everything to do with what you actually end up doing for your clients. Most financial advisors will say “Well I make them money” or” I provide them with a financial plan” in most cases that is what you are expected to do for your clients. What we are looking for here are the non-typical benefits of working with you, the principles or the values you incorporate in order to provide value to your clients. Think about some tag lines that resonate with you in your everyday life. Nike for example, their tag line is “Just Do It”, this certainly sends a message of “Just Get off your tush and get it done” yet the simple words (and more appropriate words I might add) “Just Do It” say’s it all. The old tag line for GE “We bring good things to life” sends a bigger message than just saying “We build great light bulbs”, they are supposed to build good light bulbs. Your brand and tag line is all about sending a bigger message with fewer words.
#3. Once you know your tribal market and you have developed your brand you now want to develop a launch plan. How are you going to share this new message and image with your clients, prospects even friends and family? If you are truly excited about your new brand and message you will want to share it with everyone. Live it up and leverage the opportunity, utilizing social media is a must going forward. Send a mailer announcing your new brand and message with a “New Programs Coming Soon”, even clients like to know you are thinking, changing and evolving. Use email to announce your new brand, host seminars and events, run an ad in the newspaper or local town paper, and hold a focus group with a handful of clients and prospects to roll out your new program.
If you think this through and plan ahead you can spend the first 6 months reigniting the energy behind your business, stimulating new growth, inspiring more referrals with greater assets and production, you can accomplish all this by just rebranding your practice.
If you recognize the power of branding and are looking to utilize seminars as method for expanding your brand If you would like to learn more about how to develop and leverage your brand as a financial advisor then send me an email at firstname.lastname@example.org or