Financial sales professionals get little guidance on client acquisition and practice development from the firms they work for. Veteran million-dollar producer Larry Klein offers weekly insights in his Wealthy Producer blog to provide the marketing and sales direction too many producers lack.
Pleasant Hill, CA -- (SBWIRE) -- 08/16/2013 -- Broker dealers have generally been short on providing marketing support to financial advisors and insurance agents. It has generally been "here's your desk and a phone" or "make a list of 100 people you know and start calling them." Industry veteran Larry Klein thinks there are a lot more efficient and effective ways to market and gain clients.
Klein has started his blog Wealthy Producer to help producers think about marketing correctly as well as implementing tactics that work.
"So much of what financial advisors and life insurance agents are told about marketing is what to do but not HOW to do it. In some of my blog posts, I have the actual verbiage, the conversation that needs to take place with a prospect," says Klein.
In some cases, advisors think incorrectly about their business such as the advisors who keep from investing in their business; they try and save their way to greatness. These advisors don’t differentiate between spending and investing and they hoard money. The most successful advisors want to make as many profitable investments as possible and always seek the next good investment for their business. Investments in an advisor's business generally pay off five or ten to one as indicated in some of the blog posts.
Other advisors simply lack tactical direction. As an example, they may do seminars thinking that educating the attendees will somehow generate business. Klein points out that entertaining the attendees and having them like the advisor is the goal, not education. Klein raised over $1 million per seminar in his production days by taking this entertainment approach.
"There is a common error when an advisor tries a marketing approach and it does not work. The advisor often concludes that the approach universally does not work. In most cases, it is because the approach was implemented incorrectly. For example, many advisors have tried and abandoned direct mail. Yet direct mail works well when the right message, the right copy and the right list are combined," Klein explains. Advertising also works, both online and offline.
Financial advisors and insurance agents who would like fresh thinking about financial services marketing can register to receive posts as they are added to the blog. Some of the posts offer free downloads of marketing tools the advisors and agents can use in their business.
About Larry Klein
Larry Klein is an investor, consultant and financial industry speaker to companies engaged in financial services marketing. His book "How to be a Million Dollar Producer" will soon be available as a Kindle download and some physical copies are still available on Amazon.
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