A recent survey showed that 70% of financial advisors plan to spend less than $1,000 a month on marketing. Even as 99% of advisors say they need to improve at least one of their marketing practices.

Another indicator of advisors’ troubles with marketing is expectations:

– 52% of advisors expect 20 new clients from marketing of $1,000 to $2,000
– Only 17% of advisors would consider an investment of $1,000 to $2,000 a success if it garnered less than 11 new clients

Excuse me as I begin my tirade… ARE THEY FRIGGIN’ CRAZY!!!!!!!!!

What is the average commission on a new client? Geez! Even a $25,000 investment at 4% is $1,000. And I hope most of you aren’t accepting clients with less than $25,000 minimums or you have more problems than marketing.

If you brought in two crappy $25,000 accounts you’ve made $2,000. On a $1,000 marketing investment…now for you financial professionals out there…what kind of return is that on investment?

100%. How long did it take you to get it? A month (at most).

Again, you financial professionals out there…what is the annual compounded return on a 100% per month? That number is too high for me to calculate. Anybody able to give it to me?

How much would you invest in an investment with that kind of return? I’d mortgage my house! Heck, I’d mortgage my mother’s house!

And yet, only 17% of advisors would think a $1,000 investment in marketing yielding 11 new clients is a success:

11 crappy $25,000 accounts at 4% commission = $11,000 in commission

$1,000 marketing investment returns AT A MINIMUM $11,000 in commission and only 17% of advisors would think that is a successful marketing campaign.

With the math and investment skills of the remaining 83% that didn’t think that was successful…it would be safe to say, I would choose one of those 17% as my financial advisor.

Guys and gals, you do the math on your clients’ investment accounts. Why not do it on your own investment…MARKETING!

If you invest $100 and you make back $140 in a month, what should you do? Take the $140 and reinvest and make $196…then $274…then $383…then $537…$751 just 6 months later. Take something that is working and keep investing more in it!

Marketing only costs you money when you make less than you spent. Otherwise, invest…invest…invest!

Well it’s time I pulled another “highly successful…rarely used” marketing concept out of my filing cabinet for you. What do I mean by “highly successful…rarely used”? I have coached many successful financial professionals for 6 years now. It is amazing that the best ideas I give them are only utilized by 1% of them. The other 99% say, “Wow! That’s a great idea!” And do nothing.

Which are you? If you are one of the 1% willing to take action then you’ll be able to double your business in a year with this idea.

First put together a list of all your “A” and “B” clients. Then get a cross directory (a list of people by address). You can either buy it (www.coleinformation.com) or get it at your local library. Then each time you meet your clients for their annual review ask them if they would do you a favor.

Pull out a postcard that you have already printed up with verbiage similar to the one below. Let them know that you would like to send it to their neighbors and ask if they would be OK with it? I know that the guys that have tried this, NEVER had someone say no.

Example postcard verbiage:

Do these names ring a bell?
[Your Client’s name]
[Your Client’s address]

They are your neighbors and they heard that we were doing all the things that other advisors forget to do! At first they thought, “What things? We’ve got all our financial concerns covered!” Ooops! Contrary to their attorney, CPA and financial advisor’s assurances, they found out that they were missing important documents that these professionals had never discussed with them. They had not protected themselves from ID theft and their professionals had missed over a dozen important details that could have caused major problems for them or their family. In one short visit we filled all these gaps and they left happy, sure that now their finances truly were in order.

As our way to introduce ourselves, we would like to send you our “Financial Survivor’s Guide” that is a comprehensive guide for you, your spouse and your family should anything ever happen to you. Call right now for your free, no obligation guide, on us! You and your family will be glad that you did!

How hard is it to just ask your clients this simple question at your annual meetings?

What do you get?

Author Bio: Mike Kaselnak is considered one of the top marketing and sales experts in the financial services industry. He has personally mentored over 300 financial advisors in the past 10 years. These financial advisors saw their average production increase by 62%. Many saw increases of over 300 percent. He writes articles that have appeared in many mainstream magazines and has written the popular report 300 Financial Headlines that sell. www.MikeKaselnak.com

Category: Marketing
Keywords: business,marketing,financial,advisor,postcard,referral