Tags |
|
|
Links |
|
|
Added for You - Positioning Your Independent Broker Dealer Practice
If you have ever been in the position, looking for new ways to earn more, "you have got to ask your self a serious question? Am I ready to learn more? Famous words from a very important instructor. "Give a man a fish and he will eat once, teach a man to fish and he eats forever."And that's the mission when you become internet wise. We all start at some point where we realize that the internet is a mass producing money machine. It's kind of like staring at a pot of gold looking at you straight in the face.The problem is figuring how to tap into it, so you can get your share of the multi-billion dollar industry. Don't
6. Be on hand to provide general financial advice when needed. For example, you may agree to write an article for a newsletter aimed at your target market. When a potential client has an investment or financial planning need, you want your name to be the first one that comes to mind.
Step Three: Create the Right Perception
You want your clients to view you as a financial advisor or planner. In What They Don't Teach You in Harvard Business School, author Mark McCormick writes, "One of life's biggest frustrations is that people don't do what you want them to do. But if you can control their impressions of you, you can make them 'want' to do what you want them to do. How people relate to you in business is based on the conscious and uncon
"I won't get out of bed for less than $20 an hour" or why would I take a minimum wage job, they are a waste of time?"Are you guilty of saying this or have you heard someone else say this? That is a clear sign of a Dead End Attitude. The amazing thing about people who defiantly state they won't work for less than $30 an hour or they should be making at least $50 per hour is that they usually have NEVER earned that kind of money. I have had people tell me that they believe a sales clerk in a convenience store or service station should be paid more than the going rate because that is what most decent jobs pay. These people hav
The ultimate goal of positioning is to attain one of the top spots in consumers’ minds whenever they think about a product or service. Ask most people to name a rental car company, and they'll say, “Avis” or “Hertz.” Ask them to name a computer manufacturer, and chances are they'll say, “Dell” or "IBM." Your objective is to be in that number-one or number-two spot for a specific group of investors when they think about investments, financial planning, or money management.
Reaching that goal is a three-step process.
Step One: Understand and Define Yourself and Your Organization.
Every financial advisor, planner, or independent broker dealer office is composed of a blend of experiences, environment, skills, education, interests, beliefs, preferences, and relationships. Until you really understand who you are, it will be difficult to understand your preferred niche marketplace.
If you were raised in the inner city, for example, it is unlikely that you can empathize with the financial concerns of a farmer. If you are in your mid-20s, your ability to deal effectively with retirees may be limited. On the other hand, if you own your own business, you can capitalize on that experience by dealing with entrepreneurs whose problems are similar to yours.
By working with a compatible clientele, you’ll be able to provide better service because you’ll gain familiarity with your client’s problems and how to solve them. In addition, your practice will become more profitable as you develop economies of scale and internal efficiencies in dealing with your target market.
To define your target market, ask yourself some serious questions: What have you done before? What special experiences have you had? What excites you? What bores you? What kinds of people do you enjoy? Not enjoy? What activities do you like? What are your social, political, and religious beliefs?
The answers to these questions will help you discover the people you will deal with most effectively. By truly understanding yourself and attracting clients to your practice who resemble you, you will attain a unique position in the marketplace.
Step Two: Introduce Yourself to Your Market
Here are some ways to raise your profile among your target group.
1. Cultivate key players or centers of influence (such as attorneys or CPAs) whose opinion is valued by others within the target group.
2. Provide service to that group through educational seminars or written information.
3. Sponsor and contribute to events important to this group, such as charitable or professional activities.
4. Attend all functions where members of your target group are present.
5. If you have current clients within your target market, ask them for referrals.
6. Be on hand to provide general financial advice when needed. For example, you may agree to write an article for a newsletter aimed at your target market. When a potential client has an investment or financial planning need, you want your name to be the first one that comes to mind.
Step Three: Create the Right Perception
You want your clients to view you as a financial advisor or planner. In What They Don't Teach You in Harvard Business School, author Mark McCormick writes, "One of life's biggest frustrations is that people don't do what you want them to do. But if you can control their impressions of you, you can make them 'want' to do what you want them to do. How people relate to you in business is based on the conscious and uncons
Sustainable business practices are emerging as a priority within forward thinking organizations. These practices apply to many dimensions of the organization, ranging from minimizing waste to encouraging employees to telecommute.Building sustainable customer relationships – the kind where customers feel a loyalty that brings them back again and again – is one such practice for evolved organizations.A good product or service is necessary, but not enough to cultivate lasting customer relationships. Customer loyalty grows out of feeling connected to the organization. Therefore, evolved organizations focus on finding opp
Reaching that goal is a three-step process.
Step One: Understand and Define Yourself and Your Organization.
Every financial advisor, planner, or independent broker dealer office is composed of a blend of experiences, environment, skills, education, interests, beliefs, preferences, and relationships. Until you really understand who you are, it will be difficult to understand your preferred niche marketplace.
If you were raised in the inner city, for example, it is unlikely that you can empathize with the financial concerns of a farmer. If you are in your mid-20s, your ability to deal effectively with retirees may be limited. On the other hand, if you own your own business, you can capitalize on that experience by dealing with entrepreneurs whose problems are similar to yours.
By working with a compatible clientele, you’ll be able to provide better service because you’ll gain familiarity with your client’s problems and how to solve them. In addition, your practice will become more profitable as you develop economies of scale and internal efficiencies in dealing with your target market.
To define your target market, ask yourself some serious questions: What have you done before? What special experiences have you had? What excites you? What bores you? What kinds of people do you enjoy? Not enjoy? What activities do you like? What are your social, political, and religious beliefs?
The answers to these questions will help you discover the people you will deal with most effectively. By truly understanding yourself and attracting clients to your practice who resemble you, you will attain a unique position in the marketplace.
Step Two: Introduce Yourself to Your Market
Here are some ways to raise your profile among your target group.
1. Cultivate key players or centers of influence (such as attorneys or CPAs) whose opinion is valued by others within the target group.
2. Provide service to that group through educational seminars or written information.
3. Sponsor and contribute to events important to this group, such as charitable or professional activities.
4. Attend all functions where members of your target group are present.
5. If you have current clients within your target market, ask them for referrals.
6. Be on hand to provide general financial advice when needed. For example, you may agree to write an article for a newsletter aimed at your target market. When a potential client has an investment or financial planning need, you want your name to be the first one that comes to mind.
Step Three: Create the Right Perception
You want your clients to view you as a financial advisor or planner. In What They Don't Teach You in Harvard Business School, author Mark McCormick writes, "One of life's biggest frustrations is that people don't do what you want them to do. But if you can control their impressions of you, you can make them 'want' to do what you want them to do. How people relate to you in business is based on the conscious and uncon
Modern business faces complex problems; management often calls upon highly-specialized consultants to help them address these difficult problems. If you're ever called to help identify these most pressing issues, one of the easiest and quickest ways to start is to talk about the "Red Phone".You know which phone I'm talking about -- it's the red phone that sits on it's own special corner of the desk. Lights flash when it rings; when you answer it, the person on the other end isn't in a good mood, he's not pleased, he thinks everything is your problem and he wants you to fix it! (And ... he's right! It is your problem and
By working with a compatible clientele, you’ll be able to provide better service because you’ll gain familiarity with your client’s problems and how to solve them. In addition, your practice will become more profitable as you develop economies of scale and internal efficiencies in dealing with your target market.
To define your target market, ask yourself some serious questions: What have you done before? What special experiences have you had? What excites you? What bores you? What kinds of people do you enjoy? Not enjoy? What activities do you like? What are your social, political, and religious beliefs?
The answers to these questions will help you discover the people you will deal with most effectively. By truly understanding yourself and attracting clients to your practice who resemble you, you will attain a unique position in the marketplace.
Step Two: Introduce Yourself to Your Market
Here are some ways to raise your profile among your target group.
1. Cultivate key players or centers of influence (such as attorneys or CPAs) whose opinion is valued by others within the target group.
2. Provide service to that group through educational seminars or written information.
3. Sponsor and contribute to events important to this group, such as charitable or professional activities.
4. Attend all functions where members of your target group are present.
5. If you have current clients within your target market, ask them for referrals.
6. Be on hand to provide general financial advice when needed. For example, you may agree to write an article for a newsletter aimed at your target market. When a potential client has an investment or financial planning need, you want your name to be the first one that comes to mind.
Step Three: Create the Right Perception
You want your clients to view you as a financial advisor or planner. In What They Don't Teach You in Harvard Business School, author Mark McCormick writes, "One of life's biggest frustrations is that people don't do what you want them to do. But if you can control their impressions of you, you can make them 'want' to do what you want them to do. How people relate to you in business is based on the conscious and uncon
Whether you intend to use traditional therapy as 25 percent or 75 percent of your practice pie, it’s a smart move to identify what non-traditional services you could add to the mix of streams of income for yourself.N + P + F = SUCCESSThere are three steps to developing a psychology-based, non-traditional service line that will have great value and impact.The simple three-step formula to creating a new income-producing service is:Niche + Problem + Format = ServiceIf your mission is to positively impact other people, this formula will do it. Let’s look more closely.1. Pick a Niche Market. most effectively. By truly understanding yourself and attracting clients to your practice who resemble you, you will attain a unique position in the marketplace.
Step Two: Introduce Yourself to Your Market
Here are some ways to raise your profile among your target group.
1. Cultivate key players or centers of influence (such as attorneys or CPAs) whose opinion is valued by others within the target group.
2. Provide service to that group through educational seminars or written information.
3. Sponsor and contribute to events important to this group, such as charitable or professional activities.
4. Attend all functions where members of your target group are present.
5. If you have current clients within your target market, ask them for referrals.
6. Be on hand to provide general financial advice when needed. For example, you may agree to write an article for a newsletter aimed at your target market. When a potential client has an investment or financial planning need, you want your name to be the first one that comes to mind.
Step Three: Create the Right Perception
You want your clients to view you as a financial advisor or planner. In What They Don't Teach You in Harvard Business School, author Mark McCormick writes, "One of life's biggest frustrations is that people don't do what you want them to do. But if you can control their impressions of you, you can make them 'want' to do what you want them to do. How people relate to you in business is based on the conscious and uncon
Businesses getting into a partnership or individuals looking to avail the services of a business should first conduct a business background check. This assists them in making a more informed business decision. There are several agencies that provide information on businesses; the information can include data on lawsuits, liens, bankruptcies, and corporate information.Individuals wishing to take the services of a law firm, a contractor, a car dealer, or builder can perform a business background check to try and ensure that they do not end up doing business with a trickster. Business background checks can also help in evaluat
6. Be on hand to provide general financial advice when needed. For example, you may agree to write an article for a newsletter aimed at your target market. When a potential client has an investment or financial planning need, you want your name to be the first one that comes to mind.
Step Three: Create the Right Perception
You want your clients to view you as a financial advisor or planner. In What They Don't Teach You in Harvard Business School, author Mark McCormick writes, "One of life's biggest frustrations is that people don't do what you want them to do. But if you can control their impressions of you, you can make them 'want' to do what you want them to do. How people relate to you in business is based on the conscious and unconscious statements you make about yourself."
Most of you already know that prospects and clients prefer paying a fee as opposed to a commission because it relieves them of feeling obligated to invest in a particular product. They are comfortable with fees because doctors, lawyers, and accountants charge fees. Setting up a fee-based practice is one way to signal that you’re a professional advisor, not a salesperson.
You may be in the process of changing from a transaction-oriented business to a fee-oriented one. Tell your prospects about your plans. Then ask for their "serious" money in the context of retirement planning, business succession, charitable giving, privately managed accounts, and the like.
Ask yourself whether your customers perceive you as a salesperson whose primary purpose is to generate commissions or as a trusted financial advisor whose purpose is to help them meet their financial goals. Creating the right perception takes planning, practice, and the cooperation of everyone in your office, but it can be done.
Positioning is an art. But if you do it properly, you’ll be rewarded with stronger client relationships and more assets under management.
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.added4u.com/article/27931/added4u-Positioning-Your-Independent-Broker-Dealer-Practice.html">Positioning Your Independent Broker Dealer Practice</a>
BB link (for phorums):
[url=http://www.added4u.com/article/27931/added4u-Positioning-Your-Independent-Broker-Dealer-Practice.html]Positioning Your Independent Broker Dealer Practice[/url]
Related Articles:
Job Interview Answers to 15 Tough Questions – Part 2
Why Hasn't Customer Service Improved Despite the Profusion of Databases and Technology?
Bookmark it:
|