A Pandemic Reemergence Strategy for Wealth Management

For the past 10 years we've been working with RIAs, wirehouses and Bank Wealth Management teams. To a person, each of our senior sponsors admitted to a lack of prospecting activity for new business. Suddenly the phone has gained 10,000 pounds and email is the new snuggy blanket.  It's not surprising - anyone looking for new clients are still confused as to how prospects are engaging. The good news? We're all trying to figure it out. Here are five other challenges senior leaders are faced with that must be addressed:

1. Tame the Four Headed Dragon: Client advisors are spinning too many plates. They are managing existing client relationships, prospecting for new, engaging on social media and at conferences and beating back waves of admin and compliance. It's easy to feel like there is no time to grow. 
2. Fear of being too salesy: There are just as many prospects that want to be told what to do as there those that are indifferent. If you're having success with particular client types - Client Advisors need to press on that type and lead with their "issue fluency."
3. "I grow my business via referral": No doubt referrals are amazing. Here's what no one thinks about: 1.) you never know when the next one is coming 2.) you can’t control the message until they arrive at your office 3. you can't control the prospect's AUM. Proactive targeting is much more effective. 
4. Not sure who's right for their practice: the best focus on 3-4 client types such as multicultural investors, high tech entrepreneurs or athletes and entertainers. HNWIs want to know you have context for their world and in a way "know them already."
5. Lack of messaging: If you've visited 5 RIA websites you've seen 20. All state pretty much the same thing. Advisors need to communicate 1.) who you are and what you do 2.) the problems you solve and the needs you address 3.) the impact you're having with your clients and 4.) the secret sauce for how you're getting it done. 

For more insight into how Bill Walton Sales Training is helping clients tackle these issues, contact Bill Walton at bwalton@billwaltonsalestraining.com.