forming strategic alliances - practice management
TRANSCRIPT
Proven Solutions for Financial Advisors
Finetooth Consulting has developed a unique consultative approach to market research and business execution. This niche strategy, coupled with our retail and corporate background in the Broker-Dealer space assures our clients of a solid business transition. Our goal is to develop profitable business solutions for Financial Advisors & Registered Investment Advisors. The members of Finetooth have managed the transition of over $169,000,000 in GDC in the past 6 years. Cold calling efforts have lost the luster they once used to have, yet so many new and veteran Financial Advisors utilize that avenue in hopes of gaining additional clients. There is a strategy which provides better results and a constant flow of leads. This edition emphasizes the importance of forming strategic alliances to help in your efforts of increasing your client base and your Assets Under Management. We sincerely hope that you enjoy this edition and can utilize it to better your business strategy. Warm regards,
Saliq Khan Director of Research
Message From Saliq Khan
Wealth Advisor Letter: September 11, 2009 Forming Strategic Alliances
Practice Management | Asset Management Saliq J. Khan, CRPC® | Director of Research
Financial Advisors and sales professionals in various industries go through many of the same struggles, yet very rarely do they effectively utilize the professional relationships they have to further their business efforts. From cold calling to going door-to-door, sales professionals on every level have noticed that these strategies take an enormous amount of effort and produce little result. As the landscape of the wealth management industry changes, so should some of the strategies in order to foster a profitable financial advisory practice. When Financial Advisors envision the idea of forming strategic alliances, they immediately think about contacting attorneys and accountants. This is an idea which needs to be broadened in order to be effective. Below is a list of potential professionals and establishments whom you should consider working with:
Accountants Attorneys Alumni groups Business consultants Country clubs Chamber of Commerce Doctors Mortgage brokers Real estate agents Religious groups
If you are an established Financial Advisor and believe that you have formed the appropriate alliances with business professionals, then you should consider deepening that relationship. Provide your business allies with a brochure of the kinds of services you provide and the types of clients whom you would like to work with. A successful Advisor needs to be mindful of the message that he is sending to the general public. You want to ensure that your allies are positioning you and your capabilities appropriately and are providing the kinds of prospects which fit your practice. This strategy will provide constant lead flow and a higher retention rate of clients. In an effort to provide our readers with quality content, Finetooth Consulting recommends reading the following articles:
A year after the meltdown: Tough questions, tough choices for investors
Redtail teams with Pyxis Mobile to provide mobile access to its CRM
S&P targets advisers with souped-up mutual fund research
Clients expected to move $800B as advisers change firms
Ryan Shanks Founder & CEO Massachusetts 413.754.3254 [email protected]
Dan Lovelace Managing Director Texas 214.641.9207 [email protected]
Craig Enderlin Managing Director Texas 830.456.1443 [email protected]
Ned Van Riper Managing Director Ohio 614.210.0237 [email protected]
Aaron Hasler Managing Director Minnesota 612.208.0653 [email protected]
Saliq Khan Director of Research Ohio & Indiana 614.975.6312 [email protected]
Proven Solutions for Financial Advisors
The opinions expressed here are solely that of the original author. This is not intended to be relied up as a forecast, research advice, recommendation, or solicitation to buy or sell any securities. The opinions expressed are as of the date above and are subject to change. The information is derived from sources deemed to be reliable, and are not guaranteed as to accuracy. The information contained in this paper is based upon or derived from information generally available to the public from sources believed to be reliable. Past performance is no guarantee of future results. Reliance upon information in this material is at the sole discretion of the reader.