It's August, earnings season is just about over, and many of your clients are probably about to go on vacation. The stock market will in all likelihood go down this month, as it usually does in August, and we'll continue to be inundated with talk about the upcoming election.
Over the past few months I have pointed out some of the potential threats that face advisors and RIAs - from the growth of robo-advisors to declining referrals - and I have suggested that the summer is the perfect time to start 2017 planning. This month, let's get a little more specific.
While developing a proactive marketing plan is one key to growing your business, it is actually the second step of the process. After all, you have to make sure that you are marketing to the right people. A proved two-step process to grow your business is:
Step 1: Conduct a strategic assessment to determine if your current target markets are appropriate for your business, and to determine if there are other target markets that you should add to your business mix. It's important that the clients/prospects you work with understand and buy into your value proposition.
(For some of you, there may be an additional step after the strategic assessment - a partial or full re-branding of your firm. Your website and other marketing materials should resonate with all of your newly defined target markets.)
Step 2: Based on the results of the assessment, you are now in position to determine how best to market to these newly defined target markets. It's important to involve your entire team in the process, as their feedback will be invaluable.
Give us a call to see how we can help you in this process. There is still time to get this done before year-end, and to position your firm for growth in 2017 and beyond.
Brexit and Jobs
I recently wrote an opinion piece for efinancialcareers.com on the outlook for jobs in the global financial services industry in light of Brexit. While the ultimate impact of the U.K.'s departure from the EU will remain uncertain for a number of years, I believe that hiring will slow immediately, as many companies will act with an abundance of caution.
