Fastest-Growing Advisors Contact Clients More Frequently

New research from The Financial Awareness Foundation’s (TFAF’s) Wealth Advisor Confidence Survey™ confirms that it pays to reach out and touch people. According to TFAF, higher performing advisors are more likely than other advisors to contact clients more than once per month. For example, nearly three in five firms (58%) expecting double-digit growth in 2019 contacted clients 2 or more times per month. By contrast just under half of firms (49%) expecting single digit growth in 2019, contacted clients more than once per month.

Is that too often? Not if what you’re sending is relevant, valuable and professionally produced.
As shown below, firms that contact clients with higher frequency have the ability to produce thoughtful content that requires a little more thought than a simple tweet, post or like:


            Communication Channels Rated “Very” or “Highly” Effective

	Contact Clients 1x or less per month	Contact Clients 2x or more per month	Variance
Public speaking	65%	83%	+18%
Writing articles for publication	57%	64%	+7%
Writing books/eBooks	50%	56%	+6%
Get quoted in the press	48%	52%	+4%
Blogging	32%	48%	+16%
Publishing articles via LinkedIn	22%	40%	+18%

Sources: The Financial Awareness Foundation; HB Publishing & Marketing Company, LLC, 2018

As shown below, firms that contact clients with higher frequency are also more likely to find value in social media—but not at the same level as more conventional thought leadership tactics cited above.

Social Media Channels Rated “Very” or “Highly” Effective

	Contact Clients 1x or less per month	Contact Clients 2x or more per month	Variance
Facebook	7%	21%	+14%
Twitter	7%	16%	+9%
Instagram, Snapchat	5%	12%	+7%

Sources: The Financial Awareness Foundation; HB Publishing & Marketing Company, LLC, 2018

The findings are even more striking when looking at the projected financial performance of responding advisors. Firms that expected to finish 2018 with double-digit growth were 1.5 times more likely than less optimistic firms to consider Public Speaking, Publishing Articles and Media Coverage “very” or “extremely” useful (see chart).

TFAF’s annual survey of financial advisor concerns and challenges, conducted in association with HB Publishing & Marketing Company, LLC. asked respondents to rate nearly two-dozen thought leadership tactics. Those in the table above were the ones most frequently cited by advisors as being “very” or “extremely” valuable.

Conclusion

We may live in an instant gratification society, but when it comes to resonating with clients, prospects and influencers, research shows you’ll have to hit the neural gym and do some mental heavy lifting. There are no shortcuts, but it doesn’t have to be drudgery. We’re happy to talk to you any time if you’d like some suggested workouts for maximizing your thought leadership gains when you have limited time. You might even find those exercises fun.

There’s much more to this survey.  Check out some of the other highlights here.

#Content marketing, #thought leadership, #wealth advisors, #The Financial Awareness Foundation, #Wealth Advisor Confidence Survey

Fastest Growing Advisors Bullish on Thought Leadership

As discussed in my last post, social media is fine for advisors. But, research from The Financial Awareness Foundation’s (TFAF’s) Wealth Advisor Confidence Survey™ confirms that financial advisors find significantly more value in thought leadership tactics that showcase their ability to speak, present, write and charm the press.

The findings are even more striking when looking at the projected financial performance of responding advisors. Firms that expected to finish 2018 with double-digit growth were 1.5 times more likely than less optimistic firms to consider Public Speaking, Publishing Articles and Media Coverage “very” or “extremely” useful (see chart above). 

Unlike firms expecting modest or flat growth in 2018, firms projecting double-digit growth this year were also more likely to find high value in blogging, authoring books and e-books, publishing on LinkedIn, holding client events and producing videos.

TFAF’s annual survey of financial advisor concerns and challenges, conducted in association with HB Publishing & Marketing Company, LLC. asked respondents to rate nearly two-dozen thought leadership tactics. Those in the table above were the ones most frequently cited by advisors as being “very” or “extremely” valuable. In my next post we’ll see how webinars, Facebook, Tweeting, Instagram and other social channels fared—particularly among advisors who were expecting double digit growth in 2018.

Conclusion

We may live in an instant gratification society, but when it comes to resonating with clients, prospects and influencers, research shows you’ll have to hit the neural gym and do some mental heavy lifting. There are no shortcuts, but it doesn’t have to be drudgery. We’re happy to talk to you any time if you’d like some suggested workouts for maximizing your thought leadership gains when you have limited time. You might even find those exercises fun.

There’s much more to this survey.  Check out some of the other highlights here.

Estate Planning Myths and Misconceptions

Now is the time of year when extended families get together at the beach, lake, mountains or national parks. While the focus is on meals, family bonding and R&R, it’s also a good time to get the ball moving about those sensitive estate planning issues.

According to my friend Valentino Sabuco, founder of The Financial Awareness Foundation, half of the U.S. adult population has NO financial, estate or gift plan. As most of you know, estate planning is not just for the wealthy or elderly. It’s essential for anyone who wants to make their own decisions about their assets and their heirs—rather than the government making it for them.

I don’t have to remind you that estate planning is not only a touchy subject; it’s complex and often misunderstood. In response, several of our clients have been speaking to the national media recently about estate planning myths and misconceptions that frequently trip successful families up.

With the significant increase in the lifetime exemption under the 2017 tax act ($11.2 million per spouse in 2018), our client, Blake Christian, CPA said even many affluent taxpayers do not believe estate planning is truly necessary. “Nothing could be further from the truth,” said Christian, a partner of HCVT in Long Beach, CA. “Even for the 99 percent who will never pay estate tax, estate planning is very necessary for numerous reasons, including:

1) Avoiding the probate process.
2) Asset protection.
3) Simplifying mixed-family complexities associated with divorce, blended families and common-law marriage situations.
4) Titling assets properly can also make the difference between getting a full or partial step-up in an asset's tax basis for the heirs.

5) Making sure your assets are distributed correctly to provide your heirs with sufficient after-tax income after you are gone,” added Christian. 

According to our client, Mark A. Rioboli, CFP®, CFS, director of wealth management at Wayne, PA-based Independence Advisors, “The misconception is that if you have a will, it controls everything. In reality, it only controls the assets in your own name.” 

*** NOTE: HB clients Anthony Glosmki, Molly Grubb and I will be speaking about advanced planning topics at the Accounting & Finance Show in NYC this week at the Javits Center. More than 2,000 attendees and 200 speakers are expected. Stop by if you are in the Big Apple.

Our client, James Nevers, an advisor at Soundmark Wealth near Seattle, WA agreed. He said it’s a common mistake to believe that if you have a Will, you don’t need to worry about your beneficiary designations on retirement accounts. “I manage several 401(k) plans for medical groups. When I provide participant education to their staffs, I tell them the same story every time we meet – ‘If your primary beneficiary designation on your retirement accounts says your ex-spouse, then all your hard-earned savings in your 401(k) is coming to your ex-spouse, regardless of what your Will states.’”

According to Nevers, you should also check to see if a minor child is listed as a beneficiary. “I don’t know many 8 year-olds who can responsibly manage $100,000. Nor do I know anyone who wants their ex-spouse to get one more penny than they’ve already received,” added Nevers. “Beneficiary designations supersede your will – simple as that.  I advise everyone to consult with their estate attorney about who they should designate, whether it is their spouse, a trust, or another individual.”

Conclusion
As Benjamin Franklin famously said, "Failing to plan is planning to fail." Don’t let that happen to you and your clients. Hope to see you at the Accounting & Finance Show on July 11th and 12th.

TAGS:  Mark Rioboli, Independence Advisors, Blake Christian, HCVT, James Nevers, Soundmark Wealth, NYC Accounting & Finance Show, Valentino Sabuco, The Financial Awareness Foundation