What You'll Learn In Today's Episode:

  • Working with high-net-worth clients requires a team and the ability to understand their personal lives and challenges.
  • Integrated helps advisors learn how to work with ultra-high-net-worth individuals.
  • Financial advisors have various marketing channels to choose from, and it’s important to choose the one that they are willing to commit to.
  • Tracking the effectiveness of marketing strategies is crucial for success.

Amber takes you behind the scenes to recap the strategies for financial advisors to attract and retain high-net-worth clients, as well as mastering the art of marketing.

First, Paul Saganey joined Matt to unveil the intricate “complexity curve” that separates elite advisors from the rest. Discover why building a team of experts is the ultimate key to exceeding the lofty expectations of affluent clients. Jamie unleashed a torrent of marketing tactics that will help your firm’s visibility and authority. From mastering the art of website SEO to crafting captivating content that resonates with your target audience.

Read the Transcript Below:

Amber Kuhn  

Hello TPR Nation. This is Amber Kuhn. Thank you for joining me on today’s Follow up Friday, where I’ll be recapping this week’s episode highlights and action items. On Monday, Matt was joined once again by Paul Saganey with Integrated last time he joined us, he spoke on a concept that he’s known for, which is the complexity curve. Paul said that every advisor has a dream or desire to work with the ultra wealthy and high net worth clients and those complex clients, but that it does require a team, because there’s a certain expectation from these clients. So with this complexity curve, the concept is that these higher net worth clients are becoming more complex, and their personal lives are becoming more complex as well. Paul pointed out that people are more willing to talk about their personal lives and the challenges they face. It’s during these challenges that advisors can be at our best and bring the value to them. It’s a reminder that with those high net worth clients, it’s not just about business. There’s still a person. Matt and Paul talked more about having a team around you, and Paul shared how it integrated. They work with accounting firms who give their advisors access to their wealthiest clients. And what he positions to advisors is that sometimes the hardest person to win over is the CPA. He said that you need to be in a position to meet the client’s goals and objectives and also understand that with these clients, there’s typically this fear of missing out, and that becomes a motivator for them. So he’s trying to find the best in all areas, and with the team, you’re getting the right people around the table, and he said that’s the superior planning results tend to happen. Paul touched on Integrated Academy, which is for advisors who join them and helps them learn the art of connecting and working with as ultra high net worth individuals. He said, because their work with them, it requires the art of asking good and great questions. He taught them about the books that he’s written with Russ Alan Prince and Homer Smith. One being optimizing the financial lives of clients, which is for managing directors of accounting firms. The other is called making smart decisions, which is really written for the client as a guide for how they can find the right wealth manager what to ask and what to expect, and ultimately puts them in a better position to find the right team for advisors who are looking to make their way up the complexity curve. In addition to reading Paul’s book, he shared something called V, C and R. So the V is getting your vision really clear. So where do you want to be 1 3 5, years from now? The C stands for capabilities and building that team of collaborators and experts around you, and the R is for reach. You need to know who you’re going to be talking to, because then you’re in a better position to design what you want if you understand your reach. With those experts and collaborators, Paul pointed out that sometimes your biggest competition can end up being your best collaborator. Paul said it definitely takes time and effort to move up the curve, especially if you want to focus on doing this yourself instead of being a part of another group, but with that, there’s so much information that’s rapidly available, and he recommends having focus time dedicated to this and leveraging technology that’s available. He also said that it’s important to have a healthy sense of curiosity and fill your time not just with researching, but with having personal visits with people who can help you. Let’s get into action items. You can visit Paul at integrated partners.com to learn more about integrated and use some of their articles as well. Look at getting a coach for yourself and who can help guide you. Be curious. Look at how other people have done things and ask questions, and look for those answers and make sure that you join us at TPR LIVE in the Retirement Tax Services Tax Summit this September, visit theperfectria.com/live to save your seat for both events. On Thursday, Jamie was back to talk more about marketing and how when it comes to what strategy will work best for your practice, it’s the one that you will work and be committed to in order for you to get to where you want to be with the different marketing channels, Jamie said you have to commit to one of them. You can’t just say that you’re going to all of them. Pick the one that you’re willing to do. Jamie pointed out that even in their office, they do what each of them are best at, for example, video. And Jamie loves weight, and by doing that, they’re able to get their clients and their prospects their absolute best. So here are the different marketing channels that Jamie talked about, website and SEO. And with this, you want to have important keywords when you’re creating content with the website. She said, be aware that the cost to build one have gone up. So this can range between five and 40,000 depending on the complexity of what you want content marketing. This applies to SEO in your website, but it can also be something that you’re submitting articles to for other publications. What does you want to write on the topics that are big in the area that you focus on? You can start submitting those articles to whoever’s advertising, because they’re also looking for content. Once you’re published elsewhere, make sure that you add in as seen in on your site, because this adds to her credibility social media. Now this is something that Jamie knows that there’s value in, but it isn’t something that she focuses on because it doesn’t bring her joy. But she pointed out that just because it’s not something she enjoys, consider what you enjoy doing, and if this is a medium you want to focus on with this, and if you’re posting videos, she recommended that you add something to the comments so that people spend more time on your posts and videos. People are enjoying your content. Email marketing, James said, this is the most powerful way that you have to communicate with your target audience, webinars and workshops. And with this, you can take questions that people ask from these with the exact words they use to create your new content, podcasts and videos. Jamie said to make sure that with everything you publish, that clients and regulators can listen to even if you’re not creating a client facing podcast, because they will listen paid advertising and with doing this on social media, Jamie said you can reach the widest with the lowest amount of money. Referrals. This is the number one way most financial advisors get clients that many times people forget to ask for referrals. She said, You want to deliver so much passion and energy for what you’re doing that people want to talk to other people about you. Networking. This definitely works, if you know how to work it, but if you’re awkward with it, Jamie said, Don’t do it. Industry events and conferences. Jamie said, this is a tough one for advisors, unless you specialize in certain industries such as fats or dentists and attorneys, local marketing. Now this depends on graphic and who you’re working with, but again, don’t confuse advertising with marketing on this direct mail, this is definitely something to consider now, as everyone is pushing over to email and consider a pitch in this campaign, so that you can stay top of mind for people who may not be ready to work with you right now. Let’s get into action items. Review all the marketing channels, but the one that will work you is the one that you are choose the medium that you’re willing to commit to and make sure that you’re tracking what’s working and what isn’t that. Wraps up this week’s recap. Thank you for joining, and please share the best or any of our episodes with an advisor or team member that you think might benefit from listening. You can be sure to subscribe to The Perfect RIA podcast so you don’t miss an episode. Until next time, happy planning.

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