Contact:
Larkspur Data Resources, Inc.
(800) 282-4567
www.larkspurdata.com
Opportunities Abound for Savvy Advisors
San Francisco, Calif. - October 6, 2008 – Amidst the mortgage crisis, bailout debates, presidential debates and sharp downturn in the Dow Jones Industrial Average, many financial advisors are finding ways to generate more new business than they ever thought possible. With retail clients frantically looking for advice, and financial advisors unable or unwilling to take their calls, many competing advisors are finding tremendous opportunity. “It’
Faced with the task of managing the portfolios and expectations of their existing clients, while still trying to generate production has proven to be a formidable task for some. One advisor reports, “There just isn’t enough time in the day. You come into the office and find dozens of messages on your desk, e-mails, voicemails…etc. If you responded to everyone, you’d never get anything done. So you have to perform a sort of financial triage, prioritizing your day according to who needs your help the most.”
Naturally, the wealthiest often get first priority. Clients whose assets are in the $10-20 million range typically get far more attention than the multitudes in the $1-2 million range. Very few things are as important to people as their retirement savings. One retail client recently commented, “When I’ve called my broker several times and haven’t heard back, it feels like a personal insult.”
Many top producers are turning this situation to their advantage, working longer hours and offering to visit prospects in their homes after hours for a free portfolio analysis. “Nearly everyone wants to talk to someone who has confidence and an understanding of what’s going on in today’s markets. We’re at the point where everyone’s vulnerable and looking for someone who can provide sound advice”, said Mr. Benson.
So how can financial advisors best manage their existing book of business, and still take advantage of these new opportunities?
* Be proactive. Contact your clients before you sense a major market swing and let them know you’re actively monitoring their account.
* Work with your assistant. Give your assistant the skills and information he/she needs to handle calls from customers.
* With your compliance department’s approval, send personalized letters and/or e-mails to clients with market updates from your firm’s investment strategists. Often you can draft a single letter and add one or two personal touches to make it relevant to a particular client’s holdings.
* Organize your day. Set aside times for fielding client calls, production, prospecting, paperwork…etc.
* Work with fund companies to see if they can help by providing access to fund managers, investment strategy updates, help with seminars/prospecting campaigns…etc.
Larkspur Data Resources is currently offering special pricing on their DataMaster Pro and Prospects of Wealth marketing tools. Both of these products provide the most up-to-date and accurate marketing information for the 401(k) and high-net-worth markets.” In an effort to assist our customers,” Benson stated, “we’ve dropped the entry-level single user license fee on both products to less than half their regular rate*.”
* Certain restrictions apply. Pricing available through October 15, 2008. Call for details.
