Financial Advisor Client Advisory Board
In a new CABHQ survey, 27% of financial advisors professed they “don’t need a Client Advisory Board to know what their clients want.” More than half of the respondents felt their clients would give them referrals, despite large losses in portfolios they manage and more than half feel their website is very effective in marketing to new prospects. Despite their confidence, there are many areas that can be improved to bring in even more business for these independent financial advisors, says CABHQ’s Andrew Gluck. “Without formally asking clients what they’re thinking-through surveys, a CAB, or other means, you’re just guessing,” he says.
Client Advisory Boards can take a look at marketing strategies to see where updates or improvements can be made. For instance, some of the most successful personal financial advisors are using Web 2.0 tools like social media sites and blogs. They also use online meeting software, provide webinars for their clients to learn financial terms and techniques, send personalized emails and provide online vaults. The board may recommend marketing techniques like brochures, seminars, webinars and newsletters. A good financial advisor will need to become increasingly more competitive in the years to come, considering the market for this profession is growing substantially, sending more and more advisors into the field.
Additionally, a Client Advisory Board will bring 8-10 clients into your management loop, which will bring your advisory business fresh insights and allow you to test out new products or services. Perhaps you were considering a promotion that would give existing clients a $100 gift card for new referrals or you were considering creating a newsletter to provide your clients with up-to-date stock info. Before implementing a business plan, consult your board first. The ideal CAB will consist of a diverse group of your favorite clients. At several short meetings, you’ll keep them informed on the latest developments and they’ll respond to surveys and advise you on marketing techniques that, from a client’s point of view, are most valuable. In return for their input, you may offer a small fee discount. Remember, if you treat these clients right, they can be a huge asset to you!
Your Client Advisory Board will hold many advantages for your clients as well. Many independent financial advisors share referrals with legal, accounting and property professionals, which gives clients access to this elite network of financial planners. Additionally, some advisors offer board members a discounted fee rate on their services in exchange for their insights. They will enjoy having a say on issues that improve the level of service they receive, as well as the access to stocks. The CAB will, in turn, also have access to privileged information, social events, seminars, webinars and industry conferences.
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