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Working with High Net Worth Clients and Effectiveness of Marketing Strategies For Your Practice · The Perfect RIA

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  Amber Kuhn: Hello TPR Nation. This is Amber Kuhn. Thank you
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  for joining me on today's Follow up Friday, where I'll be
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  recapping this week's episode highlights and action items. On
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  Monday, Matt was joined once again by Paul Saganey with
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  Integrated last time he joined us, he spoke on a concept that
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  he's known for, which is the complexity curve. Paul said that
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  every advisor has a dream or desire to work with the ultra
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  wealthy and high net worth clients and those complex
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  clients, but that it does require a team, because there's
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  a certain expectation from these clients. So with this complexity
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  curve, the concept is that these higher net worth clients are
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  becoming more complex, and their personal lives are becoming more
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  complex as well. Paul pointed out that people are more willing
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  to talk about their personal lives and the challenges they
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  face. It's during these challenges that advisors can be
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  at our best and bring the value to them. It's a reminder that
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  with those high net worth clients, it's not just about
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  business. There's still a person. Matt and Paul talked
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  more about having a team around you, and Paul shared how it
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  integrated. They work with accounting firms who give their
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  advisors access to their wealthiest clients. And what he
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  positions to advisors is that sometimes the hardest person to
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  win over is the CPA. He said that you need to be in a
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  position to meet the client's goals and objectives and also
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  understand that with these clients, there's typically this
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  fear of missing out, and that becomes a motivator for them. So
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  he's trying to find the best in all areas, and with the team,
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  you're getting the right people around the table, and he said
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  that's the superior planning results tend to happen. Paul
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  touched on Integrated Academy, which is for advisors who join
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  them and helps them learn the art of connecting and working
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  with as ultra high net worth individuals. He said, because
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  their work with them, it requires the art of asking good
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  and great questions. He taught them about the books that he's
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  written with Russ Alan Prince and Homer Smith. One being
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  optimizing the financial lives of clients, which is for
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  managing directors of accounting firms. The other is called
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  making smart decisions, which is really written for the client as
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  a guide for how they can find the right wealth manager what to
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  ask and what to expect, and ultimately puts them in a better
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  position to find the right team for advisors who are looking to
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  make their way up the complexity curve. In addition to reading
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  Paul's book, he shared something called V, C and R. So the V is
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  getting your vision really clear. So where do you want to
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  be 1 3 5, years from now? The C stands for capabilities and
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  building that team of collaborators and experts around
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  you, and the R is for reach. You need to know who you're going to
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  be talking to, because then you're in a better position to
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  design what you want if you understand your reach. With
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  those experts and collaborators, Paul pointed out that sometimes
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  your biggest competition can end up being your best collaborator.
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  Paul said it definitely takes time and effort to move up the
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  curve, especially if you want to focus on doing this yourself
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  instead of being a part of another group, but with that,
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  there's so much information that's rapidly available, and he
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  recommends having focus time dedicated to this and leveraging
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  technology that's available. He also said that it's important to
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  have a healthy sense of curiosity and fill your time not
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  just with researching, but with having personal visits with
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  people who can help you. Let's get into action items. You can
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  visit Paul at integrated partners.com to learn more about
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  integrated and use some of their articles as well. Look at
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  getting a coach for yourself and who can help guide you. Be
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  curious. Look at how other people have done things and ask
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  questions, and look for those answers and make sure that you
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  join us at TPR LIVE in the Retirement Tax Services Tax
• 3:56
  Summit this September, visit theperfectria.com/live to save
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  your seat for both events. On Thursday, Jamie was back to talk
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  more about marketing and how when it comes to what strategy
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  will work best for your practice, it's the one that you
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  will work and be committed to in order for you to get to where
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  you want to be with the different marketing channels,
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  Jamie said you have to commit to one of them. You can't just say
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  that you're going to all of them. Pick the one that you're
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  willing to do. Jamie pointed out that even in their office, they
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  do what each of them are best at, for example, video. And
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  Jamie loves weight, and by doing that, they're able to get their
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  clients and their prospects their absolute best. So here are
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  the different marketing channels that Jamie talked about, website
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  and SEO. And with this, you want to have important keywords when
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  you're creating content with the website. She said, be aware that
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  the cost to build one have gone up. So this can range between
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  five and 40,000 depending on the complexity of what you want
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  content marketing. This applies to SEO in your website, but it
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  can also be something that you're submitting articles to
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  for other publications. What does you want to write on the
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  topics that are big in the area that you focus on? You can start
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  submitting those articles to whoever's advertising, because
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  they're also looking for content. Once you're published
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  elsewhere, make sure that you add in as seen in on your site,
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  because this adds to her credibility social media. Now
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  this is something that Jamie knows that there's value in, but
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  it isn't something that she focuses on because it doesn't
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  bring her joy. But she pointed out that just because it's not
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  something she enjoys, consider what you enjoy doing, and if
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  this is a medium you want to focus on with this, and if
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  you're posting videos, she recommended that you add
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  something to the comments so that people spend more time on
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  your posts and videos. People are enjoying your content. Email
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  marketing, James said, this is the most powerful way that you
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  have to communicate with your target audience, webinars and
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  workshops. And with this, you can take questions that people
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  ask from these with the exact words they use to create your
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  new content, podcasts and videos. Jamie said to make sure
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  that with everything you publish, that clients and
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  regulators can listen to even if you're not creating a client
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  facing podcast, because they will listen paid advertising and
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  with doing this on social media, Jamie said you can reach the
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  widest with the lowest amount of money. Referrals. This is the
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  number one way most financial advisors get clients that many
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  times people forget to ask for referrals. She said, You want to
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  deliver so much passion and energy for what you're doing
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  that people want to talk to other people about you.
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  Networking. This definitely works, if you know how to work
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  it, but if you're awkward with it, Jamie said, Don't do it.
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  Industry events and conferences. Jamie said, this is a tough one
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  for advisors, unless you specialize in certain industries
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  such as fats or dentists and attorneys, local marketing. Now
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  this depends on graphic and who you're working with, but again,
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  don't confuse advertising with marketing on this direct mail,
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  this is definitely something to consider now, as everyone is
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  pushing over to email and consider a pitch in this
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  campaign, so that you can stay top of mind for people who may
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  not be ready to work with you right now. Let's get into action
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  items. Review all the marketing channels, but the one that will
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  work you is the one that you are choose the medium that you're
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  willing to commit to and make sure that you're tracking what's
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  working and what isn't that. Wraps up this week's recap.
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  Thank you for joining, and please share the best or any of
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  our episodes with an advisor or team member that you think might
• 7:22
  benefit from listening. You can be sure to subscribe to The
• 7:26
  Perfect RIA podcast so you don't miss an episode. Until next
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  time, happy planning.