<img height="1" width="1" src="https://www.facebook.com/tr?id=1679314142361781&amp;ev=PageView&amp;noscript=1">
Skip to content

The RARE Advisor: The #1 Reason Advisors Fail

The RARE Advisor: The #1 Reason Advisors Fail
Feb 29
2024

The quickest path out of financial services is to treat marketing as if it’s a part-time job. Or, worse yet, to spend less on marketing than you do a part-time employee. Let’s get serious and talk about how to fix your practice and, more importantly, how to grow it.

 

Just recently, I read a quote in Investment News that, well, it set me off. It's about the stupidest thing I've ever heard said. The quote is:

"Marketing is often an afterthought to some of the other activities that advising firms do".

Well, if that's the thought process, I can guarantee you those firms are in decline and are about to be out of business. That's the equivalent of a car manufacturer saying, "our job is to make cars, not to sell cars". Obviously, you have to bring clients into the practice in order to grow the practice. The fact that there are advisors who think that marketing is an afterthought, that it's some kind of comfortable side game that you can play, is asinine. If you're not growing your business, your business is, in fact, dying. It's never going to go flat. It's either going up or it's going down. We all know this. We've all learned this throughout our years in the business, or the education process we went through prior to getting in this business. But again, I would encourage you to take this to heart. This is an article from Investment News. Advisors spend, on average, less than $16,000 a year in marketing, according to this study. 85% of advisors do not have a marketing strategy, it says. Again, there is no quicker way to run yourself out of this business than to have this sort of attitude about marketing and growing your practice.

-- 

The RARE Advisor is a business model supercharged by Recurring And Repeatable Events. With more than thirty years of working with and coaching successful advisors, host Mike Walters (along with other leaders in the industry), discusses what it takes to grow a successful practice. With the aim of helping financial professionals and financial advisors take their business to the next level, Mike Walters shares insights and success stories that make a real impact. Regardless of the stage of your practice, The RARE Advisor will provide thoughtful guidance, suggestions for developing systems and processes that work, and ideas for creating an authentic experience for your clients.

The RARE Advisor is also a podcast! Subscribe today via Apple Podcasts, Google Podcasts, or your preferred podcast listening service for easier on-the-go listening.

Author Info

Related Posts

Stop Wasting Time: Automate Your Client Scheduling with GReminders
Practice Management

Stop Wasting Time: Automate Your Client Scheduling with GReminders

In this episode of The Rare Advisor, host Aaron Grady sits down with Dan Garrett, co-founder of Advisor Digital, to explore how financial advisors can automate and streamline their surge meeting schedules using GReminders. Learn how GReminders integrates with your CRM, sends automated reminders, supports compliance, and frees up your calendar for what matters most. Whether you're a solo advisor or running a growing team, this episode will show you how to reclaim time, boost professionalism, and simplify your tech stack with smarter scheduling.

Enhance Your Client Experience and Grow Your Practice with This Simple Tool
Marketing

Enhance Your Client Experience and Grow Your Practice with This Simple Tool

In this episode of the Financial Advisor Marketing Playbook Mark Mersman, Chief Marketing Officer at USA Financial, shares a really simple idea to leverage your clients’ interests and turn them into a marketing opportunity for you.

Client Event Marketing Secrets: How This Financial Advisor Builds Relationships
Marketing

Client Event Marketing Secrets: How This Financial Advisor Builds Relationships

In this episode of the Financial Advisor Marketing Playbook, Mark Mersman sits down with Jeff Bush, founder of WellSpring Financial, to uncover the secrets of successful client event marketing. Jeff shares real-world examples of events that have worked wonders for his firm, and reveals how you can use events to build stronger client relationships and grow your business. Don't just host an event – create an experience!