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    The RARE Advisor: The #1 Reason Advisors Fail

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

    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.

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    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.

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