Four Tips to Grow Your Business in Volatile Markets
While things are generally good for clients during up markets, these periods can actually limit advisors’ ability to show their full value and cause organic growth rates to drop. Instead, down markets – as stressful as they may be – give advisors the opportunity to strengthen client relationships and offer the discerning guidance clients need. While some advisors choose to stay in the background and avoid tough conversations during turbulent economic times, others lead the way for their clients and take their businesses to new heights.
If you fall into the second category and want to grow your business during volatile markets, you’ll want to keep these top tips in mind:
- Attract the right clients
First, you’ll need to identify who your ideal client is. Start by looking at your favorite, most engaged and profitable clients. What similarities do they share? Consider their personalities, lifestyles, professions and other key characteristics. Knowing your ideal client profile and how you can address their questions and concerns allows you to pursue the right prospects for your business. - Emphasize your value
Market fluctuations allow you to truly be there for your clients, providing the guidance and reassurance they need. This can encourage them to connect you with others in their network who are seeking knowledgeable financial guidance. - Optimize client referrals
When a client mentions a prospect, make sure to express your interest in reaching out to that person. Consider asking your client whether they can help introduce you, and try to learn any details that can help enhance your meeting. - Consider complimentary reviews
Since many people welcome financial advice during turbulent times, consider offering a complimentary review to a referral or a client’s loved one. Not only can this help you gain more clients, it can also allow you to cultivate multigenerational relationships. You may start the conversation with, “My client, [insert name], recently asked if I could extend my financial planning services to you. I’d be happy to do that and can start by setting up a complimentary review for you. I can help you pinpoint changes to consider or determine if everything looks okay.” This helps you broach the introduction topic and allows your client to serve as a bridge to a new relationship. Providing clients with a handout that details your complimentary review process can also make it easier for them to explain the value and purpose of your review to others.