The SEI Advisor Network recently hosted our annual “Strategic Advisor Council” conference deep in cactus country – otherwise known as Scottsdale, Arizona. In the old days, this annual meeting would be filled with half-days of meetings and the other half with some sort of hilarious, fun filled adventure (that’s what my co-workers call my golf game). These days, it is all business, but still a really great learning experience for both the advisors and me. The meeting brings together the best and brightest advisors from around the country to hear what’s new with the SEI Advisor Network, network with their peers and hear from industry speakers. Senior members of our Investment Management Unit also present their latest research.
High on the agenda was AUM growth and acquiring new clients. According to a recent poll, these were the main goals for this group in 2011 (No surprise). Our practice management sessions were geared to provide advisors with tools to market themselves more effectively.
Matt Oechsli was a featured guest speaker. For those of you who don’t know Matt – he is one of the most impressive practice management coaches out there for financial advisors. His workshops are filled with industry and affluent investor research. Matt’s presentation centered on the “Best Practices of Elite Advisors” and he gave excellent tips on how to attract the affluent clients all advisors desire to have as clients. Matt had everyone in the room role-playing within the first few minutes of his talk. It was fascinating to watch highly successful advisors struggle with some of simplest questions around brand and fees. You might struggle, too. Why?
Like the game of golf:
• We don’t work on our game; we go straight to the course.
• A lucky shot now and then can win us a hole – but can we rely on it to win the match?
• The best players visualize the shot before they swing; the worst players have their eyes closed then grip and rip.
Most of us think we are good enough to grip and rip. I’ve heard advisors say, “I could do this with my eyes closed.” Is that the type business that they are trying to build? If growth is your number one objective and you need to work on your game, who do you role-play with? A business partner, coach or regional director is a great resource for your next role play. It is time to get started!
In a future blog post, I’ll discuss some highlights from a breakout session that I led on hosting small client events (one of the most effective ways financial advisors can cultivate referrals), and maybe we’ll even have Matt Oechsli write a guest post soon.
How are you mastering client acquisition, and how do you think your sales representative or coach help you?