Financial advisors need a CRM and a PRM to grow in 2022
Grant Hicks, CIM
Practice Management Expert, President of Advisor Practice Management, Author, Speaker, Coach for Elite Financial Professionals. Are you looking to grow your practice in 2025?
Every financial advisor needs a CRM and a PRM to grow. What is the difference between CRM client relationship management and PRM prospect relationship management? It's simple, what is your prospect's journey? How and when do you nurture an ideal prospect and how often? What are your offers and do you have a templated system and approval process to take people through your prospect's journey?
What is your client's journey?
You're a financial advisor with a very busy practice with lots of clients and prospects. you built a robust CRM system to track notes to communicate and build relationships with your clients. you have even between ideal clients and non-ideal clients in your CRM system. You know how many meetings a year you have with your ideal clients and non-ideal clients and your team takes care of all that. it is the client's journey and you've got written process is down to a science. Your CRM system management is the activity and drives results, but what about your prospects?
What is your prospect's journey?
Do you have a name, maybe a telephone number, and an email address of the prospect? The first step is to make the phone call, make compelling offers and book an appointment. Do you need a call script, emotionally compelling offers to engage them, and a system for following up? If there is no answer do you leave a message do you send a follow-up email and when and how often do you call back? If this prospect is busy or puts you off do you send them follow-up emails newsletters or communicate with them on a regular basis? Do you ask permission to sign up for your blog, offer valuable guides, and have an autoresponder series of offers to make to them? how do they get to know you and what you offer? They see you as every other financial advisor doing the same thing offering the same solution and expecting different results. The prospect's journey sucks, and it needs to change. You need a PRM process and system.
What is a PRM process? A five-touch system.
So what is the five touch system? If I asked you the name of a great marketing idea, you could probably name a few. However, if I asked you the name of a great marketing system for financial advisors, could you name any? The five touch system is exactly what the name implies, a system to develop five touches or contacts with ideal prospects and take them on a journey.
For example, if I asked you the name of a great financial advisor and you said a name I have never heard of, I might not feel comfortable going to see them. But If I had heard of them before, I would first look them up online, come across their LinkedIn page, then their website to learn more. At this point, I would find out how you look the same as everyone else online but might be engaged by an offer.
Use the law of familiarity in your favor. Successful marketers know that through their constant marketing programs, people want to know about your business before they will do business with you.
How do they get to know your business?
I discovered that I was 80% more successful after the fifth contact. People knew us and were
comfortable in choosing us. For example, I developed a system that I will share with you to develop five touches or contacts. The reason why is in the numbers:
5-10% chance of having a person become a client after one contact ( or setting up a meeting to see if they are an ideal client)
10-20% chance of having a person become a client after two contacts
20-30% chance of having a person become a client after three contacts
I also discovered that most marketing programs stop or marketers give up after three tries
30-40% chance of having a person become a client after four contacts
50-70% chance of having a person become a client after five touches or contacts
It amazingly jumps up after five touches
70-80% chance of having a person become a client after six or seven contacts
50-80% of all new business developed after the fifth, sixth, and seventh touch or contact
I also spoke to several financial advisors who were doing different marketing strategies and discovered some interesting information.
40-50% of advisors will call once and never call again
25-40% will contact a prospect the second time and follow up
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10-20% will contact them three times
5-10% will contact or touch people five times or more before doing business with them and become very successful opening new accounts 70-80% of the time and earning in the top 5-10% of advisors.
Why stop marketing after two, three, or four times when you are halfway there. Your chances of success can be greatly increased if you continued or developed a strategy to do five touches or contacts. This is where an automated PRM system comes in. Most CRM systems do not automate your marketing process to prospects. This includes follow-up emails, landing pages, autoresponders, and more.
When was the last time a prospect gave you a big account on the first meeting? The system is to have as many touches as possible.
Marketing workbook for 2022
Here is my offer to you to find out more. Go to my landing page a get your copy of your 31-page marketing workbook to help build your prospect's journey in 2022.
https://famarketingplan.getresponsepages.com/ ?Then go to the technology checklist to find options for your PRM marketing system. https://technologychecklist.getresponsepages.com/ ?This is the year you give up excuses and grow your ideal business!
How about your goals for your practice in 2022? Our Practice management resources????
Comprehensive Practice Management checklist
Fee Audit checklist
88 Marketing strategies checklist
Listen to grant speak at MDRT
Download our "Exclusive prospecting checklist" to help acquire more ideal clients this year.
Discover:
We are here to serve your practice, let’s talk
Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Grant at?[email protected] ?or click on the link to set up a no-obligation 20-minute discussion?https://my.timetrade.com/book/JMTNJ ?regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.
Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd edition.?www.advisorpracticemanagement.com ?for speaking, workshops, or coaching, contact Grant at?[email protected] ??Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!??