Most of our advice firm clients have told us over the last few years, they have no problems attracting new clients, while their established clients are settled (aka not leaving). Happy days! Our own database reinforces this anecdotal perception – according to our latest CATScan client survey data, 42% of advised clients have been with their current adviser for 7 or more years, 91% expect to maintain an ongoing relationship with their adviser, while 87% are happy to refer their adviser to a friend or colleague.* The data describes a very stable clientele who are referring. As we said… happy days!

But for how long can this situation continue? Our CATScan stats also reveal that 55% of these clients are aged 60 or more, with 45% already retired. Accumulation, saving and protection are gradually morphing to retirement, annuities, estate planning, charitable gifting and aged care – the circle of life if you will. For many, the time is fast approaching when advice firms will need to attract new clients to replenish losses.

Now is the time to start planning a marketing strategy. Here are our top ten marketing activities we believe you should consider before you create and implement your marketing plans. (These are generic in nature, applicable we believe for most, if not all advice firms.)

  1. Review your current state of play

Assuming you had a clearly documented Marketing Plan for 2024, did you achieve the results you were looking for?  What worked for you and what didn’t? Where and how much did you spend on your marketing activities last year? (The average marketing spend is around $21K (1.6% of practice revenue)*

  1. SEO optimisation

For prospective clients, on-line searches are an important ‘go to’.  And even if they’ve been referred by a friend or family member, most will ‘check you out’ online before they make contact. Are you utilising search engine optimization (SEO) to your firm’s advantage to ensure that you/your website ranks well?

  1. Your website

Is it modern, uncluttered with up-to-date info, or does it contain blatantly ‘old’ news and material? (If your most recent newsletter or blog was posted back in 2022, this won’t cut it!)

Your website should tell your story, celebrate your staff and promote testimonials from satisfied clients. And from left field – does your website overview your fees (level and structure)? An early ‘heads up’ for prospects could avoid an awkward conversation later on.

It should be easy to contact you, sign up for your newsletter and/or schedule a meeting/appointment. And, most importantly your website should be ‘mobile friendly’.

We are firmly of the belief that while a website may not get you a new client, a poorly constructed or out-of-date version (or none at all) will certainly cost you business.

  1. Your CRM

While most CRM systems on the market allow advisers to maintain a very comprehensive picture of their clients, very few businesses take full advantage of this functionality. According to our latest research, only 4% of advice firms are holding 20 or more individual pieces of information on each of their key clients. A third (35%) store fewer than 15 data points and quite often it is the more personal, key relationship building information that is missing.

To optimise your CRM, we recommend updating data within 24 hours of client contact and ensuring your CRM stores (and maintains) the names and details of client’s children, other professional advisers such as their accountant and lawyer as well as prospective clients.

  1. Your social media presence

This is the ideal, low-cost strategy to build your brand, profile and reputation. Note how often you post to your social media networks. What content do you post? Do you have client reviews on your socials and website? It’s OK to ask a satisfied client to post a few words.

  1. Your communication

Note how frequently you contact, or otherwise communicate, not just with your clients but also your prospects and centres of influence.

Importantly, do you provide useful and informative content that is centred around the client, not you or your practice? (This is where the CRM is invaluable).

Repurposing content to your socials and across different audiences will help you to achieve optimal payback for your efforts here.

  1. The kids

With a greying clientele, the imperative should be to build relationships with your client’s children now… before something happens to mum or dad and the children start to reassess the situation.

Targeted communications and a broadening of services directed towards the interests and needs of the kids will help. Estate Planning can be a great start here.

  1. On-line adviser listings such as FAAA’s Find a Planner and your licensee’s website etc.

Are you included? What do prospects see? Are you presented as professional, competent and capable? Are your info and contact details up to date?

  1. Have someone directly responsible for implementing, monitoring and reporting on your marketing activities.

This doesn’t have to be a major task, but it is vitally important that there is someone within your firm who is responsible for your marketing. Full time and permanent, outsourced or ‘fractional’, the important thing is – there is someone with the responsibility.

  1. Finally, when was the last time you critically reviewed your product and service offer to ensure it continues to meet the evolving needs of your clients as well as prospects?

This could lead to expanding your network of strategic referral partners for example, to cater for some of the specialist services that you perhaps don’t want to deliver ‘in-house’ but nevertheless is needed by your clients.

Giving some consideration to the above points before creating and committing to a formal marketing plan is a great place to kick off.

For your consideration.

* Unless specifically stated otherwise, all statistics referred to have been derived from Business Health’s Future Ready IX report and our latest consolidated CATScan analysis.