Skip to content
Search
Close this search box.
RecessionProofYourBusiness
Vanessa

Vanessa

How to Recession-Proof Your Financial Svc Business

As prices and expenses keep rising more people & businesses are looking for ways to cut costs while sustaining or increasing revenue.

How can this be done without breaking the bank?

This depends on the people & the business.

The following short list is what we’ve seen our Financial Advisor clients do when things are good & especially when times are tougher.

If you’re looking for ways to keep growing your practice during a recession, without spending a fortune – keep reading!

Retention

This may or may not be news to you.

But keeping clients that have already said yes to you and have chosen you as their Financial Advisor, doesn’t just feel good – it’s good for business!

Host educational events – that provide value to your existing clients in an area they may need help in or that are seasonal/topical.

Topics you can turn into Events:

  • College Funding
  • Estate Planning
  • Tax Savings
  • Medicare
 
We have advisors offering these events monthly – at low cost venues like local libraries, in their office or community centers.

You don’t have to spend a fortune to grow your practice & keep your clients happy.

You just have to be consistent.

Referrals

“81% of consumers trust the advice of friends and family over professional business advice.”

~Source

When talking to Financial clients; find out if they have family or friends you can help.

Encourage them to invite guests to your educational events.

Adult children get married, their needs change.

Co-workers have similar situations & issues as your clients.

Help them too!

💡 Another way to get referrals is by tapping into Networks where your prospective Clients are.

Connect with other professionals or social groups that also service your clients (Estate Planning Attorneys, CPAs, etc.).

Financial advisors utilizing the above strategies are not dependent on any one IMO or FMO to provide leads, nor are they dependent on the ‘perfect’ situation.

They are forging their future & determining how they succeed.

Be that guy or gal! 😉

Reviews

When COVID19 hit and businesses were literally shut down, we saw some of our Financial advisors not even miss a beat in their business.

Specifically the ones doing Annual Reviews with clients.

They kept humming right along without having to ‘pivot’ or change their marketing.

Why?

  • They were already offering virtual meetings via phone calls & screen-shares.
  • Their clients had relationships with the advisor (and did not have to meet in-person).
  • We were assisting them 100% virtually/remotely. So EVOLVD had the systems to support them. 🙌

Aside from this being a way to give yourself new business opportunities, Reviews are a great way to reconnect with your financial clients, provide them value & keep them loyal!

Win. Win. Win!

Email Marketing

Email continues to be the main driver of customer retention and acquisition for small and midsize businesses. According to the data, 81% of SMBs still rely on email as their primary customer acquisition channel, and 80% for retention.” ~Source

As a Financial Advisor and business owner, you should always be maximizing your Marketing dollar. Especially during a ‘recession’.

Email marketing is an effective way to do this.

Just because leads did convert today, does not mean they should be dismissed.

Have longterm follow up in place.

We have seen advisors gain business from their email marketing like Snappy Kraken or Constant Contact.

We also know the majority of solo advisors are not streamlining their follow-up or even doing it.

Again, email marketing works to achieve this and is very cost-effective (when done right).

 

In times where consumers are cutting costs, it’s always the business that finds every opportunity to serve people, which increases their revenue & thrives.

Get creative.

Use what you have and maximize your resources.

Our advisor clients implementing the above strategies, are not only surpassing last year revenues, they are also simultaneously servicing their book of business.

Don’t let fearmongering stop you from thriving.

It can be done & it doesn’t have to be expensive.

It just has to be executed!

If you don’t have systems, or want help implementing ways to ‘Recession Proof’ your Financial Svc business, reach out to us.

Happy to discuss!

Share this post

Recent Posts

There is no right or wrong Email Marketing tool out there.As a Financial Advisor, you simply must understand your needs or requirements.

As an independent insurance or solo financial advisor, your resources are accounted for & usually thin. This is a fact and not a judgement. So trying to be the end all be all for your business is definitely NOT always…

After following up on 1000s of financial leads & helping advisors all over the US, we know there are many good reasons to get an assistant...

It's great if you are currently excelling in Estate Planning or booming with new Annuity clients.

But remember COVID-19?

If you're a solo Financial advisor, inbound leads are your bread and butter. So you should also know your processes in & out. Or it will cost you!

Financial leads are people. Not everyone that filled out a form wants to buy today (or even meet with you). Converting leads into prospects is part art & science. Quit trying to make every lead a client.

These days if you haven't heard buzz words like Automation, Outsourcing or AI you are purposely avoiding them or may be living under a rock. Regardless of which one it is; there are definitely benefits to using technology in your Financial Svc Business.

Having been a top producing salesperson for more than 13yrs. I know not everybody loves following up. The truth is; some Financial leads need follow up (& others don't)

Having followed up on Wills, Trusts & Estate plan leads since 2018, here are the top 4 reasons we like working Estate Planning leads.

There are countless ways to generate Financial leads. You can pay for ads on Facebook, PPC on Google, host financial Webinars/Workshop, buy pre-set appts (and so on). But are you leveraging your marketing to convey you're the Expert?

READY TO 🛑 CHASING?

Fill Out the Form Below & Schedule a Quick Call Today!