Marketing your practice: 7 tips for financial advisors in 2023

marketing Jan 11, 2023

During the height of the pandemic advisors were forced to modify the way they marketed their businesses. Now, forward-thinking advisors are embracing a variety of high-tech solutions even as they revisit the older, tried-and-true strategies. Here are 7 ideas advisors can use to boost their marketing plans as they search for growth in the year ahead.

  1. Use the 7-touch matrix. Troy Korsgaden, principal of Korsgaden International, recommends that advisors reach out to their clients at least seven times each year. Korsgaden said that he has created a matrix that lists different products and services, such as annual reviews, auto, home, life insurance, and financial services, with a staggered schedule for reaching out to every client.

John Pojeta, VP of business development at PT Services Group, shared three dos and one don’t advisors should keep top-of-mind as they seek to grow their practices. Among Pojeta’s dos:

5. “If the economy pulls back, stick with your marketing budget. In fact, if you can, increase that budget. Now is the time to put the pedal to the metal. Opportunity will come during this time, and you need to be visible to grasp the good openings,” he added.

6. Pojeta offered a “don’t” as one of his tips: Whether via LinkedIn or via email, stop connecting with strangers in the morning and selling to them in the afternoon. This is not an effective strategy for any type of sales and in fact, often has the opposite intended effect, he said.

7. Pojeta also provided a bonus tip for advisors: In 2023, try something new in your marketing plan. But do this without significant concern about the outcome. “I suggest this because we almost always learn more from the process than the outcome,” he said. “So try something different and pay attention to the full process, make sure you assess at the end, and determine what you learned and can implement in the future.”

Ayo Mseka has more than 30 years of experience reporting on the financial services industry. She formerly served as editor-in-chief of NAIFA’s Advisor Today magazine. Contact her at [email protected]

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Troy Korsgaden is a highly sought-after Insurance Carrier Consultant. He is the principal of Korsgaden International, which specializes in global marketing, distribution, agency building and technology strategies for many of the world’s largest insurance carriers and financial services companies.
As a consultant, platform speaker, and author of seven books, Korsgaden’s mission is to help the insurance industry and its representatives wake up to the radical transformation taking place in the insurance industry. He helps those in the industry learn how to better communicate with consumers, so that consumers develop a higher appreciation for the value of insurance products.
In his career, which spans over three decades, Korsgaden has consulted and spoken with hundreds of thousands of executives, agents, brokers, and team members. A widely respected expert on the seamless distribution ecosystem. Korsgaden trains corporate insurance and financial services leaders on customer service, change management, technology, and transformational work, among many other key topics.

The author can be reached at [email protected]
For information on Carrier Consulting [email protected]
To book a live presentation email: [email protected]

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