Avoiding a business lockdown lull: advisers give their tips

As England settles into a second lockdown and other parts of the UK grapple with how life should look until vaccines are widely available, advisers with ambitions to grow their businesses have had to review their strategies.

A recent survey suggests that three quarters of advisers are struggling to sign up new clients because of the pandemic but our own conversations with advisers indicates this figure could be closer to nine out of 10.

Not all advisers are struggling. Those that are doing well have adapted quickly and focused on tactics that are delivering results. They have shared their insights and approaches in a free-to-download guide we’ve just published entitled ‘The Insiders’ Guide on How to Grow Your Business During Lockdown’. The guide brings together a wealth of collected wisdom from experts, plus advice, tips and case studies.

The issues raised in the guide were the focus for a news article in last week’s FT Adviser. It highlights why it’s more important than ever for firms to attract new clients, regardless of how long the pandemic lasts.

What works: three advisers share their tips 

Three advisers who are not experiencing a lockdown lull share their insights in the guide. Here’s a snapshot of the main activities that work for them:

Tom Senogles, Efficient Portfolio

  • Keep connected to prospects via regular online seminars and workshops
  • Increase your visibility in a virtual world: maximise use of social media
  • Run joint events with other professions, such as accountants and solicitors, to widen the net of prospects
  • Be creative with how you stay connected to existing clients to stimulate referrals

Kate Gannon, Themis Wealth Management

  • Go the extra mile for clients who may be struggling during lockdown – think about what you can do that they would really value
  • Make your website work harder and make it easy for prospects to contact you
  • Use Facebook: join local community groups and be active to show you are connected to the community
  • Forge strong links with local accountants and solicitors

Mark Finster, Helm Godfrey

  • Focus on existing clients – when they value you, they will naturally refer you to friends and family
  • Prepare in advance for every client review: past conversations; their life stage; importance of family; career ambitions etc
  • Don’t make each review too focused on data. Speak to each client about their life – such conversations often lead to new prospects that neither you or they had anticipated

The full case studies in the guide make very interesting reading and include much more detail. In addition, the guide offers insights from a multitude of sources and is full of tips for advisers from firms large and small.

I’d really welcome your feedback on the guide, or perhaps you would like to share some of your own tips. Either way, please get in touch via info@portfoliometrix.co.uk