Take control and save yourself from Covid Groundhog Day

The start of 2021 may feel a bit like Covid Groundhog Day but remaining positive and focusing on what can be done, not what can’t, is one of the most effective ways to manage the challenges we currently face.

Many advisers worry about the difficulties of attracting new clients – the latest survey from the Personal Finance Society highlights that one in two advisers are concerned about fewer new clients “knocking on their virtual doors”.

With no immediate sign that life will return to normal anytime soon, what can advisers do to help themselves attract new clients? Importantly, what can they also do to make sure their existing clients really value what they offer?

Practical help is at hand in the form of two guides – both designed to equip advisers with tools that can make a real difference to their business.

Go for growth

Some advisers have continued to grow their book throughout the pandemic. You can discover the secrets to their success in The Insiders’ Guide on How to Grow Your Business During Lockdown, a free-to-download guide that brings together a wealth of collected wisdom, advice and tips from industry experts, and adviser case studies.

Many of the strategies listed in the guide are easy to adopt – like being active in the community, using social media and networking with local professionals such as accountants and solicitors. None of these require a huge investment of money but they do involve offsetting aside time and having a strong focus on what you want to achieve.

The guide features a multitude of ideas that can help motivate you to look to the future and go for growth.

Avoid ‘leaky bucket syndrome’

Getting new clients is always welcome but not if all you are doing is replacing lost clients. To avoid ‘leaky bucket syndrome’ it’s essential you keep engaged with existing clients and make sure they value what you offer them.

How do you put a value on the advice you give your clients? This is where The Insiders’ Guide to the Value of Advice can help.

It provides a best practice overview, bringing together industry studies, views from over 200 advisers and case studies where three firms specify what they regard as the most valuable elements of their service.

It also provides a practical roadmap to define your value proposition, highlighting how different advisers have implementable processes for clearly communicating the value they bring to clients.

If you’ve already defined the value you add, it provides an opportunity to compare notes with some industry peers.

If you have yet to complete (or start) this task, it will help you articulate your own value proposition – an exercise that will achieve three important elements:

  1. It will enable you and your team to fully appreciate what you do and the impact it has on clients.
  2. It will provide a way to demonstrate to clients that the value you add to their lives is far-reaching.
  3. It will demonstrate to the regulator that you are protecting the best interests of your clients. At present there is no formal requirement to do so but we know the FCA is increasing its focus on transparency so it’s a good idea to get prepared.

Both these guides are completely free and have been written specifically for advisers. Nobody knows what further challenges Covid will throw at us but by taking control and focusing on the positives, we will hopefully all be in better shape when this crisis is finally behind us.

Happy new year.