Distribution is one of the Seven Silos Of Practice Management™. The two major aspects of Distribution are:
Most financial advisors excel at selling, but they could dramatically improve their business by improving their marketing. While selling is knee-to-knee, marketing is to the masses. Most advisors have one or two assistants. The four basic responsibilities of assistants are:
- Office Administration
- Sales Administration
- Client Service
For some reason, marketing always falls to the last line in to-do lists. As a result, teams are so consumed in selling and servicing marketing suffers to the point that the entire team focus is on creating the “next” sales. Marketing proves to be more long-term in nature, and doesn’t have the sizzle and excitement needed for the advisor to designate it as a priority, but for a business to grow to its maximum potential, marketing truly makes a difference. There are four main ways to manage advisor marketing, going from least to most effective, as well as the lowest to highest outlay.
- Assign Marketing To An Assistant As Part Of Their Role.
- Hire A Virtual Assistant To Assist With Marketing.
- Engage A Marketing Company To Run Your Marketing.
- Hire A Dedicated Marketing Assistant.
Each have advantages and disadvantages.
Assign Marketing To An Assistant As Part Of Their Role:
- Advantages – No Additional Staff To Hire,Familiar With The Operation
- Disadvantages – Reduces Focus On Other Responsibilities, Lack Of Total Marketing Focus
Hire A Virtual Assistant To Assist With Marketing
- Advantages – Reasonable Cost, You Can Hire Marketing Expertise, Can Possibly Be Supervised By Staff
- Disadvantages -Oversight Might Be A Challenge, Other Challenges Relating To Team Involvement, Lack Of Dedication
Engage A Marketing Company To Run Your Marketing
- Advantages – Specialized Focus, Expertise, Experience, Monthly Retainer With Limited Commitment
- Disadvantages – Challenges Relating To Team Involvement, Possible Changes In Marketing Company Staff, Possible Cookie-Cutter Solutions
Hire A Dedicated Marketing Assistant
- Advantages – Control In Hiring & Supervision, Team Integration, Total Focus & Responsibility
- Disadvantages – Additional Staffing, Highest Outlay, Possible Fringe Benefit & Insurance Costs
Many times advisors will work through a profession of these solutions, but early on you can customize a solution to the needs of your business.
Work Hard & Have Fun™