Even if your clients don’t subscribe to the adage “sell in May and go away,” the summer months tend to be quiet periods in most financial advisory practices. Still, this slower period can offer new opportunities to grow your business, says Simon Reilly, founder of Leading Advisor Inc., in Parksville, B.C.
“Summer time can be slower,” Reilly says. “But the best advisors use this downtime to find ways to help take their practice to the next level.”
For example, you might decide to “go big,” with special client appreciation event. Or you might study your book in search of new ways to meet clients’ needs, such as with critical illness insurance.
Reilly offers some other ideas on what you can do this summer to build your business:
> Revisit your annual plan
Book some time to review the annual plan you established for yourself back in January, Reilly says.
This is review can serve as a kind of mid-term report card. Determine which strategies worked well and which might not have been so successful — or were unreasonably lofty.
For example, you might find that LinkedIn is turning out to be a more effective builder of new relationships than you had initially imaged. Don’t be afraid to revise your plan, Reilly says, to meet these changing realities.
> Focus on team building
During the summer months, pay some extra attention to your team members and reward them for their hard work since the beginning of the year.
How you choose to offer that reward is up to you. Consider offering a summer-hours program, Reilly suggests, in which staffers can leave earlier on Fridays. Or consider a team lunch to make sure everyone is focused on the same priorities.
Alternatively, you might consider planning a team-building event — such as a golf day or a picnic — to have some fun and build morale.
> Change your environment
If you’ve been toying with the idea of changing your office décor, Reilly says, the summer presents a good opportunity.
For example, this might be time to get some new reception-area chairs and throw out that sofa that belongs in the 1980s. Or you might want to brighten up the place with a fresh coat of paint. Whatever you decide, stay focused on how these changes will help you improve your overall client experience.
> Make connections
The summer schedule of public barbecues and cultural festivals going on across the country offers fertile ground for meeting new prospects.
“Be open to attend as many functions as you can,” Reilly says. “There is a tremendous amount of networking that you can get in on.”
Another idea might be to use some of your extra time to strengthen the connections you have with centres of influence. Now is a good time to make the calls you have been meaning to get-around to but just haven’t had the time.
And don’t forget about your current clients, says ,Joanne Ferguson, president of Advisor Pathways Inc., in Toronto.
“A quick call,” she says, “to see how their summer is going or holidays can go a long way.”
This is the first instalment in a three-part series on succeeding during the summer.
Tomorrow: How to keep your team motivated.