How to Attract High Net Worth Investors
Are you looking for High Net Worth Investors?
The Next Blog is coming soon.
Are you looking for High Net Worth Investors?
The Next Blog is coming soon.
Engel Jones from 12 Minute Convos interviews Graham Arrowsmith, who co-hosts The Next 100 Days Podcast.
Engel has a particularly relaxed, silky, effortless style of interviewing. His voice is like chocolate. Smooth, creamy and it leaves you feeling special!
You can listen to the interview by clicking this link: https://twelveminuteconvos.com/graham-arrowsmith/
Alternatively, scroll to the end of the blog and play the interview right here.
We discussed the podcast we did with Michael Bungay Stanier, the author of The Coaching Habit. In the book you’ll find seven questions to help you become a much better coach. They help people grow by giving you techniques to step back from giving knee jerk responses.
Engel Jones provides this testimonial for The Next 100 Days Podcast:
“I was listening to that podcast at 12am this morning and I couldn’t put it down. Not just the questions,but the way you guys really integrated with that guy. If he didnt know his stuff – he would have died a slow death on that podcast!”
“I highly recommend it!”
“Really amazing stuff, really amazing stuff!”
Engel Jones, 12 Minute Convos
Engel Jones, podcast host of the “Twelve Minute Convos” which helps you reconnect with your hidden passion and purpose. Engel has been engaged in a mammoth task to interview 1,000 people from around the world in 3 months. One of those people was Graham Arrowsmith, Managing Director of Finely Fettled and Co-Host of The Next 100 Days Podcast which you can find here: www.thenext100days.org
Here’s what one of his guests said of Engel Jones:
“What you can learn in 12 minutes! Engel Jones draws out depth and breadth from each and every guest. When you only have 12 minutes to share what you are born to do, you get RIGHT to it!.”
He markets a service that will help you find the brand that is Y.O.U.R.S?
Your Own Unique Real Self ?
Each individual has a personal brand. To communicate it clearly you must first be able to identify it.
You can download a Y.O.U.R.S. workbook, from his website: https://twelveminuteconvos.com
Graham Arrowsmith is 58, married 32 years to Dawn, with 3 grown up children, Luke, Sophie and Nathan.
He started his first business, Finely Fettled Limited 3 years ago. He provides marketing services to businesses targeting the affluent consumer. As part of doing this, he developed the UK High Net Worth Database and designs campaigns using direct mail. In his earlier career, Graham worked for Royal Mail and became known for his passion for direct marketing.
Later, he developed and sold consumer data and data suppression services. By starting a business in his 50s he follows in the footsteps of his father, an electrical engineer in his day. He has a long lasting passion for local football club, Leeds United who as their song says have had their ups and downs!
He is extremely positive about the future, knowing that change will always create opportunities. As part of him giving something back, he runs a weekly podcast called The Next 100 Days, with co-host Kevin Appleby. The style is relaxed and informal, with an accent on practical steps small business owners can take across a range of business challenges in the next 100 days.
Independent Financial Advisers want high value clients from their IFA marketing strategy. This blog details a 3 step way of thinking about how you can achieve the goal of acquiring high value clients. It’s the AIM marketing strategy.
So, how’s your AIM?
First, consider your current high value client IFA marketing strategy.
What do high value clients look like to you? Typically, they’ll be over 45 years of age, but quite likely the sweet spot is over 55 years and less than 75 year of age. They’ll be mature families, older couples and singles where the family is now growing up. Teenagers make up a high proportion of the children present in their families. For these people, their earnings are at their lifetime peak and this allows them to
live a prosperous and comfortable lifestyle.
They’ll live in settled, prosperous neighbourhoods. They offer a IFA marketing strategy a gilt edged return. They have accumulated a lot of wealth that requires management and stewardship, but they are also less likely to move home, and potentially away from an IFA’s natural territory. So, once acquired, and continually handled in a professional and helpful manner, they offer the prospect of being high value clients over a long time.
To have an IFA marketing strategy, you have to have an idea of knowing where you next customer is coming from. So do you have systems to acquire customers in place?
Does your IFA marketing strategy detail who your competitors are? Are you nervous about the big players stealing your best clients and prospects from underneath you? Is the presence of large competitors making you more likely to have to compete on price?
Is that pretty close to the size of it? Even if it is close enough, how do you implement your IFA marketing strategy?
It’s not about spending money to ‘get you name out there’. About a thousand ways to spend your precious marketing budget to ‘generate awareness’. AIM is not about paying to get a warm and fuzzy feeling about your brand or company. AIM is not about ‘likes’.
Direct response marketing is about getting paid to get your name out there! Every time you market, you are doing it to acquire customers. You are not brand building. However, at the same time, your ideal target audience is beginning to recognise you and the services you provide. Your IFA marketing strategy can focus on acquiring customers and selling to them, rather than spending money in random acts of awareness advertising.
By doing this, you are cutting out the ‘awareness provider’ middle man. They’ll take your money willingly. It’s easy for them. Remember that old John Wanamaker (1838-1922) quote:
“Half the money I spend on advertising is wasted; the trouble is I don’t know which half.”
In other words, this is where you don’t know what the heck is going on. Most IFA practices are just not like the big guys. Most IFAs do not have an army of people just sat at the end of a phone waiting to sell to people who noticed the latest awareness, brand building ad. You know the ads I am talking about, no copy, no reason to buy ads. Nice pictures of austere buildings!
No, most IFAs have to sell. Sell a reason the high value client should know you, trust you, like you. Sell a financial adviser seminar on tax planning, EIS investments, IHT. The smart IFA marketing strategy may not win awards, but it will win high value clients. By focusing on attracting high value clients, by being prolific, you will build a brand. Witness the direct mail activity of Fisher Investments. Heard of their brand? Of course, you have.
Still hankering after an awareness strategy? A bit like the big boys do? But maybe not as expensive? Ask yourself the question, why would a high value client choose you if you don’t differentiate your business? Do the same as others in the market is a sure way to enter the middle ground of undifferentiated businesses.
That’s why IFA’s are recognising that their best marketing strategy is to focus on direct response.
To quote David Ogilvy, one of the most famous direct response advertisers:
“I do not regard advertising as entertainment or an art form, but as a medium of information”
As an IFA, I’m going to assume you have an excellent service. If I was to knock on your door and present a high value individual, ready and willing to engage with you, then you’d be more than capable, with your processes in place now, to make them feel welcome, valued, and truly believing in your service.
It’s the minimum you need to be in the game. Tweaking your product or service a little more, is not the thing that will get people to your door. Your door is already open and inside you have an array of services that can help a high value client get the most from their financial circumstances.
Your focus needs to be on marketing, not your deliverable. What you do is what you do. Marketing your IFA practice is the way you’ll attract more high value clients and then a significant increase in income. You are in the business of marketing financial advice.
If you agree, then the only logical option is to put MOST of your focus on marketing your IFA practice. And getting the RIGHT team to implement this kind of marketing. Who do you have to implement the AIM marketing strategy?
Let’s get to it.
A is for audience. This is your single target market.
For an IFA, that might be affluent people, aged 45 to 70, living in properties valued above £350,000 in the north and £700,000 in the Greater London area. They have already built up a sizeable portfolio but they may feel their existing provider isn’t answering their concerns. They aren’t seeing the growth they want in their portfolio. It’s same old same old. Worse, they may have been ignored and that has prompted them to start looking around for alternatives, even sub-consciously.
Zero in on your target market. Know everything there is to know about them. If you are holding seminars, sit and listen. Ask questions about why they are thinking of moving. Get to know their concerns, ambitions, desires. Do this so you attract the right target audience. At the same time, you want to be repelling the the people you do not want.
My guess, is you’ve heard this message plenty of times. So I’ll get right onto the “I”.
You IFA marketing strategy should develop an irresistible offer that your target market absolutely loves and cannot refuse. How can you do this as an IFA?
Above all your IFA marketing strategy should be searching out the one element that makes you unique. What is that? How can it be made to be so compelling that it is irresistible to your audience. The irresistible offer ONLY NEEDS TO BE IRRESISTIBLE TO YOUR TARGET AUDIENCE.
Remember there are no molds, just compasses. Do not under-estimate the work that this deserves.
This is simply the means by which you get your irresistible offer to your target audience. There is no good or bad way to reach people. Your task is to figure out which ways are appropriate than others for your purposes.
I am regularly asked whether I can supply emails for prospect campaigns to affluent individuals. Mostly, my heart sinks. With open rates appallingly low and email availability scarce for affluents, maybe this channel is not an ideal choice for the 55+ affluents many IFAs crave.
There are dozens of media choices. The means by which you deliver your offer.
I typically help people by combining offline – direct mail, press and online – landing pages to capture interested individuals. But I would always recommend using a RSVP via the mail. A Business Reply envelope. They are a populare and easy way for people to respond, safely in a trusted medium.
That’s it. Your AIM strategy is figure out exactly who is your target audience, decide on your irresistible offer for THEM and deliver it is a way that works best, that can get to them in a way that drives response.
If you’d like more information about High Net Worth data, then follow this link: https://www.finelyfettled.co.uk/high-net-worth-database/
If you’d like a conversation about a done-for-you direct mail campaign to affluent individuals, then visit https://www.directmail.agency.
A Marketing Offer Gets Motion.
Your marketing offer needs to be compelling enough to get your customer or prospect to take action. In particular, your offer needs to get prospects into motion in two directions. You want your best prospects moving towards you and those who are unsuited moving away from you. A good marketing offer both attracts and repels.
How will your marketing offer be valuable to your customers and prospects?
– trying to educate your prospects? [a free report, seminar or webinar]
– trying to move your customers or prospects closer to a purchasing decision? [a free trial]
– do you want to re-activate a lapsed customer? [a free gift]
To be valuable, your offer should address the problems, needs, interests and desires of your prospects and customers.
Offers raise response rates to your mailings. Simply by including a free report, or invitation to a seminar or webinar, you can often double your response rate, when compared to a similar mailing without such an offer. The free trial removes the risk for your prospect. And if they are taking too long to make up their minds, then a free trial offer can help remove their procrastination. The same can be said for the money-back guarantee. This might be the final piece of the jigsaw that the prospect needs to reassure themselves that they are making the right decision to buy from you. Free gifts have the benefit that they are perceived as more valuable than the equivalent cash amount. A gift is more tangible and with a little thought can elicit an emotional connection with your prospect or customer.
I’m indebted to GKIC (https://gkic.com) for the Offer Generator formula.
Your offer wants to be short, powerful and compelling. The right way to get this done is using this name formula:
I offer a complimentary review of prospect’s and client’s previous mailing packs. Using the marketing offer naming formula, this offer could become:
The Ultimate “What Happened to My Mailing” Assessment
The Ultimate (Adjective) “What Happened to My Mailing” (Problem/Solution) Assessment (Noun)
The adjective should describe how awesome your offer is. It may be new, free, easy, advanced, money-saving or step-by-step! The next bit is the key problem (the problem you know your potential audience has, like an under-performing investment portfolio) or solution (what your company does to eleviate or rid the problem for the customer or prospect). Another client of mine helps people to sell their home quickly for full market value or they’ll guarantee to buy the property. The noun could be assessment, sale, package, gift, toolkit, or formula. There are lots of nouns so there are plenty of options that will make your marketing offer’s name truly unique and memorable.
2. Identify Your Prospect’s or Customer’s BIG WIN
So imagine you were to accept my Ultimate “What Happened to My Mailing” Assessment. What would be the prospect’s big win? If I had to write down the transformation the prospect would go through once they had received the Assessment, that description would be how they’d be transformed as a result of the knowledge offered. The prospect might have been bemused with the results of their previous mailing. The mailing might have been expected to perform at a much higher level. So, what went wrong?
The transformation after an assessment, which is qualitative, provides real evaluation, would point out the wood from the trees. The transformation is therefore insight. It’s free research that can help the prospect make better decisions. Of course, from the assessment provider’s point of view, the exercise is an excellent way to demonstrate marketing consultancy, or lead generation mastery, or direct mail consultancy knowledge. The assessment brings the prospect towards the assessor and they both feel more positive because of the exercise.
The advice here then is to focus on the TRANSFORMATION your prospect or customer experiences. The big win for a person that experiences a mailing assessment is that their next campaign can learn from the issues found and produce better financial results.
3. Describe the Type of Offer
What is the type of marketing offer you intend to make? Examples could include:
If you have described your offer already, because you are offering something for free, then this part is done. However, you need to add the total price required for your prospect or customer to accept the offer. That might be £999, for instance, or 3 payments of £333 etc.
5. Add Scarcity
Your offer should include some form of scarcity to stimulate an immediate response.
I could increase the potential appeal of the Ultimate “What Happened to My Mailing” Assessment by limiting the quantity available. Once they have gone, they have gone.
6. Bullet Your Offer’s Features and Benefits
There is evidence that the human mind can cope with about 4 things at a time, plus or minus a couple. So, focus on getting 3 good descriptions of your features and benefits.
So, how about 3 features and benefits for The Ultimate “What Happened to My Mailing” Assessment?
1. Know what works and what doesn’t, so your future campaigns yield the very best results for your livelihood.
2. Build on your success with a dispassionate review that can say the things you might not wish to admit to yourself.
3. Avoid your review being subject to personal opinions when you can reference expertise borne of long years of trial-and-error experience.
7. Use a BONUS Bullet
It’s advised to have one bonus bullet. List the features and benefits of the bonus:
The bonus bullet for The Ultimate “What Happened to My Mailing” Assessment could be:
– Fast Acting Bonus: “Place a done-for-you sequenced campaign with Finely Fettled in the next 30 days and get a free capture and hosted campaign landing page!”
8. Tell Them Exactly What to Do Next
If you dont get this part right, then pretty much all of the above is superfluous! Help your prospect and customer by explaining in detail exactly what they must do in order to take advanatge of your offer.
– Download the free report “The IFA Guide to Attracting New High Value Clients Using Direct Mail” by visiting the website http://directmail.agency/ifa-lead-generation-guide
– Call 01535 654930 and get a free 30 minute direct mail campaign consultation
– Discover how many High Value Clients are in your region and their potential for you as an Independent Financial Adviser. Get your Free Local Targeting Report by visiting http://directmail.agency/local-targeting-report