Building the Foundations for Success. Client Relationships and Business Development
Mar 2, 2023
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Financial Planner Matt Cross shares his experience in the profession, discussing client acquisition, building long-lasting relationships, and the different types of clients. The importance of trust, identifying vulnerability, and providing support during challenging life events is emphasized. Cross also talks about setting up his own financial advisor practice, the benefits of the St James's Place ecosystem, and building relationships with accountants through in-person interactions and LinkedIn. Tips on utilizing LinkedIn for outreach and targeting accountants are provided.
The importance of building relationships with clients in the financial planning profession.
The challenges of acquiring clients and the importance of finding the right clients.
The significance of networking, content creation, and LinkedIn for establishing credibility and generating business in financial planning.
Deep dives
Building Relationships with Clients
The guest, Mac Cross, shares his journey as a financial planner and emphasizes the importance of building relationships with clients. He talks about the shift from transactional work to relationship-based financial planning and the impact it had on his success.
Client Acquisition Challenges
Mac Cross discusses the challenges he faced in acquiring clients, particularly in the early years of his career. He admits that client acquisition was tough at first and shares his experiences of struggling to find clients and learn from his mistakes. He emphasizes the importance of finding the right clients and focusing on building connections with them.
Working with Business Owners
Mac Cross highlights his focus on working with business owners as his preferred client segment. He discusses the unique dynamics and challenges of working with business owners, such as their detachment from their personal finances. He emphasizes the rewarding nature of helping business owners navigate their financial planning needs.
The Transition to Setting Up his Own Partner Practice
Mac Cross shares his decision to transition from being part of a partner practice to setting up his own partner practice. He discusses the considerations and challenges involved, such as purchasing his clients and the change in brand and business ownership. He also expresses confidence in his ability to provide personalized financial planning services under his own brand.
Building Relationships with Business Owners
The podcast episode highlights the importance of building relationships with business owners as a financial planner. The speaker emphasizes the need to focus on mutual benefit and demonstrate how working together can help grow both parties' businesses. It is mentioned that business owners are often willing to help each other make money, and by providing valuable services that alleviate their stress, financial planners can establish strong connections. The speaker also suggests approaching accountants who work with business owners since they can act as a bridge to potential clients. Overall, the episode emphasizes the significance of networking and forming partnerships in the financial planning industry.
The Power of Content Creation and LinkedIn Networking
The podcast episode discusses the role of content creation and LinkedIn networking in establishing credibility and generating business. The speaker shares the importance of consistent content creation, such as podcasts, to build trust and showcase expertise. They also note the power of LinkedIn as a platform for networking and connecting with potential clients. The speaker suggests utilizing personalized messages, automated tools like LinkedIn Helper, and adding value through educational content to engage with accountants and other professionals. The episode emphasizes the need to lower expectations, start with achievable goals, and gradually increase outreach efforts. By strategically utilizing content and networking channels, financial planners can enhance their visibility, attract clients, and create long-term success.
Today we talk with Financial Planner Matt Cross. Matt has been in the profession for over 8 years and started his journey at St James’s Place head office. He then moved on to join a partner practice on a self-employed basis before eventually taking the leap and setting up his own partner practice.
Matt is a young Financial Adviser, and it was fantastic to get his view on the profession. We talk about his first few years as an adviser and he is very honest about his struggles, especially about client acquisition and how tough he found it. We chat about the different types of clients he’s had, how he builds long lasting relationships, the clients he loves to work with and the ones who are not the best fit for his business!
Also, keep listening to the end because Sam gives an amazing tip!
We hope you enjoy this episode today.
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