LIMRA Conference Highlights: How Financial Advisors Can Use LinkedIn, Facebook, and Twitter to Connect and Grow « SEI's Practically Speaking SEI's Practically Speaking The following is a guest blog post by Amy Sitnick, Senior Marketing Manager for the SEI Advisor Network and self-described social media addict. Connect with her on LinkedIn or follow her on Twitter. It’s good to get away from the office once in a while and immerse yourself in your discipline. I recently attended the LIMRA / LOMA Social Media for Financial Services conference and came away energized about the opportunity for social media marketing, in our industry, RIGHT NOW. In case you missed it, the conference has also been widely written about online. • Top Social Media Tweets from the Financial Services Industry • Social Media Insights from Nine Experts For me, it was good to live and breathe social media for three days. LinkedIn – The New Yellow Pages Nowadays, everyone does their research online before buying any product or service. What you can do: • Fully complete your LinkedIn profile: Don’t skimp here. Facebook – The Home for Life Events Twitter – Real-time Conversations Amy Sitnick
How to Pick a 2013 Medicare Part D Plan Retirees get to choose a new 2013 Medicare prescription drug plan during the annual enrollment period from Oct. 15 to Dec. 7, 2012. Premiums, covered medications, and out-of-pocket costs change each year, so it's a good idea to shop around for a new plan even if you're happy with your current coverage. Here's how to pick a Medicare Part D plan that will best meet your prescription drug needs in 2013: Compare premiums. The Centers for Medicare and Medicaid Services expects the average 2013 monthly premium for basic prescription drug coverage to be $30 in 2013, which is essentially unchanged from 2012. However, some existing Part D plans will have significant premium increases. Retirees will need to shop around for new plans to avoid sometimes significant premium hikes. [See How to Get Retiree Health Insurance Before 65.] Consider other out-of-pocket costs. [See New Retirees: Avoid These Mistakes.] Examine the formulary.
Recruiting & Hiring: How Advisors Can Attract Millennials The financial planning profession is finally feeling the pressure of years without an established career path. The field has lost potential new entrants to others that pay higher -- at least initially -- and many students don't even follow through on their studies to bother taking the CFP examination. There is heavy competition for the relatively few unattached experienced advisors, mainly due to the fact that firms can assign client responsibilities to these hires immediately, without extra training, and expect them to start generating revenue immediately -- especially if they have an existing book of business. Meanwhile, for the few firms that do seek out younger talent, there is a battle raging for the top-of-the-class newly minted graduates of CFP Board-registered programs. There are many reasons for this. The CFP Board has estimated that CFP programs produce about 6,000 graduates per year. First, you need to understand them. Millennials prefer autonomy and deplore micromanagement.
Millennial Consumers: Engaged, Optimistic, Charitable [STUDY] A study comparing Millennials with non-Millennials sheds light on some of the key behaviors and attitudes of the generation. Currently numbered at 79 million — and growing in influence — Millennials are expected to outnumber the Baby Boomer population 78 million to 56 million by 2030. The Boston Consulting Group recently surveyed 4,000 Millennials aged 16 to 34, as well as 1,000 non-Millennials aged 35 to 40. The report's complete findings are available online. Here's a summary of the key takeaways of the survey, and what marketers and companies need to keep in mind as the generation continues to become more dominant. Millennials are actively engaged in consuming and influencing In contrast to the stereotypical view that they are lazy and entitled, Millennials are extremely optimistic about the ability of business and government to influence global change. Millennials favor recommendations from peers or friends Millennials are "digital natives" The upshot?
Four Ways to Attract Affluent Clients Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Last week, I wrote about a California advisor who transitioned her book to focus on affluent clients. Here are four strategies that I have seen help many HNW advisors attract clients. Follow Dan on You Tube – a new video every week Sign up for Dan’s new YouTube channel, with 300 short video tips for your business To sign up: Click here Strategy One: Become the safe choice Successful HNW advisors typically have fewer than 100 clients and a high minimum-asset threshold, allowing them to deliver a personalized and high-quality experience. But many HNW advisors go beyond assets in the clients they target. My conversations with advisors who’ve built HNW practices suggest that the decision to focus is the single most important ingredient in their success. So why then do most businesses still operate as generalists? You can read more about Porter’s views here.
Obamacare Aims to Close Medicare 'Doughnut Hole' NextGen Is Coming. Are You Ready? - Platinum Strategies Born in 1981, I belong to Generation Y. I’m also an investment advisor representative and a consultant to 960 financial professionals. Because of where I personally fit in, the conversation about what the next generation wants from financial advisor relationships intrigues me. In most respects, I believe my generation wants the same things other generations want: sound advice for a reasonable price, accessibility, communication, transparency. Many advisors have built their business models around serving Baby Boomer retirees and pre-retirees – a strategy that has made sense for a long time, and will likely continue to make sense for a time. Approaches that work with older clients can actually alienate younger clients and prospects who may view them as dated or out-of-touch. Transparency matters. Think of what recent generations have grown up with. Provide social proof. Gen X and Gen Y spend staggering amounts of time online and are devoted social media users. Keep it short and sweet.
Holding Onto Clients: Start by Listening In my blogs over the past few weeks we've discussed how unmet expectations lead to client departures (see my Oct. 8 blog, Matching Client Expectations With What You Offer: the Portfolio). In this post, I'd like to highlight a few things advisors can do to help retain clients. Most advisors understand that when a client leaves, the client feels their actions are justified. However, the actual reason may or may not be rational. This is because human beings are not always rational. When a client leaves an advisor they do so based on the information they possess. One problem is that there are a number of quality strategies pertaining to money management. As foolish as this may seem, put yourself in the place of the client. There are several things a client can do to increase their odds of picking a highly qualified advisor. In my view, clients need to know what they should expect from you and their portfolio. People want to be heard!