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Before embarking on marketing, IFAs need to decide. Visibility is always good but are you ready for that kind of business model properly? Too rapid a growth may create strains that may not be manageable.
Decide whether you want a niche or mass model. Get proper structures in place to handle the extra volumes of new clients as well as maintaining service for existing clients. Allocate 10% of revenues towards marketing.
Plan ahead. During slow times, recruit and train staff so that you can build during next rally. Establish your credibility. Make a five year plan and set a yearly target for lump sum, AuM, inflows, SIP book size.
Do targeted IAPs. First, create an attractive invitation and mention points that will be covered. If you cannot speak well, hire a good speaker who showcases a need for financial planning in the presentation.
In IAPs, be honest and be a solution giver. Give targeted solutions and insights for common financial problems that may be of interest. Use built credibility to market IAPs.
