How Thriving Financial Advisors Acquire & Work with Ideal Clients – Webinar Replay

How Thriving Financial Advisors Acquire & Work with Ideal Client – Webinar Replay

It’s 2021 and the truth is that the only way forward as advisors is together. We are all on the same team and its important to recognize that learn from one another to succeed and thrive.

This is the ethos upon which Conneqtor was built and the Virtual Advisor System is designed. It is through sharing his experiences and knowledge that our founder, Derek Notman has discovered his true calling in this post-pandemic world.

Conneqtor x PreciseFP Webinar

Derek recently had the privilege of joining Courtney Peek, Head of Support at PreciseFP to share how thriving financial advisors are acquiring and working with ideal clients on a semi or full virtual model.

The discussion is centered around tactics and strategies that stem from Derek’s personal advisor journey. The webinar has key takeaways that are designed to support the advisor community through tangible and actionable ideas – watch it below:

A $2 Million Idea that thriving advisors are using

If you found the webinar interesting and want to learn more about what you can do right now, today, then we recommend you download our latest eBook. It details how Derek made over $2 million, virtually while realizing an amazing life-work balance.

Download it here.

Going Virtual – The Value Of Being A Location Independent Financial Advisor

Helping clients with their financial planning from a sandy beach in South Africa may sound too good to be true, but it’s not, and I’ve done it. The anywhere advisor concept was almost unfathomable a decade ago, but with the rapid adoption of technology in a Covid-accelerated digital wilderness, it’s now the most practical solution.      

Financial advisors traditionally had to sit down with their clients, face-to-face, and walk them through solutions to their financial planning challenges with paper presentations. How to get clients as a financial advisor was about cold calling, door knocking, seminar selling, and so on to drive more in-person meetings. However, times have changed, and virtual advisors are on the rise. Let’s analyze some of the benefits of practicing as a location independent financial advisor.  

Leverage Technology 

Videoconferencing helped me improve my life-work balance by reducing the need for business travel. It also allowed me to take on ideal clients who weren’t initially in my geographic scope, essentially without limit. It’s certainly the most effective way of delivering personalized advice in the digital age and having more time for your social life and family is one heck of an incentive, all while making more money and drastically reducing your overhead in the process.

Technology systems and web-based tools are virtually everywhere, which is a double-edge sword for advisors since so many solutions exist yet we don’t know how to put them all together to get the most out of them.  This is one of the reasons I created Conneqtor, to give advisors the master blueprint they need to help serve clients regardless of where you or your client happens to be

The anywhere advisor can serve different types of clientele, thanks to the cost savings and efficiency of using technology as opposed to a traditional office. Location independence presents the potential to craft an especially focused business serving niche clients that becomes feasible in the world of content and inbound marketing.

Freedom And Well-Being

Imagine never having to delay your life plans, while you wait for the ‘right moment’? Break free from the shackles of a physical location occupation. Stop being bound when you were made to explore. As a virtual financial advisor, you have the opportunity not only to create a life around the business of financial advice but to create an advisory business around living your life to the fullest.  

The ability to balance work and life has become the key to feeling happier and being more productive within your work. Saving time that would otherwise be spent on a long commute allows for better work-life balance and adds hours back into your days. Working remotely can improve your health and wellness by reducing stress.

What about financial freedom? The benefit of operating virtually and having a robust digital presence is that it’s possible to launch a new advisory firm at a fraction of the cost. A brick & mortar location is a massive expense, and with that eliminated, you can focus on building a fierce virtual practice and target your ideal clients. This newly found freedom also makes it more feasible to serve clients with different business models.

How you choose to spend your time saved as a virtual advisor are entirely up to you. Make sure to get that father of the year mug in 2021, go on that trip you’ve always dreamt of, or put the extra hours into other projects or passions. Either way, ka-ching! It all holds value. 

Replace Prospecting With Marketing 

Cold calling now seems like something from a prehistoric nightmare, but it was once a cornerstone of our profession. The world has since gone digital with everyone now online. This is where you must exist to stay relevant. 

Digital marketing is the most powerful asset at the disposal of a virtual financial advisor. Tech platforms offer many new opportunities to improve your overall marketing strategy, such as the ability to reach new audiences, generate leads, and close sales. Digital marketing is no overnight phenomena and can take months to start bearing the fruits of your efforts, but once you have an engaged audience, the value add is quickly evident. 

Connect through content – start focusing on creating content rather than AUM. Assets under management have almost zero value to a potential client. It’s an ego stroke that in a service-based business like ours should be left at the door. Clients are searching for how you can help them, and with 3.5 billion Google searches made every day, you need to be featured among them! 

Embrace technology, grow your digital presence, tap into new markets and become a specialist advisor who operates from anywhere. Write your own story – set your own hours – choose your own destiny. Become the anywhere advisor to acquire more clients, reduce your expenses, and have an amazing life-work balance.  How can anyone argue with this?

 

Best Regards,

Derek Notman

Best Practices & Tips for Financial Advisors When Working with A VA

Working with a va

Building a team of virtual assistants is one of the best business decisions I ever made.

I was tired of the high costs associated with the traditional W2 employees and all of the hassle, heartache, and expenses that came with them.  So, I did something about it.  The following information is there to help you understand how to best build a team of virtual assistants and give you insight into how you should go about working with a VA.

Done right now only will it save you a ton of money (I was able to reduce my overhead expenses by ~61% because I embraced VAs) but it will propel your business to the next level.

The idea of working with virtual assistants has grown substantially in popularity over the last year, and with it the awareness around being able to run an entire business virtually. It was not always this way – the pandemic accelerated our adoption of working remotely.

I have been a protagonist of the virtual approach for years and, as a result, have much experience when it comes to working with a virtual team; I have ironed out the creases, so to speak.

As a virtual financial advisor, I have been through and tried it all, running my practice remotely for the past eight years – so here are the best practices and tips for building a successful working relationship between you and your VA.

working with a va tips

Be Realistic About Their Workload

One of the biggest mistakes financial advisors make when hiring a VA is expecting them to handle a permanent, full-time employees’ workload. VA’s usually charge per hour or task.

My advice is to be realistic about how much your VA can take on in terms of how many hours they will be working for you a month. Remember they are working for multiple clients, so be upfront with them and allow them to quote you, or at least be transparent about how much they can handle.

If you are paying them for ten hours a month, then do not expect more than that. If you do have more work for them, then you will have to pay for additional hours. They are part-time; remember that.

Train Them Thoroughly

Another aspect that financial advisors tend to overlook is the training of their virtual assistants. Yes, you will be able to find the right fit for your company in terms of experience, but that does not necessarily mean that the VA will be able to come in and be thrown in the deep end straight away.

It is essential to train them on your precise processes and allow them the time to get up to speed with your approach and methods of conducting business.

Do not Micromanage Them

VA’s are used to working alone, remotely, and you must give them the space to do so. Once they have a thorough understanding of your business, provide them with the responsibility; a sense of ownership. Brief them properly and let them run with it. That is the beauty of hiring virtual employees. They are self-starters by nature. This can be a massive asset to your business if managed properly – giving you the time to focus on what is important without having to baby them tirelessly.

dont micro manage when working with a va

Setup the Proper Infrastructure for Communication and Delegation when working with a VA

There is an overabundance of free tools available online for you to work seamlessly with your virtual assistant. Suppose you are willing to pay a subscription fee. In that case, there is also Office 365, which is the ultimate means for virtual collaboration, connection, and communication. You can quite smoothly run your entire financial planning practice using 365, Trello, or Asana (a personal favorite of mine).

There are Skype, Zoom, FreeConferenceCall, and Microsoft Teams for communication, which allows you to have one-on-one calls or even virtual stand-ups with your whole workforce.

So, be sure to do your research and pick the applications which are best suited to your service offering. Your virtual assistant would’ve probably have used most of them, so that should be an issue. Having the proper communication and task delegation infrastructure is critical to building successful relationships with your VA or virtual team.

Empower Them to Buy into The Business

Last but not least, showcase your ‘why.’ As with any hire, you need to communicate to them why working with you is important and beneficial.

Make sure they understand your “why”. Make sure they jive with your vibe. Make sure you like each other. Do not make them think you are always looking over their shoulder. Empower them to be their best, let them know it is OK to make mistakes, and they will want to continue working with you. They will emotionally invest in what you do.

In my virtual advisor system called Conneqtor, which is designed to equip you with all the tools and understanding necessary to run a successful virtual financial planning practice, I specifically teach on how to build a virtual team.

Learn how to run, market, and effectively grow your business in the digital world we live in – download our free eBook to learn more.

No matter your tenure as an advisor it is an almost certainty that you can save money and grow faster by embracing virtual assistants.  Mine have been with me for years and I consider them family.  They have my back, get things done, and are amazing people.  Done right, having a virtual team will be a game changer for your business.

Have questions?  Conneqt with me on LinkedIn and ask away!

Best Regards,

Derek Notman

How to Adopt a Virtual Sales Process for Your Remote Practice

asian woman adopting a virtual sales process for her remote practice

At the start of 2020, companies and financial advisors were scheduling client dinners and booking business trips to conduct face-to-face sales meetings. This way of operating came to an abrupt standstill as COVID-19 forced sales teams to shift their operations into the virtual world.

“Physical sales teams had to learn an entirely new system for maintaining and closing deals,” said Brian Moran, CEO of Small Business Edge.

Consider the history of the  handshake in sales culture, symbolically sealing the deal. However, this polite gesture can’t be replicated over video chat, during the current pandemic.

“Things like visual communication or tone of voice carry incredible weight in how we communicate,” says E.J. Kritz, director of training and insights . “While a Zoom meeting can still allow a salesperson to add a sense of human element by being polite and accommodating or dazzling customers with their enthusiasm, much of the deal is now done via email, taking away from the personal element and making the encounter more impersonal.”

Change is the only constant

The world is changing rapidly, and the financial planning industry needs to adapt accordingly, not to be left behind. Admittedly a daunting prospect, but this change is a much-needed shift that comes accompanied by great opportunity.

a virtual sales process outlasts constant change

Transitioning from face-to-face selling to virtual selling requires a new  approach better suited to the demands of new-age buyers who prefer to work through digital channels. This virtual realm can offer more visibility, enhanced customer engagement, and greater efficiency from technology use.

Building an entirely virtual team is a far more financially viable way of running your practice. You no longer require overheads, such as office space and equipment and there’s more room for collaboration, as you can work with specialised individuals as you need them. These digital collaborators can be located anywhere in the world, charging per hourly or agreeing to a set budget per project.

Trust the virtual sales process  

The same tools, such as Zoom and Skype, once used to discuss personal matters and connect with friends, are now used to give clients personalised financial advice in the comfort of their own homes. Younger generations such as Gen Z and Millennials actually prefer it.  In fact this was already mainstream before the pandemic with over 42 million households already prime candidates for virtual advice according to a 2019 Mckinsey report.   Not only will it save you time, but it can avert any awkwardness that arises from visiting clients at their place of residence after hours.

Having the correct digital infrastructure in place is essential to communicate with your virtual staff and clients while protecting all parties’ data. The brick and mortar model would require you to visit physical locations for sales meetings or go to a client’s home at night. Now you can conduct virtual ‘house call’ appointments. Using your business website, you could set up a scheduling tool to enable customers to set up virtual meetings online. This scheduling tool could sync with your calendar for convenience.

Communication is key 

Strong communication lines between employees and managers can further help workers feel part of a network and keep remote work from becoming isolating.

Working remotely allows for more flexibility within your schedule and gives you the ability to choose your hours. When time zones differ, and work schedules don’t align, it’s essential to be mindful of your co-worker’s time to create a working symbiosis.

Remote working can bring about a sudden change to your daily schedule. For instance, if an employee falls ill, you need to take on the responsibility to compensate for their absence as a team. You delegate the work among your team, to best maintain productivity within your practice.

communicating with teams virtually

Prospect through digital marketing

Prospecting transforms into digital marketing with your entire audience existing online. Adopting the virtual financial planning model is where you will need to connect with them.

First impressions are more important than ever, so invest your time and energy in designing and implementing an effective digital marketing strategy that can help increase your SEO ranking and improve your sales conversion rates.  This is your digital storefront do it right and clients will be coming to you.

Interacting with potential clients online can give you direct insight into what your audience wants. This valuable information can steer your decision-making processes in the future. It will also help you enhance your customers’ experience, develop loyalty and trust through exemplary service, and increase your ROI.

One of the key strengths of digital marketing for financial advisors lies in creating brand awareness to target new markets and consumers.

Delivering a high-quality service will result in more fulfilled client relationships and see healthy brand awareness transpire through feedback, reviews, and word of mouth publicity. These customer assets help build a brand reputation without costing you time, money, or energy.

Define and publish your virtual sales process

Once you get traffic (potential clients) to come to your digital storefront you must show them what to expect if they work with you.  Although each virtual sales process will vary slightly depending on the advisor you should make it clear how many meetings they should expect to have with you, how long each meeting typically takes, and what is to be covered in each meeting.

Whether you realize it or not potential clients want to know what your virtual sales process is since they want to know what to expect in working with you.  If you don’t tell them clearly what to expect you are giving them one more reason not to contact you.  Check out my virtual sales process for Intrepid Wealth Partners here as an example of what you should consider doing for your digital store front.

Prepare for the future

The sooner you embrace the technological revolution we are currently experiencing, the sooner you will be able to utilise the ability to work with people anywhere on earth and streamline your business collaboration to reach new heights.

The consumer and technology have evolved, we must do the same.

Cheers,

Derek Notman

Riskalyze x Conneqtor Lead Generation Webinar Replay

digital marketing lead generation and defining your niche

Digital Marketing, Lead Generation, and Niches

Digital marketing, lead generation and defining your niche are 3 of the key pillars to the ‘digital as default’ model.

As more financial advisors understand the necessity of adopting a remote advisory model, these pillars will become powerful tools in the arsenal of advisors across the globe.

digital marketing for financial advisors

Riskalyze x Conneqtor Lead Generation Webinar

Our founder, Derek Notman had the privilege of joining Director of Channel Marketing at Riskalyze, Matt Fritsch in exploring these three pillars in an exclusive webinar.

If you missed it, you can watch the webinar below:

In summary, the Virtual Advisor System provides advisors with proven strategies and tools for building a robust digital marketing footprint for enhanced lead generation. It also provides a framework from which to define your niche.

If you want to learn more about the origins of Conneqtor and how the Virtual Advisor System can facilitate your transition onto the virtual advisory model, then download our free e-book here.

The Perks of Permanency and Flexibility on the Remote Advisory Model

remote work model man working in nature

As I write this, almost 60% of the workforce in the United States of America has the option of remote work in their employment contracts. Workplace Analytics recently completed a survey and came up with the following forecast:

“Our best estimate is that 25-30% of the workforce will be working-from-home multiple days a week by the end of 2021.” – Kate Lister, President of Global Workplace Analytics

The whole world has had to adapt, and from a financial advisor’s perspective, this is hugely positive. For us, it means that we will cut down on costs dramatically, and we’ll be able to serve our clients when and how we (and they) want to.

When I refer to permanency, I am talking about the fact that you’ll be able to work from anywhere in the world, at any time of day, and for anyone you wish to, even if lockdowns continue indefinitely. A beach house? A cabin in the woods? Do you want to work in two different cities a year so that no matter what, it’s always summer? All good so long as you have a decent internet connection and the right infrastructure! The only thing I can think of that would stop you from working is a major technological shutdown, and if that happens well then, we all might as well just pack it in.

So, let’s look at some of the perks of the Remote Advisory Model.

Hiring New Staff Has Never Been Simpler

Communication is so easy to manage, given the tech at our fingertips. You can now hire staff at a cheaper rate, per hour and without having to fork out for any of their infrastructures. The remote advisory model has no geographic boundaries, meaning you can hire people from anywhere in the world.

Being able to hire international employees also means your virtual financial planning practice can run 24/7. If you have people representing your business in multiple time zones, your profits will increase exponentially.

remote model virtual recruitment

Remote work models increase productivity

Another reference from that Workplace Analytics article suggests that remote workers produce 43% more output than their 9-5 counterparts. So not only can your business grow significantly, but you’ll also have a much more productive team working for you. Oh, did I mention that your employees will be a lot happier too? By embracing the remote advisory model, you’re promoting a healthy work/life balance.

The same goes for you too!

A Healthy Work/Life Balance

You can now maintain a greater balance between your personal life and your responsibilities as a business owner.

Rather than having to work all day and visit clients in the evening after hours at their homes, you are freeing up your time to focus on other things that interest you. Have you always wanted to renovate a boat? Do you want to pursue a passion project or even spend time with your kids in the afternoons? Well, now you can – it’s all about time management.

working remotely has this dad enjoying time with his child in the autumn leaves

Being genuinely flexible allows you to live a fuller, more rewarding life.

Furthermore, a flexible schedule lowers stress and strengthens your output.

Retaining Employees Is No Longer an Issue

With the remote work model, you don’t have to have a single permanent employee if you don’t want to. You can quite literally run a business with a freelance workforce. Think about how expensive your hiring process is. With all of the online platforms for hiring freelancers now available, you cut those costs entirely. You pay per hour, per task, or project – no strings attached.

In fact, hiring freelancers is highly cost-effective as you only pay for their services. Are you looking for an expert in something out of your experience? No problem – you can find any professional online.

There’s another added benefit here – a truly diverse team.

More Creativity

When you bring a group of people together who have unique perspectives and backgrounds, it results in a more innovative workforce. If you have an idea, you can brainstorm with your team members, and receive much fascinating insight from them.

Think about how different the perspective of a junior financial advisor from California is to that of a digital marketer from Amsterdam, for instance? A diversified team can only be a positive step forward for your practice.

Technology to Better Serve Your Ideal Client

From building an easy-to-navigate website to promoting your services online, anything is possible in the digital age. You can even embed code into your website that syncs with your calendar to allow clients to book their own appointments. Your online presence becomes your new overhead cost (investment), and it’s a whole lot cheaper than office space and continuous travel expenses.

You’ll need to invest in software and perhaps a team of expert individuals to take your digital footprint to the next level. Fear not; it will most definitely result in more lead conversions.

A Fraction of The Cost

You won’t have to pay for electricity, water, office supplies, or furniture with the remote advisory model. You won’t have to pay for employee benefits or travel either.

It’s a no-brainer!  Haven’t read our Virtual Proclamation eBook yet?  Get it here for free and find out how you can start migrating to a fully remote financial practice today.

I hope you enjoyed reading this!

Kind regards,

Derek Notman

Mastering the Remote Digital Advice Delivery Experience – Asset-Map webinar replay

Our Founder, Derek Notman was fortunate enough to join fellow advisor turned entrepreneur, H. Adam Holt, for a recent asset-map webinar aptly titled ‘Tales from Two Advisors: Mastering the Remote Digital Advice Delivery Experience‘.

What is Asset-Map?

Asset-Map, like Conneqtor is a virtual advisor tool that allows advisors to provide a comprehensive advisory experience that not only engages, but empowers clients to make better decisions. The software allows advisors to collaborate with clients on their ideal virtual financial map, subsequently allowing them to realise their financial hopes and dreams.

Why use Asset-Map? Its simple – it allows you to be more efficient, more calculated, and therefore increases your revenue generation potential!

Tales from Two Advisors: Mastering the Remote Digital Advice Delivery Experience

H. Adam Holt and Derek Notman, both embraced the digital financial model over seven years ago. Since then, they have both launched successful products that seek to not only empower advisors by directly addressing the pain points advisors face when transitioning to a remote virtual model.

In the webinar, the two discuss:

  • How to create a robust digital footprint to attract new clients.
  • Digital fact-finding (from shoeboxes to Dropbox).
  • Managing a virtual meeting calendar.
  • How to present impactful visuals virtually.
  • Virtual team management.

Click the image below to view the webinar:

 

Digital Marketing for Financial Advisors: Compliance Guidelines

digital marketing compliance fir financial advisor

When creating a digital marketing strategy, compliance is often a complicated issue for financial advisors, usually turning out to be a bigger headache than it should.

I recently created a poll in a LinkedIn group, asking my peers what the biggest challenge preventing them from creating content on social media is, and 52% of them answered compliance.

Sure, digital marketing compliance for financial advisors is tricky, but you will never look back once you set up a proper process. After all, this is where most of your leads will come from, so you must come to terms with it.

Because social media posts are a form of advertising, your social accounts as a financial advisor are subject to specific regulations.

It all starts with understanding the law, on top of your company’s policies and procedures.

How you are registered as an advisor (RIA, IAR, Agent, RR, etc.) will partially determine what regulations you fall under but I believe it is safe to say that for an issue-free online presence, FINRA’s rules on communicating with the public as a financial advisor are crucial to follow. I think it equally important to abide by the requirements monitored by the Securities and Exchange Commission (SEC). These rules are in place to protect your audience from false, misleading claims, fabricated statements, and material breaches.

finra headquarters

As a financial advisor myself, I live in one of the industry’s most conservative compliance environments, so if I can do it, any advisor should be able to.

Here are some guidelines to follow when it comes to Digital Marketing for Financial Advisors.

Set up Your Social Accounts and Website to Be Compliant from The Beginning

As long as you are aware and understand the basic rules and set up your profiles to be compliant from the very beginning, keeping up with approved content will become second nature for you.

Most often personal & business profiles are subject to adhere to compliance standards for financial advisors. This includes any social account or profiles directly connected to and managed by you or your business. This will likely include Facebook, Instagram, Twitter, and LinkedIn. Your broker-dealer or another registered principal is responsible for having policies in place to archive, review, and pre-approve (when necessary) any content published on these accounts.

Get Your Content Pre-Approved from Compliance

The content you’ll need to get approved for publishing is any long-form content, such as blogs, whitepapers, eBooks, or newsletters. Long-form content or static content is usually published on your website and then shared to your social accounts – it lives on your site for an extended period. blog approval for compliance

If you have a digital marketing strategy and plan, you will need to get this type of content pre-approved by a registered principal. Whether this is through a broker-dealer or an independent RIA, it is imperative to get your content pre-approved before posting to avoid breaking any compliance rules.  Although a bit of a hassle this part is very important.  Your compliance back-office if there to protect you too so it’s imperative you work with them instead of against them.

Additionally, you’ll also be doing some community management, and hopefully, be answering a lot of inquiries through direct messaging. Anything interactive, such as tweets, videos, or posts to your wall, will happen in real-time and obviously cannot always be pre-approved for compliance. Although they can’t be pre-approved, they should most certainly be monitored & archived by someone who fully understands the rules and regulations.

Your best bet is to have a policy in place and train anyone who will be posting content on your business’s behalf, such as an assistant or a social media manager.

A lot of firms use technology made available from outside vendors that allows all of your content to be archived and monitored in real time, much better to do this than try and do it manually.

Put A Policy in Place

By having a policy that aligns with FINRA’s rules and ensuring that your employees understand and know how to follow it, you will always be in the clear.

When engaging with clients, prospective clients, or anyone you interact with online, it’s essential to keep up to date with any changes to compliance so that your business can stay away from any issues.

Make sure you understand which posts should be pre-approved, which posts need to be reviewed, and ensure that your employees understand the importance of adhering to your policy. You can view all compliance rules here.

If you are affiliated with a B/D or RIA they have teams that do just this and then educate the field on how to best interact online.  If you are independent this is on you and your firm to manage or find a firm to outsource it to.

Although being part of a B/D or RIA compliance environment can be frustrating it also is a major opportunity for you.  If you do things correctly and are respectful of your compliance department you can stand a chance to influence their policies to better reflect the world we live in.

You Need to Archive Everything

Regarding digital marketing for financial advisors, it’s an absolute must to keep track of and archive any content you publish online. Regulations demand that you archive all of your content and activity for at least three years. Why? For your protection.

If anyone has an issue or dispute with something you have published or shared further down the line, you will be able to dig it up and prove your actions.

Keeping tabs on what you’ve posted requires proper archiving tools. Each type of contact or update needs to be archived, no matter what account you’re using. This includes sent and received messages, which should be reviewed and monitored as they occur. The monitoring of these messages guarantees compliance for financial advisors, so action can be taken if necessary.

For your website this also can be automated and made simple with strong workflows.  I use Advisor Websites for my two sites and their dashboard is directly connected to my compliance back-office so they can review, archive, and approve all my website content.

Never Recommend A Particular Investment or Product

Again, this is for your own protection. By refraining from making any investment recommendations, you will not be held accountable for any of your audience’s choices. Your goal with social media, digital marketing, and your website should be to create an educational environment where people can come get to know you and learn about things in general terms.

You shouldn’t be recommend a product, investment, strategy, etc. since you have no idea who is seeing your message and what their situation is.

Instead you should be letting people get to know you, professionally and personally, sharing general principals and ideas, and so on.  Your digital marketing efforts should lead people down a path to eventually them wanting to contact you.  If done correctly people will know what you do and who you do it for.  So build your tribe and let people contact you when they are ready.

Be Mindful of Third-Party Websites and Links

Using third-party sites to deepen your content has enormous benefits. The most significant benefit is through backlinks, which can improve your organic ranking on search engines and generate referral traffic.

Just take the same approach as with any of your other activities online, be wary of whether the content or website you are linking to is compliant with the rules and regulations set out by FINRA and SEC.  This will be a tough one to manage but what you can do is make sure in your disclaimers that people understand you are not responsible for the information you linked to and are providing it as a value add since you believe it helps further your point and message.

In short, don’t link to any sites that may contain false or misleading information. As you begin to post compliant content, it will take no time at all for you to identify what kind of content is acceptable.

You do not want your firm to look as if it is endorsing any cunning content.

Lastly, my advice is to add a disclaimer on your social media profiles stating that none of the information you provide should be construed as investment advice – this will act as an additional barrier of security against any disputes.  In fact, this is required by virtually all firms and is simply a best practice you should be using.

So, there you have it, digital marketing compliance for financial advisors in a nutshell.  Yes, there is a lot to it, but it is clear you can be successful with your efforts if you stick to being honest, ethical, and following the letter of the law.  Feel free to check out my advisor websites for Intrepid Wealth Partners and Tribe of Luxury for ideas and inspiration.

If you have any further questions in connection with digital marketing for financial advisors, please feel free to contact me – I am always happy to help!

I hope you find this article useful.

Kind regards,

Derek Notman

Running a Virtual Advisory Practice – Propulsion Podcast Ep.23

running a virtual advisory practice with derek notman

Building a business that embraces technology and the current state of global affairs is central to running a successful virtual financial advisory practice.

Our founder, Derek Notman finds himself in an advantageous being one of the first virtual financial advisors since 2013. Equipped with an incredible life work balance, he recognizes the responsibility he has to share this knowledge with financial advisors worldwide and empower them with the tools, strategies and knowledge required to grow their business virtually.

Running a virtual advisory practice with Derek Notman

Derek recently had the privilege of featuring on episode 23 of the Propulsion podcast. Francois Du Toit, is the host and an certified financial planner specializing in financial planning and tax consulting. With over 20 years of experience in helping businesses unlock growth, and consulting on bespoke tech products, he found the Conneqtor offering particularly interesting.

In this episode Francois and Derek explore the journey to becoming a virtual financial advisor and the lessons that came with it. All of these lessons contributing to the creation of Conneqtor, which is specifically designed to help other advisors go virtual, while avoiding often ‘expensive’ lessons.

The podcast covers:

  • Life before going virtual.
  • Making the change.
  • The virtual advisor system.
  • Onboarding clients and nurturing existing relationships.
  • Overcoming challenges.
  • Going virtual today.

You can listen to the podcast below:

If you are interested in learning more about Derek’s journey and how the virtual advisor system can work for you then download our free e-book today.

How to Drastically Reduce Your Overhead While Expanding Your Team as A Virtual Advisor

reduce overhead and expand your team

Arguably the best thing about transforming your financial planning practice into a virtual one is that your overhead will come down drastically. No office + virtual staff = minimized expenses.

A relatively obvious observation, yes, but let us take a look at what a virtual practice actually looks like from a financial perspective.

As a business owner, your goal is to service your clients to the best of your ability while generating as much revenue as possible while still living a life you love, the virtual financial practice will enable you to do just that.

No More Rent

Not having to pay rent for physical office space is a considerable benefit, resulting in your saving a lot of money each year.

Depending on your location, office space can cost many thousands of dollars a month in the USA; astronomical and no longer necessary. Think about how you can reallocate this expense for your business while also bringing more home to enjoy life….

You will then have more room to reinvest some of your savings back into the business for the crucial aspects of running a virtual business. Think digital marketing and digital infrastructure – two necessities for a virtual financial planning practice you simply cannot go without.

working remotely saves costs

No Running Costs Associated with A Physical Office Space

Now, with zero office rental fees, also comes the benefit of not having to fork out for the general costs associated with running a physical office.

No more obligation to typical maintenance and utilities such as office supplies for your staff, internet for multiple people, electricity, water/sewage, or a cleaning company. Again, this will result in a drastic savings each month.

Other savings associated with a virtual business include not paying for maintenance on plumping, electrical, appliances, or even paint.  Or having to deal with a sewage backup at 1 in the morning…ya, that happened to me, ugh!

Virtual Employees Are Cheaper

Another significant saving is not having to pay the salaries and benefits for permanent employees. Fewer employees physically present in your office means less money to be paid out every month – in this case, none at all.

With a virtual financial planning practice, you can be fully operational by hiring virtual employees instead. The benefits? Firstly, it is not your responsibility to ensure they are set up to work. So, you need not worry about office supplies, a laptop, or even their internet connection – you simply pay them by the hour or per job/task.

You won’t have to cover their benefits either. The amount you pay per hour or per task is all-inclusive, and it’s also very affordable.

Further to that, working with virtual employees as opposed to permanent ones also gives you flexibility. You’ll be able to forecast whether you’ll need someone’s services or not. If not, no worries, meaning no dead weight. You only hire when their expertise is required.

Through employing freelancers, you can have a whole team of expert individuals on call, using them when and where you need them. In the digital world, it is most definitely the way to go.

virtual team video call

Investing in Digital Infrastructure

When migrating to a virtual business, you’ll need to invest in digital infrastructure, as in the right tools to get you fully operational. Besides a virtual team, you’ll need an in-depth digital marketing strategy because this is where your lead generation and client prospecting will take place.  People aren’t looking for advisors in the Yellow Pages anymore!

Your audience lives online, and so this is where you’ll need to engage with them. My advice is to first build out the foundation yourself.  It will take a bit of time and effort but is necessary for so many reasons.  But eventually you will want to outsource these services. Getting up to speed with how marketing works is no easy feat as it is incredibly strategic. Your expertise is financial advice and planning, and that is what you should focus on. Instead, use the infinite amount of online resources available to build a virtual team that can take care of what you currently cannot.

By using the virtual model to your advantage, you will be working with the most experienced and knowledgeable individuals to help get your digital practice off the ground.

If this migration seems a little too daunting to you, don’t stress! I’ve designed a virtual advisor system called Conneqtor to help guide you every step of the way. It will train you on lead generation, virtual practice management, and digital marketing, etc., etc., etc.

It’s simple and will enable you to dominate as a virtual financial advisor in the digital world. Download our free eBook to get started.

I hope you enjoyed reading this article!

Kind regards,

Derek Notman