COMPANY PROFILE
An independent financial advisor practice.
CHALLENGES
The practice had steady, albeit small single-digit percent year-over-year (YOY) growth. The partners were tired of just being marginal and “good.” The year 2021 saw one of the best stock market performance years, with an almost 27% rate of return, yet they were not close to that growth. They wanted to be great, with double-digit growth YOY, with a plan and path to do so every year. They also work in an area where you can not throw a stone without hitting financial advisors, so competition is fierce. They were unsure how to differentiate themselves and capitalize on their differentiation truly.
SOLUTIONS
We started by clarifying their mission, vision, and goals. This allowed them to identify and articulate their competitive advantage clearly. We then identified their ideal clients and reviewed and revised their marketing approaches to ensure maximum ROI on their spend and time. After that, we went through sales training based on their personality profiles using DISC assessments and retooled their prospect meeting and evaluation processes accordingly. From there, we built strategic plans to launch into new verticals and build strong referral-based growth that can stand the tests of time and even bear markets. We are continuing to work together to systemize the growth strategies and build the team.
RESULTS
After nine months of working together, their business growth is in line to be up 25% year-over-year (despite markets being down over 20%). One key area of growth resulted from shifting their marketing efforts towards a referral-based marketing approach. Additionally, the partners are managing their stress better, and one, in particular, is creating a healthy separation of work and life.