Pershing
Quarter 1, 2012
From The Desk of Mark Tibergien
Beginning the year with a solid growth plan can build momentum to sustain and strengthen your business. Attracting new assets, breaking into new market segments and finding the right partners to take your firm to the next level are key components in driving growth.
With most of the year still ahead of us, coupled with continued market uncertainty, how do you manage these concerns to ensure your business remains on a growth trajectory?
The Benefits and 'How-Tos' of Segmentation
Maintaining an organized and segmented client base is critical to your long-term success. The practice of segmentation has a multitude of benefits and should be an ongoing best practice both throughout the year and during the business planning season.
Incorporating Media Relations into a Marketing Strategy
Positive press coverage can be a valuable element to the overall marketing plan for an advisory firm. As investment experts, advisors have a wealth of information to share with reporters who continuously need story ideas on investing. Become a regular source, and gain a de facto third-party endorsement that enhances your credibility and your visibility.
However, working with the press poses a unique challenge because, unlike advertising or Web and e-marketing, the final product is in someone else's hands. That lack of control should not keep your advisory firm from exploring a PR program, but it does deserve the appropriate consideration and planning.
Pricing Strategies to Create Growth
An unpredictable operating environment has dramatically challenged advisory firm profitability over recent years. Median operating profits as a share of revenue were down to approximately 11% in 20091, six percentage points below 2008.
Such a dramatic drop in firm financial performance makes for a long and painful recovery for shareholders. A return to better days is believed to be underway, yet several other environmental factors continue to challenge advisory firm performance. Clients are increasingly demanding, compliance costs have gone way up and experienced talent is still scarce. Indeed, the experiences of recent years have left many asking, "How can my firm diffuse the impact of the operating environment on revenue and profitability?"
50 Insights for 52 Weeks
What is the best way to fast-track business growth?
Pershing Advisor Solutions has a guidebook that provides 50 easy-to-implement ideas to sustain and strengthen your business in all market conditions. Well-managed firms capitalize on opportunities and shine a light on current practices to find areas for improvement. Now is the time to delve into our 50 key insights and focus on what matters most.
Winning Over Your Clients: Creating a Client Engagement Strategy
When asked, most advisors identify growth, profitability and client management as their top three challenges. On the surface, these challenges appear to compete, creating a degree of strategic schizophrenia.
The reality is that these challenges align under the banner of "client engagement." An engaged client is satisfied and loyal and one who manifests those positive feelings in increased share of wallet and referrals. Engaged clients are among your happiest and most profitable. They reflect the connection between the quality of your client relationships and growth.
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