The Power of the Right Community

The Power of the Right Community

By Gretchen Halpin, Beyond AUM

It seems that in-person conferences are in full swing, and the end of the year is jampacked with people coming together to hear the financial advisory industry’s best and brightest. Last week, we were privileged to spend time participating in Dimensional’s Media Summit and Practice Management Symposium. Events hosted by Dimensional have always been my favorite because of the depth of knowledge and the willingness of participants to share their experiences. It reminded us of the power that community can bring to your business. We started thinking about what makes these Dimensional events so special.

  • The facilities – check. (Side note if you haven’t been to their Charlotte campus – you must go)
  • Food that nourishes – check.
  • Well-planned agenda and flow – check.
  • Topics that matter – check.

But the biggest winner in all this was the community of like-minded advisors who were willing to share how they apply concepts to their financial advisory firms. The curiosity and thirst for always doing better. The openness of others’ ideas and methods. It all kind of blew us away and left us thinking – wow, we can’t wait to share this with our clients.

Below are some glimpses into our takeaways:

  • Diving deeper, not wider. We mean serving and attracting your very best clients in a way that showcases the value you bring. This translates to life-long relationships and the right kind of client referrals.
  • Ask why and how you’re using your technology. Often, advisors take current technology for granted so before you jump ship for the next bright shining object, revisit the features and functions of what you’re currently using. Separate your operational technology decisions from your client-facing technology and then ask if this can work together in a way that adds value to your clients and your team.
  • While we know Dimensional is a powerhouse on the IQ side of things. The EQ side played just as important of a role when discussing practice management. Connecting your financial prowess with your ability to connect with your clients’ emotional wants and needs is equally as important. Beyond AUM’s framework for creating a client-centric practice was illuminated through advisor discussions on serving the right kind of clients in the right ways, whether through technology, process, or marketing.
  • Rethinking COI relationships that also connect back to the ideal client type
  • Advisors want to showcase their value in big ways through marketing tactics that have reach and create engagement. While email marketing, blog writing, and social media were still cornerstone tactics, we were happy to hear that advisors were thinking about what we call COPE™ (Create Once Publish Everywhere). More dynamic marketing tactics are emerging with impressive results – podcasts, YouTube, Instagram reelsvideos, and voice marketing are all playing a part in engaging current clients and attracting new clients.

Throughout the discussions, there was one cornerstone idea that we were thrilled to see come out repeatedly. Before you do anything, first understand your client. If your firm is laser-focused on your ideal client type and the decisions you make for your firm whether operational, service, or growth are centered around that client type, the laser focus will create efficiency, profitability, and attraction at a rate far greater than firms that don’t.

Beyond AUM focuses on helping firms develop and implement client-centered client experience and growth plans. Whether you’re a current client or thinking of becoming a client, we want to hear from you. Reach out and let’s chat.

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