24 ID Trends NAILBA
Community building trends for advisors
MDRT study showed the top 2021 New Year ’ s resolution was finance related for 53 % of respondents .
Brenton D . Harrison is a Financial Advisor with Henderson Financial Group , Inc ., focusing on healthcare practitioners , business executives , and religious leaders . Brenton is also a qualifying member of MDRT , one of the premier organizations for financial professionals around the world .
With the pandemic and stay-at-home orders impacting life on a global scale , numerous small businesses have closed indefinitely . In turn , this reduced the working hours of countless people living paycheck to paycheck . According to a recent
MDRT study , even taking government aid into account , 35 % of Americans say their household income decreased in 2020 .
As financial professionals , there is a responsibility to help our communities get back on their feet by sharing our financial expertise with those who cannot afford services or might not know they need them . Here are three trends that are helping accomplish this goal :
1 . Using social nedia to educate
People who don ’ t fall into the same socioeconomic class as our typical clients tend to manage their own finances . The MDRT study referenced above found that 28 % of Americans with financial advisors reported higher incomes in 2020 , demonstrating the benefits of having a financial advisor – benefits not everyone can afford .
Social media is helping reach those who are not as economically well off by weaving educational content into posts . This tactic provides free , expert advice to those who may not otherwise have access .
We are often taught the benefits of developing a niche but providing generalized advice to larger audiences can be beneficial . Creating accessible , sharable content on managing day-to-day finances empowers those in your community and provides them with the ability to navigate the nuances of finances . The more people who see the shareable content you create , the more your exposure – and reputation – increases .
2 . Incorporating a service-minded business model
Following the pandemic , people are trying to get their finances back in order . Study results showed that 53 % of respondents reported their top New Year ’ s resolution for 2021 is finance related . Adopting a service-minded business model can help your community achieve this goal .
A second trend to building community is the offer of free initial meetings with prospects followed by strategic financial recommendations after the meeting . Even if the prospect doesn ’ t initially become a client , you ’ ve highlighted potential areas for financial improvement , setting them up for financial success , and putting them in a position to be clients later on .
3 . Making lasting impressions by volunteering
A growing number of advisors and advisory firms are engaging in volunteer activities to strengthen their communities , establish themselves as leaders , and , on occasion , gaining unexpected referrals . Monetary return is not the focus of this trend . Giving back provides positive outcomes that will benefit all .
Communities are full of people trying to rebuild their finances who could benefit from your financial expertise . Utilizing any or all of these trends helps support your neighbors by preparing them for future bumps in the road and setting them up for success moving forward .