Tragic Mistakes to Creating a Raving Fans Business

Tragic Mistakes to Creating a Raving Fans Business

April 3, 2024


The dream is to create a “Raving Fans” business where your existing clients continuously refer their friends, family, and co-workers to you. Financial Advisors need to carefully evaluate several areas of their business to achieve this goal.


First, all areas of communication need to be evaluated and determined if they are “concierge.” For example, if a prospect gives you money to invest, what is their experience with you and your team after they agree to give you their hard earned money? Do they get emails from your team to fill out paperwork, but they have never met these people? In fact, their e-signature has no picture and rather feels like a “cold caller.” Then, after filling out the paperwork they do not hear from you or your staff for days or possibly weeks. Is that concierge? After the money is transferred and invested, do they get an email with this information with a message saying you will see them in 4 months? Is that concierge? Is this an “experience?”


Please be open to really understanding how your new client might be feeling during this time. Yes, technology and emails are efficient but are they concierge? Are they the human touch that creates a human bond that leads to Raving Fans?



Next, do you have a new client “onboarding meeting” that gives a “raving fan” experience for your new client? If not, why not?


Last, are you fulfilling on your promise to meet your clients 2 or 3 or 4 times per year? Or are you too busy and your clients are “all set?” Or do you go through your clients every month to “cheery pick” who your staff should call to schedule review meetings?


Please remember that trust is the key characteristic that clients are looking for in their financial advisor. If you promise to meet with your clients 2 times per year, then you lose their trust when you do not fulfill your promise.


In Wealth there was the article: YCharts: Clients Ditched Advisors at Alarming Rates in 2023 written by Ali Hibbs. Here are some stats from this article that I found interesting:


“The results were so shocking that YCharts ran its survey twice, and the results were similar: 75% of advisory clients in a February survey reported either leaving or considering ditching their advisor in 2023.


More than half (54%) actually did, while 9% merely thought about going to a robo advisor or a new firm. Another 12% made the move from a robot to a living advisor.


Eight in 10 clients would like to hear from their advisor at least four times a year, while only 63% do. Half of that contingent would prefer monthly outreach, compared with 28% that are getting it. Illustrating this point, two-thirds said they take the initiative and contact their advisor at least every two or three months, with 34% reaching out monthly or more.”


This article demonstrates that clients WANT TO HEAR FROM YOU MORE OFTEN. This problem can and should be “cleaned up” in a new client onboarding meeting that should be an experience. You simply need to communicate with your new client how many times they need to meet with you per year, and then get their “buy in.” If they only want to meet you once per year, then you can discuss the issues and come up with a mutually agreed upon number. This is truly creating a concierge business based on your client’s preferences and needs.


Next, you and your team need to have a SYSTEM for scheduling your Review Meetings. No more going through a list once per month to “cherry pick” who you want to see. That is never going to create a raving fans business.


The above are just a few items that I like to discuss with my Private Clients to help them create a “Raving Fans” business. Getting Referrals is not solely based on the Financial Advisor’s ability to ask. It is also based on the “experience” the clients have with both the Financial Advisor and the team.

An Invitation to Help You
Create Your Raving Fans Business


Defining your “A” player is the FIRST STEP to building an “A” High Performing Staff. But note…this is not just defining the skills they must possess. There is much more to defining an “A” player.


I cordially invite you to participate in my upcoming Turn-Key Business Accelerator Boot Camp on Friday, April 12 at 11 am EST. It’s time to transform your business dynamics to create a Raving Fan experience for your clients.


Friday, April 12 @ 11 am EST


During this immersive boot camp, I will equip you with strategies to overcome common challenges in your industry and beyond. Get ready for a game-changing experience that will revolutionize your business.

In this exclusive session, you’ll gain insights into:


  How to build your business model so you do the one thing you love to do…just see people.


  The specific “invisible” blindspots that are stealing your time and costing your money.


  How to attract, hire, and train top “A” high-performing staff to join your business.


  The current business models that will keep you stuck and broke.


  How to get your staff to take “ownership” of the business and goals.


  Turn-Key Systems for Scaling: Implement the necessary systems to scale your practice successfully.


  Prospecting Concierge Team: Acquire insights into hiring and building an effective Prospecting Concierge Team.


  How to create a Raving Fans Client Experience that includes every staff person.


  How to stop the roller-coaster of overwhelm in your business once and for all and finally start enjoying the fruits of your hard work.


  And, how to avoid the one FATAL FLAW that will stop you from building the business of your dreams.


I am excited to share my Turn-Key Secrets with you, empowering you to realize the full potential of your business growth. Take the first step by clicking the button below to secure your spot.


Friday, April 12 @ 11 am EST


Here’s to unlocking new possibilities for your business!

Your coach,

My Free Gift to You:

Referrals are a crucial skill that every Financial Advisor must master to grow his/her business.

Here is a free gift that will help you gather more and better referrals.  Just click the link to download my gift to you:

Click here to Download Your Free Gift


Andrea Bullard