June 19, 2024

Maintaining Momentum in the Summertime

In this episode of The Confident Advisor Practice, hosts Bill and Pete Bush explore various strategies and insights for financial advisors aiming to enhance their practice's confidence levels. The discussion revolves around navigating the traditionally slower summer months in the advisory business, focusing on marketing versus sales activities, engagement opportunities, and personal and professional development strategies to maintain and even accelerate business momentum.

Episode Highlights:

• 00:07: Bill welcomes listeners to the podcast, introducing the purpose of The Confident Advisor Practice is to provide financial advisors with strategies and insights for building confidence in their practice. The exchange sets the stage for an episode dedicated to tackling the unique challenges and opportunities that the summer season presents in the advisory landscape.

• 00:26: Bill and Pete discuss the transitioning seasons and mention how significant life events like graduations and holidays mark time passing. This introduction into the discussion about seasonal changes signals the importance of planning and adapting personal and business activities accordingly.

• 00:32: Pete talks about the slower pace of business during the summer due to annual travels and clients' vacation traditions. He introduces the concept that despite the reduced pace, there are still valuable opportunities for advisors to stay connected with clients and keep the wheels of progress turning.

• 01:18: Both hosts emphasize that business doesn't stop during the summer, highlighting the necessity for advisors to proactively plan and utilize this time effectively. This approach challenges the mindset of passively accepting the summer slowdown, urging advisors to seek opportunities for growth and engagement during these months.

• 01:42: The conversation shifts to detailing the differences between sales and marketing in the advisory field, with particular focus on how each functions continuously throughout the year. They highlight summer as a unique opportunity for marketing and relationship-building activities, even if direct sales opportunities may be fewer.

• 02:54: Bill and Pete discuss the importance of messaging and staying in contact with clients, especially when out of the office. The conversation suggests utilizing modern tools and technology to plan and automate communications, ensuring advisors remain present in their clients' lives irrespective of physical availability.

• 03:11: They explore the role of current technology and tools, such as AI, in facilitating effective communication and planning during less active business periods. This highlights the blending of human insight and technology to maintain a consistent presence and outreach to clients.

• 04:06: Discussing the value of personal interactions and trust-building activities during summer events, the hosts illustrate how being physically present and engaged in community events can foster deeper trust and relationships with potential and existing clients.

• 05:27: The discussion turns to strategies for effectively using downtime, such as continuing education and system updates. This segment underscores the importance of using quieter periods for personal and professional development, ensuring readiness for increased activity levels in subsequent months.

• 10:18: The hosts suggest organizing events and utilizing summer Fridays as opportunities for team bonding and culture-building within advisory practices. They provide practical advice on leveraging the summer for both personal enjoyment and setting the stage for a productive fall.

• 15:16: In closing, Bill and Pete encourage listeners to maintain momentum and focus throughout the summer, using the slower pace as an opportunity to prepare for a strong year-end. They remind listeners about the importance of goal orientation and continual activity for sustained success.

Key Takeaways:

• The summer months present unique opportunities for financial advisors to focus on marketing, relationship building, and personal development despite a traditionally slower pace of business.

• Leveraging technology and planning can ensure continuous engagement with clients and prospects, minimizing the impact of physical unavailability due to vacations or office closures.

• Personal and professional development, along with strategic planning for the fall, are critical during the summer to maintain and build momentum in your practice.

Tweetable Quotes:

• "Using downtime effectively is not just about taking a break; it's about strategically preparing for the next season of growth in your practice." - Bill Bush

• "Trust is built not just online but in person, staring into somebody's eyeballs. Summer events offer that perfect chance to deepen those relationships." - Pete Bush

• "Keep the engine running all summer with strategic planning and engagement to jumpstart your fall." - Pete Bush

Resources Mentioned:

- https://www.horizonadvisornetwork.com

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