The key strategies for advisers to thrive in the ‘new normal’

In a recent blogpost for the FPA’s Money & Life, business coach Keith Abraham said advice firms needed to focus on the aspects of their business that they could control in order to keep growing through a difficult economic and regulatory environment.

“During the past 24 years I have worked extensively with the top 5 per cent of financial planners in 19 different countries,” Mr Abraham said. 

“The advice I have been giving them centres on mastering these three ‘next normals’ in their business and role: creating engaged, loyal and profitable clients in uncertain and unknown times; developing yourself as a business leader who thinks bigger, bolder and braver in our new business world; [and] generating massive business growth in a market that has changed so drastically that it is hard to keep up.”

Mr Abraham said communication was key for advisers in order to stay in touch with how their clients were coping in the crisis and what support they needed going forward.

“When COVID first hit I made 300 personal phone calls in the first four weeks. Since then I have made an additional 100 phone calls and sent more than 150 text messages, just to check in with people,” he said. 

“I am not selling anything, I just want to be a calm voice and be of service to the clients who have been so great to me over the past 24 years. Both you and your team must reach out to key clients and business partners frequently to check in on them.”

Mr Abraham said while a number of business goals would need to be reset or put to the side as a result of the interruption caused by the pandemic, it also afforded advisers a unique opportunity to work on long-term business strategy.

“This may be the only time in your working life you can dedicate enough time to work on your business to-do list. Look to complete everything that will assist you to rebound faster, stronger and better than before in the history of your business,” he said. 

“It is so easy to become reactive as we go through this situation. Now is the time to be adaptive and work on becoming proactive.”