Advisors reluctant to establish a Web Site presence

By David Edey

Most agree a Web site is important for marketing and communications, but few actually walk the talk.

Although a majority of advisors say it is important to developing their businesses, most don't have sites, nor do they intend to put their own footprints on the Internet within the next year. That's hardly a winning strategy, Internet experts say.

Advisors who don't begin to integrate Web sites into their practices will eventually find themselves at a significant competitive disadvantage, says Douglas Durrie, author of The Financial Planner's Guide to Moving Your Practice Online.

Investment Executive's Advisor & Technology survey, conducted online in partnership with www.advisortechsolutions.com, found that 76% of respondents acknowledge that a Web site is important for marketing and communications. However, 60% do not have Web sites, and 63% do not plan to set one up within the next year. The Web provides a communication channel that is interactive, says Durrie.

The advisor's marketing approach is served well by the ability to interact - in fact, it may be a missing key to the advisor's success. Having a site is a smart and timely business move, especially now that more and more people are using the Internet/World Wide Web as their preferred source of information.

Your site should be a place your visitors will love because of its valuable information;and it should be a site that search engines such as Goggle or Yahoo will list and rank.

Experts suggest that what keeps advisors off the Web is sheer force of habit - doing business in the same old way - and a fear of new technology. They point out that the same factors were at work when the personal computer was introduced but were, of course, eventually overcome. However, the speed of adoption of new technology among advisors has increased with each new technology.

Some advisors have their own sites, while others have sites that are part of their dealer's corporate online initiative. Although company sites are popular, they are usually "template" sites. As the cost is normally subsidized or discounted, they can be very inexpensive. They also have ready-made content and most have compliance engines that allow updates to get an automatic compliance review.

However, these sites suffer from the same limitations of all template sites - they are restrictive in content and design, and they tend to be pretty generic (although this is getting better).

Also, should the advisor change dealerships, he or she loses the site and all the content contributed. Advisors with complex or niche practices or those that plan to use the Web extensively in their marketing will find they are limited on these sites and should have their own. However, says Durrie, there is rarely a reason to have both types.

Advisor Web sites tend to fall into two categories. The problem with both is that they may not do what they are supposed to do - encourage visitors to contact you.

There is the minimum construction of a one-page, resumé-style Web site that simply outlines the advisor's credentials. (This incorporates the passive approach of "I'm here … call me if you are interested" that does nothing to answer the important "what's in it for me?" question for visitors.)

Then there is the site that contains the advisor's marketing brochure outlining the services he or she provides. The problem with this is there is no submission of properly optimized Web pages to the search engines, which means no presence on Web searchers' radar screens.

According to Ken Evoy, president of SiteSell.com, advisors should start by thinking about how prospective clients go about hiring them. It's critical to understand their mindset so that you can set up your strategies accordingly.

The author of a series of acclaimed e-commerce books and courses, Evoy believes that for a potential client to find you, effective marketing efforts online and offline must be employed to raise your profile.

Achieving a good ranking in a search engine's search results (try to obtain a top 20 position on a search results page) makes it easy for people to find and visit your site.

You can increase your chances of a top 20 position by knowing what key words people use in searchs, and ensuring that those words appear frequently on the site. By what you write, say and do, encourage word-of-mouth referral. In short, create a buzz.

For a prospect to want to contact you through your Web site, he or she needs to know and trust you. Build credibility by providing high-value content on your Web site. Show prospects that you have their best interests at heart and that you can adapt or customize your service to meet their needs.

Foster an ongoing relationship through a free e-zine/newsletter to increase their trust levels and cement a view that you are an "authority" in your field. How do you construct portfolios? What ways do you reduce taxes? Delivering great content through your e-zine builds trust, highlights your credentials and develops a sense of "owing" in your subscribers.

Your business can now be seen by prospects as the answer to fulfilling a goal or fixing a problem because you have shown them through the content on your Web site and e-zine that you can provide the solutions that they are seeking. Your service will solve their problems, answer a dream, enrich their lives, and/or improve their businesses. You are the dependable expert they want and need.

Evoy adds that once you achieve this foundation of trust, the remainder of the pathway is open and positive - your prospect picks up the phone to call you or sends you an e-mail. After a satisfactory exchange during which you "close the deal," they hire you over other competitors.

To be successful online, you have to understand that people search for information and solutions to their problems. Prospective clients do not search for you, Evoy says. If they knew you existed, they would not be searching; they would already be clients.

Your Web marketing plan should be part of your overall marketing plan. This means taking the time to figure out who your audience is (clients, prospects, general public) and what segment of that audience you want to target (family-practice doctors, existing high net-worth clients, etc.). Then determine what content on your Web site will convert them from being prospects to being clients by developing the trust needed to contact you.

From there, says Evoy, the key to long-term success is a simple matter of "overdelivering" your services. Do not just please your clients; absolutely delight them, he says. A solid base of repeat clients means a solid base of recurring income and no acquisition costs - the ideal business outcome.

To build your own theme-based Web site easily, download a free ebook from sitesell.com Or if you'd like a ready-made site, look for a specialist that is familiar with advisor sites. Many of these also have ready-made content and offer compliance engines. Check out www.fundnet.ca.

The 10 Most Frequently Asked Questions on Websites?

To build your advisor business online means you are going to need a process. A process based upon the fundamental reality of how people use the Net. People search for information and solutions so success begins with quality relevant content Click here to see the answers

How you can leverage your marketing efforts on the Net

Using effective marketing efforts online to raise your profile. Achieve a good ranking in Search Engines search results (i.e., try to obtain a top 20 position on a search results page) which makes it easy for people to find and visit your site click here to how to make your web site a scuccess.

5 Ways to Give Your Web Site a Big-Company Look and Feel

We all DO judge a book by its cover, and the same saying goes for Web sites. I’ve seen many entrepreneurs offer great information on their Web pages, but compromise their image dramatically with a few amateur mistakes that can be VERY unforgiving.

If you want to attract high quality clients and customers, and convey that you’re a legitimate, credible, and sought-after business, these five points are a great launching pad to give your site that “big company” look and feel.

The one your kid created for you doesn’t count! I’m talking about paying a designer to do one for you, and it doesn’t have to cost in the thousands. If you don’t have much of a budget, consider the following options:

For my E-zine Queen site, I used an online logo service called “1800MyLogo” (http://www.mylogo.com). At the time they charged only $199 to design a professional logo based on my business, style, and personal preferences. The whole process only took about two weeks and was conducted entirely over the Web. (To see the final result, take a quick peek at EzineQueen

I’ve also heard good things about GotLogos.com, where you can get a quick Web site logo for only $25!

It’s just a fact that folks will feel safer shopping at a site with its own domain name.

For example, if you were shopping online for a circular saw, would you be more likely to purchase from a hardware site called “...bobshardware.com” or the one whose URL is “...geocities.com/3339/bobshardware'? (This is a fictional example, by the way.)

Having your own domain name implies you’re a “real” company, and not Uncle Bob working in his kitchen at night (even though you my very well be ; )).

Nothing screams “amateur” like sending out professional e-mail from a handle like “fuzzybear4u@hotmail.com.” Once you get a domain name for your Web site, have your hosting company set up a professional e-mail *alias* for you.

Let’s go back to Bob, for example. Suppose Bob’s e-mail has always been “BobSmith000002@earthlink.net.” Now that he has his own domain name, he can instead use “bob@bobshardware.com”. He still KEEPS his Earthlink address, because that’s where he’ll actually receive his mail. But he should only GIVE OUT the new one on his Web site, business cards, etc.

If you use Outlook or a similar e-mail program, you can set it up so that your e-mails ONLY show your e-mail alias and your personal e-mail address. (To do this in Outlook, go under the “Tools” menu. Then choose “Accounts.” Then select the account you use, and click “Properties.” Enter your e-mail alias in both the “e-mail” and “reply address” fields.)

This can mean either hiring a designer to do a custom site for you, OR designing it yourself. Unless you’re both trained extensively in HTML and have a background in design, it’s well worth the money to hire someone.

Find prospective designers who work with small businesses, ask to see samples of their work, and be upfront about your budget. If their rates are higher than you can afford, ask them if they have any pre-designed Web site templates they can just insert your information in, cutting down tremendously on design time and cost.

Whatever design you choose, make it CONSISTENT on every page of your site, by using the same design elements such as borders, fonts, and colors.

If your budget is next to nil and you'd like to choose from a variety of templates that you can customize, check out Ken Evoy's new "Site Build It"! This innovative tool lets you create your own site very easily, and it has some of the most professional-looking templates I've seen. The affordable package (less than $350 USD) also includes hosting, a list service, and more. To learn more go here

5. Tell us WHO YOU ARE and HOW TO REACH YOU.

Most of us (and rightfully so) are leery of purchasing online from a company we’ve never heard of before. To alleviate our fears, put contact information on every page if you can, with a physical mailing address, phone number, and e-mail address.

If you’re uncomfortable posting your home address, lease a box around the corner and use that address. Avoid using “P.O. box” in your address if possible, which can appear suspicious. Real companies have real addresses!

Also, get a *Toll-free* number if you can — it says “big company” and "customer service." I only pay for the incoming calls at my usual great long distance rates.

(c) 2002 Alexandria K. Brown

ABOUT THE AUTHOR

Alexandria K. Brown, “The E-zine Queen,” is author of the award-winning manual, “Boost Business With Your Own E-zine.” To learn more about her book and sign up for more FREE tips like these, visit her site at Ezine Queen

WHO'S AFRAID OF THE BIG, BAD INTERNET?

by Bill Bachrach

As all-encompassing as it's become--including investment forums, financial research databases, portfolio tracking, and online trading--the Internet may turn out to be one of the best things that has ever happened to Trusted Advisors.

As people flock to manage their own portfolios with a computer, mouse, and modem, you become even more valuable than ever before--to the right people.

Not convinced? Still scared of the Internet blowing your house down?

Perhaps you remember the lesson of the three little pigs: Build your house of solid materials, and no hungry wolf can take it down, no matter how hard he huffs and puffs. Likewise, build your business with the right kind of clients, and the Internet won't entice them, no matter how popular e- commerce gets.

Straw, Wood, or Brick

There are three types of people with whom a financial services professional can choose to work. They are the Do-it-yourselfers, the Collaborators, and the Delegators.

By definition, Do-it-yourselfers are not ideal clients for Trusted Advisors: They are on their own because they don't want to work with someone else. Some enjoy managing their own money and are capable of doing so. Some don't trust anybody to help them, so they have to do it themselves.

Some just have their priorities mixed up and think that fiddling with their finances is more important than spending time with their families, exercising, educating themselves, or any of the other things that are more meaningful to living a quality life than money is.

Trying to work with Do-it-yourselfers is like building your house of straw. They make poor clients, primarily because they see more value in doing it themselves than in working with you, and it's hard to persuade them otherwise.

Don't even try. Remember that your job is to find people who would naturally value and benefit from working with you, not to convince everyone how much they need you.

Just as a house made of wood is only slightly better one of straw, so is a business comprised of Collaborator-type clients only slightly better than one with Do-it-yourselfers.

Collaborators mostly want to do it themselves, but they want a relationship with an advisor so they'll have a gopher. They want you to educate them, do their research for them, and confirm their own research.

"Is now a good time to buy gold?" they intone. "What's happening in the Asian markets, and how will that affect me?" The Collaborator is merely a Do-it-yourselfer with an advisor as a back-up.

They're in the driver's seat, and sooner or later they'll figure out that all the advisor does is give them confidence and information they could get for themselves. Once they realize this, they dump the advisor and become full-fledged Do-it-yourselfers.

With Collaborators and Do-it-yourselfers, it's hard to get their focus off of individual products and short-term performance and onto the big picture. They're swayed by investment pornography, friends, and their own egos.

It's even harder to get them to understand that comprehensive financial management is the way to achieve their goals and fulfill their values--if, in fact, you can convince them that goals and values are what's important in financial planning.

(It's more likely that they will be interested in hearing about investment strategies so they can implement them on the 'net.) Again, because it's so difficult to convince them to do it your way, don't even try.

Since the Internet makes going it alone cheaper and easier, it has its greatest appeal to these two groups. This is where it becomes most useful to you: It can help you immediately identify someone as a Do-it-yourselfer or a Collaborator.

If they're interested in what the Internet offers--instant access to financial products, discounted fees, and "playing" with their assets--then they are not suitable clients for a Trusted Advisor's practice.

If, on the other hand, they are Delegators, and they want the key value you provide--to free them from having to worry about their money so they can focus on other things in life--then they are perfect for you. Delegators recognize what they can confidently hand off to someone else and what they must take care of themselves.

They are do-it-yourselfers only in the realms where it counts: family, friends, career, physical health, and spirituality. Otherwise, they are happy to pay competent professionals to do the rest.

There's an E*trade television ad featuring a fellow sitting on a dock in front of his yacht and saying, "Why would I pay someone else to do what I can do for myself?" Indeed, why? The Delegator has an answer to that question:

"So I can do other things that I can't pay someone else to do: go to my kids' soccer games, spend quiet time at home, take vacations, improve my professional skills, enjoy my retirement, volunteer my time to worthy causes, read great books, have dinner with friends . . .".

The Internet's seduction of Do-it-yourselfers and Collaborators is truly a blessing in disguise. They were never great clients anyway, and now it's easier to identify them. They are also more reluctant to engage you just for information.

The Internet sorts them out so that the people who are left are really, truly Delegators who would say, "Why would I do anything myself I could pay someone else to do?"

Delegators are not interested in working with a financial professional as a reliable information resource. They want a Trusted Advisor. They don't regard the advisor with unwarranted awe, either. It's not "I think you're so smart that I want to know what you know." Instead, it's "I trust you so much, I'll do what you tell me to do."

Trusted Advisors build their businesses, brick by brick, client by client. Salespeople grasp at straws, seeking any kind of client they can get, afraid the Internet will diminish their prospect pool. Don't be a salesperson, be a Trusted Advisor.

Bill Bachrach is the San Diego based author of the best selling, industry-specific book Values-Based Selling; The Art of Building High Trust Client Relationships, and High-Trust Leadership; A Proven System for Developing an Organization of High-Performance Financial Professionals. He is a top-rated speaker and is considered by many top producers to be the financial service industry's foremost interview skills coach. To learn more about Bill's program go here