You've Been Framed

CHAPTER 10 Sharing the Frame It’s All About Advocacy

Your new frame would not be complete without a strong network of trusted professionals and clients to help you spread the word about the rich kind of wealth management you now deliver. At ClientWise, we call this network the loyal advocate network and consider it an essential part of any financial advisor’s success. It is step 5 of the reframing process (see Figure 10.1). Here’s why.

Figure 10.1 Reframe Step 5: Create a Loyal Advocate Network

In ClientWise’s research of more than 500 top financial advisors, advisors indicated that 71 percent of the business that they were currently winning was a direct result of new client relationships that had originated from introductions and personal connections through their network of advocates. In addition, our research showed that the most successful financial advisors spent 41 percent or more of their time in client outreach and acquisition, and that the method for client acquisition with the most effective results, in terms of assets collected, was an advocate approach.

At ClientWise, we feel that a robust advocate network is essential to the health and success of your business, which is why it is included as the fifth and last step of the reframing process. According to a study by the IBM Institute of Business Value,¹ other benefits of having a strong network of advocates include ...