Coaching Trusted Advisors to Develop New Business in a Downturn
May 12, 2023
Coaching trusted advisors to develop new business in a downturn can be daunting. But with the right mindset, strategy and support, you can equip your team to successfully navigate the challenges of a changing market landscape.
I've often seen wealth management firms, or private equity deal teams double down on training "client development systems" that are specific to the industry. Resist the urge to delve deeper into subject matter expertise. A downturn is the time to develop psychology, human behavior, and listening skills. Your new opportunities will stem from the ability of your team to build trusted relationships not the solutions offered. The better your team is at understanding their client or partner, the more advantage your organization will have in the marketplace.
A growth mindset is essential for advisors to understand that this downturn is an opportunity and not just a setback. Leveraging existing client relationships by understanding their evolving needs and providing tailored solutions will unlock new opportunities through referrals and cross-selling. Embracing innovation by exploring new service offerings will position them as forward-thinking experts who offer valuable solutions in uncertain times. And forming collaborative alliances with professionals from other fields enables advisors to access new networks and provide comprehensive services for clients.
When implemented together, these strategies can help trusted advisors stay ahead of the curve and uncover new business opportunities during a downturn. So don’t be afraid to take risks and embrace change: your team will be more prepared with the right attitude and approach.
Embrace a Growth Mindset
To develop new business in a downturn, it's crucial to foster a growth mindset within your team of trusted advisors. Encourage them to view the economic downturn as an opportunity for innovation and reinvention. Remind them that adversity breeds resilience and creativity, and with the right mindset, they can turn challenges into stepping stones for success.
Then outline the roadmap for that path to success. This should include understanding where the goal posts have moved and where your firm competes in the "new reality." Eliminate the old market messages and move swiftly toward your new "Winning Zone."
Leverage Existing Client Relationships
During a downturn, trusted advisors have to focus on nurturing and expanding existing client relationships. Encourage your team to deepen their understanding of clients' evolving needs, provide exceptional communication, and tailored solutions to very specifically address client concerns. Your position as trusted partners is only as good as your last interaction.
Recognize that as you engage (not necessarily with proof points... just valued engagement), your advisors should be actively unlocking new business opportunities through referrals and cross-selling.
Develop Targeted Marketing Strategies
In a downturn, marketing efforts become even more critical. Help your trusted advisors develop targeted marketing strategies that highlight their expertise, differentiate them from the competition, and showcase their ability to add value in uncertain times. Utilize digital platforms, thought leadership content, and industry webinars to reach a broader audience and position your advisors as thought leaders in their respective fields.
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Innovate and Adapt
To thrive in a downturn, trusted advisors must embrace innovation and adapt their approach to changing market conditions. Encourage them to explore new service offerings, identify emerging trends, and provide innovative solutions and strategies to address the unique challenges faced by your target clients during a downturn. By staying ahead of the curve and offering timely, relevant solutions, your advisors can demonstrate their adaptability and attract new business opportunities.
Foster Collaborative Alliances
Forming strategic alliances with complementary professionals can be a game-changer in developing new business during a downturn. Encourage your advisors to build collaborative relationships with experts from related fields such as legal, tax, or technology services. Expand the circle of influence. By pooling resources, sharing knowledge, and leveraging each other's networks, your advisors can access new client opportunities (often without competition) and broaden their reach in the market.
Remember, a downturn is not a time to retreat but an opportunity to redefine success and emerge stronger than ever. Equip your team with the tools and mindset to navigate the challenges of a downturn, and together, you can rewrite the rules of success and build a resilient and prosperous future.
How can trusted advisors effectively develop new business in a downturn?
Trusted advisors can develop new business by embracing a growth mindset, leveraging existing client relationships, implementing targeted marketing strategies, fostering innovation and adaptation, and forming collaborative alliances. By combining these strategies, advisors can navigate the challenges of a downturn and uncover new business opportunities.
What role does a growth mindset play in developing new business in a downturn?
A growth mindset is essential for trusted advisors to approach a downturn with resilience and creativity. It helps them view challenges as opportunities for growth and innovation, enabling them to find new ways to add value and attract new business in a changing market landscape.
How can trusted advisors effectively leverage existing client relationships?
Trusted advisors should focus on deepening their understanding of clients' evolving needs, providing exceptional service, and offering tailored solutions that address specific concerns. By nurturing existing relationships, advisors can unlock new business opportunities through referrals, cross-selling, and expanding their services within their client base.
Why is innovation crucial for trusted advisors in a downturn?
Innovation allows trusted advisors to stay ahead of the curve and provide solutions that address the unique challenges clients face during a downturn. By identifying emerging trends, exploring new service offerings, and adapting their approach, advisors can position themselves as forward-thinking experts who can navigate the uncertainties of the market and offer valuable solutions to clients. Innovation also helps advisors differentiate themselves from the competition and attract new business opportunities.
How can collaborative alliances benefit trusted advisors in a downturn?
Collaborative alliances with professionals from related fields, such as legal, tax, or technology services, can provide trusted advisors with access to new client opportunities and expanded networks. By pooling resources, sharing knowledge, and leveraging each other's expertise, advisors can offer comprehensive solutions to clients and increase their chances of attracting new business during a downturn.
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