Buffett’s Five Golden Rules for Advisor Marketing

How an advisor nurtures their client base varies greatly.

Attracting prospects who resemble an ideal client makes it much easier to fence in a herd.

Buffett on a moat around your clients – “Nurture existing clients to behave like your ideal clients and look to acquire new clients who have the attributes of your best ones.”

2. The holding period is forever on marketing winners

As Buffett has been fond of saying, invest in great businesses, the entire company if you can, and use a long holding period. Hold forever, if possible.

I can’t tell you how many conversations with advisors and teams go like this:

Me: “Tell me how you built your practice successfully to this point?”

Advisor: “We had his great monthly seminar program/strategic alliance/captive relationship with a company that yielded one new client every month.”

Advisor: “But somewhere along the way, we stopped doing that because the program stopped working, and we never reactivated it. We only get a trickle of referrals now.”

Don’t abandon winners that are working. With minimal care, you should nurture most marketing winners to stay that way.

Buffett on sticking with marketing winners – Don’t abandon winning marketing programs before the market does.

Read the full article here by Bob Hanson, Advisor Perspectives.