New Ways To Make Money In 2019Advisor Perspectives
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The way advisors are getting compensated is changing and this creates opportunities to expand your firm. To make more money in 2019, that means – you guessed it – leveraging technology to the max.
Train other advisors
If you’re a successful advisor, have you ever thought that advisors who are starting out would love to hear from you? There’s a scarcity of mentors in this space.
From a younger advisor’s perspective (Gen X and Y), there’s expensive sales training that may or may not be relevant to what they want to sell, and there are wirehouse training programs. That’s it. There’s no real standout they can use.
When I was an advisor, I had nobody to look up to who I felt was doing things in a way I would want to replicate. Given the demographics of Gen Y, young advisors are going to need this guidance in the future.
Create a program, market it online, hold in-person workshops or even get paid for hourly consulting. Gen X and Y advisors are great with social media – reach them that way.
They’re waiting for your inspiration, advisors!
E-commercialize your website
One of my prior New Year’s resolutions was to make better use of technology. In doing so I found several aspects of my scheduling and accounting systems that could be streamlined. In addition I looked at my website and made a list of all the ways that I could use it better to bring people closer to my business – and keep them coming back.
One of my ideas was a membership portal, where I post videos three times a month about how to get leads from social media. I decided to do something I’ve never done before and charge people a fee to subscribe. I had to upgrade my website – which was in the works for a while anyways – to include a mechanism for allowing people to pay through my site (a.k.a. “e-commerce”).
And now that it’s caught on, my mind is running wild with ways I can offer creative and fun products that serve advisors like nobody before. I’m looking into creating a fashion line for advisors and also a suite of motivational products such as a wristbands, dry cleaning cover bags, monthly inspirational schedulers, and (my personal favorite) a t-shirt with my signature sayings such as “don’t be a #financialcliché” or “do it creatively, or don’t do it at all.”
A website is a lucrative thing when it is more than a business card.
Get paid for your content
I’ve been fortunate to grow my YouTube channel over the years to where I have about 5,000 subscribers and several videos with over a thousand views. Here’s the magic– the more views you get, the higher you come up in YouTube search and the more you get recommended as a suggested video by YouTube itself. It has gotten to the point where my videos grow in views by being on the suggested list without me having to post them anywhere.
I’ve heard of advisors doing well with podcasts that are sponsored. Often this means getting 10,000 downloads per episode.
You can also get paid for content through your blog or by blogging for someone else – I know someone who gets paid to blog for Forbes.
This is not something that happens overnight. There was a time when I was making three YouTube videos a day – that was how much push it took. This will take a lot of time, but as I said, my most popular videos are making me advertising dollars every single day, without me having to do a single thing.
Read the full article here by Sara Grillo, Advisor Perspectives