The financial advisory industry is extremely competitive. In order to be successful, you need to have a sound client base, which most often requires an edge on some of your largest competitors. With as many financial advisors as there are, figuring out how you’re going to gain this competitive edge on your largest competitors can be difficult.

In today’s blog, we are going to touch on a few tips that will help you determine what your competitive edge is and how you can showcase this to help push your business towards success.

Build an Online Presence

In our last blog post, we touched on the importance of an online presence, and how you should actively ensure that the presence you have is a positive one. Well, it’s essential that you know we weren’t just saying that to say it, because the reality is that your online presence is one of the many ways that you can gain an edge on your competitors.

As we said in our last post, there are various ways that you can build an online presence. When it comes to your website, your Google listings, and your social media profiles, you want to make sure that you’re posting quality content and providing potential customers with the information they want, when they need it the most. By being visible and easily found on various platforms, you can ensure that you are one of the first people that potential customers get a hold of when they need your services.

Aside from being found quickly, having a strong presence online can help your clients — new and old — get a glimpse of who you are and what to expect when they work with you. Whether you want to share parts of your home life or you strive to post informative pieces on a regular basis, everything that you share gives readers a glimpse of who you are and what you stand for. At the end of the day, the more that they feel they know you, the more likely they are to trust you with their finances.

Utilize a CRM

Customer service is vital for every financial advisor, so why is it that CRM software isn’t a part of every single financial advisory practice? CRM (customer relationship management) software is one of the easiest ways to maintain contact information and notes for every customer that you have. Aside from providing you with one easy place to store all of this information, CRMs make staying on top of each individual client all the easier.

Given that financial advisors are working with the money of their clients, it’s pretty understandable why communication and customer service need to be priorities. From notes as to when the last date of contact was to assisting with the creation of email lists and the like, a CRM software is one of the necessary components to provide your clients with the best customer service possible. If you aren’t using this, you can nearly guarantee that your customer service is lacking in one way or another, which is certainly not helping in terms of providing you with a competitive edge.

Factor in Technology

We talk about the ways that technology has changed the financial advisory world often, and that is because we feel technology is something that every financial advisor should be using! Having been a part of the industry for decades, we are always amazed at how much the industry has changed and how technology now plays a role in the day-to-day routines of financial advisors. That being said, we’ve talked about how beneficial it can be for financial advisors to utilize technology, but we haven’t exactly touched on how it can serve advisors to help them gain a competitive edge.  

For starters, technology is something that a majority of your clients are going to be anticipating in their experience with any given financial advisor. Not only does this include your presence on social platforms, but it includes regular use of technology via emails, text messages, and software. If you’re not already utilizing technology, then you’re already behind your current competition.

Aside from technology being a means of organization and a way to communicate with your clients, you should be utilizing technology to help with your investment decisions. Alpha Droid is happy to provide financial advisors across the nation with an incredible algorithmic trading strategy software that helps optimize investment strategies and minimize the risk with client portfolios. If you’re not currently utilizing this type of software with your clients, then there is still so much growth and potential for a competitive edge that you’re missing out on.

Get a glimpse of what our software is capable of by taking advantage of the 30-day free trial that we offer. If you wind up with any questions, concerns, or inquiries that you need assistance with, contact our team, and we would be more than happy to get you taken care of. For now, make sure that you keep an eye out for our next blog post. While the points that we’ve covered above do play a part in creating a competitive edge against some of your primary competitors, there are various other ways that you can continue to build your competitive advantage.

Make sure to keep up with the Alpha Droid blog space for our next post where we will cover additional key points that help separate you from other financial advisors in the area.