Mythbusters Monday: How To Build A Successful Financial Planning Business From Scratch

The nature of referrals today is significantly different than in the past. This change is really important, as it helped Kyle Moore, CFP at Quarry Hill Advisors build his business from just six clients to serving over 50 families in just 2.5 years. Twenty Over Ten, CMO Samantha Russell shares some great insight on what exactly this change is, and how it helped Kyle.

Video Transcript

We all know that referrals are a huge part of any financial advisor’s business. But how much new business in 2019-2020 and in the coming years will continue to come from true referrals, word-of-mouth referrals versus other means of online marketing?

I’m Samantha Russell from Twenty Over Ten, and today I want to give a short recap of a great webinar that we hosted at Twenty Over Ten last week with financial advisor Kyle Moore whose a CFP and who founded the independent firm Quarry Hill Advisors just two years ago. Kyle shared with us a ton of great insight into a two-pronged approach that he used to build his business from just six clients to serving over 50 families in just 2.5 years.

How Referrals Are Looking Different

What was really interesting was the conversation we had we talked a lot about how part of that approach that he took was really utilizing referrals, but maybe not in the way that you might think. When anybody thinks about referrals, often what they think is you have somebody who loves the work that you do and they go out and they tell their friends and family about you right. They’re just truly giving that word of mouth referral.

But a part of our conversation was about the idea that referrals today often look very different. Right? Somebody will go on to Facebook or some other social media network and just put it out there – “Hey, I’m looking for a plumber or I’m looking for an accountant or a CPA. Who can you recommend to help me meet this need? Who have you worked with that has done a great job?” And then their friends and family and acquaintances will comment on the post and give their recommendation. Then, people will take that list of recommendations and look them up online and vet them or see who they might want to reach out to right.

Referrals are happening very differently today than they used to happen in the past, and we all need to have a mindset shift in that what somebody finds when they go to look you up and vet you is going to be a huge, crucial part in that referral process. So for those of you saying things like I’m not getting any business from my website or from my digital marketing, it may just be that your website or digital marketing isn’t allowing people who are vetting you to want to make contact with you.

If you want more tips from our full conversation with Kyle including how to utilize local SEO to rank really high when someone did a search for “Financial advisor in St. Paul, Minnesota” where he’s located, check out that full webinar “From Zero to 100: How To Build A Practice With Kyle Moore CFP.” And for even more videos from Twenty Over Ten and our weekly marketing tips, make sure you subscribe to our YouTube channel. Thanks, everyone. Have a great day.