6 ways to leverage tax reform in your marketing strategy


The following blog post was an article I had published in InvestmentNews:

Changes like tax reform give you an opportunity to educate and provide value to the public.

After months of deliberation, our government passed the largest tax overhaul in over 30 years: the Tax Cuts and Jobs Act of 2017. Whether you agree with the changes or not, the public will need advice on how to manage their finances under the new law. When approached properly, the new legislation should provide financial advisers with the leverage they need to expand and exceed their 2018 marketing goals.

Here are six ways you can use the new tax plan to build existing client relationships and acquire new clients:

1. Hold an educational seminar. Whenever a new law is passed or regulations change, the public will always ask, “What does this mean to me?” This type of uncertainty creates a great opportunity for advisers to offer free seminars addressing common concerns to both existing and prospective clients. Seminars can also be held on a variety of more specific topics to targeted audiences. Since each demographic is affected differently, specific seminars can offer more relevant information to each group, so those in attendance receive personalized direction for their current and future needs.

2. Give presentations to the most-affected groups. Make your practice more accessible to new clients by offering free presentations in your community. This will give you the opportunity to share your specialized knowledge with a group that will benefit from it, while allowing you to build your brand and connect with potential clients in a niche area. The groups that are impacted the most by the new bill include charities, churches, universities, families, business owners and real estate investors. Develop some collateral that positions you as a dynamic speaker on specific topic or specialty within your practice, while keeping in mind that all of this material must speak directly to the interests of your target groups. Some options include a website, video or a simple brochure.

3. Provide existing clients with information. It’s great to bring in new clients, but it’s also important that you keep your existing clients up-to-date on legislative changes that may alter their financial situation. Some changes might affect your entire client roster, while others might just impact a small segment.

One suggestion is to group similar clients together when distributing information, so you can tailor it to their specific needs. Identify the best channels to communicate with each group and create a strategy for reaching them. This may vary from creating a fact sheet or new email marketing campaign to an informational video or social media campaign. Information that is accessible and easy to share will likely bring in more referrals as your existing clients spread the word about your services.

4. Reach out to CPAs and tax preparers. Many advisers struggle to develop meaningful relationships with CPAs. One way to start is by asking your existing clients who will be preparing their taxes this year. With your client’s permission, reach out and mention that you have a mutual client before asking them to a business lunch where you can exchange opinions on how the new bill will impact your clients.

Remember, when it comes to taxes, you are crossing over into their turf. To earn their willingness to provide referrals, you have to demonstrate knowledge, credibility and trustworthiness first. Share a few ideas and strategies that you are looking to integrate with your clients and get his or her feedback on what you’re doing to help people.

5. Reach out to real estate agents. A relationship with a real estate professional can lead the way to receiving referrals, as agents generally work with a wide variety of clients, many of whom are new to the area. First, however, you must establish your worth.

Real estate agents will likely be significantly impacted by tax reform, but they may not understand its full effect. To prove your value, consider creating a personalized seminar or write a short guide on the new tax reform bill’s impact on the real estate industry. With this personalized touch and expert guidance, agents will be more likely to recommend you to their clients. As with CPAs, maintain your relationship by sharing case studies with them in order to continually demonstrate your knowledge and commitment to your clients.

6. Offer a free consultation. With even a limited budget, you can offer free consultations to existing customers and warm prospects. These risk-free meetings are a straightforward way to provide your insights to those willing to listen. The value of your time will likely pay off in the long run when clients decide to sign on with you thanks to the personalized touch.

The best thing that could ever happen to financial services marketing can be summarized in one word: change. Change can provide you with the opportunity to educate and provide value to the public, especially when you’re working in the financial services industry. Potential clients are bound to have questions, and as an adviser, it is your job to market your services as the answer. This new bill gives you the chance to maintain relationships with existing clients and reach new audiences you might not have thought of before.

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