An Action Plan for IFA's - How To Generate New Business

For those of you working as a financial adviser or IFA in the current economic marketplace, next to the potential ramifications of RDR and the potential impact of TCF, what would be considered one of the most important characteristics of the IFA role and most important in ensuring that your business is moving forward and functioning as it should, in a profitable manner? Thats right, it's the generation of new business.

Comercially astute IFA's and financial advisers have simply come to realise that throughout the economic turmoil, the generation of new business, along with the strengthening of existing business relationships, is key to their survival as a profitable and going concern. Winning new work for most has become an absolute commercial priority, 'the' number one concern. However, if there is no effective business development strategy in place, how can one be expected, as an IFA to generate new business, keep the business you have and move forward as an organisation?

Seminar presentation is perhaps the one way, that an IFA, a Wealth Manager or financial adviser can generate large numbers of clients on a fairly regular basis. The majority of IFA's rely primarily on referral business for their new business generation either from existing clients or professional connections but it is absolutely imperative now that a robust business generation plan is thought out and put into effect. The securing of new business via seminars or group presentation can be highly cost effective and very profitable if done correctly and is most defintely a viable method of new business generation.  There have been reports, according to the IFA Life social networking forum, that there are financial advisers out there that have increased their business by as much as five or even ten times using seminar presentation. If that isn't an incentive to get out there and start marketing yourself and your business, then I don't know what is!