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5 “Easy” Client Prospecting Techniques Financial Advisors Can Implement Today

By June 23, 2020December 21st, 2021No Comments

Tips for Successful Client Prospecting 

You don’t have to be a typical salesman or saleswoman to be successful at prospecting as a financial advisor. There is an art and science to it, however, and you do need a well-thought-out plan and a creative knack to work the virtual room. Not to mention, things have shifted a bit since the coronavirus pandemic outbreak, so oftentimes networking and “schmoozing” isn’t even possible (or advisable) anymore.

Here are five techniques financial advisors can implement today to start upping their prospecting batting averages:

Create a Top Client List

The first and most effective technique for client prospecting is to imagine the ideal type of client that you would like to serve. This archetype will help you know what types of people to look for and how to reach them with your marketing more effectively. 

Take a moment and review your existing top clients. Ask yourself questions about them like: 

  • Why are they a top client for you? 
  • What are their interests and goals? 
  • Where did you meet them? 

After you take the time to map out this information, see if you can find any common themes. Use these insights to inform your prospecting strategy going forward. 

Creating these ideal client archetypes also helps you establish the niche(s) where you are most successful. Do you connect well with successful entrepreneurs in a certain industry? Maybe a large number of your clients are doctors or lawyers? 

Once you identify these niches, you can fine-tune your marketing materials or look for organizations to join that will help you reach your specialty audiences. Instead of casting a wide net in an attempt to reach anyone and everyone, you can look for more potential clients that are complementary to your existing book of business. 

Establish Partnerships

Think back to the ideal client archetypes you created. Now, list what other financial advisors are (or should be) surrounding that client, such as specialty insurance agents, trust and estate attorneys, and CPAs. 

Many high-net-worth people and successful business owners will have a team of professionals assisting them with their finances. Rather than viewing them as competitors for your business, view them as potential partners to help you generate more opportunities. For example, a lawyer would most often prefer to advise on the legal aspects of their client’s finances instead of the practical insights you could provide in regards to managing and optimizing asset portfolios. 

You should also look to align your areas of expertise with these potential partners. As a financial advisor, you can complement their services for their clients. For example, if you specialize in exit planning for business owners, you may want to connect with other financial professionals who excel at succession planning. 

In the complex world of financial services, the end client may not always truly understand what his or her advisors are doing to add value (which certainly is a problem in and of itself). However, participating in a trusted tree with the rest of their financial team, all with common and complementary knowledge and end goals is an excellent position in which to find yourself.

Become a Part of the Family

When prospective clients seek out your help, they are looking for you to provide them with a solution. Take time to familiarize yourself with common financial goals your ideal client might have. This will allow you to tailor your messaging and services more effectively to meet these needs. 

Many high-net-worth individuals and families consider intergenerational wealth transfer as a primary goal for their finances. As assets are passed down to new generations of family members, your exceptional financial planning and advice can help ensure a seamless process. 

Times change, and appealing to multiple generations is a great argument for advisors to remain open and curious about technology and other evolving industry trends. Younger family members may not want to stick with their parents’ “old school” financial advisors, so get with the times!

Use LinkedIn

LinkedIn marketing is an exceptionally valuable tool for prospecting for financial advisors. As the most “professional” of the social media platforms, the filtering capabilities are quite useful when looking for ideal client attributes like specific job titles, years of experience, geographic location, company size, etc. 

You can even use the top client list attributes you mapped out in Step 1 to inform your LinkedIn searches. A nod to the networking nature of prospecting, it’s also very helpful to look at shared connections who may be able to facilitate introductions. As you know, the warmer the intro, the better.

Post frequently to your LinkedIn. Share your own insights, advice, and any content you are producing on other platforms. This will help establish your credibility as a knowledgeable authority on the subjects you’re discussing. 

Are you already connected with current clients on LinkedIn that match your ideal archetype? Consider reaching out and asking them to leave a recommendation on your profile. Endorsements from current clients can help further substantiate your excellent services.

Host Webinars and Podcasts

Not only do webinars and podcasts help build your reputation as a thought leader, but they also provide you with leverageable marketing content. Webinars and podcasts allow you to show your clients why they hired you and show potential clients why they should hire you. 

With so many business podcasts in the digital ether, how do you cut through the noise and start making a splash? Here are some tips: 

Speak Directly to Your Ideal Clients

Double down on the niches you want to serve! If you can put your knowledge and expertise into a specific context that resonates with your target audience, they will take notice and subscribe. 

Invest in Good Audio Equipment 

No one wants to listen to echoey or staticky audio. Invest in a professional microphone and some basic recording and mixing software. There are countless articles and videos online where you can quickly learn to master the art! 

Build Partnerships with Other Podcasters 

Find other podcasters in your desired niche that might focus on other topics relevant to your ideal client. Reach out to them and offer to be a resource for them on their show if they need an expert financial opinion. For example, if you want to reach successful entrepreneurs in your home state, find another podcaster that focuses on other business or legal aspects within the same geographic region. 

Don’t Say What Others Are Saying 

Successful podcasts stand out because they are saying something unique that their listeners actually want to hear. You have a unique perspective, and you should double down on it during your podcast episodes. Don’t feel like you need to portray a “buttoned-up” office persona. Have fun and let your audience know what you really think.

Start Prospecting Better Clients Today 

Use these strategies to complement your tried and true “numbers game” prospecting strategies of persistence and at-bats. The more informed and data-driven your efforts are, the less time and money you waste. Happy prospecting!