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5 “Easy” Prospecting Techniques Financial Advisors Can Implement Today

By June 23, 2020December 9th, 2021No Comments

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:

  1. Create a Top Client List

    Take a look at your existing top clients. What makes them a top client? 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 themes, and let these themes inform your prospecting strategy going forward (e.g., Do you have enough marketing materials speaking to your particular niche? Are you a member of certain organizations that target or attract your specialty audience?). It’s much easier to specifically target your prospecting techniques vs. having to compete with everyone and everything.

  2. Establish Partnerships

    Again, refer to Step 1 to remind yourself of your ideal client. Then, think about what other financial advisors are (or should be) surrounding that client (e.g., specialty insurance agents, trust and estate attorneys, CPAs, etc.). If your specialty is exit planning for business owners, for example, connect with other financial professionals who also specialize in business 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 off itself). But being in a trust tree with other advisors/potential referral sources, all with common and complementary knowledge and end goals, is an excellent position in which to find yourself.

  3. Become a Part of the Family

    The goal of many high-net-worth individuals and families is intergenerational wealth transfer. As assets are passed on to new generations of family members (due, in part, to exceptional planning on your part), already knowing the aspirations of these new generations will help make the transfer and subsequent work seamless. 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!

  4. 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 things such as 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.

  5. Host Webinars and Podcasts

    Not only do webinars and podcasts help build your reputation as a thought leader, 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. You could also put paid advertising dollars behind this event to attract people and companies that may not yet be in your existing network (but should be). In today’s world, with most everyone still working from home, webinars and podcasts are more popular than ever. Take advantage!

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!