“Thars gold in them thar hills!” You still can almost hear the echo of those words shouted over 100 years ago as miners young and old struck out to find their fortune. Just as each miner had his favorite “spots,” favorite “pans,” and tools of the trade, so, too, do financial advisors.
As a financial advisor myself for almost two decades and now someone who sells wealth planning technology to financial advisors everyday, I have come to learn that were still all miners at heart. The good news is that we now have a whole host of opportunities for prospecting. There are some new twists on old standbys, as well as some innovative methods that are attracting a more tech-savvy breed of client. Below are some of my favorites.
Old Tried and True. Ive heard it time and time again. Start with who you know and go from there. Cultivating your network can take time, but it is time well spent. Tap into your personal network of family and friends. Then, work at expanding your network through your kids, your church or even your yoga class. If you are just starting, it also doesnt hurt to give away some “freebies” in order to build your references.
Appreciate Your Client. Host a client appreciation night and invite an outside speaker. Have all of your clients bring two friends who might be interested. The speaker can talk about topics ranging from retirement planning to charitable giving as a technique for estate planning. No matter what the topic, make it relevant for your clients and their friendsand dont forget good food and beverages.
Sponsor Something. Everybody likes a sponsor, especially if its for something that has to do with kids. You get to have your logo all over the place, and its a great way to target certain markets. For example, women often are reluctant to refer financial services to other women. Yet, all types of women congregate around the soccer fields every afternoon and weekend. Get out there and get your name and logo on a couple of T-shirts and show up on Saturday with hot coffee and donuts. Youll become known and appreciated for your thoughtfulness, as well as your financial support of their kids soccer teama great introduction to your merits as a financial advisor!
Join Something. People who join clubs, charities and other associations are connectors and influencersthat is, they like to meet people and introduce them to others. They influence their friends and acquaintances on everything from the latest book to the latest investment. You need to meet these people because these are the people that can help you be successful. By joining outside organizations and getting to know connectors and influencers, you will find a whole new referral baseand just might have some fun along the way.