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Practice Management > Building Your Business

"Clone" your favorite clients to build your practice

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Over the years, I have gone down many avenues when it comes to acquiring new clients. When I first started in the business, I sent mass mailings, put in lots of networking hours, and eventually turned to seminars. In my opinion, these approaches to prospecting (including cold calling) may not necessarily lead to the best prospects for building your practice.

What I have found is that the very best way to acquire new clients is to “clone” your favorite and best clients by gaining introductions and referrals, which is both an art and a science. The first step is to define your target, ideal client and communicate that to your existing clients. In my practice, I initiate the “introduction talk” after completing the financial planning cycle with my existing clients. I approach the clients I really enjoy working with, in hopes of being introduced to others like them who are a good fit for my practice.

In my experience, focusing on referrals will allow advisors to spend most of their valuable time working with quality clients and providing exceptional service — a very important aspect of gaining referrals — instead of prospecting in the wrong places with the wrong people.

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