Prospecting Ideas For Advisors

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.

Get Techy. There are great gadgets out there that can be very attractive to certain technology-savvy clients. For example, consider using a large, flat plasma screen to show prospects real-time planning techniques and what-if scenarios based on some basic information gathered prior to the meeting. On the big screen, the prospect sees immediately the benefits of things like account aggregation, updated balances and side-by-side scenarios of different planning techniques. Technology and techniques like these can cut in half the sales cycle for high-end planning, while increasing assets under management.

Be an ally. Alliances can come in all shapes and flavors, and there are plenty of potential partners for an advisor, including CPAs, banks and tax attorneys. For example, consider using alliances with banks to build your practice. A bank is a tremendous reference for those clients that need financial planning, and most banks are looking for non-interest revenues. If your firm is large enough, consider putting an advisor on-site at the branch. Both the bank employees and bank clients will get to know the advisor and, over time, this should be an excellent source of referrals and new business.

Get Graphic. If a picture is worth a thousand words, a short flash "video" is probably worth ten thousand! Consider developing customized CDs as direct mail pieces and as handouts after a short meeting or introduction. Your potential clients will be engaged by the sound and graphics, and the CD will really stand out from your competitors materials.

Get Specific. Everybody likes to work with experts. Become an expert on a particular market. Focus on women or athletes or the ultra-high-net-worth client. Show them that you understand their needs and challenges and that you have the solution. Take professional athletes, for example. They have a limited time for their career and tremendous travel and personal demands. Develop (or buy) a solution that provides athletes with the organization and access they need and allows collaboration with their sports managers, other advisors and family members. Theyll relate and youll get new business.

While not everyone struck gold during the gold rush, advisors today have a much better chance of building a profitable client base. We have better tools and a bigger, more visible opportunity. Hard work, persistence and a little guerrilla marketing should go a long way to helping you find your gold.

is CEO of eMoney Advisor, a wealth planning and management solutions firm based in Conshohocken, Pa. He can be contacted at [email protected]

Reproduced from National Underwriter Life & Health/Financial Services Edition, November 7, 2003. Copyright 2003 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.