Prospecting: The best ways to round up new business

Referrals from existing clients are another go-to source, says Roper, who heads Roper Insurance & Financial Services in Englewood, Colo. He adds that it's proving better than ever to mine existing clients because people today are much more inclined to heed a recommendation from a trusted source than a cold call or a direct marketing appeal.

In addition, Leib, who is co-founder of ICON Wealth and Legacy Partners in Woodland Hills, Calif., says he's securing new life insurance business by networking in professional circles with accountants, attorneys and financial professionals who lack life insurance expertise. These complementary advisory relationships often prove reciprocal and highly rewarding.

In the quest for new life insurance prospects, it's also worthwhile, says Roper, for advisors to cultivate relationships via non-professional activities. "Whether it's volunteering for a charity, getting active in the local Chamber [of Commerce], or getting involved in the kids' soccer club, you can find a ton of business opportunities within those segments."

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