The Ten Commandments of Prospecting in 2024

"Wall Street climbs a wall of worry." Everyone has heard that one before. It can be tempting to focus on what the stock market is doing day to day and take energy away from prospecting for new business. Instead, consider your book of business like a bathtub. Water comes in through the faucets and out the drain. The faucets represent prospects and new accounts. The drain represents attrition. If the water goes out the drain faster than it is being replaced by fresh water from the faucet, the level in the tub goes down. Eventually, the tub is empty. As an advisor, this means you are "out of business" because you have no new revenue coming in. There is an ongoing need to stay in touch with clients and prospects. You must continue to make a compelling case why they should be hopeful about their financial lives. The accompanying slideshow details 10 compelling reasons that prospecting should always get serious attention.