The 10 Commandments of Post-Pandemic Prospecting

By Bryce Sanders

January 2022

The world is reopening, but not as fast as we had hoped. If you have a clientele that is utilizing asset-based pricing or managed money, working from home hasn’t affected you as much as people in other industries. You might be having a great year.

Albert Einstein told us, “In the midst of every crisis lies great opportunity.” You are being proactive. You are looking for investment opportunities for clients that might also be suitable for their friends. You are seeking to identify people who haven’t gotten the attention they deserve and position yourself as their next advisor.

It’s time to move prospecting to the top of your daily “to-do” list. Once you think things through, you will likely conclude, “It’s the same, but it’s different.” Time for another list of 10 commandments.

1. Thou shalt not wait for someone to blow a whistle and announce the pandemic is over.

Emerging from lockdown has been two steps forward, one step back. Every week seems to pose new challenges. If you say “I’ll prospect when life has returned to normal,” you might be waiting a long time.
Design your prospecting strategy now.

2. Thou shalt not assume everyone is happy with thine advisor.

The stock market performed better than anyone could have imagined. Your clients likely kept their exposure to equities throughout the pandemic. This doesn’t mean all advisors everywhere gave the same advice. Some clients might have been on the sidelines ever since the DJIA was 20,704 on March 18, 2020.
Your current clients have friends. They will know who is unhappy with their advisor.

3. Thou shalt assume priorities have changed for most investors.

Many people thought they had jobs for life. Others felt going to the gym regularly and eating leafy green vegetables was all you needed to stay healthy. Then the pandemic struck. Many people might be thinking retiring sooner rather than later is a great idea.
Your clients will know people who fit into this category.

4. Thou shalt bring up life insurance and keep it top of mind.

Before the pandemic, many people thought illness requiring hospitalization was something that happened to other people, not to them. Why? Because they are young and healthy. Then members of their social circle were touched by COVID.
They are wondering: If something happened to them, how would their family be protected?

5. Thou shalt not assume no one wants to meet in your office.

Everyone wants life to return to a recognizable form of normality. You have an office. Your firm has probably developed protocols for getting that office reopened. Clients are used to seeing you in your office. Your office represents “the firm” in their eyes.
Invite clients into the office for portfolio reviews. Once you have reminded them how you help them, ask who else needs this kind of attention.

6. Thou shalt not assume no one has any money.

TV news talks about people struggling to make ends meet. The federal and state governments are cutting back on unemployment benefits. But that’s just one segment of the population. Many of your clients might have saved a fortune by not taking cruises, enjoying foreign vacations or eating in fancy restaurants.
Hopefully, they paid down debt, but they probably have spare cash. They have friends in the same position. Share some good ideas.

7. Thou shalt not assume your clients are devoid of ideas.

“Invest in what you know” is good advice. Many clients have seen prices go up. They thought about adding an extension to their house but can’t find a contractor. They’ve seen TV ads for meal kit services and in-home exercise equipment.
They have thoughts about what new trends will outlast the pandemic. So do their friends. Draw them out.

8. Thou shalt not assume every advisor has been as attentive as you.

You kept in touch with clients. You sent a weekly e-newsletter or bulletin. You offered face-to-face interaction via video calls. You were proactive in making recommendations.
Not everyone feels the same responsibility to their clients. Ask people you know, “When was the last time you heard from your advisor?” Tell them about your approach to keeping in touch. Position it as a standard.

9. Thou shalt not let TV news get you or your clients down.

You’ve seen the joke “Two things to make your day better: (1) Do not watch the news. (2) Stay off the bathroom scale." Both you and your clients should heed the first point. TV news is often depressing. Find positive news to share with clients. Some countries are reopening to U.S. tourists. Cruise lines are starting to sail again. The bubble in lumber prices appears to have deflated.
Be the person who shares good news. They will tell their friends.

10. Thou shalt take an interest in thy clients’ families.

They have grown children. They have aging parents. Health issues are often a concern, regardless of the pandemic. Ask how they are doing. Take notes. Remember what you talked about the last time. This should impress them.
Because you demonstrate you care about them as real people, they may advise their parents and children you should be the family advisor.

Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, “Captivating the Wealthy Investor,” is available on Amazon.

The original version of this story was published onThinkAdvisor.