The aim of hosting a unique, out-of-the-office event is to create a buzz. It allows the financial advisor to build a rapport with the attendees, to exceed their expectations and to leave a lasting impact. By doing something unexpected, the advisor is giving their clients and prospective clients an experience to talk about and remember. Of course, the advisor will want to make sure to meet and speak to every new face, and to follow up with them after the event to open up that line of communication.
4. Build Alliances
There will be times when financial advisors need to refer their clients to another professional, such as an attorney or an accountant, and vice versa. Another prospecting technique that financial advisors can consider is to engage with those professionals that might be in a position to make a referral. Estate lawyers and CPAs are a good place to start, but advisors should also look for those who are in more niche roles, such as a certified aging in place specialist or eldercare specialist.
While prospecting typically entails speaking with potential new clients, this technique focuses on networking with those who are already working with those potential new clients. Financial advisors should consider expending some of their energy on meeting these kinds of professionals and establishing relationships that could lead to a mutually beneficial referral circle.
5. Talk To The Next Generation
The beneficiaries and loves ones of current clients can be another source for prospective new clients. At some point in time, aging clients will transfer their assets to these individuals, and the goal for financial advisors should be to make sure that the business remains when the wealth is transferred.
In order for financial advisors to secure their spot in their clients’ succession plans, they should include beneficiaries and loved ones in pertinent meetings, involve them in planning sessions, and invite them to client events. The point is to get to know the next generation wealth-holders, and to begin to earn their trust, so that they are more inclined to stick with the financial advisor they know.
Successful prospecting hinges on communicating a unique value-add proposition with actions, not just words, and standing out from the competition by employing tactics that have a lasting impact on potential clients. While not all of these ideas will work perfectly for everyone, they can hopefully be a good starting point for financial advisors, or can at least help get their creative wheels turning.
John Diehl is senior vice president of strategic markets at Hartford Funds.