It requires a great commitment, which is why relatively few advisors get serious traction.
There are very powerful methodologies for constructing these relationships. These systems and processes work whether the aim is to source clients worth millions or worth billions. But it’s very difficult to implement the methodologies without having the proper mind set.
These perspectives are alien to many advisors, who never seem to be able to accept them. On the other hand, those who adopt these perspectives as a starting point are much more likely to build and expand their pipelines regularly and see a flow of new and more profitable clients.
Russ Alan Prince is president of R.A. Prince & Associates.
Brett Van Bortel is director of consulting services for Invesco Consulting.