New strategies better enable advisors to target specific audiences with fewer resources and better success rates than old ones, says Investopedia’s Stock & ETF researcher and writer Dan Moskowitz.
Rather than rely on cold calling and traditional advertising, Moskowitz suggests advisors put more efforts into communicating and relationship building with current clients. “Staying in contact shows that you’re caring and not just a salesperson. It also increases the amount of leads that you get from referrals.”
To generate more leads, Moskowitz broke down 10 generators that he considers to be highly effective.
LinkedIn: “You can use the network tab to sort and filter contacts and send a simple message (perhaps with an investing or money management tip) to former colleagues and local business leaders. You can use the home tab to contact prospects about their career achievements or to like their content. You can use the advanced tab to use mutual connections to land introductions. Another important note: LinkedIn attracts a lot of high-net-worth individuals.”
Word of Mouth: “This is expected, and you might think you have no control over it, but if you show current clients that you possess the four Cs -- Credible, Caring, Collaborative, Chemistry -- your odds of seeing client referrals skyrocket.”
Dinner Seminars: “Don’t be cheap with the restaurant venue and only invite specific prospects. This method of lead generation can involve a high cost, but the return on investment (ROI) should be excellent if pulled off correctly. You could see 50+ high-quality prospects in less than two months.”
Educational Workshops: “A more affordable alternative to dinner seminars. And people much prefer workshops over one-on-one sales meetings as it provides an environment that is not so high-pressure for the prospective client.”
Lead Groups: “These groups often meet once per week and share highly qualified leads, but these are generally business professionals from different industries, so you don’t have to worry too much about competition.”
Free Reports: “Whether it’s through snail mail, email, or any form of communication, everyone is interested in free. If they like what they read and your contact information is available, don’t be shocked if you receive a strong response.”
Community Networking: “This takes a little longer because you have to establish trust. Getting involved in community events can go a long way if you’re consistent, especially if you’re sponsoring them and building a brand in the local area. You can also help build your brand on local radio shows, television shows, and podcasts.
Facebook: “This is becoming more and more prevalent, and it will help form and build relationships over time. Financial advisors can also take advantage of Facebook Events, which can be used to notify users of upcoming occasions.’
Google Ads: “These can be expensive depending on your budget, so make sure your ads are highly targeted.”
Newspaper Article: “This is different from a newspaper ad. If you have a local newspaper, contact them and request to write an article based on your area of expertise. If you get the green light, you will soon be seen as an authoritative figure throughout your community. When this happens, you don’t need to search for prospects. They will come to you.”
