Ultimate Guide To Making The Most Of Your Prospecting Efforts

Why should you make the most of your prospecting efforts?

Firstly, why should you listen to this?

Personally, I was one of the top advisors at a top 5 Wealth Management Firm. I started with ZERO book of business, wealthy friends or family or people I could sign immediately.

It was all built from the ground up through smart processes, strategy and prospect identification

Now let’s move on.

In times of economic uncertainty, we want to focus on fast wins. Fast wins are the financial advisor leads that will slingshot your year past any hurdles or goals you have set forth.

You should only focus on individuals with money in motion or assets that you can capture that are on the move. I suggest reading this if you are unsure what money in motion is.

How Much Time Do I Need To Spend On Developing Financial Advisor Leads?

The reason you want to shift your focus to prospect heavy during times of uncertainty is that people are looking for guidance. Your need to be holding their hand through these worldly events.

financial advisor leads

People are more receptive to you educating, informing and providing information with the ultimate goal of winning some business from them.

When economic times are uncertain, you should split your time into 75% Marketing and Prospecting, 25% on current client maintenance, outreach, portfolio adjustments, meetings, etc. Ideally, you would have someone in your team helping coordinate this.

Let’s be realistic, you are not going to stand at your desk and prospect for 6 hours straight. You need to have dedicated time to focus on your well-being.

With that said, you need to figure out what your most efficient method is such as…

  • 35 minutes of prospect sprinting, where you laser focus on the task at hand, then take 10 minutes of cool down, repeating this process
  • A steady flow of endurance like pace, not too fast, not too slow
  • Only prospect in the morning, afternoon or evening (or a combo of both) or when you are feeling most energetic and awake. Note: Do not schedule useless meanings or let anyone get in your way during these times

Each person is different but the idea is that you find consistency in that prospecting method.

Is Buying Financial Advisor Leads Worth It?

I have yet to find a good source for this and firmly believe this is a pie in the sky idea.

Think about it this way…

You have a firm claiming that they have leads of consumers that are “looking for a financial advisor”.

They have the following attributes:

  • $250,000 in investable assets
  • Looking for a Financial Advisor
  • In your local area
  • At or near retirement age

Fairly run of the mill, standard prospect.

What do you think this prospect would cost you to purchase?

Based on a 1.5% management fee, this would yield about $3,750 in revenue and maybe you get anywhere from 50-95% of it dependent on where you operate your practice.

And now, this all sounds really great on paper.

I can pay anywhere from $300-$500 per lead and get 10x revenue?!

Here is the catch with these proclaimed services.

They do not vet their leads, delete prospects that are not qualified, have working numbers, are not financial professionals and have also been recycled and re-sold to newer advisors.

Each one of these get sold to at least 10 different advisors, gets recycled, gets sold again and so on.

Unless you have an extremely large budget for such a trial, I would stay away from this completely.

Highest Revenue Generating Financial Advisor Leads

Here is what you should focus on.

Corporate Executives with money in motion.

Why should you focus on these types of prospects?

There are tens of thousands of them to prospect to, have very complicated, busy lives and are more likely to hire outside professionals to help develop financial plans.

The best services to approach these prospects with are

The Simplest Way To Approach Them

Your approach should be clear and concise with 1 actionable item (what you want them to do or for them to get out of the conversation).

The Financial Advisor Lead cold outreach process should be about 2-3 sentences that are structured like this

  1. Problem that others in their situations are facing
  2. Solution to help clear it up
  3. Here is what they need to do next

No need for large letters, emails, marketing packages, etc.

Just start reaching out with that process (we provide it for you) and start seeing those meetings flow.

Cheers to your success.

Comments are closed.