7 Foolproof Financial Advisor Prospecting Ideas


With these financial advisor prospecting ideas, clients will goes as far as blasting your door with a firehose to get in.

With these financial advisor prospecting ideas, clients will goes as far as blasting your door with a fire hose to get in.

7. Build a website.

Welcome to the internet age where, if you don’t have a website, you’re might as well not even exist.

The great thing about a website? Once you get some content ranking in Google, it can act as a free, passive referral engine. Throw up a form for potential leads to contact you, and you’re golden.

As an added benefit, all that quality written content you post (you’re going to, right?) means that clients will come to you both well-informed and inclined to trust you.

To get started, you’ll need a website name and hosting. For the name, I highly recommend buying it via Namecheap (that’s where I bought topfinancialadvisor.org from). They offer great service and great prices. Order here.

For hosting, sign up for a free account through the same service that I use for this site, WebFaction.

6. Do a giveaway.

Remember when Warren Buffet told everyone that, for a perfect March Madness bracket, he’d pay out a cool billion dollars? This has to be one of the greatest business ideas ever.

Why? The probability of the pay out happening was essentially zero, but millions of people still signed up — giving away their email, which has a very real value. (Imagine how many clients you could reel in if you could send an email to ten million people at once.)

This is the beauty of a giveaway. Offer people something for a retweet, Facebook share, or a randomly pick a new email subscriber (you have a newsletter, right?). I can practically guarantee that you’ll capture more value via your giveaway than you’ll spend on the prize.

5. Ask existing clients.

The most powerful conversion tool is to ask for it. If you’re trying to sell something, ask for the sale.

When it comes to finding new financial advisor leads, it’s the same way. Ask your clients if they know anyone who could use your help. Explain to them how your business model works — if they have built up a relationship with you, many clients will jump at the chance to be useful.

You’d be surprised. Try it.

4. Set a goal for X cold calls each day and stick to it.

Everyone hates cold calling, but you can take the sting out of it and be much more productive by setting a daily goal and sticking to it. Committing to even ten calls a day can make a big difference and, once you’re in the habit, it’ll be a lot easier.

Indeed, according to the 2013 Global Survey of financial advisors, most financial advisors only dedicate 11% (15.9 hours per month) of their time to client acquisition. This means that, with a mere hour a day, you can trounce the acquisition efforts of the competition.

And trouncing the competition is always good.

3. Throw a party or invite existing clients and their friends to a sporting event.

If you want to prospect, you need to meet people. But where? Easy. Parties. Sporting events. Anywhere that people gather is a possible opportunity.

Even better, though, is to throw the party yourself. Invite your existing clients and tell them to bring a friend. Not only will you generate a ton of leads, your existing clientele will appreciate it.  This will strengthen your relationship with them, reducing churn.

2. Create memorable business cards.

I can’t even tell you how many business cards I’ve been given. Most of the time, they get thrown in the trash.

You need to treat your business card like it’s an advertisement. And what’s one of the keys of a good advertisement? You need to make it stick. Write something that will stay in memory. Create a goofy cartoon. Hand out Dilbert strips with your name on the back.

Hell, you could even have your business cards made out of wood.

1. Start an affiliate program.

Leads are valuable, right? So why not set up some program to reward (and incentivize) people who bring them to you. Tell your clients that, for each person they refer to you, you’ll knock a ~0.5 percent off of your yearly cut.

Dropbox, an online storage company, does it this way: for each person you refer, you get more free space. Adapt that model to your financial advising, and soon you’ll have so many clients that you’ll have to barricade your office to keep them out.

You've read this far -- want more? Get the investing tips I don't share anywhere else, along with blog updates:

Two e-mails per month. Zero spam.

Leave a Reply

Your email address will not be published. Required fields are marked *