Attrition happens. Financial advisors lose clients. There can be many reasons. Some are beyond the control of the advisor. Clients die. They move away. You need a strategy to identify and cultivate people with new client potential. This makes sense until it is described as the prospect pipeline because it awakens the reluctance many advisors have towards prospecting. What can you do if you despise traditional prospecting?
Let us look at seven strategies that don’t involve cold calling or cold walking. Many remind you of the tortoise and the hare analogy.
1. Raising awareness. There are hundreds of people within your extended social circle. You might feel you have a few close friends, but you know plenty of others. You buy from local businesses. You see familiar faces at religious services. You have a nodding relationship with fellow commuters. You see the same people at the gym. Do these people know what you do? Do they know how you help people?
2. Referrals. This one is obvious. You have clients who like you. You helped them solve a problem. You found a solution to a problem they didn’t even know they had! They think you are great. They often say: “Is there anything I can do to help you?” Remind them how you help them. Let them know you would like another client just like them.
3. Co-branded seminars. You want HNW individuals as clients. So do other people! You immediately think of competing financial advisors. Widen your horizon. Luxury car dealers, fine wine merchants and jewelry shops want people seek people with disposable incomes. Plan seminars with one of them. They invite their clients. You invite yours. You each speak. Their group of clients are your audience of prospects and vice versa.
4. Fun seminars. Here is where client recognition intersects with referrals and prospect cultivation. Find something lots of clients enjoy. It might be wine tasting or a cooking class. Invite a group of clients. Explain there is no charge to attend, but the “price of admission” is to bring a guest. Build your invitation to describe someone who would be someone with future client potential.
5. The different wrapper. You have gathered clients and showcased a CPA to talk about tax law changes. How about flipping the roles and making yourself available to a local nonprofit that can assemble a crowd! If you have a popular group that supports environmental causes or preservation, how about delivering a talk on socially responsible investing? They can often get newspaper publicity without buying advertising space.
6. Speaking engagements. Have you ever considered how many local groups need speakers? Does the library have a speaker program? What about over 55 communities with a club house? What others can you think about? Build a list. Prepare a marketing piece listing topics (especially educational) you can address. Have different versions align to different time periods. Drip market to those groups.
7. Where do you eat lunch? You know the type of person you are seeking as new clients. They might be local business owners, lawyers or engineers. Where can you find a lot of them? Get yourself into that part of town. Logically, lawyers cluster around the courthouse. Have lunch every day at the same place. You will become a familiar face. Conversations will get started.
There are many ways to get your message out. Be creative! Leverage your current relationships! Let people get comfortable with you! People do business with people they like.
Related: What Can You Do if Your Client Is Going Into Isolation?
