Why Financial Advisors Must Embrace Prospecting

Why Financial Advisors Must Embrace Prospecting

Prospecting is the one crucial marketing activity you need to undertake in order to identify and attract new clients.

New clients will not fall into your lap by accident. If people don’t know who you are, they will never understand what you can do for them. If you don’t make prospecting a habit you will neither achieve success in terms of your own goals, nor will you be able to help others achieve theirs. So rather than dreading the ‘prospect’ of prospecting, see it for what it is: the backbone of your business.

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Have You Worked Out Who Your Ideal Clients Are?

Who Is Your Ideal Client

The decision to open the new account is yours as much as it is the client’s. Define your ideal client. Be selective and choose your clients with care. Elite Advisors have the ability to identify and target a demographic that works best for them. They differentiate themselves from the competition by making their skills stand out as a perfect match for prospective clients. The best way to do this is to focus, laser-like, on specific ideal client types.

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Develop Leadership Skills So Clients Will Follow You

Develop Leadership Skills So Clients Will Follow You

There’s far more to being a good financial advisor than simply setting up a financial plan and then walking away. The best advisors not only identify which path clients should take – but accompany them for the entire journey. Your clients need to know that you’re committed to their long term success. They will look to you for reassurance along the way. So you need to step up to the mark and develop strong leadership skills.

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Always Remember Your Clients’ Reasons to Invest

Failing to understand a client’s goals and objectives ranks highly when it comes to why financial advisors get fired. So it pays to remember that your client’s reasons to invest are the same as they’ve always been: they want to generate more cash in the future, whether it’s to send the kids to college, or to retire on a yacht in the Caribbean.

Your clients want to educate their children and build a retirement fund. That’s generally it.

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Convincing Your Clients to Sacrifice for a Reward They Can’t Visualize

Convincing Clients to Sacrifice for a Reward They Can’t Visualize

I am convinced the hardest thing in the world to sell is advice, especially when the reward for following said advice is so far down the road it can’t be visualized. “Trust me” is an understatement.

Convincing others to settle for delayed gratification is a challenge you face every day.

You must establish such a high level of trust with people that they allow themselves to be helped. You have to make them comfortable enough to tell you their goals and their dreams. You have to enable them to see themselves attaining those goals.

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Every Time You Sit with a Client, Your Leadership Skills Are on Display

Every Time You Sit with a Client, Your Leadership Skills Are on Display

I want to remind you that next to the family doctor, you are the most important person a family will meet. You are not a vendor. You are the person who has been chosen to lead this family to their safe retirement heaven. The burden is on them to make the sacrifices necessary to guarantee peace of mind in their later years. The burden of you is to make sure they do it.

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How Passion and Love for The Business Helps Financial Advisors Succeed

How Passion and Love for The Business Helps Financial Advisors Succeed

Ok, it’s the moment of truth. Answer this question honestly. Do you love what you do? Wait, I didn’t say “like”, I said “LOVE”.

Hopefully, you answered with a yes!

Now, let me ask that same question a little differently. Are you passionate about helping your clients achieve their financial goals?

Again, I hope the answer is yes!

These are important questions that I ask the many financial advisors whom I coach. All of these financial advisors desire to be extremely successful. Unfortunately, not all of them are able to say that they love the relationship part of the business. That presents a major problem for them to achieve the success that they are looking for.

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The Only Thing People Are Buying Is You

Financial Advisors Tip - The only thing people are buying is you

This is Don Connelly’s latest guest post for FA Magazine.

I was having lunch with a friend recently. My friend ordered a Coke with his food. The waitress told him they didn’t serve Coke. Would a Pepsi do? Without hesitation my friend said yes. He didn’t care if he was drinking Pepsi or Coke. He just wanted something to drink with lunch.

Clients think like my friend thinks. They don’t care if they are drinking Pepsi or Coke. Clients want to hit their goals.

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Your Clients Look to You for Leadership

Leadership Skills for Financial Advisors

The more uncertain the times, the more certainty clients want from you. They want you and they expect you to guide them to their goals. Like it or not, you are depended upon for your leadership skills. This may be unfair to you.

You weren’t taught leadership in training.

Nonetheless, the role has been thrust upon you.

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