How to Add 12 or More Good Prospects in 6 Months

2. Portfolio reviews.

Good advisors conduct portfolio reviews for all clients at least annually. Great advisors might do this on a quarterly basis. Ideally they are in person, but they might be video calls or phone conversations. One of my clients once said: “The thing I like about working with you is you make me focus on this once or twice a year.”

Your clients know other people in similar economic circumstances. Are their friends getting the same attention from their advisor? This is the time to ask for referrals.

Strategy: Conduct your portfolio reviews. Assuming your client is happy and feels you are on top of the situation, ask them: “Who do you know that isn’t getting this kind of attention from their advisor and has been complaining about it? I would be interested in talking with them.”

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3. The client/prospect dinner.

This strategy has been around for decades. You find a managed money wholesaler with budget dollars to spend on prospect development. You agree to split the expenses 50/50 for this strategy. You invite three clients to dinner at a nice restaurant. The price of admission is they need to bring a friend, “Someone they think you should get to know.” The wholesaler, representing their firm, is the Wall Street specialist, sharing their firm’s view on the economy.

Strategy: Four dinners, each including three guests, yields 12 prospects. Your client tells your story to persuade the guest to attend. The restaurant is a draw. It is low key and everyone has a good time.

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4. Work your LinkedIn network.

You are active on social media, but are you efficient? You might be active on Facebook, but is that all personal stuff? You have a LinkedIn profile through the firm, but you have automated the process with poor results.

Strategy: Think of LinkedIn as a giant party you have thrown for your hundreds of connections. “Work the room” by writing to 12 of your connections every day. Introduce yourself, adding personal details. Ask each connection to talk about themselves. If you have 600 connections, 2% of them write back and the conversation turns to business, that is a dozen prospects.

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5. Ask for referrals the moment you open a new account.

One of the highest points in a client relationship might be the moment they sign on the dotted line. This is not cynical. It does not imply you will disappoint them later. It simply acknowledges they had a problem. You offered a solution, and they have a high degree of confidence the strategy you suggested will succeed over time.

Strategy: Every time you open a new account, repeat the solution the client has accepted along with the problem it is meant to solve. Ask: “Who do you know that is also concerned about (problem) and is looking for an answer?"

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6. Join your client’s professional association.

Your best clients want to help you grow your business. They do not know how. Does your client belong to an industry association? Do they offer associate memberships to people not directly employed in the field? Use this strategy to step into their world.

Strategy: If your client’s professional association accepts associate members, discuss with your client your intention of joining. You are focusing an helping a niche market. Your client is in that nice and the group is focused on that niche. Your client should be able to introduce you around and willingly tell your story.

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7. Ask clients about their nonprofits.

Many clients give back to the community. Some hold board-level positions or serve as officers. Some nonprofits are small and run on a shoestring. Some have big staffs, big budgets and big foundations.

Strategy: Systematically ask each client about their nonprofit involvement at their portfolio reviews. Do some background research on each group. Which ones have foundations, award scholarships or have a chunk of money held for the long term? Can your client get you in front of the committee to talk about your firm’s money management programs?

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8. Hire a coach.

You might have enjoyed reading about these strategies. Some are a good fit, others are not. Everything does not need to be done on a “do it yourself” basis. Think of yourself as an athlete with the potential to go pro or make it to the Olympics. You need a coach.

Strategy: List the most successful advisors you know. Do they work with a coach? Has this helped them? Did they think the money was well spent? What did it cost them? How do you get started? How long does it run? Narrow the field and interview a few coaches. They should be able to tailor a client acquisition strategy that suits your circumstances, interests and personality.

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