Financial Advisor Prosepcting, Marketing, Prospecting, Research

Financial Advisor Prospecting 51 Techniques (Download COMPLETE LIST Bottom of Post)

51 prospecting activities for financial advisors

Executive Summary

Sustainability in a wealth management practice is dependent on the Financial Advisor prospecting ability. The techniques used today vary but provided are some of the most common and proven. It is estimated that 15% of assets under management are lost every year due to death, transfer of wealth, unhappy or poached clients etc. which is why it is so important that financial advisors are continuously prospecting new clients and upgrading the bottom 20% of their book of business.  The methods below are not meant to be a comprehensive list that one must do to be successful. The methods below are proven techniques that have worked in the past for advisors. Many have dedicated their entire business on just one technique, mastered it, and have become extremely successful. Other advisors find a combination of two or three techniques that work best for them. Whatever you do make sure you do it well and do it often. Financial Advisor prospecting is the highest return on investment and it is the best use of your time, ALWAYS!

6. Former Colleagues

Reach out to acquaintances and former colleagues. Ask to reconnect or deepen the relationship. 

7. Current Business Affiliations

Contractors, Plumbers, and everyone else you are doing business with now. Contact former or current vendors and people you did or do business with. Let them know what you’re up to. If you have done business with them they will be more likely to want to return the favor do business with you! 

8. Alumni

Look through alumni publications connect with old friends.

9. Center of Influence – Insurance Agents

Contact local insurance agents, who do not offer financial planning and let them know you’d like to be a resource of information.

10. Annual Reports of Companies

Research annual reports, write down names of executives, search them on Spokeo, call with the Executive script found here.

11. Public Records – Birth

Check public records for recent births. (529 opportunities)

12. Public Records – Marriage, Divorce

Search your local county court records for recent deaths, divorces, marriage and other vital records (money in motion – huge opportunity)

13. Utilizing public salary information.

Search executive salaries and contact qualified prospects and awardees of new bonuses.

14. Local Executives

Connect with local business executives – firms typically highlight their management teams on their website.

15. Center of Influence – Bankers

Contact local Mortgage Banker and Insurance Agent and build a relationship.

16. Networking

Join your local Chamber of Commerce, BNI, Local Business Network, Mastermind Group, LeTip, Women in Business Networking, CVB, Local Merchant Association, Rotary Club, Kiwanis, and Optimists. Once you join, contact every member and tell them you’re new and looking to build some relationships. Offer to grab a coffee! 

17. Police, Fire, and Municipality

Search city directory and connect with authority figures.

18. Local Officials

Contact city officials and learn more about how you can be involved in the community.

19. Client Appreciation

Call your current clients and tell them you are hosting a “client appreciation event.” Ask them to invite one new friend who they think can benefit from your service. 

20. Boat Shows & Everything else

Set up shop at the boat show. Boat shows attract affluent clients. Try to think of other shows in your area that attract the same affluent clients. (Wine, Food, Golf etc)

21. Public Records

Search for recent court settlements and contact the beneficiary.

22. Online Employee Directories

Go to the local big company website and see if you can search their directory for employees contact information. Call them and introduce yourself.

23. Endowment

Search endowment organizations and contact administrator for an introduction.
Search for local estate sales and visit. More often than not beneficiaries of the estate will be present. While visiting, introduce yourself, express your condolences, and hand them a card in case they have any questions.

25. Center of Influence – HR and benefits executives

Search administrative employees and email or call for an introduction.

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