Either way, it is easy to get lost in the weeds of managing your current clients, causing prioritizing prospecting to seem overwhelming. Instead of succumbing to the stress, answer these three simple questions to help you achieve your prospecting goals.
The first step is determining the exact goal you’re setting out to accomplish. It should be more precise than “find more clients.” Are you looking to supplement lost clients, to expand your business, or to enter into a different demographic? A quality goal should be specific, measurable, and challenging but achievable.
Now that you know your prospecting goal, you should determine your ideal client and therein your target market. One way to determine this is to look at your current book of business, see what kind of client you are already successful with, and try to replicate those relationships. You could also look at entering into a different target market, such as the ever-growing number of Millennials who are coming into wealth, buying houses, and having kids and therefore need financial advice.
The best way to reach the client you’re after is by establishing your reputation. Market yourself as someone who understands your target client group’s unique challenges. For example, if you tend to work with the aging population, their concerns won’t just be having enough money to live comfortably, but also how they will get around, if it’s a smarter idea to move into an assisted living facility, or what to do with all their free time. Helping clients overcome these challenges, and developing that reputation as an expert, is a great way to market yourself to new clients.
When prospecting, it’s important to remember that clients are just people with unique stories who need help and guidance. They want advisors who understand those challenges, and have solutions for them. When an advisor can do this, they become a go-to resource for more than just financial management.