Clients come from many places. What's worked for you previously? What are you doing now? (Image: Shutterstock)
Agents and advisors are hopeful. If asked, "Where do you get clients?" we hope they are office reassignments or walk ins. Reality is sobering. It's tough to get new clients, but there are lots of sources out there. You have your favorites. Have you considered other alternatives?
Let's start by taking a couple of options off the table. Office account reassignments are like finding a pearl in the plate of oysters you ordered. It happens, but not that often. Let's take "I bought someone else's book" off the table too.
If you are an agent or advisor seeking businesses, individuals or organizations as clients, they likely come from about 15 places:
|1. Referrals.
The most desirable. Someone finds the prospect and sends them to you.
Pro: The prospect is interested. Someone else did the legwork.
Con: It's passive. You can encourage and remind clients, but you can't ramp it up.
|2. Seminars.
Check your mail. If you live in a nice area, you get invitations to other people's seminars.
Pro: You get immediate results. They usually do/don't become a client within four weeks.
Con: High cost, low turnout rate.
|3. Social media.
Everyone hopes it's the silver bullet.
Pro: It's virtually cost free. You reach a wide audience
Con: Everyone else is shouting for attention. You get lost in the crowd.
|4. Introductions/networking.
Meet people socially. Develop a relationship. Transition to business.
Pro: You can target the HNW market.
Con: It's passive. There's a long timeframe for conversion.
|5. Cold calling.
Think it doesn't work? How many robocalls do you get?
Pro: Daytime activity. You can get scrubbed lists. Business to Business calling is OK.
Con: DNC list is an issue. Robocallers have made it an uphill battle.
|6. Client/prospect dinners.
Invite a couple of clients to dinner. Ask them to bring a friend. Get to know each other.
Pro: Client usually presells the advisor.
Con: It's expensive. Sometimes clients come without a guest.
|7. Calling business owners.
You sell to businesses. They need services. They have a procedure for selecting suppliers of services.
Pro: B2B calling not generally prohibited under DNC rules.
Con: The job of a screener is to see your call doesn't get through.
|8. Speaking to groups.
Many organizations and associations need to find speakers.
Pro: You can target specific industries through their association.
Con: They might be wary of sales pitches. You will need educational material.
|9. Mailings.
This includes e-mail campaigns, surface mail and eNewsletters for prospects.
Pro: Works with high volume.
Con: Surface mail is high cost, although getting letters is now a novelty.
|10. Approaching friends.
They already know and like you. They buy services. Shouldn't they buy from you?
Pro: Increased visibility can also lead to referrals. Low cost.
Con: It's a long term, passive strategy. You can't push.
|11. Cold walking.
Visit a business park or main shopping street. Ask for the owner.
Pro: It can be done in support of a seminar. Low cost.
Con: It feels like door to door sales. Some businesses have "No soliciting" signs.
|12. Research mailings.
For investment firms. You offer to send your firm's research reports on their company.
Pro: It's a reason to stay in touch, get conversations started.
Con: You've got to build your base of employees at a local public company.
|13. Walk ins/call ins.
You are the agent of the day. The receptionist sends people to you.
Pro: Prospects come to you.
Con: It's passive. You can't control the flow or days you are scheduled.
|14. Newspaper ads.
You place an ad. You get leads.
Pro: Maybe the firm places online ads. You follow up leads.
Con: It's expensive if you are paying the bill.
|15. Radio/TV ads.
Watch or listen to PBS. Advisors have supported a program. An announcement of their support and "What they do" precedes the episode.
Pro: You get great reach and visibility.
Con: It's not cheap. You need to do it for at least several months to build name recognition.
Clients come from many places. What's worked for you previously? What are you doing now?
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Bryce Sanders
Bryce Sanders, president of Perceptive Business Solutions Inc., has provided training for the financial services industry on high-net-worth client acquisition since 2001. He trains financial professionals on how to identify prospects within the wealthiest 2%-5% of their market, where to meet and socialize with them, how to talk with wealthy people and develop personal relationships, and how to transform wealthy friends into clients. Bryce spent 14 years with a major financial services firm as a successful financial advisor, two years as a district sales manager and four years as a home office manager. He developed personal relationships within the HNW community through his past involvement as a Trustee of the James A. Michener Art Museum, Board of Associates for the Bucks County Chapter of the Fox Chase Cancer Center, Board of Trustees for Stevens Institute of Technology and as a church lector. Bryce has been published in American City Business Journals, Barrons, InsuranceNewsNet, BenefitsPro, The Register, MDRT Round the Table, MDRT Blog, accountingweb.com, Advisorpedia and Horsesmouth.com. In Canada, his articles have appeared in Wealth Professional. He is the author of the book “Captivating the Wealthy Investor.”
