Prospecting for New Clients

Recent surveys suggest that prospecting new clients is consistently regarded as one of the most challenging day-to-day activities of a financial advisor. Although traditional "cold-calls" may still serve a purpose, they simply cost financial advisors too much time and energy.

To begin prospecting new clients a financial advisor must first:

  • Determine a vision for their practice
  • Understand and define their ideal client
  • Target their ideal client
  • Measure results for success

Upon completion of the above, prospecting for clients' starts with recognizing which prospecting methods are most effective. Although many prospecting techniques exist, financial advisors must determine which are the most appropriate and effective for their business:

  • Word of mouth / referrals
  • Building and implementing a network – both social and professional
  • Direct Advertising
  • Client newsletters
  • Strategic alliances with other professionals and organizations
  • Engaging the media
  • Organizing open houses and seminars
  • Internet/Web