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Does your client acquisition strategy need some legs? Are you lacking a consistent process to bring in new clients? Many advisors are very good at creating the networks in order to generate new business but they may lack consistent strategies necessary to bring prospects across the finish line to becoming a client. 

One of the most important tenents of growing your practice is treating a prospect “as if they were a client already on the books”, especially with your communication strategy. You do this by offering them a 90-day Free Look. During this time you will use the scheduling tool and schedule the prospect just as if he/she were a client including creating a plan (optional to charge them for this) a cash flow analysis, and in-person meetings.

Here are some steps we use in our coaching program:

1. Every prospect receives a client folder which contains important information about the practice as well as other important information.
2. All prospect communication is scheduled in advance.
3. Each meeting is preceded by an emailed agenda complete with discussion topics and appointment reminder to the client.
4. Agendas enable the prospect to prepare for the calls and help keep communication relevant and focused. This extra step says a lot about the importance placed on client relationships.  They should be no more than a paragraph with a few bullets and a reminder as to the time and date of the next call. This will move you closer to solidifying the relationship.
5. Immediately following each meeting send out a summary, a detailed follow-up email no more than two paragraphs in length summarizing your conversation, what you both agreed to, concerns and priorities.

After initiating several contacts with a prospect and developing a budding relationship that seems to be positive, how do you bring the prospect over the finish line?  You must first learn what is important to them. Consider asking, “Mr. Prospect, when you consider your wealth management needs and concerns, what are the top two or three priorities?” Listen very carefully because their answers become part of an overall agenda. The prospect’s agenda should be your focus as an advisor.

Sometimes you have to help the prospect establish priorities by providing suggestions. Prospects who are unable to identify their priorities will need your help. They may have avoided doing financial planning or paid attention to their personal financial affairs. They may be embarrassed to tell you about their inadequacies and reluctant to talk openly with you. Let them know that you are there to help and will listen and assist them in finding solutions to their concerns. At the end of each meeting, help the prospect formulate some key priorities for the next meeting. Make a few suggestions to move the process along.

When you send out your summary of the meeting identify the next steps. This is taking a step towards the presumptive close. Bring the account opening documents to the next meeting and say, “I would like to get started working with you right away.” Implying why should they procrastinate any further?

A detailed, presumptive follow up is important because it gives your conversations focus and creates a sense of urgency on the part of the prospects to take action. It’s the beginning of demonstrating your value and professionalism for the new client and the client experience. Use this as a tool to bring more prospects across the finish line and increase or add to the number of your client relationships.

Exercise: Create a detailed presumptive follow up of your meeting with a prospect and email/mail it to them. Follow up with a phone call to ask if there are any questions. Offer them a 90-day Free Look.

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