A robust pipeline of prospects is essential for the long-term growth of a successful financial advisor practice, however the major challenge is that it takes consistent investment of time and energy that won’t yield immediate results. In an article for SmartAsset, Rebecca Lake CEFP laid out some tips on building a strong pipeline.
The first step is to understand that there are multiple paths to successful prospecting. So when coming up with a strategy, figure out the one that best aligns with your inclination and personality. For instance, a digital savvy advisor may elect to invest their efforts into creating an online presence. Someone with a background or interest in athletics may look to sponsor and/or get involved with local sports leagues.
Related to this, your prospecting strategy must create visibility and interactions with your target demographic. This means defining your ideal client in terms of income, wealth, age, occupation, etc.
Finally, you can look at your network and existing clients for referrals for prospects who may be receptive to your message or services. Often, these have the highest conversion rate but are only earned through years of building trust.
Finsum: Having a strong pipeline of prospects is necessary for an advisors’ success. Here are some tips on formulating an effective strategy.