You're always looking for prospects, but if your sights are set on adding a high volume of clients, these four strategies are for you.
Strategy #1: Target organizations
How: Choose four organizations likely to attract the types of people you want to cultivate – museum, chamber, alumni association, etc. Attend one meeting per month and meet eet six new people at each event. Exchange greetings with people you've met previously.
The math: 6 people at 4 events equals 24 people per month (288 per year). Subtract one third – they don't have assets. Remove another third – you don't like each other. You're left with about 100 people with assets who like you.
Why it works: People prefer to do business with people they like. And after five difficult years in the market most investors working with an advisor know if they are good. Many aren't, so establish yourself as the alternative.
Timeframe: Medium to long term.
Strategy #2: Build an audience and speak
How: Plan a series of seminars and focus on prospecting to build the audience. Set a daily goal of adding five attendees.
The math: 5 prospects per day across 20 days yields 100 potential attendees. Reconfirm as the date approaches. Meet everyone personally at the seminar and follow up afterwards, including with the no-shows. Reinvite previous prospects to the next seminar.
Why it works: Some people say wealthy people don't attend seminars. A successful midwestern advisor explained once told me, "Worried people attend seminars." Meeting prospects face-to-face allows you to demonstrate expertise and forge a bond.
Timeframe: Short term. Seminars usually yield clients within 30 days.
Cost: Medium. You need a meeting space, food, etc.
Strategy #3: Focus on finding audiences
How: Identify homeowner, retirement community and neighborhood associations. Offer a (compliance approved) seminar of general interest – identity theft is a good topic. Focus your efforts on booking initial and return speaking engagements.
The math: One prospecting call to one individual leads to one appointment under ideal circumstances. One call to one homeowners association might lead to a 45-minute presentation in front of 10 or more people. Following up afterwards yields individual appointments.
Why it works: Retirees are living longer and they need activities to keep them busy. Homeowners associations charge dues and are expected to provide a range of programs, so they need content.
Timeframe: Short to medium term.
Cost: Low to medium. The group is supplying the audience, you fill a timeslot. You may be expected to provide lunch for the group.
Strategy #4: Speaking at your church or religious group
How: Choose a general interest topic and give a presentation in the parish hall. Use response cards to learn about topics of interest.
The math: The audience could be quite large. You'll likely get some prospects immediately.
Why it works: Your initial seminar is publicized from the pulpit and in the bulletin. The pastor is impressed, and shares the idea with fellow pastors, who invite you to speak to their congregations.
Review the results, showing topics of additional interest to attendees who completed response cards. Suggest additional seminars at an offsite location for the small groups of parishioners who expressed interest in specific topics.
Timeframe: Short to medium term.
Cost: Low. They supply the audience and location.