7 Lead Generation and Client Acquisition Strategies

7 Lead Generation and Client Acquisition Strategies

Financial advisor prospecting techniques include both cold and warm strategies.

Cold strategies are costly, and are the least effective, while warm strategies can take more time, but are generally more successful.  An effective financial advisor marketing plan includes warm connector and/or expert strategies.

Connector strategies focus on the relationship, while expert strategies focus on authority in your niche market.

1. Relationship & Referral Marketing

One of the most cost-effective warm techniques is online and offline relationship and referral marketing.  Relationship marketing is effective, because people do business with those they know, love, and trust. It is also effective because the vast majority of people make purchasing decisions from an emotional state, and then justify it with logic.

There are a variety of relationship marketing strategies that work.  Some examples include one-on-one meetings, telephone calls, client events, heartfelt notes and cards, or emails and newsletters. Heartfelt cards and notes are powerful because the process is easy, and people are starved for connection.  We have seen amazing results from consultants, investment professionals, and small business owners who have implemented this strategy.

For maximum exposure and results in your relationship and referral marketing, access Bill Cate’s insight here: Massive Leads through Warm Introductions

2. Networking

Networking can either be an effective financial advisor prospecting technique that can grow your business, or it can waste your valuable time.  In today’s world, there are more networking groups than ever before!  Some groups are comprised of small business owners who are making little or no money, and can’t afford anything that would change their situation.  Unless you are financially free, or operating as a charity, attending these groups is not the best use of your time.

Other networking groups are comprised of successful entrepreneurs, small business owners, and executives.  Connecting with these members can produce amazing results in your business.  Trade shows can also be a very effective networking option if your ideal client is in attendance.

For maximum exposure and results in your networking efforts, check out Michael Goldberg’s recommendations here: Knock Out Networking: How to Generate More Leads, More Prospects, More Referrals and More Business

Related: The 7 Traits of Highly Successful Financial Advisors

3. Feeder Workshops

Feeder workshops are another excellent lead generation strategy to include in your marketing orbusiness plan.  They are effective, because they allow you to leverage your time (replace the 1-on-1 with 1-on-30), and produce significant returns for your effort.  Examples include community events, community feeder workshops, and lunch-n-learns.  A great approach is to present a lunch-n-learn or overview presentation to a group of 30-50 ideal prospects.  This provides an opportunity to get exposure, share your message, grow your funnel, and weed out undesirable prospects.  Many professional service providers have used these events to leverage their time, attract more ideal clients, and dramatically increase their revenue.

For more insight on reaching your ideal prospect through workshops, listen to Tom Hegna’s recommendations here: Lead Generation through Social Media, Seminars, and Technical Expertise

4. Social Networking

You can no longer ignore social networking.  Ideal channels include LinkedIn, Facebook, YouTube, Twitter, and Google+.  Once you know your ideal client, you want to identify what social media platform they access.  This can be found while conducting research.  The key is to build a relationship, connect with them offline, and ultimately work with them.  Prior to beginning a social networking process, create your business plan, and determine your lead generation strategy.

To learn how to master social networking, listen to Jeremiah Desmarais’ insight here: The Secret to Generating New Prospect’s Daily Using LinkedIn + Cold Emails

5. Socrates Wisdom

This is one of the most powerful strategies.  It includes creating questions, and interviewing clients in your niche market, interviewees (these are prospects that may never work with you), and referral partners (referral partners include centers of influence and reciprocal referral partners). When you know what your target market wants, how they want it and why, you can deliver it.  The result: you become the go-to person, and create a client attraction machine.

A great insight to implement Socrates wisdom can be found in Lloyd Lofton’s insight here: Predictable Buying Behaviors to Generate More Leads

Related: Insights on Marketing to the Affluent

6. Article Mania

Once you identify the topics that your niche market is interested in accessing, you can write about and publish articles on those topics.  These articles can be shared with clients, prospects, and referral partners who can read and share them with others.  They also can be shared on social media outlets.

Always put a call to action at the end of your article.  Examples include: “call us to schedule a free consultation” or “attend a workshop.”  This process is similar to what I am doing in this article. Some of you who are reading this article want to learn more financial advisor prospecting or client acquisition strategies so you can grow your funnel of qualified prospects.

7. To learn the 7th strategy as well as more insight on lead generation and client acquisition strategies, get your free pass to this year’s summit here: Lead Generation Summit

Annette Bau
Human Performance
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Annette Bau, CFP®, a Certified Financial Planner practitioner and the author of numerous products and four books including 101 Insider Secrets for Marketing to Affluent Women ... Click for full bio

Most Read IRIS Articles of the Week: March 19-23

Most Read IRIS Articles of the Week: March 19-23

Here’s a look at the Top 11 Most Viewed Articles of the Week on IRIS.xyz, March 19-23, 2018

Click the headline to read the full article.  Enjoy!

1. Multi-Factor or Not Multi-Factor? That Is the Question

Let’s pretend you are a US investor that wants to deploy some of your money overseas.  You think international developed market stocks are attractive relative to US stocks, and you also think the US dollar will decline over the period you intend to hold your investment.  — Chris Shuba

2. The Lies Spread by Bankers About Cryptocurrencies

I had a chat with The Financial Times the other day, and provided lots of background as to why I don’t think cryptocurrencies are the choice of criminals. The comment that was reported was the following ... — Chris Skinner

3. Alternative Investments? You May Need New Shock Absorbers!

During the tumultuous red and green gyrations of the capital markets this year have your clients anxiously called to ask: “What’s going on with my portfolio?” What do you do when the usually smooth ride in your luxury automobile becomes as bumpy as Mr. Toad’s Wild Ride in the Happiest Place on Earth? What does the average investor do? — Ted Parker

4. Why Fear of Inflation Is Rattling Investors

Inflation is a bad thing, right? It make things more expensive, right? For those of us of, let’s say, a certain vintage, we recall the runaway inflation of the late 1970’s and early 1980’s. So why does the Federal Reserve – in charge of managing the country’s currency and value thereof – actually try to create inflation? It’s called the inflation targeting and it matters to your money. — Bill Acheson

5. The Best Retirement Investments for a Steady Stream of Income

As you near your 60’s, your prime earning and saving years will transition into a period of time where you get to enjoy the “fruits of your labor,” a.k.a retirement. We call this segueing from accumulation to decumulation, the period when you will be drawing from your accumulated nest egg. Dana Anspach

6. An Emerging Theme In Thematic Investing

Exchange traded funds (ETFs) are popular vehicles for market participants looking to engage in thematic investing. Thematic investing looks to take advantage of future growth trends, including disruptive technologies. Given that forward-looking approach, stock-picking in the thematic universe is equally as hard, if not harder, than in traditional market segments. — Tom Lydon

7. 8 Winning Questions You Should Be Asking Every Prospect

It’s not enough for your salespeople to be product experts, they also need to be capable of having the kind of conversations that position them as business experts and even strategic resources. — Lisa Rose

8. 10 Steps to Successful Strategic Alliances

Business growth doesn’t come from wishful thinking. As you know, it takes a lot of hard work. The growth of your business is not an option – it is a necessity. Coordinating the right mix of strategies to gain market share and improve client acquisition rates is essential to advance your firm in today’s economy. — Michelle Mosher​​​​​​​

9. Keep It Light: Harnessing Humor for Financial Marketing Success

It’s undoubtedly true that investors’ financial security is no laughing matter, and this is reflected in the stolid, dour, reliable imagery and branding that is, by and large, the industry standard. This is hardly surprising—investors need to believe they’re placing their hard-earned money in the hands of experienced, trustworthy professionals. — Alexandra Levis​​​​​​​

10. Do the Economics of a Move to Independence Really Add Up?

The number one question advisors ask when exploring a move to independence is how the economics compare to accepting a recruiting package from a major firm. It’s certainly a valid concern, because while the recruiting deals being offered by the wirehouses are down, it is still very possible for a top advisor to get a really attractive hard-to-pass-up offer. — Mindy Diamond

11. Four Big Reasons Why Short-Term Muni Bonds Should Excite You

Municipal bonds might not be the first thing that comes to mind when you think of a sexy investment. They don’t typically command news headlines like the stock market or bitcoin. — Frank Holmes

Douglas Heikkinen
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IRIS Co-Founder and Producer of Perspective—a personal look at the industry, and notables who share what they’ve learned, regretted, won, lost and what continues ... Click for full bio