ACTIONABLE ADVICE FOR FINANCIAL ADVISORS: Newsletters and Commentaries Focused on Investment Strategy

Four Steps to Get in Front of Million-dollar Prospects

February 5th, 2013

by Dan Richards

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

Dan Richards

Most advisors tell me that once you’re face-to-face with a prospect, you have an excellent chance of signing them up. It’s not the slam dunk that it might have been 15 or 20 years ago, but good odds nevertheless.

The big challenge is getting that face-to-face meeting.

That’s why I was interested when an independent advisor in a mid-sized community in the Midwest asked for my advice on following up with a prospect who’d opened the door to sitting down.

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The benefits of staying top-of-mind

This advisor – let’s call him Andrew – has been sending his newsletter to prospects for several years. One of those prospects – Phil – has at least $2 million in investments and brief interactions in the past appears to fit Andrew’s typical client profile.

In December, Andrew sent Phil an email mentioning that it had been some time since they had spoken. He suggested scheduling a meeting for some point in January and also that it would make the meeting more productive if Phil could email him his current statement beforehand.

Phil responded by email quickly, making four points:

  1. He’d be happy to sit down and has good availability to meet – he always finds that he learns from professionals such as Andrew.
  2. But he’s not looking to make a change and is not sure it would be a good use of Andrew’s time.
  3. Emailing the relevant component of his investment statement is problematic, given that the last statement for his bank-owned broker’s unified account was over 120 pages.
  4. Finally, he thanked Andrew for his newsletter, which he reads and enjoys.

Andrew’s question to me: How would I respond in his situation?

Before reading on, consider what you would tell Andrew and what this exchange tells us about attracting new clients today.

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