Using filtered searches and key terms, LinkedIn can be a valuable resource for finding and connecting with prospects. For example, if the objective is to find executive-level clients, the search terms might include “executive,” “president,” or “chief.” Another option is to use an advocate search, which entails looking at the connections of connections, and filtering the results by criteria such as location, company or job title.

Another benefit of LinkedIn is the ability to identify commonalities with prospects. After narrowing down potential new clients, advisors can look for whether they have mutual connections who would be willing to facilitate an introduction, or if they have other common ground from which to build a conversation, such as the same alma mater or professional memberships. Prior to using LinkedIn, advisors should consult with their firm’s legal and compliance teams about social media policies.

Build Alliances

There will be times when financial advisors need to refer their clients to another professional, such as an attorney or an accountant, and vice versa. Another prospecting technique that financial advisors can consider is to engage with those professionals that might be in a position to make a referral. Estate lawyers and CPAs are a good place to start, but advisors should also look for those who are in more niche roles, such as a certified aging in place specialist or eldercare specialist.

While prospecting typically entails speaking with potential new clients, this technique focuses on networking with those who are already working with those potential new clients. Financial advisors should consider expending some of their energy on meeting these kinds of professionals and establishing relationships that could lead to a mutually beneficial referral circle. 

Succession planning

Talk To The Next Generation

The beneficiaries and loves ones of current clients can be another source for prospective new clients. At some point in time, aging clients will transfer their assets to these individuals, and the goal for financial advisors should be to make sure that the business remains when the wealth is transferred.

In order for financial advisors to secure their spot in their clients’ succession plans, they should include beneficiaries and loved ones in pertinent meetings, involve them in planning sessions, and invite them to client events. The point is to get to know the next generation wealth-holders, and to begin to earn their trust, so that they are more inclined to stick with the financial advisor they know.

Successful prospecting hinges on communicating a unique value-add proposition with actions, not just words, and standing out from the competition by employing tactics that have a lasting impact on potential clients. While not all of these ideas will work perfectly for everyone, they can hopefully be a good starting point for financial advisors, or can at least help get their creative wheels turning.

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