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Discover Your Prospect Sweet Spot

What takes up the most of your time as an advisor? You are managing a book of business, planning and strategizing for client assets, and perhaps directing strategic initiatives for your firm.

One of the most important initiatives for every advisor is business development. You can only rely on a booming market or client referrals for so long. Organic growth, defined as continuously bringing new client assets in the door, is a critical component of a successful RIA.

Taking advantage of cutting-edge technology to help supercharge your organic growth efforts can help you find your prospecting sweet spot and build a sustainable funnel of qualified prospects.

darts on a board

Energize your Client Prospecting

Prospecting methods include any activity you engage in to collect contacts likely to generate leads and drive revenue.

With so many other tasks vying for your time, you can only afford a few hours a week to prospect. Yes, you need to make calls to create connections, but they need to be calls with the right prospects. With a list of hundreds or thousands of prospects, how do you filter for those most likely to convert?

Arranging your prospect list in alphabetical order and leaving voicemail after voicemail is how many used to prospect. The list often didn’t contain anything more than names and phone numbers, leaving advisors with few options.

Today, AI-powered technology can sort your prospect list for you, highlighting those prospects that are more likely to convert, helping you save time while growing your business.

Determine your Sweet Spot

If you haven’t found your prospecting sweet spot yet, don’t second guess your methods. Increase your intel. Detailed prospect knowledge is your secret weapon.

Just as you’ve already defined your ideal client, your goal with gaining prospect intel is to leverage your top client profile by surfacing prospects who fit the mold too. It is possible to pinpoint the next prospects to call by aligning commonalities of your top client profile with your prospect list. What are the most valuable data points about your existing clients?

Just as you leverage technology for financial planning, estate planning, and even your investment management, you can utilize available technology to revolutionize one of the most critical components of your practice – prospecting.

A smarter lead optimization system can help you gain intel about who is on your list – aligning common factors from interests, key demographic details, career, or dozens of others – and be highly selective and efficient with how you spend your time and who you talk to, meaning that the few conversations you do get to have are more likely to be time well spent. You can feel more confident they’re taking place with prospects who have the most potential to turn into clients.

Uncover More Data About Your Prospects

These details are the key to spending your prospecting time efficiently and developing deeply personal connections.

  1. What is this prospect’s asset base? Your firm likely knows what potential AUM is a good fit for your products and services. It may be a waste of time to focus on prospects who aren’t in the asset sweet spot.
  2. What does this prospect need? Are they business owners? Are they close to retirement? Do they work for a large public company with stock options? Knowing what products or services could benefit their situation can help steer your conversation.
  3. What is this prospect looking for? Beyond their demographics, what goals does your prospect want to achieve? Are they focused on charitable giving, or estate planning? Given that insight, you can better hone your pitch to align with their specific needs.

What could more insights into your prospecting list do for your firm’s efficiency? Discover your prospecting sweet spot today.