Lead Generation For Financial Advisors

Why its more important than ever

Most firms are beginning to implement a pay increase or decrease based on the number of households or affluent clients that are acquired during a fiscal year. As the shift towards growth continues for the larger investment management firms in the continently United States, it is becoming more critical than ever for financial advisors to ramp up marketing and prospecting. 

For those that don’t will quickly fall under the scrutiny of the firms and upper management and will lose pay off their grid (which still gets taken off but doesn’t go to you). 

Deciding where to aim your efforts

Chances are most of the advisors reading this have a very generalized sense of lead generation and a potentially unstable client base or niche. What we mean by this is that it is time to focus on a particular grouping of prospects to go after. You may already have this in mind or you haven’t started yet. Either way, it is time to refine it by looking and thinking about the following.

  1. Do you have the resources and support to properly go after this market?
  2. Are there ample amount of opportunities and wealth to win?
  3. Is this market close to you geographically and will it be a problem if they are not?
  4. Do you have a process to generate interest and leads?
  5. Do you actually know what pain points or needs these prospects have?

This is a short list of questions you need to ask yourself before committing to a particular segment. It will require a heavy investment of time and resources on your end. Ideally, you want to execute the strategy as quick as possible so you can move on to a more receptive market in the event you are providing it difficult or impossible to generate leads from it. 

It has become a painful process for prospects

People are busier than ever and we want results immediately if not yesterday. We live in an instant gratification world where we can get tasks done with a few taps on our mobile devices. Most people want to only take action if it will benefit them or they will receive some form of pleasure out of it. The practice of advising someone on their financial well-being has become a process as fun as going to the doctor or dentist. 

There will be times (more than ever in today’s climate) you will have to deliver a straightforward scenario of truth and potential outcomes. 

These prospects and clients receive more noise, advertisements, disclosures and lawyer generated documents each and every day. The legislation and oversight implemented at a firm level can be burdensome and painful on a communication basis. 

Think about all the clients or prospects that receive something auto-generated or a communication sent without your approval or knowledge. 

Filtering the noise and standing between the garbage and your client will help not only give them peace of mind but alleviate the pain associated with cultivating a financial plan. 

Not only this, but your lead generation strategies will become more effective if you can deliver a better experience than the other individuals in your industry. 

Taking a multi-pronged marketing approach to lead generation

Right place, right time. Only if we can always be there for it. Well the good news is we can come very close to it. This is what we call money in motion! The idea that a prospect most likely needs to take some sort of action because their circumstances are changing.

Perhaps they are:

  • Moving across the country
  • Selling their business
  • Changing jobs
  • Exercising stock options
  • Retiring
  • Inheriting money from a relative

The only way to capture this is through data that updates you upon it occurring. Yes, LinkedIn can do that to an extent (most of time requires prospect to update the profile). Yes, maybe a center of influence or client refers you when it occurs but shouldn’t be a primary method of earning business. 

Identify these opportunities by doing the following weekly:

  1. Search high net worth prospects in your area leveraging the Odegee platform (start with 20-50)
  2. Review contact data, information and insights to see if you have some common connections or backgrounds.
  3. Connect on LinkedIn with a message such as 

“Hi Mr./Mrs Prospect, saw that you are into ________ and have ______ in common and wanted to connect as I have helped some of your fellow colleagues and individuals in the same line of work as you.”

  1. Write a handwritten letter thanking them for connecting and that you are excited to potentially work with them.
  2. Post relevant content weekly, comment on their posts and share them as well.
  3. Call and ask for a lunch meeting – casual and fun.
  4. Set a formal business associated meeting at your location or theirs if it is more convenient. 

The process should take about a week all said and done. When you are targeting high net worth clients, spend the time and money to get to know them before hand. This helps deepen the relationship as no affluent individual enjoys a hard sell. 

Why timing is everything

People are creatures of habit and seek comfort. It is not our fault, it is our human nature to avoid the unknown and discomfort. It is our wiring, DNA and mind that seeks to protect us against danger, harm and the unknowing. 

It is also our daily routine that provides this level of comfort and predicability. Think about the last time you took a different route to work, changed a workout regiment, tried a different place to eat with your significant other on a Friday or Saturday night. 

When was the last time you had an elevated discussion or conversation on a controversial topic because you were afraid of upsetting their feelings. This is all signs your body and mind are doing what it is supposed to, avoid conflict and difficult encounters. 

Routine can work against us as much as it can help us. You can make your routine as comfortable or uncomfortable as you like and will dictate the success of your ventures. 

This works with prospects and lead development as well. 

When was the last time you sat down and focused 90% of your time to prospecting and lead generation? 

When was the last time you exited your comfort zone to initiate a conversation or meet someone you didn’t know.?

When was the last time you wanted to ask someone for something and you didn’t because you felt uncomfortable?

4 out of 5 times nothing gets done because the person didn’t ask. 

It is not uncommon for you as a financial advisor to find comfort in where you are now. 7 out of 10 financial advisors that leverage our platform openly admit they are “comfortable where they are”. 

This is a dangerous mindset for the development both professionally and personally. It can also be a difficult mindset to re-program (even though it can be done).

Let your lead or prospect know that it is perfectly normal to feel this way

You will be doing them a favor by giving them a fresh set of eyes and outlook to their lives. It is easy to overlook items that may greatly affect their futures when they have maintained a relationship with their advisor for a lengthy period of time (or don’t have one).

It is simple, they have reached a level of comfort with their plan or lack there of. It is your duty and mission to shed some light on that comfort by asking difficult questions, poking holes and exposing flaws in the plan or investment strategy.

People will respect you more for your straightforwardness and honesty. Even if they do not sign with you, they very well will think of you first when they hit that first speed bump with their current advisor. 

Change your mindset and see the business grow

At Odegee, we are far from just a technology company but a partner to you as our success grows upon yours. We know from experience it is not anyones fault we become comfortable. We help improve your mindset by providing suggestive wording and opportunities associated with these prospects to help you win more business and households.