Maximize Your Relevancy to Prospective Clients by Knowing Your Assets

You might also have hidden assets you didn’t realize. Want to be more available to help your clients? Ask your staff about their flexibility. If they’d prefer four 10-hour days to five 8 hour ones, you might have a new asset in your extended hours.

Fintech may have hit some let’s say “snags” recently on the market, but as tech continues to roll out new programs that help clients fill niche needs you may be wondering if your prospecting data can keep up. It can be hard to tell when it is it time to dump your current prospecting data. Financial advisors may wonder if they are collecting the right data when they prospect for new clients. It’s never a bad time to review your approach to prospecting data.

Traditionally, financial advisors’ prospect lists are often made up of those who may be looking for financial advisory services. They may seek information about those moving into new wealth stages after a degree, license, or significant promotion. But that data may fall short. Instead, you may also want to search for prospective clients who fit the characteristics of what makes your firm unique. This might include the demographics of your advisory team in terms of diversity in age, race and ethnicity and gender. It might also include the demographics of your advisory team on other levels too – such as first-generation college graduates. Your firm may also be unique because of the relationships you have with other service providers like accountants, attorneys, estate planners, insurance agents and real estate agents.

Instead of searching for clients based only on your training, try looking for what makes your team unique. To borrow from market researchers in the fundraising world, you might want to create a list of your intangible attributes first, then go looking for those who might benefit from them. For example, if you were finding donors for a small college in the mountains of Colorado, you might want to search beyond just those who were alumni of that college. Instead of looking just for high wealth individuals, you might identify the attributes of the college first then look for those who are actively seeking those attributes. Let’s say the college was known for growing entrepreneurs, had an exchange program in France, and also had a collaborative approach to dining services highlighting the botany and culinary programs. These attributes are assets that the college marketing team can use to match prospective donors to their programs. A list of the assets could include entrepreneurship, cultural exchange, farm to table, and local foods. Finding donors who post about these topics on social media, include these details in writing or speeches, or have aspects of these assets in their own corporate work would be easy.

So instead of looking at only your credentials, which are essential, also look at your list of assets. And, many of those assets could be hiding in your staffing. If you have more staff than others, it might be an asset to those who didn’t grow up in communities with financial advisors or wealth managers are seeking. That possibility for high touch client relations could be just what they are seeking. You might also have hidden assets you didn’t realize. Want to be more available to help your clients? Ask your staff about their flexibility. If they’d prefer four 10-hour days to five 8-hour ones, you might have a new asset in your extended hours. You can find prospective clients who may those assets just like the college did – by looking for those who are posting about those needs in social media or other areas.

Once you’ve established your asset list, you can then find prospective clients that fall into it. What comes next is what matters. “By creating relevancy, you're much more likely to engage a prospect and have a positive, meaningful conversation.”[1] Whether you use that asset match information for a cold-call or an email, the key to maximizing your relevancy to your prospective client is knowing about it in the first place. How you use the source of the information you found on your prospective clients involves your ethical and regulatory framework. Matching your assets to prospective clients will always increase your relevancy and help your data work harder for you.


These articles are prepared for general purposes and are not intended to provide advice or encourage specific behavior. Before taking any action, Advisors and Plan Sponsors should consult with their compliance, finance and legal teams.

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