These five strategies are ideal for the experienced advisor. They build on current or past relationships. They aren't that pushy, either. (Photo: Shutterstock)
Once you get an established clientele, it's tempting to stop prospecting. Your mantra is “I grow my business by referrals.”
In reality, prospecting brings back an earlier time in your career. You thought you left that all behind. Now clients are moving to Florida or to the cemetery. You need to replace them. What can you do?
1. The lost clients. Over the years some people left. They might have thought the grass was greener elsewhere. They had a relative entering the business. They were energetically prospected by a competitor.
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Bryce Sanders
Bryce Sanders, president of Perceptive Business Solutions Inc., has provided training for the financial services industry on high-net-worth client acquisition since 2001. He trains financial professionals on how to identify prospects within the wealthiest 2%-5% of their market, where to meet and socialize with them, how to talk with wealthy people and develop personal relationships, and how to transform wealthy friends into clients. Bryce spent 14 years with a major financial services firm as a successful financial advisor, two years as a district sales manager and four years as a home office manager. He developed personal relationships within the HNW community through his past involvement as a Trustee of the James A. Michener Art Museum, Board of Associates for the Bucks County Chapter of the Fox Chase Cancer Center, Board of Trustees for Stevens Institute of Technology and as a church lector. Bryce has been published in American City Business Journals, Barrons, InsuranceNewsNet, BenefitsPro, The Register, MDRT Round the Table, MDRT Blog, accountingweb.com, Advisorpedia and Horsesmouth.com. In Canada, his articles have appeared in Wealth Professional. He is the author of the book “Captivating the Wealthy Investor.”
