If you're in a financial advisor career, you're probably like I was when I was a financial advisor with American Express: always seeking to increase client acquisition.
If that's you, read on for one of my client acquisition strategies that worked amazingly well.
The key to growing your financial planning practice chock is full of affluent clients is to get clients by REFERRAL from existing clients.
This is by far the easiest, least expensive and fun way to grow a financial planning practice. Most financial advisors simply ask their clients for referrals. Then, the client says something like "I do not know of anyone right off the top of my head, but I'll keep you in mind."
Not the answer you're looking for.
I used a simple strategy that will get you more referrals than you could ever be able to handle (which is a good problem).
I call it INSERTION. I inserted myself into my client's lives. Insertion is a powerful strategy, because it does double duty – it cements the relationships you have with your existing clients, while exposing you to all their friends and family.
And the INSERTION strategy is easy to implement. It takes 3 things:
1. To be warm, outgoing and friendly.
2. Let your clients know you are open to coming to their life events (weddings, funerals, etc.). You can do this very subtly, by suggestion, not by outright asking.
3. Go to the events you're invited to by your clients, with an eye out for gaining more clients. Be balanced here. You're not at the event to have a good time and hang out, but you're not there to shove your business card in everyone's face either. Be mindful to have an enjoyable time, while letting the people at your table – and the people that you'll connect with at the event – how you know the host or hostess. When their friends and family find out you are the host's financial advisor, they'll ask more questions if they want info.
Do not give them information overload! Have a short, compelling elevator speech ready, and slip them a card. Ask them for their card also. Then tell them you will contact them on Monday morning to chat more.
Be casual, professional, and engaging.
And above all, remember that the event is about your client, not about you getting more clients. That just happens as a very nice side effect.
The more you hang out where your affluent clients are hanging out, the deer into their circles you will be able to insert yourself, which means soon you'll be doing business with many of their friends and family.
The INSERTION method works. I used it for years, and had fun doing it! And more importantly, provided a great value and service to my clients, their friends, families and associates.