Most advisors consider attorneys and CPAs as primary COIs, and with good reason. The more affluent the client, the more likely they are to rely on attorneys and accountants as a source of referrals. But there’s a referral source they’re missing.
Advisors should focus on establishing trust with potential clients, but what happens when all that person wants to do is talk about risk? It’s tempting to demonstrate your expertise by “educating” the prospect. If you do this, most of what you will be imparting will be irrelevant to the real concern of your prospect.
While being a financial advisor is challenging, if dentists can overcome the obstacles involved in getting patients in the door, you are well-advised to emulate how they do it.
If you lapse into a lecture about the overwhelming evidence supporting passive investments, remember you might as well be showing the prospect an article about bird feeding.
Labeling, especially with an expectation attached, is a powerful force in converting prospects into clients.
Most advisory firms send out a holiday greeting card conveying some positive wishes for the season. Here are some issues you might want to consider.