Are you a financial advisor? Have you ever asked your fellow advisors seated nearby for prospecting advice? Sometimes it’s useless/ “Everything works, but nothing works” someone might tell you. If they have found the goose that lays the golden egg, they might not share the details because everyone would start doing the same thing. The unique magic will be lost. People watching famous chefs cook on TV shows often share the same sentiment. The Tv chef leaves something out, like an ingredient or a measurement. That’s because they want you to buy their book! Some prospecting advice is insightful.

  1. **You can chop down a tree with a hammer. **Persistence pays off. With this analogy your first thought is “A chainsaw would do the job much faster.” The meaning is any strategy should yield results if you stick with it long enough. Don’t try a strategy for three weeks, get disappointed with the results and switch to another strategy. You might be at the point where results will start to come.
  2. Refine your approach. You might disagree with the above advice. You quote Albert Einsten: “The definition of insanity is doing the same thing over and over, expecting different results.” (Spoiler alert: Einstein never said it!) Look at your strategy and consider the variables. How can I change my approach? How about changing my timing? If you buy into “there are no new ideas” find someone who is using a similar strategy elsewhere. Learn from their best practices.
  3. Prospecting and roulette. You are using a strategy that should deliver results. It’s not working. You are reaching out and contacting people through a medium you chose. Bear in mind your previous outreach a moment ago has no bearing on the outcome of your next outreach. Using cold calling (older advisors will remember those days) if you called five people and they were not interested, this is not a run of bad luck, so number 6 will not be interested either. The outcome of call number six is detached from the outcome of the earlier five calls. Every outreach is a new instance.
  4. Follow up is important. It is highly unlikely you will reach someone ready to “pull the trigger” immediately. They need to get comfortable with you first. They will check you out. Do not wait for them to make the first move. You need to reach out.
  5. Always bring new information. When following up with a prospect, the calls often have the feeling “have you made a decision yet?” When they get tired of putting you off, they don’t take your calls. Try to always bring new information when you call. This sets up the scenario that whenever you reach out, that person learns something to their benefit.
  6. Learn their preferred communication channel. This doesn’t need to be the only channel, but it’s the one that gets their attention. Try a few and see which one gets the fastest response. Once you are getting close to closing, your message might be “We need to make our next connection a phone call.” People are busy. Conform to how they like to communicate.
  7. **Play the long game. **You might connect with someone on social media. Then they go dark. You have different ways of staying on their radar. Keep it up without becoming annoying! When they are ready to act, you want to be the first name that comes to mind.
  8. Reply to all personal messages. This is important, especially on sites like LinkedIn. Your connection might be advertising to you. I send back a message “Thanks for explaining what you do.” You might not think there is any business potential with some connections, but be gracious and reply. There is always the possibility of referrals.
  9. **Prospecting never stops. **Were you initiated into a fraternity or sorority? Years ago, “pledges” went through “hell week” before they were inducted. Some people view prospecting as an unpleasant “hell week” ritual lasting two years, then you never need to do it again. Successful advisors are continually prospecting.
  10. Have a sense of humor. When I follow up, an expression I like is “There is a fine line between efficient follow up and being annoying. I will try to always stay on the right side of that line.” The other person often laughs and says: “No worries. I will tell you if you ever get annoying.” Humor is a universal language.

In the age of fee based pricing and annuitized business, you are building a clientele that will continue providing revenue as you grow together. Putting in the effort now pays off, over and over.