Throughout 2024, we've spoken with hundreds of professionals, and a key focus for advisors is fueling continued growth. Here, we share common successful themes we've learned over the year.
Genuine Relationships Through COI Connections
In a hyper-competitive market, referrals are the lifeblood of new client relationships. However, relying solely on existing clients for new business can quickly become a burden and place them in uncomfortable positions. Enter COIs (Centers of Influence). Instead of focusing solely on distributing business cards, aim to build genuine relationships based on shared interests. We've found the strongest COI relationships are born not via email but through shared hobbies.
Look Beyond the Golf Course: There's a Whole World Out There
While the golf course remains important, new client connections are being made in diverse settings such as pickleball games, wine tasting sessions, horse races, boating events, and even board game nights. In a post-pandemic, post-tech boom world, wealth has emerged in new places. New seven- and eight-figure families are being established in demographics that have never had a country club membership—these clients are where the greatest opportunities lie.
Stand Out from the Crowd With Your Own Online Brand
In today's digital age, having a robust online presence is more important than ever. Make sure your website, LinkedIn profile, and other social media platforms accurately reflect your expertise and services. Regularly update your content to showcase your knowledge and engage your audience with insights that matter to them. Engaging videos can also help drive attention.
Not sure where to get started on your content marketing efforts? With our standard tier offering, we include complimentary personalized content that we create on your behalf to help you build your brand.
Leverage the Power of Storytelling
Storytelling can be a powerful tool in prospecting. Share success stories or testimonials from satisfied clients to illustrate how your services have made a tangible difference. These narratives make your offerings more relatable and can resonate emotionally with potential clients, setting you apart from competitors.
Embrace a Growth Mindset
Cultivating a growth mindset is crucial for any financial advisor. Be open to new ideas, continuously seek opportunities for learning, and be willing to step outside your comfort zone. This mindset enhances your skills and ensures you remain adaptable and responsive to the ever-evolving financial landscape.
One of the most helpful things for Winford when we first started Y Combinator was setting two-week goals tied to hard metrics and sharing our progress in a public setting. Set goals for yourself (e.g., five cold calls, one new client, etc.) every two-week period and keep yourself accountable by sharing with a colleague.
Conclusion
Revamping your prospecting approach can transform your financial advisory practice. By exploring these innovative strategies, you can connect more authentically with potential clients, build meaningful relationships, and ultimately grow your business. Embrace the journey of discovery and unlock new horizons for your practice.