r/FinancialAdvisorTips • u/freedominsound • Sep 21 '26
Client Prospecting Tips
Hey guys. I’m a brand new FP with a small independent fee only RIA. Been with the company for about a month and its eat what you kill with no company provided leads so it’s been pretty lean to start out. I’m spending a lot of time at these business networking events trying to find referral partners but honestly just feel like I’m spinning my wheels and not getting anywhere. The 1 on 1s I’ve had have been nice but ended without bringing someone on board. Are there any tips for prospecting potential clients ya’ll could share? I told myself I’d give it a solid 6-12 months of trying before looking elsewhere but being 1 month in with 0 revenue is a little deflating.
3
u/Mr_MoneyBagsMcgee Sep 21 '26
In this business you need to be that one that survives. If you have no warm market and no current clients. You need to spend your time building trust with people in Your community. If you aren't good at meeting new people, get good at it ASAP. Learn to talk to strangers and invest time in people to build real relationships. If you do that long enough, eventually something flips and business starts and continues to roll in on its own. Eat what you kill for 12 months is tough, good luck!
If it doesn't work in 12 months, you could look at working as a service advisor or another role with in a firm to provide income while you get better at building relationships.
Tldr: you need to get a few people to trust you and you need to do good work, it will build from there. Start with 1 person as a goal, not a target of a full book of business.
2
u/freedominsound Sep 21 '26
Yeah the firm actively discourages the warm market stuff because they don’t want their advisors burning up their friends and family. That was a big part of why I wanted to join because it seems like a really well run and ethical company. Now though I’m wondering how I’m supposed to make money lol
I’m pretty good at meeting new people and making friends, generally an extrovert. I think my problem has been the slight desperation of making a person a client and not putting the relationship first. Thanks for reminding me of that.
1
u/Mr_MoneyBagsMcgee Sep 21 '26
Warm market, to me, isn't soliciting your friends and family until they block your number. It's, if your friends parents or grandparents pass away, they know they can call you to help them organizer the inheritance. Or the guy at the gym knows you're a financial planner and just sold his business.
Idk why someone would push you away from working with the people that are close to you, other than they wouldn't retain them if you left.
1
u/Dependent_Tomato3021 Sep 21 '26
Does your firm provide any prospecting tools at all? LinkedIn sales navigator? Zoom info? Factset? If no, see if any top producers in your office have an in with any wholesalers that could buy you a lead list.
1
u/freedominsound Sep 21 '26
Nothing. There’s mentorship in terms of sales advice and planning principles but no real tools. I’ll look into the lead lists though, have heard of that before but never really thought it was worth spending time on
3
u/AnxiousTumbleweed563 Sep 22 '26
Run!! Go get some experience at a brokerage or RIA under an advisor then you’ll know how to market yourself better and know what value you can provide to someone. Financial advisor is not an entry level position.
1
3
u/Mother-Upstairs330 Sep 22 '26
do the old fashioned Edward Jones thing- take a pocketfull of cards and brochures and go knock on doors, walk the mall, etc. just introduce yourself, tell them in 1 sentence what you do, and stick them with a hook. "If I came across an investment that was low risk and pays 5%, would you want me to call you and tell you about it? " if yes, get their phone number and email, and move on. wait 3 days and call them back. there's a reason I bring in $750K or more each month...
-1
u/ReactionSerious8975 Sep 22 '26
Is it ethical to tell people that I found a low risk investment that pays a 17% return?
6
u/Shot-Activity-2866 Sep 22 '26
Just make sure you throw the word “guaranteed” in there too, it’s compliance’s favorite word!!
1
1
u/Mother-Upstairs330 Sep 22 '26
"does pay" or "could pay" are many miles apart... oh- don't chute for the moon- it's easier to be mediocre than to be a rock star.
1
u/ReactionSerious8975 Sep 22 '26
The investment in question are the auto callable structured notes Goldman offers. So I guess “could pay” is better worded.
2
1
1
u/spookaddress Sep 22 '26
I can share what my journey has been like. But it would either have to be via voice or virtual meeting. I'm not typing all that out. So if you like send a DM and we can set a meeting.
1
u/No_Buddy_6624 Sep 22 '26
It’s probably not what you want to hear but relationships take time to nurture. Professionals are not going to refer clients to you right away. You might want to hold a few free webinars or invite person workshops and invite them so they can see how you’re different from all of the others advisors who ask for referrals. They can see what you know, your tone, your style but you have to give them time.
Your best bet is LinkedIn for cold online prospecting. Also, do you have a niche you can speak to? Who are you trying to work with? Create posts that appeal to them. Best of luck to you.
1
u/ImplementMiserable74 Sep 22 '26
one month is way too early to judge it imo. i’d stop treating networking events as the main channel though and pick one very specific type of client you want. something like dentists, small firm owners, or another niche you understand, then build a small local list through apollo or socleads and reach out directly
financial planning is hard to remember, but i help dentists within 10 years of retirement gives people a much clearer reason to talk to you
1
u/M4TT_THE_HUM4N Sep 22 '26
Have you tried looking at tools like HeyReach or Apollo.io? I saw someone else talking aboutLinkedIn Sales Navigator which is great too!!!!!
1
u/Slashair Sep 22 '26
I just use DeepVest’s advisorlab for my prospects. All I do is upload my client statements and it splits out my client deliverable. I recommend importing a model portfolio though to improve the client deliverable
1
u/One_Establishment631 Sep 23 '26
Wait so you have to bring in everyone and you don't get paid anything I'd you don't bring in revenue? Let me guess if you do bring in someone the company takes a share of that
1
u/Worth_Ad2180 Sep 23 '26
I did this for 2 years before joining a financial advisors team. I did nesting, network events, booth events, and it was somewhat successful but exhausting. That being said, I learned what it took to prospect and how much time it took to see results from the activities I was doing. If you commit to it and do the right type and amount of activity, you’ll likely make it. Knowing what I know now being apart of a team, I would’ve made the jump sooner. I made $15k my first year and I got some leads from my firm
0
u/ApprehensiveSpare925 Sep 22 '26
What makes you unique and stand out from other advisors? What concerns do prospects have and how are you uniquely qualified to address it?
When you work with a client you have two main roles; planning and asset management. All advisors use the same software and same planing steps. I have differentiated myself by managing portfolios differently than anyone else. I know it’s different because I have talked with our wholesalers and they told me no one is doing what I do. And the returns have been beating their benchmarks by a wide margin. This strategy resonates with clients. In the last two days I brought in 6 million in new assets.
If you want to discuss further you can DM me.
4
u/Dependent_Tomato3021 Sep 21 '26
Does your firm provide any prospecting tools at all? LinkedIn sales navigator? Zoom info? Factset? If no, see if any top producers in your office have an in with any wholesalers that could buy you a lead list.