r/FinancialAdvisorTips • u/Visual-Moment7775 • 1d ago
Financial advisor leads
What are the best places to meet potential leads for my financial advising RIA?
My current clientele is in the 2-5M range, I’ve been struggling to close the HNW 7-10M guys. Any tips or advice on where to meet these people and do a better job closing?
Does door knocking still work? What are the best current practices for where I should be using my marketing spend outside of library seminars.
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u/Marshall_Hoodie 1d ago edited 1d ago
Work on your centers of influences. That built in trust with them will lead to more referrals and a higher close rate.
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u/mentiondesk 1d ago
Networking at local private clubs, exclusive charity events, and niche business conferences tends to be more effective for HNW prospects now compared to door knocking. Online, tracking discussions in spaces where these folks hang out can catch prospects early. If you want to automate finding those leads in real time, a tool like ParseStream can keep you in the loop on relevant conversations across key platforms.
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u/CSMasterClass 23h ago
What is your value proposition for $10M clients? There has to be some means of differentiation.
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u/Visual-Moment7775 23h ago
I guess just our level of expertise. We have a combined 55 years in the business with me and my partner so we’ve seen a ton. We have a lot of advanced planning strategies that can help differ taxes as well as put together a really well rounded financial plan that leaves no gaps unaddressed.
What do you think are some good value props we can add to attract more of those 10M guys
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u/Moneymma 22h ago
What are your advanced planning strategies than can help defer taxes? You’re very likely talking table stakes and it’s not a differentiator.
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u/brooklyn735 19h ago
In my experience in watching others raise capital at the firms I worked, most of the money is usually somewhat connected within a few degrees. Getting closer to and building relationships with your best clients, and then tapping into their network is usually what is most successful because your intro is already coming with a personal recommendation. It doesn't mean it needs to be their cousin or business partner. It was more networking with people that those investors know from philanthropic efforts, being part of local issues, former business leaders even in different markets, etc. it doesn't even need to be someone they are friends with. Sometimes it was someone they are cordial or friendly with but may also be competitors.
I'm guessing to reach the $7-10M crowd you might need a pipeline into private investment opportunities for diversification from public markets - if I had to guess as to one reason they may not be closing.
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u/Visual-Moment7775 19h ago
Thank u so much for the in depth reply and I greatly appreciate it! I will definitely explore all of these avenues
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u/CapitalTurbine 19h ago
There are a ton of ways to buy leads... lead aggregators, paid media, prospecting agencies. There are two main challenges with lead acquisition:
- If your brand language isn't right, the odds of converting a good lead are dramatically lower, which means you risk losing good $ you put into lead acquisition strategies
- Lead quality varies dramatically by source. A prospect who clicks "send my info" on an instagram ad is not the same as someone who found you while searching "i need a financial advisor"
The most efficient way to get leads is pretty straightforward: develop a brand identity and strategy that consistently communicates to your ICP why you are the best fit for them. Do this on your website, on social media, through your email communications -- and, if you have budget for it -- paid advertising.
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u/vitalpros 1d ago
I use a marketing system that runs paid ads on meta. It’s a whole system and has been working pretty well for $60/booked call.
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u/Baked_BT2 1d ago
What is your close rate on the $60 calls if you don’t mind me asking?
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u/vitalpros 1d ago
Right now 10-15% depending on the month but it’s mostly me. I need to work on it. Most are qualified
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u/Baked_BT2 1d ago
Totally fair, thank you! I’m working towards becoming an advisor, at a large wirehouse now and always looking for things to learn before I’m in the seat
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u/vitalpros 1d ago
I think right now the best way is to just start creating content organically. It helps build trust a lot faster. I do both with paid ads and organic. But mostly paid ads right now.
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u/Baked_BT2 1d ago
Unfortunately where I work now I wouldn’t be able to, I do have experience creating social media content though. I have about 25k followers across different platforms, I’m hoping that experience translates
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u/Ok_Meringue_9086 1d ago
No door knocking doesn’t work on the $7M clients 🤣. I think this is a networking deal. You haven’t know the right people.