4 keys to client acquisition in Wealth Management for the back half of 2017

​I think we’re all surprised by the fact we are in late August. We lead full lives and the lives of our prospects are full as well. But coming out of the Labor Day holiday we will all be met with a need for a plan to close the year.  Now is the time to take stock of what’s worked, what hasn't and what we can all do differently to bring in a solid 2017. Here are 4 keys to accelerating your client acquisition efforts to finish strong:
 
Part 1: You and client acquisition – you are the indispensable resource!
To accelerate your pipeline, get prospects to see themselves in the relationship with you. Most probably they are working with another FA and they want to see if the effort is worth it to change. YOU ARE WORTH IT. Immerse yourself in the issues, challenges and aspirations of your best prospect types – make sure your messaging reflects them:

• You have four demands on your time: existing clients, prospecting for more, networking and compliance. Prospecting is always under attack from the other three.
• Find ways to create value that transcends your platform or the prospect’s portfolio. Your competition can do this well.  You are the differentiator.
• Sell the verb, not the noun. Prospects care more about the context of the why and what you do vs. your title.
• Great messaging answers 4 questions: 1-Who you work with, 2-the problems you solve/needs you address, 3-the impact you’re having and 4-a glimpse into your secret sauce for how you do it. 

Part 2: Create Greater Affinity – get closer than the incumbent!
When prospects sense that you understand their unique situation they share more. The more they share the greater the impact of your recommendations. Be “issue fluent” in the issues that matter most to your prospects. Improve your business acumen and let your COIs know of your focus and why:

• To mean more to prospects you need to know more.
• Focus on 3-5 client types that qualify and hold a personal interest for you (Physician Groups, CEOs, Franchisees, Newly Married Professional Couples).
• Know the dominant client types in your market area.
• Create “issue fluency” in these prospect areas. This gets you to equal business stature with your prospects.
• To go fast you need focus. Your COIs and other referral sources need to know who’s right as well. Declare who’s ideal and why.

Part 3 - Meetings and Interactions  - It’s your time too. Done waste it!
People have interesting relationships with their money and their pets. And they’re not always rational. Data shows the confidence level of prospects actually goes DOWN after a first meeting as the prospect of change and the skepticism of someone new doing better sets in.  Your first meting goal has got to be to secure the second meeting!

• In progressing with prospects, meetings will take on a different feel. 
• There are typically three types of meetings: 1-Coffee Talk, 2- Discovery and 3-Recommendation
• First meetings should be about mutual sharing: Second meetings should shape an idea and build urgency for action.
• Use prospect spoken words to align your solution. Prospects buy context.
• All meetings: Review the progress and suggest a next best step for all.

 
Bonus – Closing: Let prospects know how much you’ve done to their benefit!
By this time you’ve followed your playbook to get to this stage. But the prospect doesn't have a copy. Bring them back to the value you’ve both created over time.

• Ensure the prospect knows where they are in the process and how you both got there.  Bring them back to how it all got started.
• Communicate the value created during the process, dates of meetings held, mutual value established and the rational for your recommendation.  This can be your actual closing meeting agenda.
• Pledge your commitment and ask for theirs!

 
For more support for your client acquisition efforts this fall, visit www.billwaltonsalestraining.com or write to Bill Walton at bwalton@billwaltonsalestraining.com.