Marketer’s Guide to Financial Advisor Prospecting in 2024

Oleksandr Rohovnin
11 minutes read
Oleksandr Rohovnin
11 minutes read

The somewhat uncertain economic forecast for 2024 anticipates turbulence and uncertainties amidst growing geopolitical risks and significant domestic challenges in the United Kingdom. However, one certainty remains for the foreseeable future: individuals and businesses will require financial guidance to optimise profits and mitigate risks.

As a financial advisor, you needn’t fret too much about the economic climate: come rain or shine, financial advisor leads will persist. All you require are robust lead generation, prospecting, and conversion strategies to attract customers and guide them towards conversion.

This article will delve into financial advisor prospecting, encompassing a range of strategies and techniques to identify and convert high-intent clients from previously generated financial leads.

Here’s why smart prospecting is essential for you as a financial advisor:

  • It uncovers your most lucrative clients.
  • It enables you to target these clients with the appropriate message at the right moment.
  • It increases your conversion rate.

Without further delay, let’s examine the most lucrative financial advisor prospecting concepts and how to implement them effectively.

Differentiating Between Prospecting and Lead Generation

Wait a moment… isn’t prospecting the same as lead generation?

Absolutely not. Sales prospecting differs from lead generation as much as your sales team differs from your marketing team.

Here’s the distinction between sales prospecting and lead generation:

  • Prospecting involves establishing a personal connection with a sales-qualified financial lead, whereas lead generation focuses on uncovering these leads in the market. Typically, a sales team conducts prospecting, while lead generation falls under the purview of the marketing team.

Although you must generate leads to facilitate sales prospecting – otherwise, you’ll have no one to approach – prospecting itself remains personal, while lead generation can be fully automated.

The 5 Most Profitable Prospecting Strategies for Financial Advisors

Financial Advisor Prospecting Strategy #1: Develop an Attention-Grabbing Selling Proposition

Over time, you’ll engage with hundreds and thousands of sales prospects, each with varying needs and desires – no matter how meticulous your targeting, no two clients will be identical – and you’ll need to demonstrate why you’re the best option for them.

In asserting your superiority, you’ll have one consistent tool at your disposal: your unique selling proposition (USP). Rest assured, you require a compelling USP that leaves them stunned, mouths agape with excitement, prompting them to enlist your services.

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Source: GIPHY


Ways to craft a unique selling proposition in financial advisory:

  1. Concentrate on the niches you are well-versed in. While it may be tempting to target a broad audience – after all, the more prospects, the better, isn’t it? – you can only effectively do so if you have a deep understanding of your niches. Whether it’s tax planning, wealth management, or aiding divorcees, ensure that you possess unique expertise and can substantiate your claims with data and positive feedback.
  2. Analyse the competition. Once you have narrowed down your focus to several target niches, examine what other financial advisors are offering, including their strengths and weaknesses. This stage will likely reveal how you can distinguish yourself from the competition.
  3. Leverage your strengths and others’ shortcomings. Document all the gaps you can fill and improvements you can implement. For instance, if your region is teeming with young professionals seeking to invest in environmentally responsible companies AND lacks relevant financial advisors, you may consider offering advice on sustainable investment strategies.


Examples of Unique Selling Propositions for Various Financial Advisor Prospects

High-Net-Worth Real Estate Investors “Data-driven wealth management: Achieving consistent annual returns of 10% to 12% since 1990.”
Families with young children  “Secure your child’s future by exceeding your education funding objectives with a 99% success rate.”
Expatriates “Cross-border financial planning to reduce your taxes by up to 25%.”

A USP alone won’t suffice, but it serves as an excellent foundation for your financial advisor prospecting strategies. In the fiercely competitive financial arena, you must consistently leverage your strengths to nurture and convert financial advisor prospects effectively.

Financial Advisor Prospecting Strategy #2: Emphasise Added Value Over Aggressive Selling

Financial advisor prospecting involves a more personal approach than lead generation, so it’s crucial to empathise with the client from the outset. The clock starts ticking as soon as the client steps into your office: you have a limited window to earn their confidence.

Consider this scenario: a client has recently received a significant promotion and seeks financial guidance on managing the increased income. As a financial advisor, you have two primary selling approaches: a value-driven strategy and a hard sell, each suitable for specific financial advisor prospects depending on the circumstances.

Here’s how you can structure your conversation with a client, depending on the selling approach:

Value-Driven Approach: Lower Risk, Sustainable Rewards Hard Sell Approach: High-Risk, High-Reward
You: Congratulations on the promotion! Could you please elaborate on your new financial goals? Have you considered something specific?

Client: Thank you! I’m not really sure about where to put this extra money, but I was thinking about opening a retirement savings account.

You: Congratulations on the promotion. Now that you have extra income, we have some high-return investment funds to consider.

Client: Thank you! I was thinking about retirement savings, but I’m unsure of where to start.

You: This would be a great start. I would suggest you explore a few areas where your extra income would benefit you both short-term and long-term.

Client: I also considered investing in stock or real estate.

You: Great! We have some high-yield plans. You can invest in our retirement funds right now.

Client: Maybe I should also consider stock or real estate investments.

You: Oh, these are great to leverage your increased income. However, we must also factor in your risk tolerance so you feel comfortable with your investment.

Client: Regarding comfort, I’m also worried about taxes with my new income.

You: Yeah, great! We’ve had amazing stock returns over the past decade, making this the best time for an aggressive stock portfolio.

Client: Considering my increased income, I also wanted to clarify about taxes.

You: This is a valid concern we always factor in when offering investment options. I can show you our most tax-efficient strategies to help minimize tax liability.

Client: Oh, and I also want to save for my son’s education.

You: No worries – you can handle your tax concerns after you’ve earned with us.

Client: And I also want to start saving for my son’s education.

You: Sure, planning your kid’s education is a wise decision. I can help you explore education savings accounts that offer tax advantages. For the complete security of your family, we have an emergency fund and life insurance policies.

Client: Sounds comprehensive. How do we start?

You: We have education funds that are a perfect fit for you. Let’s sign the papers, and you’ll start saving now! On the same note, I would also recommend buying life insurance through us – we offer competitive rates.
Client: It seems like it’s a lot to take in. Maybe I need some more time to think. Thank you for the consultation, anyway. I’ll get back to you later.

The essence of these two tales of financial advisor prospecting emphasises the importance of conducting a hard sell tactfully to avoid alarming potential clients. There’s no alternative: it’s either delving deeply into their requirements or risking losing them.

Financial Advisor Prospecting Idea #3: Pose Pertinent Queries

You’ve got it: prospecting for financial advisors hinges on earning the client’s confidence, which you can accomplish by posing pertinent questions and furnishing comprehensive answers without exerting undue pressure.

As a financial advisor, you can leverage insights from the customer’s previous interactions, such as on-site engagements, registration forms, referrals, and so forth. The better you understand your client, the greater your likelihood of asking the right questions.

For instance, if you’re assisting a small business proprietor seeking financial planning guidance, you can devise queries that help you comprehensively grasp their situation and narrow down potential solutions.

When conversing with a financial advisor prospect, seek to assess the following:

Elements to Assess Examples of Prospecting Questions
Financial products of interest Are there any financial products you are currently contemplating, have considered in the past, currently possess, or have personal experience with?
Previous encounters with financial advisors Have you engaged with financial advisors previously? How would you characterise your interactions with them? What aspects did you find commendable, and where do you perceive room for enhancement?
Immediate and long-term concerns What are your present financial worries? What are your financial aspirations for the upcoming year, the subsequent year, and over a five and ten-year span?
Preferred communication channels How frequently would you prefer updates on your progress? What mode of communication do you favour: face-to-face meetings, telephone conversations, emails, etc.?
Financial literacy How would you describe your comprehension of the financial sector and its associated products? Which areas do you find particularly challenging?

A well-crafted set of prospecting inquiries – akin to a financial advisor prospecting template – can uncover crucial insights about the client, aiding you in the nurturing process. It enables you to grasp the individual’s profile, their primary challenges, and how your offerings can enhance their financial standing.

Financial Advisor Prospecting Idea #4: Seek Referrals

Combining well-crafted prospecting queries with an irresistible USP might resonate with the prospect, paving the way for requesting referrals. However, each converted prospect reduces your financial adviser prospecting pool, necessitating a delicate balance.

Here’s how to garner financial adviser prospects through referrals:

  1. Establish trust first. Avoid immediately soliciting referrals post-conversion, as it may come across as pushy – prioritise building trust as the primary indicator. Timing your request after a significant financial achievement or milestone, or when the client expresses satisfaction with your services, is more likely to yield positive results.
  2. Be specific and transparent in your request. Express appreciation for selecting your services and clearly outline the type of prospective clients you seek. Remember, referrals can introduce high-intent prospects, so ensure you specify the ideal candidates.
  3. Facilitate the referral process. Offer clients various contact methods such as website links, telephone numbers, emails, and other convenient avenues. Maximise communication channels while maintaining simplicity for referred individuals.

Lastly, remember to express gratitude to your prospects for spreading the word, regardless of the referral outcome. This gesture strengthens relationships and enhances the likelihood of securing additional referrals in the future.

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Source: GIPHY


Financial Advisor Prospecting Idea #5: Implement Automated Prospect Management

While a significant portion of financial adviser prospecting requires manual intervention – after all, software cannot replicate the personal touch of in-person or telephone communication – certain aspects of the prospecting process can be automated. This includes email campaigns, social media management, event registrations, and prospecting analytics and reporting.

Consider the following automation suggestions for financial lead prospecting:

Email Campaigns Automated email campaigns are an effective method for delivering tailored messages to the right financial adviser prospect at the appropriate time. For instance, you can schedule emails triggered by specific actions, such as sending a follow-up email to prospects who have scheduled consultations or downloaded a guide.
Prospect Distribution IVR (Interactive Voice Response) and call intelligence software can aid in nurturing and converting callers by directing them to the appropriate financial adviser within your agency or company. Additionally, IVR systems can assess caller qualifications and relay pertinent information to the relevant financial advisers in real-time.
Event Registration Automation software can manage event registrations, reminders, and follow-ups seamlessly. For example, you can schedule reminder emails a day before a webinar and send brief summaries after the event.
Prospecting Analytics Advanced prospecting tools for financial advisers can gather and analyse intricate interaction patterns, including assessing purchase intent levels, tracking behavioural patterns, and conducting retrospective analytics.

Phonexa offers comprehensive solutions for all these needs. Our bespoke lead management software suite addresses your prospecting requirements comprehensively, aiding in the conversion of financial adviser leads into prospective clients and subsequently into brand advocates, all while providing unified management via a centralised dashboard.

LMS Sync stands as one of eight exclusive lead and prospect management solutions offered by Phonexa. Alongside LMS Sync, there are seven additional options: Call Logic, E-Delivery, Cloud PBX, Lynx, Opt-Intel, HitMetrix, and Books360 – all accessible for just £100 per month.

Secure your suite of prospect management software today, or arrange a complimentary consultation to discover more about Phonexa.

Frequently Asked Questions

Who are financial advisor leads?

Financial advisor leads encompass individuals or businesses in search of financial guidance on topics such as financial planning, tax strategies, investment management, and other financial matters. These potential clients span all solvent age groups, excluding children and young teenagers.

Who is a financial advisee?

Financial advisees are synonymous with financial advisor leads; they represent individuals or businesses seeking professional financial advice or guidance. This sought-after assistance may cover career counselling, education, legal advice, and more.

How do financial advisors attract clients?

Financial advisors employ an array of strategies for lead generation, prospecting, and nurturing to identify potential clients and guide them towards conversion. This typically involves establishing a robust business with a distinctive selling proposition and in-depth subject expertise to both generate and convert financial advisees.

What distinguishes financial advisor prospecting from lead generation?

Financial advisor lead generation entails crafting a comprehensive strategy to capture the attention of a broad target audience of financial advisees, while financial advisor prospecting involves a personalised approach to sales-qualified prospects, such as through a phone call.

Got Questions?

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Oleksandr Rohovnin avatar
Oleksandr Rohovnin
Oleksandr Rohovnin is a copywriter at Phonexa. His passion is digital marketing, innovative technologies, and – above all – distilling vast amounts of complex information into engrossing narratives anyone can relate to. At Phonexa, Oleksandr stokes passion for marketing automation and lead generation in every story he curates.
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