Here is what the leading advisers do to ensure best results from prospecting.
First impression is the last impression; this popular old age adage fits the financial advisory profession especially while prospecting a new client. Some financial advisers believe that converting a prospect into a client requires a systematic professional approach.
Cafemutual spoke to some leading financial advisers to get them to share tips based on their experience.
Homework- Nikhil Kothari of Etica Wealth Management feels that doing homework on client’s profile through Linkedin, Facebook and common contacts before meeting will definitely help advisers. “It will give you upper hand in building strategy and understanding their need better. Your prospect will also appreciate the effort put in by you,” says Nikhil Kothari.
Testimonials – Suresh Sadagopan of Ladder 7 Financial Advisories believes in sharing testimonial with the new clients. “Testimonials from existing clients will help advisers to better represent themselves before new clients. I believe that a potential client always tries to look at the IFA’s track record before starting any business relationship.”
Have a comprehensive, meaningful meeting -Yogita Dand of ASKy Financial services advises, “At least 3-4 hours of interaction is required in the first meeting. Advisers should listen to their clients and write down the important points. Based on these points, they should present a best suited financial plan for clients as per their goals.”
Invite clients in your office, if possible - Nikhil observes that inviting clients in your office in the first meeting gives you more opportunities to present your resources and capabilities – you can introduce the prospect to your team, demonstrate software and tools to create a positive impression. “Meeting a client in his place may restrict you; you can at best carry a laptop and some files if you meet clients in their place”, asserts Nikhil.
Share your approach and philosophy – Yogita believes in sharing working approach and philosophy with clients. She says “Advisers should explain their clients that how they work for preparing a financial plan. This will help you to gain client’s confidence in the first meeting.”
Set of questions depending on life cycle need –Tejal Gandhi of Money Matters believes that advisers should prepare a set of questions depending on the life stage of clients. “The financial goals of a young professional will differ from a married person. Hence, separate questions should be prepared for young professional, unmarried, married, married with children, pre-retirement phase and post retirement.”
Presentation and Style- Nisreen Mamaji of Moneyworks Financial Advisers believes in effective physical presentation for prospecting a new client. According to Nisreen.“Ensure that you are smiling and in a happy frame of mind since your listener will catch your frame of mind. The style of the conversation must be result oriented without being pushy.”
Yogita believes that visual presentation through videos and slide shows helps your client to understand your business and concept of financial planning. “Advisers should work on their presentation skills. You have to keep it very simple so that new clients can catch it easily.”
Form approach - Tejal claims that the FORM approach has worked out well for her. According to Tejal, “FORM stands for family, occupation, related to hobby and message. In this approach, we ask questions related to family details, occupation and hobbies and try to find out their financial objective which is a like a message for us. It helps advisers to better understand their client’s need and also in drafting a best comprehensive financial plan for them.”
