A Prospecting Tip from Barack Obama
By Dan Richards*
May 5, 2009


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Dan Richards

Among the key reasons for Barack Obama’s successful presidential campaign was the unprecedented $500 million he raised online. One of the tactics he used has direct relevance to financial advisors looking to attract new clients.

Rather than asking for donations online, the Obama campaign’s online advertising had the single-minded objective to get people to sign up for their email list, agreeing to receive more information. The reason for this was quite simple – obtaining an email address and the owner’s agreement to receive future communication about the campaign was vastly more valuable than a single donation.

That’s true when it comes to raising money for a political campaign – and it’s also true when it comes to communicating with prospective clients.

In the past, advisors talked to prospective clients with the goal of doing immediate business –getting an order over the phone or obtaining an appointment to talk about the prospect’s circumstances and portfolio.

As we find ourselves dealing with increasingly skeptical investors, advisors need to reconsider how they approach prospects.

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