A Six-Step Plan to Track Prospects

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It is less expensive and time consuming to keep an existing client compared to acquiring a new one. Therefore, much information is offered regarding serving clients.

However, acquiring new clients is an important part of growing and maintaining a practice since clients pass away or move to a state where you may not want to pay an additional fee to become licensed.

Many advisors are terrific at securing new prospects, but I have found that most need guidance in keeping track of and staying in touch with those in their pipeline.

This article will walk through six steps you can take to ensure that transitioning prospects into clients is a successful venture. But, first, let’s confront a universal issue that confounds advisors when they work with prospects.

Persistence versus stalking

One question that advisors frequently ask me is, “How do I know where the line is between persistence and stalking?” The answer is that advisors feel they are approaching the stalking line much sooner than the prospects do.

This means advisors give up too soon.

Early on in my career, I took over a lead from another advisor who was not having success with the prospect. In the beginning, I discovered that the woman I was speaking with was the wife of the president of a locally based business with international clients. The husband travelled extensively. Over a number of months, the wife and I spoke 12 times

Yes, that’s 12 times.

Mind you, the 12 conversations happened over roughly a year. In the beginning, I contacted the wife every week or two and then lengthened the time between contacts to one to two months, sometimes longer. There isn’t an exact science to how often to reach out. You just have a feeling about it. The point is to stay in touch as is appropriate for the relationship you are developing.

We eventually pinned down her husband for a meeting. Because the wife and I had formed a fairly strong bond during our calls, we couldn’t wait to meet one another. Ultimately, this couple became terrific clients.

Even though every prospect will not become a client, you will increase your odds of success by following six steps and paying attention to the following reminders.