Top 3 Investment Advisor Prospecting Hurdles & Solutions
Presumably, you are reading this article because you’re interested in financial advisor prospecting. So, before we do anything else, let’s define what prospecting actually is.
In this list of “undeniable truths,” we are assuming you have a basic knowledge of lead classification and pipeline management. These same cold-calling tips do not necessarily translate to a cold email campaign.
Hot Prospect: Someone very interested, financially qualified, and willing to begin the sales process by setting an appointment now. No appointment = not hot.
Cherry: A prospect who is interested, financially qualified, and willing to receive investment literature. Mostly, your cold-calling should focus on finding cherries because cherries, properly developed, become hot prospects.
A Cherry is someone who is interested and financially qualified NOW. They just need a few more follow-up calls to get them into the Hot Prospect category. That warming typically takes two approaches: they need more information, or they need a better personal connection with you.
We call this grade a “Cherry” because somewhere along the road, Bill was trying to pry people loose from the habit of endlessly jabbering at anyone with a pulse. He had the concept that some prospects were worth spending time with and others weren’t. One day “pick the cherries not the pits” sprang to mind, and this type of prospect has been a “Cherry” ever since.
PITS: If a Cherry is a potential client, then a pit is nowhere near that. A pit is someone who is not qualified, not interested, and sometimes not even nice. Don’t waste your time trying to bring this person around. We call it pit polishing, and there is no greater waste of your time.
Now that we are on the same page with terms, here are the 33 Undeniable Truths.
Suppose you pick up a list of highly compensated employees at the local branch of XYZ, Inc. You have a client there, and you are able to get the 401(k) menu. This script would have an excellent chance of success: I have prepared a special report on the menu choices of the XYZ 401(k) plan. Some of the choices are quite good. Others, not so much. It may defeat your financial goals if you are invested in the “not so much” category. May I send you this report?”
That script works so well that you could even leave it on your prospect’s company voicemail.
33. Keep statistics. By knowing what is working and, more importantly, what is not, you can avoid being impaled on “Basic Mistake #1.”
So, there it is: the 33 Undeniable Truths About Cold-Calling.
One final cold-calling tip to help you along:
Cold-calling can feel a lot like dialing for dollars. It can be a remarkably powerful prospecting tool.
But only if you follow this rule: Look for people who are interested and qualified right now. Ignore the rest.
Reject those who do not meet your criteria. Simple and very powerful.
The remaining problems we see financial advisors report are:
And they are topics for a different article. If you find success using any of our cold-calling resources, we’d love to hear your success story!
Bill Good is the founder and chairman of Bill Good Marketing. His latest book, “Hot Prospects,” is No. 88 on the 96 Best Prospecting Books of All Time list and is available on Amazon. He created the Bill Good Marketing System and has been named one of the industry’s top five coaches.
Presumably, you are reading this article because you’re interested in financial advisor prospecting. So, before we do anything else, let’s define what prospecting actually is.
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