In my opinion, based on coaching thousands of advisors over decades in this industry, preparation is four things.
It is creating and sustaining the trusted advisor relationship with every client. This alone can direct an “out of the blue” windfall to you.
To increase your odds, have detailed knowledge of every asset which could re-materialize into an opportunity.
The first step in acquiring this knowledge is to find and catalog these assets. “The ‘How’ of Windfall Prospecting” on my website truly is the “how to” you are going to need (and can be downloaded).
Finally, engage with your biggest competitor.
“Hold on Bill,” you say. “How am I supposed to engage my biggest competitor?
Let’s think for a minute. Is your biggest competitor “that nice young advisor at the bank?” Doubtful.
What about, “We’ve been with our other advisors for 20 years?” Is it them?
Maybe. Most likely, your biggest competition is the prospect’s family.
Kid #1: Mom, Dad, those student loans are killing us.
Kid #2: We should never have re-financed the house. With college coming, they are going to have to go to community college and get a job.
Kid #3: We’re just not making enough. We want to buy a tanning franchise.
Mom: The bathrooms and kitchen in this house are awful.
Dad: I want a boat.
How much is left for their investment account? Zero, zilch, nada.