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The Client Acquisition Checklist™ for Successful Financial Advisors

By Ray Sclafani | January 22, 2013


As a business-coaching firm that has worked with thousands of the most successful financial advisors and advisory firms, we have observed the habits and characteristics of the “best-of-the-best”.

As such, we have two observations when it comes to successful client acquisition techniques:

1. No secret sauce exists. When it comes to client acquisition, there is no single right way. In other words, regarding attracting and beginning new client relationships, there is no paint-by-numbers, foolproof approach. There is no secret sauce with the money back guarantee, no magic beans, no silver bullets, no golden hammers, or whatever idiom you use to symbolize the easy answer that doesn’t exist.
 

2. Build your own structure. Yet…the best financial advisors and advisory teams do have one thing. This is a clearly defined client acquisition process. Often times this structure has been arrived at through hard earned experience and learning through trial-and-error. Regardless of how it got there, the client acquisition structure is clear, defined, and replicable (and often uniquely their own!).

With this caveat aside, we can identify 18 different client acquisition behaviors that seem to exist for every successful financial advisor. When viewed in their totality, these habits are a terrific starting point for financial advisors who want to build an effective and fruitful client acquisition platform.

 

The ClientWise Client Acquisition Checklist

  • A defined client acquisition strategy
  • A defined advocate approach, i.e. client advocates, professional advocates, or centers of influence
  • A follow-up process for referral sources
  • Client acquisition goals
  • A lead generation process
  • A pipeline management system that tracks client acquisition efforts and results
  • Perpetual client acquisition campaigns
  • Annual marketing budget
  • Active mailing -- or e-mailing -- list
  • Time-blocking for client acquisition activities
  • For teams, client acquisition roles and responsibilities that are outlined and understood by all team members
  • A formalized accountability process that ensures that client acquisition remains on track
  • Three to five existing alliances with Professional Advocates such as attorneys, CPAs and other professionals, who appreciate what you do and who actively provide new client introductions
  • Three to five existing relationships with Loyal Client Advocates who appreciate and value what you do, and are actively involved with new client introductions
  • Ideal client types
  • A clearly-articulated value proposition
  • A distinguishing characteristic that separates your advisory practice from the competition
  • A new client on-boarding process

 

Next Steps: Build Your Own Checklist

Review the observed behaviors of successful financial advisory practices above. Use some, or many, or all of these activities to build your own client acquisition structure. Don't stop there. Add your own unique success traits. Experiment. Evaluate. Learn from your success. Document your process. Replicate. Improve. Expand. 

For additional client acquisition strategies and insights, please download the complimentary Client Acquisition Learning Tool below:

 

How_Successful_advisor_find_new_clients-ClientWise-download

Topics: Client Acquisition Business Planning Operations

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