Grant Hicks, CIM
Let’s face it,
you have a successful practice, and you are growing, but you still are not
acquiring ideal clients. As Albert Einstein said, the definition of insanity is
“doing the same thing over and over and expecting different results”. Are you
talking to the same type of clients and prospects every week? Or are you
talking to ideal prospects, people who will pay you more than any current
client pays you?
How do I define ideal
clients?
To acquire ideal clients you first must define your ideal client definition.
What is the revenue you want to generate from a new ideal client this year? Is
it $5000 or $10,000 or $20,000 or more? Define the revenue that you want to
generate to your practice per ideal client, family or household. Take the top
paying clients, double the revenue from your best client, and use that as a
guide to what an ideal client can generate as revenue. Now that will make you
start to think about the value you have to deliver the acquire more ideal
clients. The more value you deliver, the more valuable you become.
How can you deliver
more value?
How to deliver more
value?
To answer this question, you first must look at the value you deliver now, and
figure out what value do I offer to ideal prospects? What are the three things
ideal prospects are not getting from their current financial advisor or
institution? Once you figure out what they are not getting, this becomes part
of your value-added offers to make to them. For example, are wealthy prospects
getting clarity around all of their goals, clearly mapped out on paper, and
have a comprehensive financial and investment strategy? What is their
probability of success in reaching their goals? The problem with ideal
prospects is that they don’t know what they don’t know. They don’t know they
are not getting all of the value-added advice and services you offer. How will
they know what they don’t know? This is part of your offers, which come in the
form of value-added questions. So what are your value-added questions? How will
prospects know what they don’t know?
The second problem
The second challenge for financial advisors and wealth managers trying to
acquire more ideal clients is that their offers are logical. You and I know
that the wealthy engage emotional first and logic second. Making your offers
emotional is the hard part since most financial professionals talk about financial
planning, wealth management estate planning and turn them into offers which are
almost always logical. So where do you start to engage these ideal prospects?
How confident and successful are you to pick up the phone to set up
appointments with ideal prospects? This is the hard part, isn’t it?
What are your emotionally compelling offers?
Once you discover how to make these emotionally compelling offers, how do you
practice them? What are your offers on a phone call to an ideal prospect? Do
you have one offer or three, four or five offers to make? Do you have
successful scripts to use or do you wing it on the phone with an ideal
prospect? Most financial advisors I talk to don’t even get to the wing it
stage, because they are not making the calls. They are sending messages, hoping
to engage the ideal prospect. Hope and winging it are not sound plans. This is
where proven processes can help. That is what practice management is all about,
Do you have proven scripted processes to find, meet and acquire ideal
prospects? If the answer is no and you are looking for processes, contact to
learn how to implement proven practice management processes into your practice.
How about your goals
for your practice in 2021?
Our Practice
management checklist or fee audit checklist
While each financial advisor's practice may have a different approach, advisors
need to understand where their practice needs help, and will they get the right
help for the right part of their practice. What areas does your practice need
help with? Get a copy of our updated 21-page “Comprehensive Practice Management
Strategies checklist” by going to our website
https://www.advisorpracticemanagement.com/about-us
or clicking here
https://practicemanagement.getresponsepages.com/
Fee audit checklist for ideal prospects, click here https://feeaudit.getresponsepages.com/
Become a “Future ready Advisor” get our 21-page technology checklist here https://technologychecklist.getresponsepages.com/
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