Home of the Registered Investment Advisor
Over the years, advisors have shared with me how they build rapport with prospects in a first meeting. Obviously, making a strong first impression is critical to winning trust and establishing a professional relationship that is built to last.
A few years ago I became acquainted with an up-and-coming financial advisor in South Florida who’d developed a burgeoning niche serving high-end physicians, specialties such as surgeons and radiologists. He chose this niche because of the high-income potential as well as the complex financial planning needs. In just a few short years he amassed more than $150 million in assets by becoming the “go-to guy” for this niche.
Forging strong bonds with accountants is one of the surest ways to enhance your reputation as a problem-solver among potential clients. Tax day is just around the corner. In addition to preparing and sending your clients’ gain/loss reports, and promptly answering any cost basis or other questions, you can pamper your CPA with some personal touches. (I know accountants who would love these, and advisors who have done these.)
This Thursday kicks off the Big Dance in college basketball. Over the next three weekends, during 10 intense days of competition, 64 teams will play for the crown. And the name of the game is to score more points than your opponent, of course.
Advisors who cultivate referrals enjoy a ready stream of new qualified business. So-called “closing” ratios are higher on referred business, and referred clients may even be more loyal and more willing to refer – if they meet your ideal criteria.
So what holds advisors back from getting more referrals? Here are three common hang ups I’ve noticed from my discussions with advisors.
