Originally published in Aspire Magazine, April/May 2023, page 45, “Best of both worlds: Blending traditional with digital.” Source/credit: https://aspiremag.libraip.com/aspiremag/library/page/april___may_2023/45/
Matthew Collins is a principal and shareholder of Financial Decisions, a financial services company in Sydney, Australia. Matthew is an 18-year MDRT member with more than 25 years of experience in financial services.
“The most successful traditional approach has been asking clients if they’re willing to connect me with their tax professional or accountant… you can build a rapport [with them] based on what is best for the client.”
Best of both worlds
Blending traditional with digital
Prospecting today can take on many different forms. While there isn’t one right or wrong approach, certain techniques can streamline the process and improve results. By incorporating both traditional and digital elements into your processes, you’ll reach more prospects and create necessary connections to set both you and your clients up for success.
Traditional approach
In the early 1970s, my father would visit his clients’ homes to deliver the policies. He’d ask his clients if they were satisfied with his services, and if they had any reservations about recommending his business to their connections.
He would then have them provide three names and ask them to give the three a “heads up,” before he contacted them. Though this may have worked for him, the majority of clients today aren’t likely to immediately refer anyone to their peers. My practice instead provides clients with meeting agendas, and we leave a space that says, “open for referrals,” in case they know someone that could benefit from our services. This opens the door for clients to write someone down if they’d like, or consider this in the future, without putting them on the spot.
For me, the most successful traditional approach has been asking clients if they’re willing to connect me with their tax professional or accountant. If so, I make sure the client is open to me sharing a potential financial plan. This gives an opportunity to share the plan with their accountant and ensure there aren’t any issues in it from a tax perspective. By proactively providing the tax professional with the financial plan, you can build a rapport based on the mutual desire for what is best for the client. Developing that relationship can prompt additional referrals, as you provide exceptional service and build trust with the tax professional or accountant.
Weaving in digital
Though tax professionals may potentially refer you to other prospective clients, that’s only half the battle. Having a thorough online presence is pertinent, as the majority of prospects will do their own research before they take the time to reach out. Your professional LinkedIn account and business website are typically the first impression you’ll give to prospects, so you’ll want to make sure those profiles are up to date and showcasing your practice in the best light. By having a built-out online profile and a website that highlights your expertise, you’ll be able to pique the interests of more prospects and develop some relational equity before you even meet for the first time.
Prospecting in this digital age can be intimidating and exhausting; thousands of other financial advisors are trying to grab the attention of similar audiences. Having a process set in place on how you’d like to connect with potential clients will allow you to be more secure in your approach. Implementing both traditional and digital aspects of prospecting will allow you to reach more of your target audience, and create the necessary connections to take your practice to the next level.