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 next year? Is it $5000 or $10,000 or $20,000 or more? Define the revenue that you want to generate for 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?
Ideal families
The financial industry teaches us to measure clients or households, but what about ideal families? How many ideal families do you have? I mean the whole family, parents, children, and grandchildren, and other family members, and relatives. When you measure your ideal families, as a family office does, the revenue can be anywhere between $10,000 to $100,000 per year or more. Start your segmentation by looking at how many ideal families you manage?
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 emotionally 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 that 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 emotional 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. Even worse, they are asking someone else on their team to make the calls. You can delegate everything in financial services except ideal prospecting. This activity takes a lot of time and energy. 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 me to learn how to implement proven practice management processes into your practice.
How about your goals for your practice in 2021? Practice management 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 comprehensive practice management checklist by going to our website https://www.advisorpracticemanagement.com/about-us or clicking here https://practicemanagement.getresponsepages.com/
How to have more offers to ideal prospects?
Contact us to discuss your ideal client acquisition plans, email grant@ghicks.com or set up a complimentary 30-minute discussion about how to have up to 6 emotionally compelling offers to make to ideal prospects by clicking here:
https://my.timetrade.com/book/JMTNJ
December 21, 2020