January 16, 2023

The future-ready financial advisor. How to find more ideal clients in 2023? 

Ideal Clients Defined

Do you have a clear definition of what an ideal client is? How much revenue do you want to generate for every ideal client, family or household? Is it $5000 or $10,000 or $20,000 or more? Defining what your ideal revenue is first. Then plan on delivering more value to those clients that pay you the most, and you will gain confidence by delivering more to your best clients.

Measure the Number of Ideal Clients
 
How many ideal clients do you have now generating your ideal revenue per client? If your ideal revenue per client is $10,000 and you have 20 clients paying that, how many could you manage in a calendar year, if that is all you did? If eventually all of your time was spent on ideal clients and prospects, how many could you manage in a calendar year delivering more value each year? Usually, the number is 100 or less. Is this the path you are currently on? Or are you just getting more and more clients and less and less time?

How to turn client meetings into favorable introductions

Financial advisors get extremely busy working with clients at the start of the year. In the first quarter, financial professionals try and see everyone, review their investments and plans and do a whole bunch of service work. Is this how elite advisors run their practice? Absolutely not. They have all of their ideal clients mapped out in their progress update schedule for the year. They typically see their best clients in the spring, do goals and planning meetings ( naming the types of meetings they are having) and see them again in the fall and deliver their tax investment and estate planning meeting. In between the two meetings, they contact their best clients three to six times by phone a year. This is the massive difference between an average advisor-client meeting and an elite advisor-client meeting.

Spend time with your best clients

Most advisors try to do a quick meeting, so they can see as many people as possible. A massive mistake. Elite advisors plan a primary meeting ( approximately one hour) and a secondary meeting ( a second hour) when meeting with their best clients. For example the primary meeting is from 11:00 AM to noon to go over investments planning and portfolio. The secondary meeting is to take them out for lunch from noon to 1 PM and curate deeper conversations. They turn client meetings into favorable introduction meetings, family meetings, and Centres of influence introductions. . These conversations take time and elite advisers have planned the time out with their best clients to have these conversations. This is the fastest way to clone your best clients. 

Secondary meeting conversations

What are the conversations that the elite advisor is having with their clients at the lunch meeting? The first conversation is to talk about their family and introduce the client to their "Family plan" and offer the family plan to the rest of their extended family, including siblings brothers parents, etc. Here are three questions you can ask. "What was money like growing up in your household? Who in your family did you get your money values from? Who in your family do you talk with about money?" Your personal money values are constant and rarely change, so understanding their money values is critical to understanding them, regardless of whether they refer you to their siblings or parents. It's an important conversation to have. Always talk about your "Family plan offer and turn ideal clients into ideal families. The second conversation is to talk about events. What events and organizations you're involved in? What events and organizations your clients are involved in? For example, I remember talking to my clients about lawn bowling. they invited me to the Lawn Bowling Club and asked me to sponsor their championship trophy. I ended up becoming a sponsor and meeting good friends of theirs who also became clients. I also sponsored the golf handicap computer at the Golf Club and met several people through sponsorship at the Golf Club. Instead of planning your own events, go to their events and ask for introductions to people they know. I truly believe your clients will introduce you to everyone, but they might not refer you to everyone.

4 questions to have on every ideal client agenda or ask at a lunch meeting

Introductions –” Before we begin, I would like to ask you a question. If, I were to meet a group of successful ( specific occupation) ________ like you, where would I go to meet them? How would I find them and meet them? This is asking people how to find more people like them. It is a marketing question. You will be shocked by the data and information you get from your best clients on how to find and market to them. Trust me on this one, ask it a couple of times. 

Network- Do you know about our _____( your last name) Network of Professionals? Find COI's through your best clients. 

Family -Do you know about our Family plan offer? Have a notional family plan offer ( always check with compliance) Most advisors think of family as kids. i think of families as siblings and parents. Let's say you had a 55 year old client with 3 siblings and parents. See the family opportunities? 

Events / community “ What events or activities ( sports / clubs / volunteer / charity) are you involved with in the community? Go to their events and they will introduce you to people. 

HNW clients- 22% of their free time was spent moving around, playing sports, pursuing hobbies, or doing volunteer work. (Mar 2, 2022)

Your network of professionals

Back at the lunch meeting, talk about your network of professionals and how you coordinate with their professionals, or they can tap into your network of professionals such as accountants, lawyers, mortgage experts, realtors, commercial real estate, etc. Tell them how you will coordinate the planning and advice with these additional professionals. In a matter of three minutes, you can give and get three to six names at every single meeting. If this is not part of your process now but you would like more centers of influence, contact me at grant@ghicks.com  to show you the process of how to build your network of professionals through your best clients.

How to find more ideal clients in 2023

The title of the article suggests how you can find more ideal clients this year. It starts by having two meetings with your best clients. One meeting to deliver your value and help them with their planning and a secondary meeting to introduce you to family friends or colleagues at events and centers of influence. The second meeting takes time,  but this is where the value is. Position the secondary meeting by having a lunch or a coffee meeting or a follow-up coffee meeting or conversation. if you were doing virtual meetings plan to have a 15-minute virtual coffee and position it." I want to get to know you better and understand you and your values, your family, and your network of professionals,” 10 extra hours could mean 10 new ideal clients. 

How about your goals for your practice in 2023?

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/ 

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition? 

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors  

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients, while running an efficient practice. 

https://technology-checklist.getresponsepages.com/ 

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute
discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined! 

Enthusiastically yours,
Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com 

PO Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com 

To book a meeting click here https://my.timetrade.com/book/JMTNJ  

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off? 

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