Leveraging Warm Prospects

Posted October 31, 2006 11:00 by Hoard Client Systems CEO.

About Hoard Client Systems CEO

Hoard Client Systems CEO's affinity for investing and financial matters began more than 20 years ago when he began investing in the stock market through a class in high school. Now, in 2006, he is being looked to for his innovation in altering the efficiency in which financial professionals communicate with clients.

The diamonds are at our feet as the old story goes. If you have been in business more than a couple of years, you should have built up quite a list of warm prospects…if you haven’t been putting those prospect’s names in a database, well that’s a whole other discussion.

When was the last time you invited that warm list to an informal get together about some technique or problem that you could solve? I have seen response rates of over 10% when advisers have sent letters inviting their old warm list to such events. Send out 200 and you have 20 units coming to a sales presentation. What does that cost? $80 maybe? Not a bad marketing coup!

Discuss

Comments

763 days ago Een P. wrote:

What kinds of events are you talking about? Do we talk about investments?

757 days ago Jeff Johnson wrote:

I have been doing annual client thank you events for years and they always pay for themselves and then some. My clients love them and I think it is one of the reasons I get so many referrals. We have done surf and turf at a local beach. We have had an Academy Awards event at a local theatre (great fun!) We have had a bar-b-q at the local minor league baseball game in the summer. Don’t forget to have them invite their friend and neighbors as well! I have never lost money on one of these events because one of my clients will bring me more money or I get introduced to a friend who becomes a client. You need to do this!

756 days ago Hoard Client Systems CEO wrote:

Don't talk about investments at these events. We are now working in an "Experience Economy." People pay $4 for a cup of coffee, not because they couldn't find a good cup of coffee cheaper but because they like going to a fancy coffee house. They like being surrounded by beautiful people, music and all that goes with it. Unfornately, the days of getting clients by being the best at what we do are over. We are a commodity. Clients and referrals are going to come to us because we give them the best experience. Clients EXPECT us to give them good service so we can't use that as a reason to work with us. If you provide good service AND you throw great parties, now you are going to have clients and referrals knocking down your door. Great parties don't have advisors talking about investments.