Why Should They Meet You? Reframing Client Acquisition
Hey there, financial advisors and wealth managers! It's your trusted friend and author of Can I Borrow Your Car? here, ready to dive deep into the world of ideal client acquisition. Buckle up, because we're about to shift gears and accelerate your business growth!
The Three Questions That Drive Success
Remember this Tuesday’s (1/14/25) newsletter about elevating ideal client acquisition?
Well, I've got a deeper dive into the secret sauce for you today - the three questions that are the engine of how my private practice clients drive growth and enjoy the process.
These aren't just for wealth management folks; they're the fuel for any professional service business.
Why should I meet with you?
Why should I buy from you?
Why should I refer you?
Today, we're focusing on that first question because, let's face it, without meetings, you're stuck in neutral and nothing else happens. You have to have initial meetings, with enough of the right type of prospect so that you can have enough become clients and then become referring clients.
Why Should I Meet With You?
Here's where many of us, even the seasoned pros, take a wrong turn. If your only pitch for a meeting is "Let me sell you something," you're limiting your highway to success.
Think about it - those high-net-worth clients we're after? Even if they aren’t business owners in the formal sense, they're basically running their own family businesses.
And guess what?
Many already have financial advisors. So, how do we get in the door?
The Power of Being Human.
This is where being you - yes, YOU - comes into play. Your unique interests and passions are your turbo boost. For me, it's fly fishing. It's not just a hobby; it's my mental health lifeline and a business accelerator.
What's your thing? Gardening? Golfing? Goat yoga? Whatever it is, it's your ticket to meetings with ideal prospects and having fun while prospecting.
Shifting Gears: A New Approach
Forget the old-school cold calls, endless email spam, and my most hated technique: incessant spamming of DM’s on LinkedIn.
Instead, think of this as a multi-lane highway:
Share Your Passions: Use meetings with clients and COI’s, social media, blogs, or podcasts to showcase your interests. (Yes, you can do this in person at scale)
Find Common Ground: Connect with prospects and your network over shared hobbies.
Build Relationships: Take it slow, discuss their interests over time.
Avoid Being a "Relationship Assassin": Don't pressure every introduction into becoming a client.
Remember, if you're interesting enough to meet when a client isn’t buying what you sell, you'll secure more meetings than through transactional methods.
The Social Setting Advantage
Ever notice how meeting a prospect socially increases your chances of converting them? That's the power of letting people see the real you before they decide if you're a better fit than their current advisor. After all, when I can picture a face and remember a person socially I am more likely to take the risk of time to meet with them.
Action Steps
Make a list of your passions and interests.
Research where your ideal clients spend their free time.
Identify shared interests or find someone in your network who shares them.
Start showcasing your interests publicly.
Remember, this approach is about playing the long game. It's about being patient, genuine, and letting relationships develop naturally.
However, I know you will find — after 30 years of helping pros just like you do this in the real world — that you are going to be surprised at how many of these social introductions rapidly turn into business relationships. There are lots of ideal clients (high net worth/business owners) out there who are just in a low-value relationship with another financial advisor because they don’t have a good excuse to look for someone else.
So, what are you waiting for? Rev up those engines and start sharing what makes you uniquely you. Your ideal clients are out there, and they're ready to meet the real you!
Until next time, keep growing your business and loving your life!