Prospecting in the wealth management industry, if done properly and with good intentions, simply means finding more people to educate. Period. It shouldn't feel daunting, it shouldn't feel uncomfortable, it shouldn't feel intrusive.
According to recent research reports, there are over 11 million millionaires in the US alone. Furthermore, every day, new millionaires and liquidity events are in the making with the advent of technology, ease of starting a business, more divorce cases, more women breaking the glass ceiling and taking on high-paying roles, and much more.
There are so many ways for wealth managers to get in front of such families and individuals in order to showcase their platform offerings and solutions. With investors more confused than ever about the future of the economy, their income status, risk management, cybersecurity, family dynamics planning and legacy structuring, etc, financial advisors who can find better ways of getting in front of these prospective investors are only helping educate more people in this world.
Yet, most advisors I speak with keep telling me their only approach for growing their practice is through referrals.
As powerful as referrals may be, they are also like hanging on a shoestring. Unpredictable and out of our control. Here's the good news! Referrals will actually significantly increase if advisors diversify their approach and show more proactiveness in prospecting. As you look for alternative ways to grow your practice, not only will you increase your pipeline of prospects, but you will also be rewarded with more referral opportunities. It's just how the universe works! The harder you work, the more your luck will increase. Can anyone disagree with that?
The topics on this video about prospecting and connecting with ultra high net worth prospects will be what I will go much further into in our upcoming Prospecting Workshops, but I wanted to show this to you so you can get some background information.
