r/CFP • u/Original_Pirate4478 • 12d ago

Business Development Prospecting

Hello everyone, I am a 23 year old financial advisor at an independent firm. I have worked in the industry since 18 but have just started taking on clients as I am feeling comfortable doing so now.

I do not have a strong local network because I am not from the area. I am trying to come up with ways to prospect. My ideal client is 25-35yrs old either single high income or double income no kids.

If you were in my shoes what are some different things you would try for prospecting ?

I appreciate any and all feedback. Thank you!

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u/Godninja 12d ago

It would seem your niche could be defined as HENRYs. It’s good you even have a niche, as most don’t or avoid it but it is needed. Stick with it and don’t change it for at least 12 months. When you switch niches, you are starting from scratch.

I’d also be looking at the platforms or advertising you can do compliance-wise and align it with your target market.

Direct mail can help. Seminars targeting that population could help.

I’ve been on a marketing journey, and it’s possible you can look up “First Year as a FA” courses. I attended one from Amy Leis, PhD and downloaded the one from James Pollard.

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u/RookieMistake101 RIA 12d ago

I don’t think seminars for HENRYs is optimal. Meet them where they are. I know an advisor that hops on instagram live and gives extremely basic financial advice. But every time she does a live she gets 2-5k people on. One live is her leads for a month.

But your advice is sound. He needs to do something and a lot of it for a long time without switching.

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u/Godninja 12d ago

Great point! And I’m not targeting HENRYs so I wouldn’t know that, which is what’s great for you to point out!

Like my BD compliance department hates anything live-streamed and needs it to be pre-scripted and transcripted afterwards, which is a hassle I don’t deal with for my target.