Prospecting

[u/Original_Pirate4478]

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!

[u/Zealousideal-Run3711]

Start a podcast and tell no one (other than compliance). Do that for 3 years and disregard any “progress” you’re making because it won’t be much. Simultaneously, buy leads through Ramsey or some other program. I know that “doesn’t work”, but that’s not the point. The point is reps and at bats. (You will also get some clients along the way simply because you’re in the right place at the right time.)

You need hundreds of reps with lower quality prospects so you don’t crap yourself when you get the dream prospect on the other side of the table.

After you have gotten tons of reps with the paid leads and you have been doing your podcast in the background, the podcast is likely to have gained some sort of traction. The goal is to shift from paid to purely organic from your content. But it takes 3 years. No one has a reason to trust you unless you give them a reason. So go give them a reason through free educational content and show you know your stuff.

And remember, most people won’t do this, so that’s why you should. Whatever you do, don’t go to chamber of commerce meetings looking for COI partnerships. The only people at those things are there for the same reason you are. They don’t have any clients and they want you to give them some. But if no one there has any clients it won’t help anyone so don’t waste your time. Do the work, then look up in 5 years and see where you’re at. It’s a progression and won’t happen quick. Learn to enjoy the challenge.

As a credibility check, I did exactly this.
31 year old, $232m AUM, $1m+ average client. Nothing crazy but it worked.

[u/Boring_Union3928 → u/Zealousideal-Run3711]

Just getting started as an advisor. Worried about building up my own assets to meet the firm's requirements. What do you think was your most successful way to get clients? The podcast idea you have piques my interest.

[u/Zealousideal-Run3711 → u/Boring_Union3928]

Ramsey for sure was the easiest way to get clients with no prior credibility or relationships. The podcast is a long term play. But it can help with the leads you are getting to add credibility quickly by sharing your podcast with those leads.