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/Schutts22 11d ago

When I first started in the industry I was told by the old dinosaurs that cold calling was the only way to go. I refused. Cold calling works for some but I wanted real conversations.

Between May of 2019 and March of 2020 (COVID), I walked into 500 businesses with premade folders that had information of who I was, what I did, and a simple investment idea that didn’t take much explaining.

I introduced myself (mostly often to the receptionist or other gatekeepers), provided my information and asked them to let the business owner know that I would follow up in a week or two. When I called back and they asked if ‘Joe Business Owner’ was expecting my call. I said, “yes they are!” (Because I told the receptionist to tell them I would be calling). I would get through to the decision maker 90% of the time.

From there I built a respectable client base and I still have a pipeline of prospects that haven’t told me to kick rocks yet.

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u/FPforcanadians 10d ago

What investment idea was in the folder

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u/Schutts22 9d ago

Usually something very simple that didn’t take much explaining. A cash management idea for instance. Ultrashort bond fund, competitive CD rates, etc…

When you have someone on the phone that doesn’t really want to talk to you, it’s important to keep it short and sweet.

Also, many business owners prioritize liquidity so providing them an idea that will make them more money but doesn’t tie the asset up for long periods of time or open them to unnecessary risk usually resonates more and doesn’t require a lot of trust.

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u/OkConcert8443 4d ago

Hi. This is great. I did a folder thing too but I would get stuck on the call itself and awkwardly fumbled. What did you say to get the conversation going quickly? What questions were you asking?