Every financial professional wants to acquire more clients that resemble their top customers -- following are seven steps to accomplishing that goal.
Step #1: Develop an ideal client profile
OK, like you've never heard this before -- but have you done it lately, if at all? One of the quickest ways to expand your book of business is to get a clear idea of who you best serve and who best serves you. The better idea you have about what you want, the more likely you are to get it.
Who are your best clients? They know the value of your advice, and they trust you implicitly. They have substantial discretionary cash flow but don't have the time, desire, or knowledge to manage their own finances. They may have substantial net worth, either inherited or earned. They are well connected in their community. They meet or exceed your parameters for your clients' net worth. They are willing to pay for your advice without complaining. They are happy to take a stake in your success.
So how do you attract more of these people, and how do you make sure your existing clients and centers of influence only refer you to these "A" prospects? Simple: You develop an ideal client profile, and you share it with those who you would like to spread the word about your services.
Just taking the time to determine who your "A" clients are is worthwhile. But don't stop there -- write down your profile in a format you can share with specific clients and centers of influence.
Step #2: Determine who you want to interview
We'll soon get to how to interview your "A" clients. But before you can do this, you need to identify the best interview candidates. Using your list of "A" clients, find the most open, networked, and socially active from your book of business, as well as clients who just plain love you. These are your best interview candidates.
Step #3: Request an interview with your best clients
Interviewing your clients is a combination of wanting to know what's working in your relationship, what they find valuable, and brainstorming on how you might approach others like them.
Step #4: Determine the value
It's important to determine the value you bring to your client relationships. Here's one way to start the interview: "George, on a scale of one to 10, where am I with you right now?" This approach will get your juices flowing and elicit some important information from your client. Follow that up with, "Is our current plan addressing your concerns, or do you think we need to make some adjustments?"
Step #5: Brainstorm for introductions
Now you should begin working on your marketing plan. I suggest you start off general and become more specific. Begin this step by telling your client you want to meet more people like them -- people who fit your profile. Show them this profile. Ask them, "If you were in my shoes, how would you go about trying to meet people like you?" "What would you say to them to get their attention?" and "What's a compelling reason for someone like you to take time out from their busy life and sit down with me?" These types of questions will get them looking at your business from an important perspective -- yours.
Step #6: Get introduced
If you have selected the right type of client to meet with, they'll probably give you anywhere from one to five referrals. As you move up the ladder of affluence, it becomes more important to be introduced to your new prospect rather than calling them out of the blue.
Here are two effective questions to help you customize your approach to a new prospect: "How would you like to introduce me to Susan?" and "What do you think you need to say to Susan to get her interested in taking my call?" Now you just step into the flow of their relationship.
Step #7: Evaluate and follow up
After each interview, there are several things you want to do:
1. Reflect on the information you received from your client and adjust techniques as necessary
2. Reflect on the ideal client profile you presented earlier and fine tune it if needed
3. Send a "thank you" note and a very small gift to your client
4. Contact any new referral prospects right away
5. Keep your client in the loop with what happens to their referrals
Bill Cates is the author of the industry book "Get More Referrals Now" and the president of Referral Coach International. He can be reached at info@referralcoach.com.
