Develop Your Potential Prospect List with a Book of Life for Client Acquisition

“True networking does not mean meeting people; it means becoming the type of person other people want to meet.” ― Monroe Mann

The intent of marketing is to begin to get people to know, like, and trust you. For people we know and have met but don’t necessarily have a recent or deep relationship with, we use similar marketing methods to move towards a business relationship and seek an initial business meeting, so they become a “prospect”. Many advisors, especially when they were new to the business, have put together a list of all the people they know or have known for the purpose of creating a potential prospect list.

Your marketing program should convey:

• What you do,
• How you do it,
• How you deliver it, and
• The value you deliver

The purpose is to create a situation where these individuals get to know, like and trust you. Marketing, at its core, is communication. And, you communicate through the words you use.

Your “Book of Life” is focused on who you know or knew throughout your life. List what you know about them. This can be made easier by thinking in categories.

Your “Book of Life” can include at least categories such as:

1. Family, friends, and neighbors
2. Clubs and organizations to which you belong
3. Executives and key persons at previous places you worked
4. The clients, supporters, and suppliers you met affiliated with that firm
5. Small businesses in your geography
6. Health care practices you know and/or use
7. Employees affected by layoffs
8. Hobbies and life interests
9. Sports in which you are involved with others
10. Parents of your children’s friends
11. People you have met on various occasions in your role as a financial advisor
12. People associated with specific companies that are creating wealth
13. People who are part of your client social network

The purpose of this exercise is to record everyone the advisor knows, formally, in writing. This forms the basis of your potential prospect list.

Develop your potential prospect list with these “Rules” for Your “Book of Life”

• If you know the person’s contact information, age, or their interests or where they work or what they do, record what you know
• If you do not know much about the person leave it blank with just the name and how you know them. The missing information can be researched later if necessary.
• Do not cull names while developing the list. Don’t “assume” anything about the person’s financial situation or their potential interest. Just post names and whatever you know about the person.
• The person may or may not be client-worthy, but they may know people who are client-worthy.
• The best contact approaches for these potential prospects are white papers, emails, events, and the telephone.
• Your first step with your “Book of Life” list is to contact the person.
• At some point you have hopefully “earned the right” to move towards a business relationship and seek an initial business meeting.
• Our suggestion is to target 250 people for your “Book of Life”.

Even though Dunbar’s number suggests that humans can only comfortably maintain 150 stable relationships, theoretically, the average American may know as many as about 600 people. In addition, according to Funders and Founders, individuals may interact with as many as 80,000 people in a lifetime.

Advisors may have explored this area previously but may have not been formal or methodical about it. Not everyone on your list will become a client, but they may be able to refer you to someone who will be.
 
David I. Leo, Your Book of Life for Client Acquisition Snippet 18

David Leo is Founder of Street Smart Research Group LLC. He is an author, speaker, coach, consultant, and trainer to financial professionals. David is an experienced business manager who works solely with Financial Advisors, Planners and firms who want to organize, structure & grow their businesses by attracting, servicing, and retaining affluent clients.

If you have questions or would like assistance in personalizing and implementing approaches from The Financial Advisor’s Success Manual, schedule a free 45 Minute Strategy Session at https://calendly.com/davidileo or contact me at [email protected] or visit my website at www.CoachDavidLeo.com

​My book is available at Amazon at https://www.amazon.com/Financial-Advisors-Success-Manual-Structure/dp/0814439136.