"I've missed more than 9000 shots in my career. I've lost almost 300 games. Twenty-six times I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed." -- Michael Jordan
The complexities and challenges of operating a Financial Advisory practice for retail investors should not be understated. They include:
It’s simple to define but much more complex to manage all these variables. Therefore, if we can identify ways to simplify some of the individual tasks of operating a Financial Advisory practice, we must jump on it.
The successful advisory practice has three essential elements:
Develop potential investors through LinkedIn.
According to Business of Apps, “LinkedIn is the world’s preeminent social network for professionals. Members create online résumés, listing their current and previous job roles, their skills, and their education.”
Of its 660 million+ in over 200 countries (11/19), the United States is the biggest market with 165 million users, 90 million who were senior-level influencers, and 63 million who were in decision-making positions (2019).
“If you’re looking to rub shoulders with the cream of the business world, LinkedIn is the place to do it – online at least. Executives from every Fortune 500 company use the social network, LinkedIn claims. There are even claims that four out of 10 millionaires use LinkedIn.”
In addition, there are 3 million United States jobs posted every month, 9 billion content impressions take place on LinkedIn weekly, 280 billion feed updates viewed annually, and 130,000 articles are published on LinkedIn weekly.
If you want a list of quality prospects, LinkedIn can provide:
All you have to do is to boil information down to wisdom and possibilities using a structured process.
The power of LinkedIn for advisors lies in the connections of your connections (your second-degree connections). Use LinkedIn as a prospecting tool to get to know more people. The more first-degree connections you have, the more second-degree connections you will likely have in your network.
Six quick tips to prospecting on LinkedIn from experience:
Here’s a simple process to follow for productive prospecting:
LinkedIn is a powerful and productive platform to market and sell your services.
David I. Leo, Using LinkedIn for Client Acquisition Snippet 16
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 David@CoachDavidLeo.com 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.