Prospecting strategies for advisors

Refine your value proposition

Before you can determine the type of prospect you’ll go after—never mind how you’ll find them—you need to be clear on your business model and what you bring to the table. That starts with refining your value proposition, which is the basis for your elevator pitch when you have a prospect in front of you. Have clear answers to questions such as:

• Why are you passionate about your work?
• What value do you add for your clients?
• Which services do you offer, and what do you specialize in?
• How are you staying up to date on industry trends, including legislative changes?

Gather a few success stories to show how you’ve made a positive impact on your clients and their employees’ financial lives. And know how you can add value quickly to any prospect who asks, maybe by benchmarking plan fees or providing a referral to solve a need.

Determine your standard for plan sponsor prospects

Most workplaces provide some retirement benefits. In fact, 6.7 million Canadians are members of an RPP. Still, it might be necessary to stay focused on the types of clients that fit your business model. So which qualities do your ideal clients have? Here are some demographics to consider:

• Plan type—RPP, RRSP, DPSP, and more
• Plan size—member count and plan assets
• Industry
• Geographic location
• Maturity—start-up plans or well-established plans

Be selective when you define the type of prospect worth pursuing. You can avoid spending time on plans that don’t fit your business model and areas of expertise. And if you’re having a hard time finding candidates that fit your mold, consider expanding your plan demographics as needed (e.g., by considering higher or lower member counts).

Stay on top of industry trends and training

The retirement industry is always changing with new regulations, requirements, and expectations. To keep your competitive edge, make sure you subscribe to industry publications, read white papers, connect with colleagues, and sign up for webinars. Virtual webinars or in-person education events are particularly important because you have the opportunity to network, earn necessary continuing education credits, and discover critical updates within the financial or retirement industry. Often, speakers are senior professionals who could become useful contacts. Ask questions, participate in the chat, and save any materials sent afterward. If you discover a useful statistic or new trend during the presentation, make a note and use the new information to spark a conversation with your contacts through an email update or LinkedIn post. Not only does this keep you top of mind, but it also positions you as a knowledgeable leader in your field.

Find unique ways of generating leads

Webinars, classes, and other information sessions can also be used to grow your circle of prospects. The retirement industry and plan requirements can be confusing for even the biggest of sponsors. A great way to stand out is to offer your own webinar on topics such as launching a plan for the first time, member engagement, or workplace trends. Though creating your own webinar for the first time will involve significant time and effort, it’ll give you authority in the space and differentiate you from your competition. Plus, you can reuse the same material and offer quarterly or yearly sessions to gather more leads.

Most importantly, you’ll have the contact information for valuable industry contacts that can become future clients. You can engage these individuals through personalized communication and provide solution recommendations. You’ll be able to expand your network and connect with a larger audience and hopefully convert leads into long-term clients.

Leverage your centres of influence

Your existing network—professional and personal—can help you generate new leads. Start with your centres of influence: recordkeepers, accountants, lawyers, and others with and to whom you regularly interact and refer business, respectively. Make them aware of the types of prospective clients you’re pursuing, so when they send someone your way, it’ll be a good use of everyone’s time. It’s also important for people to know you’re actively expanding your business and not only trying to maintain your client base.

Build connections within your community of small businesses. Shop at different stores, try new restaurants, and establish a rapport with the owners. Having a local presence can help bring about new sales—the primary goal—or a broader network of motivated self-starters who understand the challenges you’re facing. People not only want to work with people they like, but they usually want to help them, too. Develop friendly connections and see the types of referrals that stem from them—there’s no greater compliment than a referral.

Thoughtful prospecting strategies can help you win

There’s a good reason that not everyone is a business owner—it’s hard work. And being a salesperson bringing in new business is only one of the hats you need to wear, but you can minimize the time and effort you’re exhausting on prospecting and selling if you have a clear strategy that you stick to.

• Know your strengths and how you add the most value to your clients
• Have clarity on the types of plan sponsors—and plans—you want to focus on
• Use prospecting tools to find leads and identify the needs of plan sponsors
• Bring awareness to your growth strategy within your network