How do stock brokers or financial advisors usually find clients?
Question:
Answer:
networking and referrals.
they start with friends & family. then they branch out, using their relationships to acquire more clients.
There are so many ways to find clients:
1) Tell all your friends that you are in such business. They won't be your clients but they can send others to you.
2) Write articles in local newpapers related to your business.
3) Criate websites with lot of useful information in your first language like mine in Russian http://www.arbetov.com/ or in English http://www.arbetovinsurance.com/...
4) Discuss with people who could be "centre of influence"
Most buy lists from companies that research clients with net worth of $100K or more... some buy lists of retirees or business owners. Then the broker will usually mail out some information to those on his list... he will follow-up with a phone call in a few days to see if there is interest. Of course, he will check each number to be sure it is not on the Federal Do Not Call List... sometimes the listing companies will do that for you. After his initial phone call and introduction, he may invite the potential client to a seminar or to the local office to discuss investments. Believe me... there are plenty of people to call... so brokers won't be disappointed with a "no thanks." They know they are in a numbers game, and if they make enough contacts, they will have enough clients. Once they have clients, they will ask for referrals... and this is how a broker can really grow his or her business. Nothing is better than someone recommending you to do business.
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