What is the best way for a starting out financial advisor to acquire clients?
Question:
Answer:
Market to people you know. Then ask referals from them if you are able to help them out.
"Just stay in the warm market."
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If you have to ask, perhaps you should look for another line of work.
First of all, I would want to know that you had a sound bedrock of financial advise to offer. Once that education is in place, I believe there would be no limit to the number of people you could reach or help.
It has been said that poor financial health is the plague of the 21st century because not one of us were ever taught in school how to effectively manage our money, or our time causing snowballing debt, bankruptcies, business failures, divorces in record numbers and destroyed retirement dreams of millions.
When I first got into the business I did exactly what every new financial advisor does, used my family, friends, and former coworkers as practice dummies. They all probably know that you are new to this line of work so you don't have to put on a front with them as you fumble thru your presentation. My first company was IDS Financial services. We had to memorize this 45 minute presentation and use it everytime we attempted to bring in a new client. It was pretty miserable at first. Eventually you learned to personalize the presentation to what works best for you and for the type of clients that you talk to. I was very young when I started so most of my friends and contacts were young accumulator types. It's tough to make a lot of money with that type of client because they rarely have the lump sum dollars that older clients have but if you bring in a good mix of accumulators and a few older clients you can have them grow with you. Remember that it's a marathon not a sprint. Always do the right thing with every client. Don't cut corners or do anything that could ruin your reputation. It only takes one unhappy customer to make your life miserable. I would also advise using a variety of approaches in building your practice. I wrote articles in a small local newspaper to get my name out there. I also established a relationship with a couple of groups that allowed me to sponser their monthly meetings. I would bring in some food and drink and they would allow me to speak for 10 minutes during their meeting. Good luck
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