All posts tagged Prospecting

  • Partners in Prospecting

    March 5, 2020

    Creating Personas – Everyday People

    I once worked with an Advisor who was concerned that her pipeline was not full enough. I asked who her “ideal prospects” were and she was very vague when it came to answering the question. The Advisor mentioned High Net Worth (“HNW”) clients – but who doesn’t want to go after HNW clients? It made me think that she possibly did not have a detailed description of a prospect who would be interested in her services and investment products.

    The question is: Without knowing your ideal prospects, how would you target them?

    Know Your Ideal Client

    You may have heard about creating Personas for your business and the importance of Personas.

    Personas are a detailed description of a fictional person who would buy your product or use your service. A Persona describes your ideal client’s behaviours, job role, responsibilities, priorities, pain points and personality traits.

    We sat down and created Personas for her “dream clients”. Later, the description for her personas was used to create marketing text for her website or any brochures/e-mails, etc., because you always focus on what makes the prospect react and what’s in it for them. This really helped pin point her sales efforts.

    Getting Started on Creating the Personas

    Our Buyer Persona Example

    The Advisor had accounting partners that specialized in evaluating the worth of a small business, so we decided to target small business owners. I have included a sample of “Selling the Small Business” Persona we created:

    Jeremy is a 65-year widower with no children who is the co-owner of his family bakery in Toronto, Ontario. The bakery has been in the family for over five decades, Jeremy’s great grandparents opened the original bakery. The business has done well over the years – with family members pitching in during the bad times and reaping in the benefits during the good times, as they obtained contracts from local restaurants.

    Recently Jeremy’s two brothers (one older and one younger) have been talking about selling the business. They believe the time is right because they have had a couple of offers from fair sized grocery stores. None of the brothers’ children are interested in running the business. Up until now, Jeremy has never had to worry about a major decision like this. He always had enough to provide for himself and his spouse when she was alive.

    Jeremy has several unanswered questions:

     

     

     

    • How will the company be valued?
    • How will the proceeds be divided? Since Jeremy does not have any children he has put in the most hours over the years.
    • One of the most important questions: What will he do with his spare time? Since Audrey’s death Jeremy has immersed himself into the business. Other than the occasional bridge game with his friends, he has no interests.

     

     

     

    Since it seems like the sale is inevitable (within the next two to three years), Jeremy has started to worry about the lump sum he will receive. He wonders how it will be taxed and what he should invest in to provide a steady income until his death. Audrey, Jeremy’s spouse, had breast cancer and he wants to leave a legacy in her name at the hospital that cared for her.

    Jeremy is not proud of his own history of investing. He has fallen for a few ‘hot tips’ that turned out to be disasters. As a result, he is lacking a strategy for investing and thinks it may be time to seek out an Advisor. He has a very close relationship with his lawyer and accountant so any Advisor he deals with, would have to accept them as partners.

    How do I use the Persona to My Advantage?

    Think about marketing pieces you may want to write targeting the small business owners. To get a prospect’s attention, it’s best to focus on their pain points. In this example some of Jeremy’s pain points include:

    • How do I value my company when it’s time to sell?
    • How do we fairly distribute the proceeds when it’s a family run business?
    • What will I do with all my spare time?
    • How will I invest the proceeds so that they provide me with a comfortable, worry-free retirement?

    Once you have created the Personas for each different type of person that would be your ideal client, you can target your marketing efforts towards creating your online presence, marketing material and sales e-mail/call campaigns.

    As usual: There is a song title in this blog post. Did you find it?

    About Jennifer Kuta

    For more than 25 years, I have worked with Advisors helping them build their businesses. My commitment to you is to partner with you in your practice and offer solutions to help build your business.


    The contents of this blog are the personal views of the author and not necessarily the views of Caldwell Investment Management Ltd. The contents are provided as general in nature and should not be relied upon nor construed to be the rendering of advice. Readers should consult with their own compliance/legal advisors for advice on their specific circumstances before taking any action as sales and prospecting activities are subject to regulatory oversight.

  • Brendan T.N. Caldwell, B.Sc., M.A., CFA

    President and CEO

    February 25, 2020

    For Investment Advisors that have been helping clients for some period of time, what questions should they be asking themselves about how to build their business?

  • Partners in Prospecting

    January 22, 2020

    Come Together – A step-by-step process for planning Successful Client/Prospecting Events

    Event organization is not easy – this is why there are professionals that have made careers out of it. If you plan events properly, prospect and client events can turn into cash cows for your practice. Recently, I was particularly impressed with one of my Advisor client’s success rate on seminars and events and I decided to interview him about his step-by-step process.

    The first thing he said was to give yourself plenty of time for the planning and implementation – ten weeks to be safe. Below is a four step process to help you plan a prosperous event, which I hope you will find helpful. Thank you Mr. Advisor (you know who you are) for sharing your wealth of experience in this regard.

    STEP ONE – What’s in it for your clients : Selecting an intriguing and helpful topic

    At this phase, the Advisor told me that he put himself into his clients’ heads. What would they find topical? What would compel them to travel to an event and spend precious time listening? One way to find out is to actually ask your clients. Let them know that although you can communicate via phone, e-mail and in person, you periodically want to host events so that you can discuss a topical subject that will benefit them. It also gives them a way to interact with like-minded people and even invite associates, friends and family (more on this approach later).

    He strongly recommended getting a guest speaker. This could mean inviting one of your firm’s analysts for a market dissection or even partnering with a fund company and asking one of their Portfolio Managers to share their expertise. In this case you must be careful to keep the topics focused on benefits to your clients such as the discipline it takes to achieve financial success, the thought process behind the investments and reasons why so many people fail.

    STEP TWO – Select a time, day and venue

    Decide if you want to host the event during a week or on a weekend and whether you want to provide breakfast, lunch or dinner. For the Advisor I spoke with, late afternoon mid-week worked best. The best venue he hosted was at a golf & country club and he served finger foods and beverages, which are affordably priced. You should also make sure your event is accessible by public transportation and has parking. Whatever venue you decide – ensure to visit, taste the food and experience the service in advance. REMEMBER – if the food is terrible with disappointing service – this is a direct reflection upon you. Make sure your speaker is available on your close date.

    STEP THREE – Designing the Invitation

    Now is the time to get your marketing hat on and create a professional and exciting invitation. Do not focus on the speaker’s background, but focus on what your clients will learn from the speaker by attending. Always remember that your compliance department has to approve the document and, if a fund company is involved, their compliance will have to review it and sign off as well. Be sure to include an RSVP deadline date and let them know you will be following up with a personal phone call. The Advisor said he got more people to attend when he actually mailed the invitation.

    STEP FOUR – Follow up

    Everyone requires a personal phone call to follow up whether you have sent an e-mail or mailed a hard copy of the invitation. At this time, the Advisor took an opportunity to extend a request for his clients to invite a friend, colleague or family member. The Advisor explained that he is available to help because he is looking to take on a select number of new clients. He assured his existing clients that any new potential clients would not compromise the work he does for them.

    Once clients have registered, check in periodically to give them extra minor details to entice them to actually attend. Sometimes, at the last minute, clients think “he won’t miss me if I change my mind and choose not to attend.” This is why you MUST confirm the day before – letting clients know the venue is set, speakers are booked and food has been ordered.

    You are now ready to welcome everyone, introduce your speakers and enjoy the event you have chosen to host!

    I want to thank our valued Advisors for taking the time to discuss this topic with me and sharing pictures of their successful events!

    And please contact us if you would like us to speak at one of your upcoming events.

    Note: There is a song title in this blog post. Did you find it?

    About Jennifer Kuta

    For more than 25 years, I have worked with Advisors helping them build their businesses. My commitment to you is to partner with you in your practice and offer solutions to help build your business.


    The contents of this blog are the personal views of the author and not necessarily the views of Caldwell Investment Management Ltd. The contents are provided as general in nature and should not be relied upon nor construed to be the rendering of advice. Readers should consult with their own compliance/legal advisors for advice on their specific circumstances before taking any action as sales and prospecting activities are subject to regulatory oversight.

  • Thomas S. Caldwell, C.M.

    Chairman

    January 6, 2020

    Let’s discuss networking. What do you do when you meet someone at an event and they give you their business card?

  • Brendan T.N. Caldwell, B.Sc., M.A., CFA

    President and CEO

    December 17, 2019

    You were just at an event and the discussion was facial expressions. Are facial expressions the pathway to your passion?

  • Partners in Prospecting

    December 12, 2019

    Top 5 reasons Canadians DO NOT have a Financial Advisor

    Credo Consulting released a research earlier in 2019 highlighting the Top 5 Reasons Canadians do not work with a Financial Advisor. This information might be helpful in your prospecting efforts and in overcoming investor objections. I have provided some ammunition for each of the top 5 reasons below and suggest you address these directly with potential clients in your marketing materials, on your website, on the phone and during in-person meetings.

    If you think that you know another “top reason” that does not appear on this list, please let us know!

    1. I don’t have enough money (43%)

    How much money are we talking about? It’s never too late or early to start saving and getting investment advice. Not all Financial Advisors look for high net worth clients only. There are many competent Financial Advisors on the horizon looking to grow with you.

    2. They cost too much (28%)

    Like Lawyers, Accountants, Tax Consultants and other Financial Professionals, Advisors do charge fees. Look for an Advisor that is upfront and transparent about the fees they charge. These include referral or commission agreements in place. Many clients that have investment help from Financial Advisors indicate their net returns on their investments are worth the fees. In addition, Advisors take the burden of growing assets from the client by taking a holistic approach to their lives.

    3. I know enough to do it myself (24%)

    It is important for prospective clients to know that their potential Advisor has sufficient training, knowledge and experience to advise them on the issues that matter most to them and, more importantly, on the issues they may not be aware of. This question will also give you the opportunity to speak about professional qualifications and designations such as a CFP or CFA. In addition, successful advisors have often entered into the profession after many years of working with entrepreneurs and other like-minded people that may later become their clients. You can ask your prospects if they think they have the sufficient training to make both buy and sell order decisions on a daily basis. A Financial Advisor role is a full-time job. Does a prospect or client have enough hours in the day to pursue an advisory role?

    4. I don’t trust Financial Advisors (12%)

    Here is the perfect opportunity for you to use testimonials* and/or referrals from your existing clients to establish the trust factor. Also – a perfect opportunity for you to mention your licencing requirements and fiduciary responsibilities. IIROC AdvisorReport is a useful resource to direct your clients to.

    *Refer to OSC staff notice 33-747 www.osc.gov.on.ca page 34-35 for guidance.

    5. I’ve never met one (10%)

    If 10% of investors have never met a Financial Advisor – it is important to get your name out there and ensure you are in the Google search results. Periodically, check in with current clients to see if they have friends or family that do not have a Financial Advisor and ask them for a referral.

    About Jennifer Kuta

    For more than 25 years, I have worked with Advisors helping them build their businesses. My commitment to you is to partner with you in your practice and offer solutions to help build your business.


    Investment involves risk, uncertainty and assumptions. The value of investments rise and fall and there is a risk you may not recoup the amount originally invested. Past performance is not a reliable indicator of future performance. The contents of this blog are the personal views of the author and not necessarily the views of Caldwell Investment Management Ltd. The views expressed, while based on current market conditions and information, they are subject to change without notice and as such, there can be no assurance that actual results will not differ materially from such expectations. The comments are an illustration of broader themes and intended to be for general information purposes only. Forward-looking statements are not guarantees of future results as they involve uncertainties and assumptions; there can be no assurance that actual results will not differ materially from expectations. The contents are provided as general in nature and should not be relied upon nor construed to be the rendering of specific tax, legal, accounting or professional investment advice. Readers should consult with their own accountants, lawyers and/or financial advisors for advice on their specific circumstances before taking any action. The information contained herein is from sources believed to be reliable, but accuracy cannot be guaranteed. No representations or warranty, expressed or implied is made by Caldwell Investment Management Ltd. or its affiliates.