How to secure new clients from existing clients

As a financial planner, it is crucial to have a strong client base to ensure business continuity. A good tip to build one’s client base is by tapping into your current client pool and looking for new prospects. How exactly can a financial planner attract new clients from the ones they currently work with? Felicia Oh from Malaysia, who is an MDRT member since 2022, shares how she’s managed to generate new leads from her existing clients. 

1. Always ask for referrals 

For starters, Oh shares that referrals are a great starting point for financial advisors to strengthen their client base and ensure continuous revenue. “I mainly focus on referrals. For every sales appointment whether it’s a done deal or not, I will always ask for referrals. Having to juggle between two kids and work, I can only have three appointments in a day. That means time is of the essence for me and I need to make sure I am maximizing each appointment. I never leave a meeting empty handed. Financial advisors must always ask for referrals.” 

2. Guiding clients to help identify potential clients 

Oh adds that working hand-in-hand with clients to identify who will benefit from her financial services helps her look out for the right clients. “One thing I always ask them is, “’Can you please introduce a close family member, a close friend and a close colleague to me?’” By doing so, they can easily give me those names.  

“The second tip is to always ask my clients if they found my advice and insights helpful. If so, I ask them to think of someone else who would benefit from my advice.” Oh elaborates that the use of emergency numbers has helped her secure new clients too. “I ask my clients who would be the first person they’d call if an emergency were to happen to them. I will then contact this person and tell them that they’ve been nominated as an emergency contact and get to speaking with them.” 

3. Assuring clients that you’ll only give their connections the best advice 

Indeed, there is a notion that financial advisors are usually associated as salespeople and even your closest client will be reluctant to open up and share contacts. For Oh, it was no different. “Most clients were reluctant to provide referrals due to the stigma of financial planners always selling something one doesn’t necessarily need.” She explains that assuring clients she wants to merely share and offer her genuine advice, has helped her clients understand that she only wants the best for them. “Most of my proposals are based on fact-finding on the client’s protection needs. I believe that it’s about understanding what they need instead of pushing them to make decisions for the sake of it,” she says. She then adds that by carefully identifying what they need, not only helps financial advisors see the gaps, but also builds trust in these prospects, providing opportunities for them to be potential clients. 

In conclusion, financial advisors must ensure they have the right avenues to reach out to prospects and eventually make them their clients. Building one’s client base is no easy feat but as the wise Thomas A. Edison puts it “Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time,” That said, working on having strong client relationships and showing how much you care for their needs, financial advisors can be certain that they’ll always have a strong client base and stable revenue in the time to come. 

Contact: MDRTeditorial@teamlewis.com