Actionable tips to enhance your prospecting approach

Prospecting is a crucial aspect of the financial advisory process. Yet, there are several aspects that financial advisors commonly overlook in this regard. Jesvin Kaur, a 15-year MDRT member from Singapore with one Court of the Table qualification, shares how you can easily leverage these opportunities to elevate your prospecting process and convert more prospects to clients. 

Always follow up 

Following up with prospects is a critical component in the prospecting process. Kaur reinforces that each time you have an opportunity to present to a prospect, you need to follow up within a reasonable amount of time. This allows you to address any concerns they may have and guide them toward taking the next step. Kaur recommends, “It is best to arrange a follow-up appointment within two days of your initial conversation otherwise it is wasted effort as the lead becomes cold again. This is your opportunity to effectively address any concerns and decide what steps you need to take to get them committed to what you have to offer.”  

A simple method Kaur uses is to mark out the dates on a calendar and review it daily to ensure that she stays on track with her follow-ups and maintains consistent communication with her prospects and clients. 

Strengthen your personal brand 

Kaur has built a personal brand founded on efficiency and helpfulness. She believes the claims process is a crucial juncture in a financial advisor's relationship with their clients. “The way an advisor responds and guides their clients during this time can make or break the relationship. If the process is smooth and clients feel supported, it can lead to more referrals and solidify the advisor's reputation,” she shares.  

To further strengthen her brand, Kaur leverages social media to establish herself as a knowledgeable and competent professional in the field. She advises, “By engaging with prospects and sharing valuable advice via social media, this builds up one’s reputation and establishes yourself as someone who can be trusted in your business. Prospects who see this are more likely to be receptive to hearing what you have to say and recommend you to others. Personally, I use my social platforms to share articles on retirement planning or protection needs. I will highlight the most salient points from these articles that are beneficial for my clients to know about.” Kaur adds that featuring client testimonials on social media can also be another powerful tool to reinforce your personal brand, showcase expertise and demonstrate a track record of success. 

Practice active listening 

Active listening is a crucial skill that helps financial advisors attract more prospects. Giving prospects the space to share offers deeper insight into their needs and vision. In addition, it gives you the opportunity to collect your thoughts and identify the best next course of action on how you can value add to the prospect’s life. Kaur believes in asking open-ended questions to draw clients out and gain a better understanding of their financial goals and concerns. Some examples of important questions to ask include: 

• Do you feel you are currently reaching your financial goals?  
• Which area of planning is of utmost concern to you? 
• How do you feel about your current financial plan?  
• What are three financial milestones you are planning for?  

By being patient and listening carefully to prospects, she can tailor her approach to best meet the needs of her clients. 

Kaur shares, "I once helped a client who had passed with a death claim, and while processing it, I had the opportunity to speak with his 20-year-old daughter. As she spoke about her father, I could tell how special their relationship was. That was when I suggested, 'How would you like it if we placed part of the proceeds into a legacy plan for you to receive lifetime monthly payouts? It would be a way for your father to always be there for you, gifting you with a monthly reminder of his love and support no matter where he is.' The daughter eventually took up the policy in memory of her late father.” 

Kaur concludes, “Do not give up too soon if you do not get an immediate response. Stay persistent — it takes time to build relationships and close deals.” Attracting prospects is a critical aspect of success as a financial advisor and keeping these tips in mind can help successfully convert more prospects into clients.  

Contact: MDRTeditorial@teamlewis.com