Tuesday Tips – Five Ways Firms Can Better Prepare Advisors for Prospecting

by on May 29, 2012

Every Tuesday, Corporate Insight releases recommendations to help financial services firms improve a key aspect of the online user experience. Recommendations are taken directly from our Monitor Reports andConsulting Services research, which cover the banking, brokerage, credit card, asset management and insurance industries.

This week’s recommendations come from our Mutual Fund Advisor Monitor report titled Prospecting Materials: Finding New Clients with the Right Materials and focus on ways asset management firms can better prepare their advisors for building books of business, generating leads and cultivating new relationships:

Provide Tools to Streamline Prospecting Process– With the right kind of prospecting tool, advisors should feel like they have acquired a new marketing team. Tools like Oppenheimer’s Five Minute Marketer can simplify the document customization process, and even mail documents direct to prospects. Other tools, such as Lord Abbett’s Insights & Intelligence tool, can help generate leads in the right market, finding high net-worth prospects that advisors can pursue with appropriate resources.

Promote Prospecting Resources– Most advisors at some point need to prospect for clients, but unless a firm promotes its resources, advisors could easily miss the materials at their disposal. The best way to promote prospecting resources is to show advisors how the materials can be used in action, making BlackRock’s Weekly Advisor Tip an especially powerful venue. The firm recently used the homepage section to promote its Elite Advisor Intelligence Series, which educates advisors on how to hold seminars and solicit client referrals.

Embrace Email Marketing– It is unsurprising that email marketing has overtaken print over the past two decades, and firms should make sure their advisors are prepared to take full advantage of the possibilities. Lord Abbett is currently the only firm to fully walk advisors through email prospecting, offering a template to be imported directly into the Outlook email interface.

Help Advisors Perfect Their Conversations– Addressing potential new clients on a wide range of subject matter can be a daunting prospect for many advisors, but firms can make this process smoother through advisor education and conversational talking points. Although only 29% of firms in this report offer such resources, materials such as Invesco’s Prospecting Strategies brochure can reassure many advisors, building confidence through preparedness, and helping them win new clients. The firm even includes a telephone script to help advisors outline their communication effectively.

Help Advisors Hold Successful Seminars– Holding topical seminars can be one of the strongest ways for advisors to connect with a new demographic of people with a shared interest. To make the most out of such events, firms should offer customizable marketing materials to help promote, invite and present in a professional manner. The more prepared advisors come across to potential clients, the more trust they will earn from their attendees. To appear knowledgeable on the subject of retirement to a room full of prospects could go a long way to bolstering an advisor’s book of business.

For more information on our Monitor or Consulting services, contact Bob Burlin at 212-832-2002 x-115 or rburlin@corporateinsight.com. You can also use our online contact form.