High net worth prospecting power in a few clicks
February 7, 2014
Access is one of the biggest challenges in our business today. As a financial advisor, you need to be able to separate yourself from the crowd to gain access and build relationships with high net worth clients.
Achieving the access you desire really boils down to a basic idea: edging out the competition — much like in the world of sports. Social networking is a tool that can help give you that edge — especially when aiming to improve the overall quality of your connections.
Yes, LinkedIn can help you reach high net worth prospects, and it can make you more efficient in how you connect with them.
Here are a few basic tips to get started.
It starts with advanced search
LinkedIn’s advanced search is a great tool for lead generation. You can search for prospects by job title, zip code, keywords, and so on. The more fields you fill in, the more focused the results you'll get.
One of the strongest connections you can make with someone is through shared affinities or experiences. Advanced search can help you find those parallels with your prospects. A great example is a shared alma mater, or shared passion. Search for your school or favorite interest and see what you find. I've connected with other Vanderbilt alumni by zip code, company affiliation, and even job title.
For more about advanced search, visit the tools and tech tips page to download our one-page tip sheet.
Bridge the gap
The commonly known “six degrees of separation” theory is rooted in science, first introduced by social psychologist Stanley Milgram. LinkedIn allows us to visualize this matrix of connections: You can view any possible social graph linking you to prospects and clients through common connections. What better way to get introductions or referrals than by identifying a common connection (first or second degree) to help facilitate that initial contact?
If you have a prospect you’d like to connect with, simply visit his or her profile and see what connections you have in common.
Do your research
Use LinkedIn to research a prospect in advance of a meeting. It can provide insight into that person’s past work experience, educational background, group involvement, and importantly, personal interests.
Never before have we been able to gain a fuller picture of a prospect’s life — both professional and personal — in advance of a first meeting. In the past, you would have to develop a working relationship to learn about a prospect or client along the way. Now you can do some legwork to help you with your first formal introduction.
The entire notion of how we communicate, and therefore manage relationships, is changing. Embracing and leveraging new technology for client acquisition and retention is a key factor in most businesses today.
Now's the time to adapt.
FINRA regulates the use of social media. Advisors should consult their compliance departments about restrictions regarding the use of social media before accessing any social media networks for a business purpose.
This content is for informational purposes only and is not an endorsement of any service or publicly traded company. It is also not a recommendation to buy or sell a particular security.
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