4 Reasons Your Prospecting’s Falling Short



You’re trying to grow your business, but lately you’ve been disappointed.

That’s a familiar story with many of the financial advisors and RIAs we speak with on a regular basis. For many of us in this business, prospecting is a difficult, but necessary, task. If we want to get more business, we have to go out and get more business—and that means prospecting.

But what if your prospecting efforts are falling short of your expectations?

Here are four common mistakes advisors make when prospecting:


1) Doing what you’ve always done, even if it isn’t working.

You may have had success with an approach such as cold calling or asking for referrals, but what if you aren’t able to get through to prospects on the phone? Or, what if you’ve exhausted your referral potential from your current client base?

If approaches like these used to work, but aren’t working now, it’s time to change things up.


2) Changing a winning approach so that it fails to work.

You’ve gotten a lot of success from giving presentations at your local investment club. Or, you’ve had a lot of success in the past with emails to your prospect list that offer a free consultation. Yet what if you changed that winning approach so that now you are giving presentations at a professional organization, or sending emails to your list that do not include that offer?

Changing what works is often one of the biggest mistakes advisors make with their prospecting. A good clichéd rule of thumb here is—if it ain’t broke, don’t fix it.


3) Not being persistent.

When it comes to prospecting and getting new clients, there is perhaps no better virtue than persistence. If you quit calling or contacting a prospect after just a few attempts, you are likely not going to land them as a client.

To be successful, you have to keep at it. You have to make them aware you’re there, and you have to stay in the front of their minds with what you can do for them. A failure to keep on trying will translate into just plain failure.


4) Not taking action.

Perhaps the worst mistake you can make is to sit back and do nothing. In fact, the one way to guarantee you won’t succeed is to not try anything.

If you want to get new business, you have to create action with action. So, whether it is phone calls, emails, newsletters, live presentations, web presentations, or even just asking everyone for more referrals, the key to success is to always be taking action.



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