Your prospect pool is deeper than you think

“I don’t have any more prospects. I’ve asked everyone.”

Many advisors have found themselves in this position at some point in their careers. When you joined the profession, you were taught to start with your natural market, so you approached your family and friends. Some became clients. Then you considered buying a list, but do-not-call registries made you wary to pick up the phone and cold call. So, where can you find new prospects?

You probably know more people than you think. A 2010 study using a statistical technique that asks people how many individuals they know in a specific category — like women named Margaret, people who are widowed, teachers — estimated that the average American knows 611 people well enough to have a conversation with them if they saw them in public. The same research method was applied to Brazil, China, Ukraine, India and several African countries, and found personal network sizes there ranged from 200 to 600 people due to factors like urban, rural and digital access. If you know them, they might know you — some very well, others not so much. But what is important is there is some sort of connection.

Prospecting them all might seem like a chore, but every journey starts by taking the first step. Do they know what you do? Approach this project to widen your prospecting pool by communicating who you are, what you do and why you are good. You also want to learn three easy things about them: who they are, where they work and what they do. You probably know some of this information already. So, who are your 600-plus people? Let’s look at the silos of relationships in your life.

The most obvious

Immediate family — This one is so obvious, but it deserves mentioning. You likely have approached them already. If not, why are you waiting?

Extended family — This includes grandparents, aunts, uncles, nieces and nephews. It also refers to your in-laws and family members living at a distance. Any recent births or marriages? Does everyone gather for a family reunion? Catch up face to face.

Neighbors — If you were hosting a summer barbecue or a big gathering, you would give the neighbors advance warning about the music, noise and parking. You could invite them too. Do they know what you do? If they are homeowners, do they need insurance?

Social media — You have an online presence and established yourself as a subject-matter expert. When people comment on your posts, do you send them an invitation to connect? Do you reply to comments and messages? They are called connections for a reason.

Networking groups — You belong to at least one and supply leads when you can. Are they supplying leads to you? Have you approached fellow members for business or followed up on their leads?

Connections from the past

Former neighbors — You were great friends, but they moved away. Why did they move? Did they get a big promotion that required relocation? If you kept in touch, get in touch again.

College classmates — Were you in a fraternity or sorority? Do you keep in touch with alumni through your college alumni club and attend reunions? Add high school connections to the list. Do they know what you do, and can you submit what you do to the alumni magazine?

Former professors — They taught you and gave you a good start in life. In Asia, many people keep in touch with their professors, who have now transitioned to the mentor category. Do you think anyone has asked them to become a client? Be the first.

Co-workers from your previous career — Many people enter the financial services profession as a second career. You might have enjoyed life as an engineer or a military officer and changed your career direction. Your former colleagues are still friends. Do they know what you are doing now?

People who worked at the firm — Not everyone succeeds or remains an advisor. Some leave for another profession; others retire. They still have a need for insurance and understand its importance. Who were you friends with who are no longer here?

Aged prospects — Years ago, we would keep a drawer or folder filled with prospects and leads that did not work out. They had a need then, but maybe the timing wasn’t right. They might still have a need now.

Past seminar attendees — You filled the room and delivered a compelling presentation. Some people became clients; others did not. Do you know who they are? Can you send them something?

Other business relationships

Businesses you patronize — You are someone else’s good customer. You have a dry cleaner, hair stylist and mechanic. You visit the wine shop, hardware store and favorite restaurants. These are all locally owned, and you are a regular. Ask them to become your client.

The gym — You work out several times a week and usually go at the same time. You know the owner, and the faces of the other members are familiar. Does anyone wear a logoed T-shirt? What does it say? What does yours say? Someone’s logoed shirt is telling you something about them. Maybe it’s about a resort they visited, the firm where they work, the school they graduated from or a concert they attended. Your shirt should have a tasteful firm logo. Don’t wear something announcing you won a sales contest. Only use one logoed item at a time. One day it might be a T-shirt; another day a baseball cap or gym bag. 

Where do you stop on Friday night? — You might go out for drinks with friends. Do you have a favorite sports bar? You likely know the regulars and cheer for the home team together. Do you know what they do? What do they know about you?

Professional services — You consider yourself a professional and rely on other professionals such as a lawyer, an accountant, a family doctor and a veterinarian. You pay them. Are they fully aware of what you do?

Community involvement

Nonprofits where you volunteer — You have causes you support. You are a member of some, a donor for others and perhaps a board member for a couple. You know many people with the same values. Do they know what you do?

Religious organization — Do you attend services during weekends? If so, you see the same people often. You know your religious leader, and they know you. Tactfully making them aware of where you work and how you help people is not intrusive.

People sharing your hobby — You might be a sports fan and attend home games. Perhaps you restored a classic car. Do you belong to a wine club? Whatever hobby you share, do your fellow enthusiasts know what you do for a living?

School sports — Are you a sideline parent? Do you support the team by driving players and gear from game to game? Do you see the same fellow parents every week? What do they know about you?

Outside of the box

Fellow commuters — Do you take the same morning train to work every day and see the same faces on the platform? Do you sit next to the same people? A financial planner started building his clientele by talking with people on the train.

Who attended your wedding? — How many people attended your wedding? What were the criteria that got them an invitation? Who are they? What are they doing now? Look through your wedding album and put names to faces.

Christmas card list — Do you send holiday cards, and are these people on your prospecting radar?

People you met on holiday — We make friends when we travel and usually add one couple every time we take a cruise and keep in touch. Do you and did you exchange contact information?

Organizations that use speakers — This silo could be local homeowners’ associations and community centers. It might be your alumni club or a service club. Do you know who selects speakers, and do you have educational topics you can offer?

If you wondered whether you were even close to knowing 600 people, you might discover that you know a lot more.