20 Lead Generation Tips For Financial Advisors (2024)

Proven Strategies to Attract and Retain High-Quality Leads

Never let another potential client slip through your fingers again. Here are 20 lead-generation tips for collecting more clients.

"You are out of business if you don't have a prospect." – Zig Zigler.

Cruel? Yes. True? Also yes.

The thing is this:

To succeed in business, you need prospects—people who have the potential to buy your product or service. In other words, no prospects = no clients and, consequently, no revenue. 

You don't want to be that advisor that'll find out Zig Zigler is right.

So, the following is a true story you can benefit from:

In the early days, getting (quality) leads as a financial advisor was a challenge for Eszylfie Taylor. 

Perhaps just like you are currently…

• He tried all kinds of tactics: cold calling, advertising, referrals — but nothing seemed to get him a consistent stream of new prospects.

That's not all:

• He wasn't afraid of a little bit of hard work, too: he would go the extra mile with anybody who cared to listen. He would drive 50 miles in opposite directions to meet just about any prospect. Sadly, he discovered that hard work doesn't necessarily translate into desired positive outcomes.

• He always dressed the part, and had worked with several clients, who all raved about him, yet when he met a high-net-worth individual, he would turn red and stutter. 

Worst of all, he had no idea why this happened. And it was causing him to lose deals.

Put simply:

He was a struggling financial advisor.

Fast forward two decades later…

Eszylfie Taylor is an award-winning ACTIVE Million Dollar Round Table, Top of the Table producer. Owner of a multi-million dollar advisory business and founder of the Taylor Method - a sales training program for advisors that teaches out-of-the-box prospecting ideas and sales language that has literally helped transform"ordinary" advisors into top producers in 90 days. You can head over to learn more here.

But how did he do it?

And most importantly, how can you do it too?

Well, we've done all the hard work for you! Today's post is a synthesis of lead generation advice that's been a vital part of Mr. Taylor's career and an integral ingredient in the success of hundreds of other advisors who have used his system to catapult themselves into the ranks of high-performing professionals.

And the best thing?

Whether you are thinking of how to get clients as a young financial advisor or looking to improve on what you already have, these 20 tips will help make sure finding insurance and financial advisory leads doesn't hold you back from reaching your goals any longer than necessary.

Let's get started!

How To Get More Clients For Your Financial Advising Business (20 Proven Tips)

1. Never Underestimate The Power Of Referrals

Let's start with something easy: referrals. 

Referrals are one of the most powerful tools in a financial adviser's arsenal. Why? Because they're inherently trust-based, people are likely to refer to someone they know, like, and trust. Plus, it saves you time by cutting out the "getting to know you" process—you can skip right to talking about what matters most to your potential client.

So how do you do it? 

Ask for them! 

While most advisors would wait until the end of their meeting with clients and then ask—and maybe even at the very last minute—we recommend asking at the onset of your sales process. That way, your clients know that this is a part of your business model and that they can trust you to be honest with them. 

2. Focus On Quality Over Quantity

It's a mantra repeated in many industries, but it's crucial for lead generation for financial advisors.

The truth is this:

As an advisor, you'll only make as much money as your clients.

Let's explain:

How many leads do you need to make $1M?

That answer depends on the quality of your leads. If you're getting high-quality leads - i.e., those in the mold of high-net-worth individuals, you might need only a few to make that much money when they become clients.

But if you get low-quality leads… Well, you'll have to work twice as hard for half as much.

In other words: focus on quality over quantity!

3. Prospect-up! 

If you're only asking for referrals without "prospecting up," you're leaving money on the table.

If you haven't heard the term "prospecting up" before, it's time for a quick lesson:

When you're prospecting up, you're looking at a bigger picture than just getting a referral; instead, you're aiming to improve the quality of the leads you get via referrals.

The idea is simple: rather than ask your clients who they know that could use your services, ask them who they know that they look up to financially. Chances are high they'll come up with some great names - bosses, mentors, family, and friends. Only this time, they share one thing in common - being wealthier than your current client.

Then, ask for their help in reaching out to these people.

4. Learn To Answer Brush-off Objections

Brush-off objections are intended to be a quick, easy way to get rid of you. They're a problem because they can make it feel like the prospect doesn't even want to hear how you can help them—and they can come off as being slapped on the face.

But here's the thing: brush-off objections are part of what you will face when generating leads! And they're just an opportunity for you to learn how to talk more effectively with your prospects, which will help you make more sales down the line. 

Here are three examples of common brush-off objections and how you should respond:

• "I'm all set."

•  "I already work with someone else.

• "No. I'm not interested."

Respond with these two powerful phrases:

1. "I won't undo any of the good work that was done."

2. "I just want to give you the information to help you make educated decisions."

And you'll be surprised how effective these responses are. Here's why:

The first phrase eliminates any risk the prospect may have that you'll ruin what they have going on. The second phase assures them you're all about their interest and want what is best for them.

The best part:

99.9% of the time, you'll discover a flaw or vulnerability that's been overlooked, thus allowing you to move them up your lead flow.

5. Never Stop - Be Relentless

You need to be relentless in your pursuit of new leads. Even if it's a slow day, you should still be out there doing something. Also, don't rely on just one medium to get the word out about your business - you should have a combination of different marketing channels in place while keeping to the 20/80 rule (Pareto's principle).

If you are unwilling to put in the time and effort, you should not expect the results.

There is no magic bullet or easy way out. You must do the work and work the hours to get the desired results.

6. Talk To People—Not At Them

Relationship building is core to the advisor's business; you must learn how to build relationships with prospects and clients. If you don't know how to talk to people, you're missing out on one of the most powerful ways to generate leads for your business.

Here are a few tips on how you can improve your ability to connect with others:

• Listen more than you speak;

• Ask open-ended questions that require more than a "yes" or "no," then listen carefully to the answers with rasp attention;

• Keep it friendly and casual; avoid sounding too formal or stuffy;

• Be respectful of their time and don't waste it by talking too much or going off on tangents;

• Avoid industry jargon when possible;

• Use analogies to explain your points;

• Probe for more information from your prospect about their current situation and goals;

• Don't interrupt your prospect's story.

7. Don't Assume That Because Your Family And Friends Know What You Do; They Know What To Do

You may be surprised that your loved ones know nothing about financial planning or investing. In fact, they may have more questions than answers.  

 How can you expect them to understand your value if they don't know what you do and why it's important?

Here's an assignment we want you to do going forward:

At an opportune time, talk to your family and friends about their future financial plans. Ask them what they're doing with their money and if they have a retirement plan. Listen to what they say and ask them questions about their concerns. If they need help with their finances, offer some advice and explain how you can help them set up a portfolio that best suits their goals and objectives.

In every case:

• Let your family and friends know that you love them, care for them, and would not forgive yourself if something terrible happened to them or their family because you didn't help protect them.

• Iterate what you do in the simplest way possible and make them aware that you want to provide information to help them make better life choices.

• Be honest, open, and selfless in your conversation.

Fingers crossed, you'll get a trove of new leads after these discussions.

8. Strive To Be A "Problem Solver" And Not A Salesman

Building trust with your clients is one of the most important aspects of being a financial advisor. And one of the best ways to do this is by helping them solve their problems.

It doesn't mean that you should try and sell them something they don't need – you should help them find solutions to problems they might have.

For example, if they are unhappy with their current life insurance policy because they think it has too many exclusions, then you need to help them find a new policy that doesn't have these exclusions. Or if they have been having trouble saving enough money for retirement, then you need to help them create a strategy so that they can start saving more.

9. Win At Networking Events

And No! We don't mean doling out your complimentary business card at the slightest opportunity.

Confused? Don't be. 

Listen:

Realize that networking is not done just to get new clients but to build relationships.

So, get in there, make a good impression and be memorable.

There are plenty of ways to do this, but they all boil down to: Being genuine, selfless, and providing value.

You want to build mutually beneficial relationships over the long term, so don't try to use people for their connections, money, or whatever else you're after. If you do, it will show up eventually, and it won't be pretty.

10. Understand How To Convince A Prospect Who Had A Bad Experience With Another Advisor

A bad experience with another financial advisor can turn a prospect off to the entire industry. But what if they were shown how you could help them specifically? What would change?

Before we explain, remember, as an advisor, people need us - we dare say more than we do them. With that in mind, acknowledge and empathize with them over their negative experience. Next, explain to them why they can't just ignore your help. 

Using an analogy that best describes their situation, ask them:

If they went out to eat and got food poisoning, does that mean they'd never go out to eat again - would they only cook meals at home for the rest of their life? 

Chances are high that they will say "No."

And that, dear advisor, is your cue to make your case. 

Remind them of their vulnerabilities:

They have a family that needs to be protected. A business that needs to be

protected. Also, their need to save and retire comfortably.

Finally, proceed to communicate your value proposition.

11. Become A Giver

There's a quote we live by: "Givers get!"

It's true in business, and it's true in life. If you want to grow your business, you have to give. You have to be generous with your time and resources. And you have to be willing to help others without expecting anything in return.

Whether it's advice or written content, we love sharing what we have learned with others - this post is a typical example.

Back to the point…

When you give without expecting anything in return, people are much more inclined to want to help you out. This isn't just limited to financial advisors. It applies to anyone who wants to grow their business.

How to give:

• Volunteer your time to share what you know at conferences or other events. 

• If someone asks you a question, always be willing to help, even if you don't think it's relevant to your business. 

• Refer business to other professionals.

• Help your clients in any way you can.

In the end, being helpful will help your business through referrals that may come down the road. Even if it does not get referrals, be at peace knowing you're playing your part in making society better.

12. Establish Partnership With Other Relevant Professional 

Financial advisors are often caught in the trap of thinking they are experts in everything related to money. While it's true that most financial advisors have a wealth of knowledge about financial planning, investing, and retirement planning, the truth is that they don't know everything.

Many other professionals, such as CPAs, attorneys, and real estate agents, can help them in their business. They can become part of a team of professionals who help each other grow their businesses by referring clients to each other's services.

13. Make It Easy To Find You Online

If you're still wondering, the answer is yes: you should have an online presence. If you already have one, ensure it's up-to-date and optimized for search engines. If you don't, start building one today and make sure it includes at least some of the following elements:

• A business website with a blog that gets updated regularly with exciting industry news, tips, and strategies. It should also include a contact form so people can easily reach out to you.

• Social media profiles (especially Linkedin) that are easy to find and follow (ideally include your business's Facebook page and Twitter handle).

• Video marketing gives users a better sense of who you are as a person beyond just what's on your website or LinkedIn profile.

14. Make Sure You Have A Clear Value Proposition

You can't expect to get clients if you don't know how your product or service can help them. You need to be able to articulate clearly the value of your product or service. 

Consider how you can describe what you do in a way that makes it easy for people to understand and appreciate your value proposition. For example, if you offer financial advice to small business owners, show them how you do it through examples and testimonials from happy clients who have found success because of your help.

15. Use Personal Observation To Your Advantage

Personal observation is the best way to gain insight into your client's lives, and it can be a powerful lead-generation tool for you and your business.

However, this is easier said than done. Building relationships with people who aren't familiar with you or your business takes time and effort. You can't just walk up to a stranger and ask if they need financial advice.

One way around this is by using personal observation to your advantage. For instance:

Whenever you're out in public, look out for people who seem like your ideal client and might benefit from your offering. Maybe they're wearing a suit or carrying around a briefcase — then make an effort to talk with them and ask questions  to get to know them. It could be in the mall when you notice their kids attend the same private school as your own kids, or at the park in your neighborhood. 

Another way to use personal observation is to take note of trends in the life of prospective clients' lives. If they have children entering college, they may need life or term insurance with a college savings rider. Or if they just purchased a new home, they may need mortgage protection coverage or an umbrella policy.

The point is to open up a dialogue and build relationships with potential leads based on your observations so that you can have an opportunity to share your knowledge about the financial industry and find out if they have any needs that you can fill.

16. Organize Events To Attract New Customers

Events are a great way to reward and gather client feedback, but they can also be a great way to attract new clients by themselves. And the more events you host, the more likely people will become familiar with your business and remember it when they need advice or services.

Such events could be an informal meet-and-greet event at your office or a nearby venue, where people can come and ask questions about what it's like working with you or learn more about your services. 

Here are some ideas on how you can do this:

• Host a party at your office.

• Throw a summer barbecue or picnic at your favorite park.

• Hold an annual conference or seminar in a fun location.

• Host digital events, including webinars, Twitter Spaces, Facebook live streams, etc.

These events mustn't feel like sales pitches — they should be casual and relaxed so that people feel comfortable asking questions and sharing their concerns about their finances with you.

17. Make An Effort To Know Your Prospects And Understand Their Needs

Without knowing your prospects, how can you market to them? You need to understand what they need and what's important to them before you can offer any solution. They probably won't feel comfortable working with you if you don't know these things.

To avoid the above scenario from playing out, you must dedicate time to researching, asking questions, and listening carefully.

18. Stay In Touch With Past Clients

Hear us out: we all know the importance of keeping in touch with your clients after they've hired you, but did you know that staying in touch with past clients can be even more important?

You may not need to constantly keep in touch with them, but regular check-ins will help you stay top of mind when they're ready to hire again. These check-ins can be as simple as a quick email or phone call every few months. You can ask how things are going and offer any services or resources that have since become available.

19. Don't Forget About Outbound Methods

We would be honest with you:

Outbound methods are some of the least favored methods by many advisors. Yet, some still swear by it - so it's worth a mention.

Here's the basis for this argument:

It would help if you always were thinking about how you can reach out to potential clients who are not yet familiar with your business. 

Outbound marketing methods include:

• Cold calling;

• Direct mail;

• Email marketing; and

• Social media campaigns.
  

20. Invest In Learning

The following quotes are profound:

1…

"It's not the strongest species that survive, nor the most intelligent, but the most responsive to change." Charles Darwin.

2…

"The greatest danger in times of turbulence is not the turbulence. It is to act with yesterday's logic." Peter Drucker.

Regardless of experience level, there are always new techniques to learn and ways to improve upon what you already know.

More so, in this day and age, so many changes are happening at such a rapid pace that it can be challenging to stay on top of it all. But you have to if you want to remain relevant in your industry and grow your business.

Taking time out each week to read up on what's happening in your industry and how you can use it to improve your lead generation efforts is reasonable. However, taking time to learn how to improve your skills and knowledge via sales training and mentorship is better. 

Here's why?

You'll get more out of it. Because…

• You'll jumpstart your success by learning from the best in the business. You'll learn from their mistakes and successes so that you can benefit from their experience. Plus, you'll be able to avoid common pitfalls that others have experienced.

• You'll be able to gain more credibility with prospects because they know that you're working hard to become an expert in their industry.

• Ultimately, you'll be able to create a more effective strategy for generating leads further down the road and hone your sales skills so that you're an even more effective prospector. According to several studies, salespeople who use mentorships and training programs see increased performance and almost certainly see positive ROI.

But there's a catch:

Some training programs are more equal than others.

If you want to get the most out of your training, then make sure it meets at least seven of these criteria:

1. It teaches you something you don't know. These are practical, actionable strategies you can start using immediately. 

2. It is specific to your industry. If the training is generic, it won't be as helpful as if it focuses on your specific industry and its unique challenges.

3. The best sales training programs for advisors show you how to apply what they teach in your everyday business activities so that it is relevant and valuable for helping clients. They aren't worth it if they tell you what they think should happen without demonstrating how things might work out in practice.

4. A good program will also hold you accountable and give you some direction on measuring success— which is essential when evaluating your efforts and making adjustments over time.

5. The instructor has relevant experience and knowledge that can be applied to real-world situations.

6. The instructor's flexible teaching style incorporates classroom time, virtual classes, role play, etc.

7. It gives you the tools and resources to succeed after the class (e.g., access to digital coursework).

Luckily, there's good news:

The Taylor Method fulfills all of these criteria! 

And the results are wow-inspiring. For example:

• David Hausdorff "..went from Top 500 to Top 11 at my company in 90 days."

• Andrew Mortenson: "6x increase in overall production in less than 6 months… made Top of the Table for the first time in my 9 year career!"

• Johnathan Burgess saw a "13x improvement in my life insurance production in less than 2 months."

• John Lytell: "...up 125% in life insurance production in 6 months."

As these varied testimonials prove, the Taylor Method is one of the best training and mentorship programs to learn lead generation as a financial advisor that is 100% guaranteed to help you! Click here to sign up.

We'll like to reiterate the following:

If you want to land more new clients and increase your income, you can't expect to do it alone. Don't waste time and money on expensive business-building pitfalls. Instead, learn from the experts—those who have already succeeded where you are hoping to.

Over To You: Increase Your Lead Generation

Whether you're looking for new enterprise clients or just more clients in general, your success will be defined by how you prospect. Now that you've heard these 20 tips for an effective lead generation process— make it happen!  

Remember that:

The Taylor Method can provide the training and mentorship for advisors you need to level up your sales skills. Lastly, take action today!