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Why Traditional Advisor Prospecting Fails Today’ s Consumers
There’ s a disconnect between advisors and modern investors. But there are strategies to build lasting trust. By Tom Anderson and Britton Lombardi
THERE’ S OFTEN A DISCONNECT BETWEEN ADVISORS and the clients they’ d like to serve. Both might ostensibly share the same goal— of helping the clients achieve financial security and growth. But there’ s often a big difference in perspective. Advisors and would-be clients likely have different communication styles, especially in an age where technology has greatly changed the way we talk with one another. Their expectations and priorities can also often dramatically diverge. Those structural gaps can hinder collaboration and trust.
To bridge this divide, you must understand how prospective clients think nowadays( especially the way they use technology) and be able to adjust your approach accordingly.
To understand the dynamics at play, we analyzed the extensive consumer data collected through our platform, FreeFinancialPlan. com. We also collected information about advisors through hundreds of interviews and from data gleaned at Anasova. com.
Disconnect By The Numbers Take your approach to the phone: Approximately 97.5 % of people surveyed do not want to talk on the phone with an unknown advisor about their money— even if they have specific questions( the number rises to almost 100 % for those under 50). Yet about 97.5 % of advisors think phone numbers are critical and will not value a prospect without one.
There’ s also a disconnect when it comes to meeting with you: 97.5 % of people want to hear ideas first before they take meetings. The exact same percentage of advisors want a meeting first before they share ideas.
Approximately 99 % of potential clients make purchase decisions slowly in financial services: Rather than buy now, they take six to 18 months to research, explore, and find the right moment to take action on a financial decision. Meanwhile, 99 % of advisors want clients to put money down now.
Empowered Clients
Clients have been taking control of their own finances more than ever, feeling empowered by the ideas they glean from social media and financial blogs and their use of apps. These tools provide instant insights, easy filtering and( free) education, and they have shaped a new type of consumer who is resistant to typical marketing approaches. All these trends are going to change the way you communicate with clients, as well as build relationships and make decisions with them.
32 | FINANCIAL ADVISOR MAGAZINE | APRIL 2025 WWW. FA-MAG. COM