These investment prospects responded to the ad for the booklet
"How Wealthy People Invest - Secrets of Professional Money Management”. ( Click here to see a sample ad.). These respondents are candidates for managed accounts, mutual funds and ETFs. Obviously, these are motivated investor leads who have been thinking about or have interest in buying or changing their mutual fund investments. Not names off some list; they are already
motivated as they requested the booklet through their own Internet search.
All you do is send the booklet, and then follow up with the
prospect by phone per the instructions we provide you.
Because these prospects will have already received your booklet,
you will find the call a warm call (People tend to give credibility to items
in writing and the professionals who supply them). You will be treated as an
expert and not as a salesperson when you follow our instructions that you receive
when you register for the Senior Leads service.
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When securing investor leads, the main issue is the motivation and wealth of the investor. However, there is no way to know that before you contact the prospect. Why? Even asking on an online form, “net worth” or “household income” will get 50% false answers. Therefore, when using investor leads, expect that you will get the full range of poor to rich.
Expect that any prospect will have mild interest. The job of a sales professional is to convert mild interest into action. If you try and find only prospects ready to act, you will go broke. You must accept the fact that you will need sales ability to convert online investor leads to cash. Below, we provide some tips on how to have that sales conversation.
Do wealthy investors respond to online forms?
You may be under the impression that no wealthy person would respond to an online advertisement. You would be wrong. Internet investor leads produce the full range of prospects. You can hear these advisor comments about their experience (turn speakers on):
Know that when using investor leads, you will likely have, from every 10 prospects, one prospect that is a millionaire, 2 prospects that have low financial resources and 7 prospects that have from $250,000 to $1 million of investable funds. If you prospect the “middle market,” you will find that Internet investor leads are very worthwhile. Advisors who want only millionaire clients should probably prospect in other ways.
What Do Online Prospects Seek?
Understand that most consumers, regardless of their net worth, know little about investment options. They do not go online searching for “best performing sector ETF” or “money manager search.” Consumers have much broader concerns and do searches on broad phrases such as, “strategy to invest in retirement,” “good stocks for retirees,” “top low-risk mutual funds.” The consumer does not understand the details about investing.
Therefore, it does not matter if they initially searched on ETFs. Once you meet with such a prospect and show him why your method of using individual stocks is better, you may have a new client. Just because most people have their money in mutual funds means nothing about the actions they will take. Mutual funds are easy investments and consumers see a lot of mutual fund ads. When this writer was a financial advisor, most every prospect I met had their money in mutual funds. And every one of them, was interested when I showed them how using individual stocks and bonds would lower their fees, lower turnover and taxes and eliminate style drift.
The point is that investor leads are general in nature and not prospects that have specific desires. The lead is the starting point in your conversation and your sales ability is what has the prospect become a client.
If you understand that you want people with more money, then people age 50+ will be your best market. And Facebook is the dominant market for that demographic. Investor leads from Facebook work well because you can target your advertisements by zip code, by age, and by household income. Note however that using Facebook is a form of “intrusion marketing.” The prospect is online looking at their feed. Then your ad pops up in their face and tweaks their interest. But they did not go looking for investment information.
Compare “intrusion marketing” to “permission marketing.” If you run search ads through Google, then your investor leads will come from people doing a search on a term that you have selected for your advertisements. When the prospect clicks on your ad, he has sought you out and therefore, gives you permission to respond. The only problem is that investor leads on Google will likely cost you $70 or more. Since everyone wants to capture the investor who is seeking a solution, you will be competing for that investor with 500 mutual fund families, Charles Schwab, Merrill Lynch and hundreds of other large companies that will outbid you for prospect attention.
Forget Pinterest, Instagram, Twitter, Tik Tok, etc. as these sites cater to a young demographic that is not right for the prospects you want.
How to Approach an online investment prospect
If you meet someone attractive at a party, it is not wise to assume they want to marry you. Your prospect must be courted. And so it is with investor leads. Your first conversation must gently probe, “What motivated you to order my booklet on How the Wealthy Invest?”
With each answer that the prospect provides, ask another question that goes a little deeper, “has that been a concern for you? “what alternatives have you considered?” “why does that worry you?” Once you have “hit a nerve” then suggest the next step which might be preparing an analysis, inviting the prospect to a webinar, setting up a Zoom session, etc. But don’t rush it. Take each step slowly just as you would a marriage candidate.
The idea with a prospect is to “peel the onion” by following each prospect answer with a slightly deeper question. You want to be sure that you get to the prospects “hot button” before suggesting the next step. If you suggest the next step too early, the prospect will say, “let me call you after the holidays,” “let me think about that,” “I will call you next month.”
And expect that some very good prospects will need to be kept warm for weeks or months. You must have a newsletter or other drip marketing tool so that the prospect you meet today stays warm until he is ready to act. You must stay “top of the mind” so they do not take their business elsewhere.
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