When it comes to prospecting for new clients, many financial advisors are drawn to the flashiest new ideas to help them grow their business, whether that’s sending personalized video messages to prospects or hoping to go viral by trying out the latest TikTok trend.
But some of the most successful advisors I’ve worked with have grown their businesses by focusing on the fundamentals that have been proven to work. And one of the core fundamentals we focus on at Carson Coaching is passion prospecting.
What is passion prospecting? Put simply, passion prospecting involves taking an outside interest you’re already passionate about—say, wine tasting or golfing—and integrating it into your prospecting process. That might mean hosting a wine tasting event for prospects, or encouraging them to sign up with you for a golf scramble at a local course.
Passion prospecting is one of the core things that Ron Carson did when he started building his business, and I’ve seen it work time and time again for advisors over the years. And for advisors who dread doing the “necessary evil” of prospecting in order to build their business, passion prospecting is a great way to flip that notion on its head and make it something you love doing.
And passion prospecting isn’t just about finding new clients—it can also help you deepen your relationship with existing clients and connect with centers of influence (COIs) who can send you referrals.
Why Passion Prospecting?
At the end of the day, this business is about meeting enough people so that you can find the people you’re meant to be helping and serving. And when you engage with those people in activities that you genuinely enjoy, it’s easier to find common ground and create a rapport with them, which in turn makes it easier to build trust and connect on a personal level.
And once you convert that prospect into a client, that similar interest can be key to building a deeper relationship with them. When you’re meeting with your clients, you don’t just discuss the markets and their investments—you also discuss their personal lives and their interests and hobbies.
And knowing what those interests are—especially if they’re ones you share—gives you an opportunity to establish even more rapport and trust with those clients and deepen your relationship. And anytime a client relationship is built more on more than just the professional side of things, you’ll be able to provide more value as an advisor.
How to Get Started with Passion Prospecting
So how can you get started with passion prospecting? The first step is to identify the activities you enjoy and determine if they could be the focus of gatherings where you can build relationships with prospects. And it’s important to choose events that you’re not only passionate about, but that you can enjoy sharing with others.
If you need some help coming up with ideas, try answering a few of these questions:
- If money wasn’t an issue, what would you spend your time doing?
- What is one part of your weekly routine you look forward to?
- When you feel alive and energetic, what are you doing that makes you feel this way?
- What kind of community service/volunteer work interests you?
- What sports do you play or watch on TV?
- What kinds of tools or technology are of interest to you?
- What kind of outdoor activities do you enjoy?
- What classes did you enjoy in high school or college?
Once you’ve come up with a list of passions, start thinking about who you might want to share them with. Who should you consider inviting to your passion prospecting event?
For starters, you’ll want to invite any warm prospects you’re trying to close the deal with. You don’t have to make a hard sell during the event—it’s about connecting with them on a more personal level—but make sure to follow up with them afterward.
You should also consider inviting any of your top-tier clients who you’d want to replicate (your A+ clients). It’s a great opportunity to get to know them better, especially if you think they could be a source of referrals. Better yet, encourage them to bring along a guest who they think might enjoy the event and ask them to introduce you.
Also think about inviting any COIs you work with. Events are a great way to stay in touch with them, and an invite to an event is typically a better way to nurture that relationship than sending a gift basket for the holidays.
Plan an Event—or Join in on the Fun
You’ve identified your passions, you’ve made a guest list—now you just need to plan your passion prospecting event.
It’s best to keep it simple and not overburden yourself with planning. For instance, if you love drinking craft beers, consider hosting a tasting event or tour at a local brewery. Or if you enjoy reading mystery novels, you could host a murder-mystery dinner event.
And these events don’t have to be one-off occurrences. If that beer tasting is a hit with clients and prospects, make it a monthly meetup and visit a different brewery each time. That offers you more opportunities to connect with prospects and deepen your relationships with existing clients.
Though it’s great to gather in person—especially after the social distancing brought on by the COVID-19 pandemic—planning an in-person event might be too time-consuming for some advisors. But a virtual event can be just as effective for making a connection.
Virtual events also give you an opportunity to show off your creativity. One advisor I’ve worked with put on a virtual cooking show over Zoom with his wife, and they shipped the ingredients they were using to the attendees ahead of time so they could join in on the fun.
But virtual events can be simpler than that, too. You could send bottles of wine or whiskey to attendees and host a virtual tasting, or connect with a yoga instructor to provide an online class.
And you don’t have to host your own event to put passion prospecting into practice. You can keep things simple and join an existing event or club. If you’re an avid runner, join up with your local running club and connect with people that way. And if you have prospects or clients who you think would enjoy joining in, invite them to come along and encourage them to bring a guest.
Getting Started
The best thing about passion prospecting is that there’s very little barrier to getting started with it. Just think of a pastime or hobby you love doing, do a quick Google search to see if there’s a group for it in your area, and join in on the fun.
You’ll be enjoying yourself and connecting with people in no time—and hopefully finding a few future clients.
Passion prospecting is just one of the fundamentals we like to focus on at Carson Coaching when it comes to growth strategies. Get in touch with us today to see how we can help you on your growth journey.
