5 End-of-Year Prospecting Ideas for Financial Advisors That Work

October 5, 2021

Between the fall busyness, holidays and the end of the year, Q4 is no time to start prospecting new clients, right? Wrong. In fact, that couldn’t be further from the truth. Q4 is just as good a time as any to up your prospecting efforts. And doing so now will help you start the new year right — with a full book of clients.

So, how do you prospect as a financial advisor? You have endless options. Here are five that work.

1. Host a Client-Appreciation Event

There’s no better time of year to celebrate your clients. Most of them will be in town and already in a festive mood. If you’re going the traditional party route, make sure to schedule it well in advance of the holidays so as not to compete with end-of-year workplace celebrations and family get-togethers.

Or, you could host a themed event. How about a gift-wrapping party? Hire a few people to wrap your clients’ holiday gifts while they eat, drink and be merry. Wine (or taco!) tastings, casino nights and bingo games are also fun.

Encourage your clients to bring friends and family members, so you can network with potential new clients while celebrating your current ones.

2. Build a Referral Network

With a calendar largely void of client meetings in December, try focusing your attention on networking with other professionals. Research centers of influence in your area and put together a list of individuals you could form mutually beneficial relationships with. Then schedule lunches to get to know one another and tell them what it is you can do for their clients.

Farm Bureau Wealth Management Advisors have access to 1,700 built-in centers of influence, thanks to our thousands of insurance agents spread across 14 states.

3. Find a Niche

Ask anyone who’s been around the block how to prospect as a financial advisor and they’ll tell you that finding — better yet, creating — a niche is the key. If you don’t have one already, make this your top priority.

Perhaps you served in the military or had another career prior to becoming a financial advisor. Understanding the mindset of a certain group goes a long way in becoming a go-to advisor for that group. And professional connections aren’t the only alliances to consider. You can carve out a niche based on your hobbies and interests (the motorcycle club’s “wealth guy” or the mom’s group “money maven.”)

You can also specialize your business. If estate planning interests you, delve into that to offer your clients an additional perspective (and yourself another revenue source). Or consider specializing in guiding people financially through life transitions or helping individuals manage windfalls, such as lottery winnings or receiving inheritances.

4. Give Free Advice

Sharing your knowledge is a great way to position yourself as an expert. It’s up to you to find the opportunities that will support your business goals, but you can start by offering to write a financial advice column for your neighborhood newsletter, volunteering to host financial workshops at churches or community centers, and even attending career day at your child’s school. You never know whose parent is in need of an advisor!

5. Send Gifts

After all, it is the season of giving. Consider sending each of your clients two bottles of wine and asking them to share one with a friend who’s in the market for a new financial advisor (don’t forget to include a clever note or a business card!). Or send more economical tchotchkes (think stress balls, phone wallets, calendars) to a longer list of potential clients. Direct mail does work when it’s done right.

Join an Established Team

Looking for more prospecting resources? Farm Bureau offers all the support you need for growing your business. Contact a Regional Manager to learn more.