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One of the big tailwinds for advisors and the wealth management industry at large is that the demand for high-quality, professional advice is there and that was true prior to 2025 turning into a more eventful year than many expected.
Importantly, that demand isn’t just steady. It’s increasing. It’s also found across multiple demographics, confirming it’s not limited by age, gender or race. Add it all up and it’s fair to say now is a great time to be an advisor. Ebullience aside, successful advisors know that on the road of converting prospect to client, execution matters and that execution needs to be there from the start.
For example, advisors should start the prospecting process by having clearly defined visions of “ideal” clients. Sure, that includes identifying assets brought to the table requirements, but it can and should extend to other factors. Some advisors opt to focus on business owners while others prefer to build client rolls of professionals from specific fields and industries. Others prefer working with younger clients, including Gen Z and millennials.
In all cases, the more targeted the audience is, the more advisors can customize their approach, potentially making prospects feel more valued from the get go. That’s not the only idea for improving the prospecting process.
Embrace Education and Tech
Technology, including artificial intelligence (AI) and social media, is pivotal in this new era of client prospecting and effective use of it can mean the difference between won and lost business.
“Creating a social media presence can help establish yourself trusted expert, giving you an edge over the competition and creating stronger relationships with potential and existing clients,” according to Nationwide. “LinkedIn specifically can be a treasure trove for connecting with professionals in your target demographic. You can get started by posting regularly about market insights, personal finance tips, and success stories to build your brand, showcase your value and build trust with your audience before the first conversation.”
While technology may be viewed as a new addition in the prospecting toolbox, hosting educational events is not. Plenty of advisors are already doing that and that’s a good thing because there’s value in that strategy, particularly when the events focus on something other than investments. Think estate planning and Social Security, among other topics.
“You can offer free—but valuable!—resources at these events. Think downloadable templates, financial checklists, or even a copy of the slide deck you presented. This builds goodwill and keeps your name top of mind,” adds Nationwide.
Be Consistent, Focus on Warmth
One of the biggest reasons clients hire advisors is they feel the advisor is trustworthy and one of the most effective ways of building that trust is with consistency. Remember this: consistency can be rewarded.
Some studies point, it can take up to five contacts before a prospect makes a decision, but many sales people give up after just one or two contacts. With the help of technology, advisors can streamline the process of contacting prospects.
Then there’s the issue of which prospects to target first. Simply put, the warm ones. Chances are signals are being given about the level of interest, providing advisors with a roadmap as to which prospects deserve the most initial effort.
“You can access your existing client list and find opportunities for more meaningful engagement. Perhaps they have friends, partners, or kids who’d benefit from your advice,” concludes Nationwide. “Or maybe their financial situation has evolved, and they need additional services. You could try is offering an annual portfolio review with every client, creating natural opportunities to be top of mind when they hear about friends or family looking for financial guidance.”