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The internet is saturated with lead generation services promising a monthly steady stream of new qualified opportunities each month.
Their websites look professional and their message is clear and reassuring: “No more prospecting, we’ll send you leads, you just call them and take it from there.”
Tempting isn’t it…sounds so easy, a no-brainer right?
But can these services really deliver high net-worth leads ready to work with you?
Here’s my answer: how can they possibly?
Those leads typically fill out a form somewhere on the internet “wide ocean” (i.e. Facebook, etc) indicating they have a question about their finances.
Then they are routed to at least three other advisors and the first one to pick up the phone and call, has the only chance to move them from cold to warm.
It's a feeding frenzy for very little reward, especially if you’re not pre-positioned as the one for them, prior to the call.
It's often justified with: “Well, it’s only $3,000/month, if I can get just one client from it, it’s worth it.”
That’s certainly one way of looking at it.
Buying general leads is psychologically comforting.
Their lack of quality is compensated for by the gratification of their quantity.
Kind of like fast food.
As long as you have leads coming in, it feels like you’re in demand and your business isn’t starving... which feels good.
But like any addiction, the high eventually wears off.
In the back of your mind, you know these quick and easy leads aren’t ideal for you, often they are low-asset opportunities.
They would be perfect if you were a non-profit practice, but I assume you’re not.
But if you stop buying these leads, your business growth feels like it will come to a hault.
And you probably don’t have a viable alternative you instantly switch over to.
You haven’t yet learned how to catch and cook your own fish, and that keeps you turning to these “convenience outlets”, despite them being unhealthy long term.
Here’s why you need to start kicking the habit of poor-quality lead generation:
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Getting more leads will not solve your real problem
Which would you prefer: 10 -20 questionable leads per month or onboarding 1 - 2 high net-worth clients per month? Your goal isn’t to create a high volume of leads, your goal is to convert more ideal clients, so you can earn higher fees from less effort and stress. It’s the low-volume/high-margin model. Your willingness to make this mindset shift is key.
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High-value leads are easier to convert than low-value leads
The perception that lower value leads are easy to get and therefore easier to convert, is false. Low value leads are abundant. But their price-sensitivity and the choice they have in advisors to go with, makes them harder (not easier) to convert into clients. Converting higher value clients is easier. You just need the right process.
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You need your own lead-generation system
Most advisors understand the above concepts theoretically, but lack the sales/marketing system to execute it in reality. That changes when you learn to identify your ideal client and figure out how fish them out of the right ponds. Once you do this and systemize it, you become self-sufficient. No more low-quality lead services, middle-men, or depending on others to feed you opportunities.
To get some help on how to grow your advisory business with less leads, create your own lead-generation system that positions you as the Trusted Authority, before you meet with them, order your complimentary book and consultation below.
Related: Building Trust in Sales Without Giving Away Free Information
Get your Free copy of Ari’s best-selling book "Trust In A Split Second!" here and you’ll also receive a Complimentary Sales and Lead Generation Consultation (value $995.00). Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after high-net-worth new client acquisition expert for financial advisors. His latest book, “Trust In A Split Second!” has become an instant best-seller among financial advisors worldwide.