By Steve Meier, Vice President and Director of Marketing
We see the world through the lens of our own experience. For example, think about the car you drive. Chances are you see that model of car on the road and notice details much more readily than other automobiles. Now think about applying this same scenario to advisors. The more clearly you can define what advisor attributes are a good match for your business, products and company, the more readily you can identify which advisors are more likely to do business with you.
One of the most effective ways for a wholesaler to identify “Top Prospects” is to develop and use a profile of their ideal advisor. While determining what characteristics make up their ideal advisor, wholesalers may want to consider breaking down some essential information into the following categories. Firm Criteria, Practice Criteria and Product Criteria, Client Profile and Partnership Guidelines.
Some additional points to consider while building an ideal advisor profile are:
- The profile should include both quantitative and qualitative data
- It isn’t good enough to simply list general criteria. Wholesalers must also know the criteria in specific terms. For example, selecting prospects with a “substantial book of business” isn’t specific enough. Selecting prospects with “100 households” served or average assets per client in “excess of $1 million” is a much better answer.
- It is reasonable to assume that a wholesaler should be able to complete a profile over the course of two structured conversations with an advisor. The conversations may be two face-to-face meetings or include a phone conversation following a meeting. (Sequoia provides a tool for conducting these types of conversations / interviews.)
- Profile criteria for a wholesaler’s best advisor should be refreshed and/or updated at least annually.
In the end, the objective is to differentiate between a “Top Prospect” and the multitude of advisors who would be considered merely “prospects”. It is important to understand that no one will actually meet all of the criteria defined. At Sequoia, we suggest that an advisor who meets 50% or more of the ideal criteria should be placed on the Top Prospect List and is deemed worthy of the additional time and attention a top prospect warrants