Financial Advisor Prospecting: Driving Advisees To Conversion

Oleksandr Rohovnin
Content Marketer
11 minute read
Oleksandr Rohovnin
Content Marketer
11 minute read

This article is a part of our comprehensive financial lead generation series, where we explore lead generation for financial advisors alongside related industries like real estate, mortgage, business loans, and more. Check it out for more insights.

The less-than-perfect 2024 economic outlook predicts turbulence and uncertainties amid growing geopolitical risks and sizable internal challenges in the United States, but one thing will certainly hold true for the foreseeable future: people and businesses will need financial advice to maximize profits and mitigate risks.

As a financial advisor, you shouldn’t worry much about the economic climate: rain or shine, financial advisor leads will always be there for you. All you need is robust lead generation, prospecting, and conversion strategies to win customers and drive them to conversion.

In this article, I will elaborate on financial advisor prospecting, which is a set of strategies and techniques to identify and convert high-intent clients out of previously generated financial leads.

Here’s why you need smart prospecting as a financial advisor:

  • You will reveal your most profitable clients.
  • You will reach these clients with the right message at the right time.
  • You will convert more than before.

Without any further ado, let’s shed light on the most profitable financial advisor prospecting ideas and how to apply them in practice.

Prospecting vs. Lead Generation: Clarifying the Confusion

Hold on a second…isn’t prospecting the same as lead generation?

Not at all. Sales prospecting is as different from lead generation as your sales team is different from your marketing team.

Here’s the difference between sales prospecting and lead generation:

  • Prospecting is about a personal connection to a sales-qualified financial lead, whereas lead generation is about revealing this lead on the market. A sales team typically carries out prospecting, whereas lead generation is within the domain of a marketing team.

Even though you need to generate leads to enable sales prospecting – otherwise, you won’t have anyone to reach out to – prospecting itself is always personal, whereas lead generation can be automated from top to bottom.

The 5 Most Profitable Prospecting Ideas for Financial Advisors

Financial Advisor Prospecting Idea #1: Create a Jaw-Dropping Selling Proposition

You will contact hundreds and thousands of sales prospects over time, all with different needs and wants – no matter how scrupulous your targeting is, no two clients will be the same – and you will have to prove to them you’re the best out there.

In proving your superiority, you will only have one constant to rely on: your unique selling proposition (USP). Make no mistake, you need a compelling USP that will make them freeze, mouth agape in excitement, and order your services.

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Source: GIPHY



Here’s how you can create a unique selling proposition in financial advisory:

  1. Focus on the niches you know well. It might be tempting to cast a wide net – the more prospects, the better, right? – but you can only do so if you know your niches. Whether it’s tax planning, wealth management, or assisting divorcees, make sure you possess unique expertise and can back up your statements with data and positive feedback.
  2. Research the competition. After narrowing it down to several target niches, research what other financial advisors offer, including their strengths and weaknesses. At this point, you will likely find out how to set yourself apart from the competition.
  3. Capitalize on your strengths and others’ gaps. Write down all the gaps you can bridge and improvements you can make. For example, if your state is abundant with young professionals looking to invest in environmentally responsible companies AND lacks relevant financial advisors, you can perhaps give advice on sustainable investment strategies.


Unique selling proposition idea examples for different financial advisor prospects

High-Net-Worth Real Estate Investors “Data-driven wealth management: Growing your annual returns 10% to 12% consistently year by year since 1990.”
Families with young children  “Secure your child’s future by surpassing your education funding goals with a 99% success rate.”
Expatriates “Cross-border financial planning to cut your taxes by up to 25%.”

A USP won’t do the job alone, but it’s a great basis for your financial advisor prospecting strategies. In the ever-competitive fiscal battleground, you should continuously play to your strength to nurture and convert financial advisor prospects sustainably.

Financial Advisor Prospecting Idea #2: Prioritize Added Value Over a Hard Sell

Financial advisor prospecting is more personal than lead generation, so you should put yourself in the client’s shoes from the get-go. The countdown starts once the client enters your office: you have only so much time to earn their trust.

Consider a situation: a client has just received a significant promotion and seeks financial advice on managing the increased income. As a financial advisor, you have two basic selling strategies: a value-driven approach and a hard sell, both viable for specific financial advisor prospects under particular circumstances.

Here’s how you can build your dialogue with a client, depending on the selling strategy:

Value-Driven Approach: Lower Risk, Sustainable Rewards Hard Sell Approach: High-Risk, High-Reward
You: Congratulations on the promotion! Could you please elaborate on your new financial goals? Have you considered something specific?

Client: Thank you! I’m not really sure about where to put this extra money, but I was thinking about opening a retirement savings account.

You: Congratulations on the promotion. Now that you have extra income, we have some high-return investment funds to consider.

Client: Thank you! I was thinking about retirement savings, but I’m not sure where to start.

You: This would be a great start. I would suggest you explore a few areas where your extra income would benefit you both short-term and long-term.

Client: The other option I was thinking about is investing in stock or real estate.

You: Great! We have some high-yield plans. You can invest in our retirement funds right now.

Client: Maybe I should also consider stock or real estate investments.

You: Oh, these are great to leverage your increased income. However, we must also factor in your risk tolerance so you feel comfortable with your investment.

Client: Speaking of comfort, I’m also worried about taxes with my new income.

You: Yeah, great! We’ve had amazing stock returns over the past decade. It’s the best time for an aggressive stock portfolio.

Client: I also wanted to clarify about taxes, considering my increased income.

You: This is a valid concern we always factor in when offering investment options. I can show you our most tax-efficient strategies to help minimize tax liability.

Client: Oh, and I also want to save for my son’s education.

You: No worries – you can handle your tax concerns after you’ve earned with us.

Client: And I also want to start saving for my son’s education.

You: Sure, planning your kid’s education is a wise decision. I can help you explore education savings accounts that offer tax advantages. For the complete security of your family, we have an emergency fund and life insurance policies.

Client: Sounds comprehensive. How do we start?

You: We have education funds that are a perfect fit for you. Let’s sign the papers, and you’ll start saving now! On the same note, I would also recommend buying life insurance through us – we offer competitive rates.
Client: Oh, it seems like it’s a lot to take in. Maybe I need some more time to think. Thank you for the consultation, anyway. I’ll get back to you later.

The gist of these two financial advisor prospecting stories is that even if you’re into a hard sell for whatever reason, you should do it smartly to not scare away clients. There’s no way around it: either you dig deep into their needs or lose them.

Financial Advisor Prospecting Idea #3: Ask the Right Questions

You’ve got it: prospecting for financial advisors is all about winning the client’s trust, which you can achieve by asking the right prospect the right questions and answering them in detail while not being pushy when you don’t have to.

As a financial advisor, you can benefit from the customer’s previous touchpoints: on-site interactions, registration forms, referrals, etc. The more you know your client, the more chances you have to hit the bull’s eye with your questions.

For example, if you’re dealing with a small business owner seeking financial planning advice, you can prepare questions that will help you better understand this client and narrow down the list of possible outcomes for them.

When speaking to a financial advisor prospect, try to evaluate:

Aspect to Evaluate Prospecting Question Examples
Financial products worth focusing on Are there any financial products you are considering now, were considering in the past, currently hold, or have personal experience with?
Previous experiences with financial advisors Have you worked with financial advisors before? How would you describe your experiences with them? What did you appreciate the most, and what do you feel could be improved?
Immediate and long-term concerns What are your current financial concerns? What are your financial goals for this year, next year, and a five and ten-year perspective?
Communication preferences How often would you like me to inform you about your progress? What communication would you prefer: in-person, phone call, email, etc.?
Financial literacy How would you describe your understanding of the finance industry and the products in question? What topics do you find challenging?

The right set of prospecting questions – a financial advisor prospecting script, if you will – can help unlock missing details about the client and guide you through the nurturing process. You will understand who you are talking to, their major struggles, and how your products can improve their financial situation.

Financial Advisor Prospecting Idea #4: Ask for Referrals

The right prospecting questions multiplied by an irresistible USP might be enough to strike a chord with the prospect, and then you can ask for referrals. However, every converted prospect is one prospect off your financial advisor prospecting list, so you must keep the balance.

Here’s how to get financial advisor prospects from referrals:

  1. Build trust first. You don’t have to ask for referrals immediately after conversion, as this may appear as a hard sell – instead, take trust as the number one indicator. You are more likely to hit the right timing with your request after a significant financial success or milestone or when the client is satisfied with your services.
  2. Be specific and ask openly. Express gratitude for choosing you over other financial advisors and clearly articulate what prospecting clients you are looking for. Remember, referring can bring you high-intent prospects, so make sure to narrow it down to the right clients.
  3. Make referring easy. Provide clients with a link to your website, phone numbers, email, and other easy ways to connect. Try to enable as many communication channels as possible while keeping it simple for referred customers.

Last but not least, don’t forget to thank your prospects for spreading the word, regardless of the outcome of the referral. This will strengthen your relationships and increase the chances of getting more referrals in the future.

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Source: GIPHY



Financial Advisor Prospecting Idea #5: Automate Prospect Management

Much of financial advisor prospecting should be done manually – software won’t communicate with clients the way you do in person or over the phone. However, you can automate some aspects of the prospecting routine – for example, email campaigns, social media management, event registration, and prospecting analytics and reporting.

Here are some automation ideas for financial lead prospecting:

Email Campaigns Automated email campaigns are a surefire way to hit the right financial advisor prospect with the right message at the right time. For example, you can set emails by triggers like a follow-up email to prospects who have booked a consultation or downloaded a guide.
Prospect Distribution IVR and call intelligence software can help you nurture and convert callers by distributing them to the right financial advisor if you work in an agency or company. Likewise, IVR systems can qualify callers while transferring essential data to relevant financial advisors in real-time.
Event Registration Automation software can handle registration, reminders, and follow-ups. For example, you can send a reminder a day before a webinar and a short recap after the event.
Prospecting Analytics Advanced prospecting tools for financial advisors can collect and analyze complex interaction patterns, including purchase intent level assessment, behavioral tracking, and retrospective analytics.

Phonexa can help you with all of the above. Our unique lead management software suite will cover your prospecting needs from A to Z, helping you convert financial advisor leads into sales prospects into clients into brand advocates, all while managing the process from a unified dashboard.



LMS Sync is the only one out of eight proprietary lead and prospect management solutions Phonexa offers. There are seven more – Call Logic, E-Delivery, Cloud PBX, Lynx, Opt-Intel, HitMetrix, and Books360 – all available for only $100 monthly.



Order your prospect management software suite now, or schedule a free consultation to learn more about Phonexa.

Frequently Asked Questions

Who are financial advisor leads?

Financial advisor leads are individuals or businesses seeking financial advice on financial planning, tax strategies, investment management, and any other financial topic. The demographics of these customers include all solvent age groups, barring children and young teenagers.

Who is a financial advisee?

Financial advisees are the same as financial advisor leads; these are people or businesses seeking financial advice or guidance from a professional financial advisor. The sought-after service may include career counseling, education, legal advice, and more.

How do financial advisors find clients?

Financial advisors employ a plethora of lead generation, prospecting, and nurturing strategies to identify potential clients and drive them to conversion. It usually takes creating a robust business with a unique selling proposition and deep subject expertise to generate and convert financial advisees.

What is the difference between financial advisor prospecting and lead generation?

Financial advisor lead generation is the process of creating an overarching strategy to receive the attention of the target – yet broad – audience of financial advisees, whereas financial advisor prospecting is about finding a personal approach to sales-qualified prospects (like, for example, a phone call).

Got Questions?

Get in touch! We are available 24/7.

Oleksandr Rohovnin avatar
Oleksandr Rohovnin
Content Marketer

Oleksandr Rohovnin is a Content Marketer at Phonexa. His passion is digital marketing, innovative technologies, and – above all – distilling vast amounts of complex information into engrossing narratives anyone can relate to. At Phonexa, Oleksandr stokes passion for marketing automation and lead generation in every story he curates.

Education: Zaporizhzhya National Technical University

Expertise: Digital marketing, affiliate marketing, call tracking, lead tracking, insurance


  • 8+ years of writing and editing experience in B2B and B2C

  • Unconventional synergy of writing talent and technical knack

  • Avid proponent of sports, gaming, and reading

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