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The Challenge Of Acquisition

The acquisition of new affluent clients, and their assets, has always been the biggest challenge for financial advisors and the largest determinant of their success. The most significant insight that I have gained in our 30+ years in the business is that this challenge does not come from a lack of understanding regarding which acquisition strategy to implement – it’s the actual implementation of the known and proven strategies that causes such confusion, and unfortunately, less than stellar results. Even though countless training sessions have been conducted and a myriad of books and articles written on how to implement these strategies, most advisors still find the acquisition of new clients to be an uphill battle.

For example, every advisor understands that getting referrals is one of the most effective and proven acquisition strategies. There is a tremendous body of knowledge available about how to generate client referrals. Yet 90% of financial advisors do not have a consistent, proactive client referral strategy.