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7 Ways to Build a Better Prospecting List

Prospecting is an advisor's most dreaded task. It's also the difference between success and failure.

Allyson Lewis, 06/30/2016

Avoidance. Indecision. Fear. Pain. Dread.

Should you just tape these words to your desk? You know prospecting is the only way to increase your client base. You walk in every morning knowing that you have to ask people to do business with you. But prospecting is the most dreaded task of a financial advisor. It is also the difference between success and failure.

Many advisors think of prospecting as a two-part process: 1) What should I say? And 2) How many people should I call?

What should you say? Stop wasting time creating a scripted elevator speech. After you call a couple of hundred prospects, you will know what works and what doesn't. Scripts are static--experience is self-correcting.

Regarding how many prospects to call, there is no consensus. The statistics range from eight calls an hour to 300 a day. This absurd gap is polarizing and confusing.

How many prospects will you call a day? That is up to you. But none of this matters if you don't know the missing link: You have to have a list!

7 Ways to Build a Better Prospecting List 

1. Personal Connections
Download this Personal Connections Worksheet and write down the name and phone number of 100 friends and acquaintances.

Don't worry if your friends and acquaintances do not have investable assets. These first 100 personal connections are just a warm-up. Building a business begins by letting as many people as possible know about your business.

Call your friends and tell them what you are doing. You have a lot of friends and acquaintances who are happy to help you build your business.

Your personal connections are your most valuable resource.

2. Business Connections
Download this Business Connections Worksheet and write down the names and phone numbers of your "personal" business connections. Your list of business connections is much larger than you imagine. At this point your personal connections list should have at least 100 names and phone numbers, but your job is to create a list of hundreds of business connections.


Yes, I mean hundreds. You can create a list of hundreds of business connections by looking at Facebook, LinkedIn, Twitter, and Instagram. Through social media, you have followed, and been followed by, hundreds of people. Pull out a pen and write down their names and phone numbers.

And then call them. Remember, the key to prospecting is letting as many people as possible know what you do. 

3. The "Memory Jogger"
Download the Memory Jogger Worksheet created by Cesar Rodriguez. Looking at this list will jog your memory and help you build a larger prospecting list.

4. Brainstorm With Other Financial Advisors
The value of peer-to-peer cooperation is exponential. Look at the difference between working out with a friend versus trying to motivate yourself to go to the gym alone. 

5. Brainstorm With Other Sales People in Different Industries
Insurance advisors, business development officers, industrial equipment salespeople, and advertising salespeople all prospect. Have a cup of coffee and use their ideas to increase the number of people on your list. 

6. Ask, "Who Else Do We Know?"
This is where you sit down with your family members and think about the people you know. Friends of your family, friends of your cousins, your teachers, your coaches, your friends' friends, people you knew in high school and college--this list goes on and on. 

7. Find Out Who Has the Money
The Bureau of Labor Statistics lists thousands of occupations and salaries, including the highest-paying occupations. Surgeons, oral surgeons, orthodontists, dentists, architects, small-business owners, and senior corporate executives are all on the list. Use the tools on payscale.com to choose occupations. Then use Google to find specific prospects with those occupations. With today's technology, you can find unlimited information to build a better prospecting list! 

Rip those five nasty words off of your desk. Don't let avoidance, indecision, fear, pain, and dread keep you from prospecting. Use the seven steps above to build a better prospecting list today.

P.S.: A Personal Note From Allyson Lewis
I was 22 years old when a friend shared this worn out cliché: "See more. Tell more. Sell more." He was right.

During my 30-year career as a financial advisor, I called thousands of prospects. I taught seminars. I was involved in the community. I told people what I did. And I asked them to do business with me.

I have moved into a new full-time career, now:

> I am a keynote speaker for businesses, organizations, and associations.

> I facilitate group training on the subjects of time management, increased daily productivity, building effective teams, team communication, and, yes, prospecting.

> I write training curriculum for learning and development departments.

> I am an executive business coach.

In my new career, I have called hundreds of prospects. I teach seminars. I am involved in the community. I tell people what I do. And I ask them to do business with me.

If I can help you, I would love to work with you.
Contact me: info@the7minutelife.com

Allyson Lewis is a nationally acclaimed motivator, speaker, time management and productivity strategist, executive coach, best-selling author of The 7 Minute Solution and The 7 Minute Life Daily Planner, and founder of www.The7MinuteLife.com. Download her latest time management report: http://the7minutelife.com/free-report/

To take advantage of the free time management worksheets, webinars, and more, subscribe to The7MinuteLife.com and follow her on Facebook http://www.facebook.com/the7minutelife and Twitter: @allyson7minutes

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