Advisor Advice: How Often Should I Follow Up With Prospects and How Should I Frame Those Conversations?

Written by Michael Collins, CFA®

In today’s fast-paced world, getting the attention of potential clients isn’t easy, especially when connecting with someone over the phone. As you work to grow your client base, it’s not just about generating leads; it’s about making sure those leads actually respond and engage with you. Making monthly follow-ups with prospects can help nurture those relationships and build trust, but it takes consistency and planning.

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Be Strategic With Your Follow-ups

Following up with prospects isn’t just about persistence—it’s about approach. A well-planned follow-up strategy that prioritizes personalization, timing and value can increase the likelihood of meaningful engagement.

1. Personalization

Personalize each interaction you have with prospective clients. Mention specifics from previous conversations to demonstrate genuine interest and understanding of their unique situation. When a prospect realizes you remember their concerns—like retirement planning or tax strategy—they’re more likely to respond.

Ultimately, a strategy grounded in empathy and insight will bolster your efforts. Each contact point should reinforce your commitment to the prospect’s financial wellbeing. Statements like, “I noticed this market update and thought of you because…” can remind leads of your personalized approach and dedication.

2. Timing and Frequency

Schedule monthly follow-ups that align with market scenarios like elections or the end of a calendar year. For example, if the prospect recently reached the required minimum distribution (RMD) age, contacting them toward the end of the year with a message about taking their first RMD may grab their attention. Highlighting recent market movements that might impact a prospective client’s financial plan may also entice them to stay on the phone with you.

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3. Complimentary Financial Advice

Offering two hours of free financial advice serves as an invaluable entry point and demonstrates immediate benefit to the client. This gesture demonstrates goodwill and provides a platform to showcase expertise, setting the stage for ongoing collaboration. This helps the prospect experience what it’s like to be a client of your firm.

During this free session, you can address immediate questions the lead may have or conduct a quick overview of their financial plan. Impressing them here could be the key to converting them into a client.

4. Value-Driven Communication

Every outreach should offer something of value, whether that’s market insights, relevant articles or updates in the field of financial planning. The aim is to position yourself not just as a salesperson, but as a resource the prospect can rely on.

Topics That Resonate

The right conversation starters can make all the difference when you’re reconnecting with a prospect. Focusing on subjects that provide immediate value, address common financial concerns or align with current events can capture attention and encourage dialogue.

For example, many prospects are aware of Roth conversions but may not follow through with them due to the complexities involved. Highlight the potential long-term benefits, such as tax-free growth and withdrawals during retirement. This topic appeals because it represents proactive financial planning, a characteristic of savvy investors looking to optimize their financial future. While it may not be necessary for some clients (everyone’s plan is different), it may be something the prospect is considering and has questions about.

Discussing the latest financial trends and market changes—particularly in a volatile economy—can also spark interest. Sharing expert opinions or real-time updates can cement your position as an informed and responsive advisor.

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Bottom Line

Getting leads to return your calls during those monthly follow-ups is all about being persistent, understanding what each person needs and consistently offering something of real value. By offering a free consultation, discussing the advantages of specific strategies like Roth conversions and staying on top of the latest financial trends, you’ll give prospects plenty of reasons to engage with you. This approach not only helps bring in more clients but also builds a community of savvy investors who trust your guidance. That’s a win-win for everyone.

Michael Collins, CFA®, is a paid consultant who contributes to SmartAsset’s advisor marketing content. As a paid consultant and a participant in the SmartAsset Advisor Marketing Platform, Michael may have an incentive to promote SmartAsset. Michael’s experience as a financial advisor and his specific experience and metrics regarding SmartAsset are his own and are not indicative of the results others may achieve when using SmartAsset.

Advisor Marketing Tips

Developing a comprehensive marketing plan is fundamental for financial advisors aiming to enhance their client base and strengthen their market presence. In fact, a 2024 Broadridge survey of over 400 financial advisors found that those with a defined marketing plan generate more leads per month than advisors without one.
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