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Interview Patty

57 - Five tips for attracting the ideal client

Identify the attributes of the clients you most enjoy working with

Attracting "ideal" clients is the goal of most advisors. Why wouldn't you want a whole roster of clients you enjoy working with — clients who share your values and who are a boon to your bottom line? Before you can set out to attract these clients, you must first make sure you have a good understanding of the characteristics of your potential ideal client.

"[The ideal client is] someone you want to work with to build a long-term relationship," says Jonathan Rivard, financial advisor with Edward Jones in Richmond Hill, Ont. "Someone who meets certain predetermined criteria."

Once you have defined those criteria, says Joanne Ferguson, president of Advisor Pathways Inc. in Toronto, you then must develop a disciplined process that outlines what you can do to attract those clients.

Here are five steps toward attracting your ideal clients:

1. Define your ideal client

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One way to begin to define your ideal client is to identify the one or two of your current clients you most enjoy working with. What do you most like about these clients? Is it their investment style or their personality? Or is it that their values are compatible with yours?

The characteristics of the ideal client will vary among advisors. You may choose to target clients based on minimum investable assets; by profession; by age group; by other clearly defined niches; or by combinations of attributes, Ferguson says.

For example, Rivard's ideal client would have at least $500,000 in investible assets. He does not necessarily stick to that minimum for clients he believes have the ability to grow their assets over time or can provide referrals.

2. Create a compelling message

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In order to communicate effectively with prospects who meet your ideal-client criteria, you must understand his or her needs and wants, Ferguson says. All elements of your communications must therefore be tailored to address members of this target group.

Your brand and tagline, for example, must be designed to appeal to your target clients in order to get their interest.
"Lead with a message that will evoke their emotions," Ferguson says.

3. Demonstrate your value

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Your goal is to define what sets you apart from other advisors in the eyes of your ideal clients. "Says Rivard: "You must know your value proposition."
Ensure that what you are offering is what your ideal clients want. Let them know upfront what they are getting, Rivard says.
Make sure your proposition is about your client's goals, Ferguson adds. "Never lead with products," she says. "Everybody sells products."

4. Share their values and beliefs

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What are your ideal clients' interests beyond financial issues? If your ideal clients belong to certain clubs or associations, you might consider joining one of those organizations, Ferguson says — but only if it genuinely appeals to you.
You can offer something valuable, such as a seminar, to members of an association, she adds.
Rivard, who derives 70% of his assets from clients who work in agriculture, belongs to an agricultural association. Says Rivard: "I understand them — their fears as well as their challenges."

5. Show that you can do it

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Demonstrate confidence in your ability to deliver what you promise to your target market. Share stories of success involving clients with similar attributes, goals and challenges.
Says Rivard: "Let them know what you stand for."

Read the full article here: Investment Executive

All the best!

Patty Block

Building Blocks

7941 Katy Fwy. #414
Houston, TX 77024 USA

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