Love is a Battlefield: Help Prospects Break Up with Their Current Financial Advisor

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Congratulations! You’ve got a hot new lead that wants a new financial advisor and is interested in your practice. Let’s draw up some papers, cross those T’s, dot those I’s, and make this relationship official–

Oh, wait, they have a financial advisor already. While they’re not satisfied with what their advisor’s been doing lately, they’ve been together for a while, and your hot new lead doesn’t know how to break up with them. I guess you’re out of luck, right?

Don’t give up that easily. Here’s how you can help a potential client dump the zero (their current financial advisor) and get with the hero (you)!

financial advisor leads

Let Me Down Slowly…

First, don’t rush your lead. (No need to turn this into a fight!) Switching to a new financial advisor is going to be a bit of a process, and that will have to start with ending the relationship with their old one.

A slower phase out might make them more comfortable. Instead of a hurried, frantic rush between two advisors, they’ll know you’re taking the time to incorporate their wants and needs into your practice.

…and Remember the R-E-S-P-E-C-T

As a financial advisor yourself, you know how closely you work with your clients. Unless there is a serious issue, the same is true for your peers. Recognize that your new client has probably been with their advisor for a while and that they might have some anxieties about making a change.

However, you can note that, regardless of how tight a client might feel with their advisor, it’s still a business relationship. Unless the other advisor waived all fees and renounced all commissions, they’re not doling out retirement advice as a friendly gesture. Highlight this part of their relationship if your potential client seems hung up on the past.

You Oughta Know

If a client is looking for a new financial advisor, they’re clearly in need of something they haven’t been receiving. Get them to specify, in clear terms, what exactly they’re not getting from their current advisor. Write it down, even — it’ll help your client clarify what they’re dissatisfied with and give you the opportunity to address them yourself.

Was the old financial advisor too conservative with their strategies and missed potential gains? Were they too reckless and needlessly lost client assets? Did they not communicate enough? Did the client feel more like a number in the corporate books and less like a human being? They’ll have their reasons for leaving — make sure they’re clear, concise and communicable to the advisor they’re leaving.

financial advisor lead generation

Someone Like You

What is it that you, as the new financial advisor, bring to the table? What makes you more of a winner than that other guy who doesn’t know a 401(k) from a 5K?

Demonstrate that you have what they’re lacking. Do you have any special expertise most other financial advisors don’t, like working with federal employees? Show it off! Even something like a newly renovated office can make the difference between simply talking to a potential client and making them an essential part of your practice. The key is differentiation: you know what sets you apart from the pack, so hammer those points home.

With all this in mind, we imagine you don’t want to be the next financial advisor someone breaks up with. How do you cement yourself as a reliable partner? Simple — build a great relationship with all your clients! Involve everyone by establishing a client advisory board, reward them through a referral community, and host a client appreciation event to show them you care. This Valentine’s Day, be the financial advisor they want and need.


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Stephen Odom, CEO of The Impact Partnership


Chief Executive Officer

Stephen started in the insurance marketing business in 2001 as a new business consultant. In 2002 he was promoted to Director of Sales and built a 200 million book of business from scratch. By 2005, he was one of the top wholesalers in the country, working with some of the top financial advisors and insurance agents across the USA. In 2008, Stephen was promoted to Co-President of one of the largest IMOs in the country.

In 2011, Stephen continued his entrepreneurship path and co-founded The Impact Partnership, an INC 5000 company. Stephen is responsible for the strategic vision of Impact and is laser-focused on creating a culture of growth for both internal teammates and our amazing customers.

Stephen lives in Kennesaw, GA, with his wife of more than 20 years, Kendra. They are blessed with three beautiful children Katie, Tyler, Anna Brooke, and Laya, their German Shepherd and Luna, their BernieDoodle.