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Due Diligence on the Prospect

It starts with a meaningful conversation.

April 13, 2017

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Due Diligence on the Prospect

Let’s turn the tables for a moment. Prospects have multiple due diligence tools at their disposal when looking for a financial advisor. They can go to BrokerCheck through FINRA, SEC Form ADV, state regulatory records, and Yelp, Google, etc. How do you perform due diligence on a prospect or a client? The best solution is to have a meaningful conversation and fact-finding meeting to learn the following about them:

  1. Do their needs and objectives align with the types of products and services you offer?
  2. Do they have a valid need to engage your services?
  3. Do they have sufficient resources, now or potentially, to meet those needs?
  4. Are they highly motivated to take the next steps with you as an advisor?
  5. Do you need them more than they need you? Meaning, are you so desperate for business that you will say or do anything to get their business?

If the answer to any of the above is “no,” proceed cautiously.  You could end up being very busy, but not very productive.

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