Knowing Who Your Client Is: More Important Than Ever

Published June 17, 2022 

Reading Time: 4 minutes

Written by:
Rahmi Ashour
Account Executive at Zoe

Your financial advisory firm’s revenue chart ideally looks like a steep upward line. So how exactly can you achieve growth in revenue for your practice? By having clients – but not just anyone- the right clients for your firm! 

With the growing amount of lead gen sources all over the internet, some could say this is an easy task. But it is hardly that! While there are people looking for advisors, the vast majority are not suitable for you as an advisor (the same can be said for clients with you). 

How can you know if a client is right for you without knowing who they are? Unless you want to embark upon hours of research, it’s pretty tough! The benefit of meeting clients through Zoe is, as Becky Vasquez, CFP®, said, “Every referral that I have spoken to has expected my call, has been exactly the type of prospect that Zoe said they would be.” 

The clients we connect highly vetted advisors with differ from those you can find on your own. Here are the four key aspects that make Zoe clients unique and how you can leverage them to grow your practice and see the revenue chart you expect.

1. Commitment With The Experience: High!

“The clients that are texting me all the time, super responsive, and getting everything done, all have come from Zoe,” said Angel Escobedo, CFP®.

Having clients scheduled directly on your calendar is not only meant to be helpful logistically. It also validates and reflects the highest level of engagement these prospective clients naturally have towards meeting you. The sole fact that a prospect schedules a call with you signals intent. So seize the opportunity and explore if you’re right for each other!

2. They Want You For The Long Run

Regardless of how much they earn, how high their net worth is, or their priorities, all potential clients matter. However, it can’t harm you to assess how likely it is that they will still be your client in a couple of years. Developing long-term relationships where commitment is strengthened and increased over time is the dream of all advisors. 

The average Zoe client is 42 years of age and has over 500k in potentially investable assets. From this perspective, the clients you meet through Zoe have a high potential to grow their wealth and seek a long-term relationship where an advisor can manage all aspects of their financial lives.

3. Why They Need You

Zoe clients are usually looking for holistic guidance. According to our data, retirement planning, investments, and taxes are the top three drivers motivating them to interview advisors. In addition, these are ongoing or repeatable activities in their lives, making them very engaged in the process. 

Moreover, Zoe’s prospects are very analytical. In most cases, they are looking for an advisor for the first time or have had a poor experience with a previous advisor. Due to this context, it is especially relevant that you make them feel comfortable from the beginning. After all, finding and hiring the right wealth advisor is a decision that has many repercussions in their lives, and they should be comfortable when making it.

4. What You Know Beforehand

Needless to say, the first meeting is crucial in the client acquisition process. You need to give a great first impression, convey your value, and show them what it could look like to work with you. It is the moment to set the stage to start the relationship on the right foot.

Just like Carrie Cook, CFP®, CRPC®, MBA, said, “Zoe screens these prospective clients first to say, ‘what are you looking for’ and ‘what do you need from an advisor,’ so that they know that we are a good fit before we ever even talk for the first time.”

To set the relationship up for success from the first moment, you must use the tools you have at hand. The main one is information! Zoe’s team is consistently working on getting in-depth information about the prospect and sending all of it to you before the meeting to ensure you have as much information about your potential client as possible.

You can even access the Zoe prospects’ basic information (age, gender, and location) and their Snapshot, displaying their goals, investible assets, liabilities, risk tolerance, and investment acumen. With this information, it is much easier for you to drive the most impact in the first conversation.

Leverage The Value Of Pre-Qualified Prospective Clients

Advisors often find themselves juggling many tasks and responsibilities. On your day-to-day, you meet with clients, perform market research, adjust financial plans, and so on. But knowing your prospective clients and identifying the right match should always remain relevant. 

Hiring an advisor is an exhausting (and not so enjoyable) process for clients. But if they seek you, it’s because they need you. Thus, Zoe’s commitment to ensuring the right connections and building long-term relationships is more important than ever. Finding the right client who wants to hire you for the long haul creates a quality connection. 

Disclosure: This blog is not investment advice and should not be relied on for such advice or as a substitute for consultation with professional accounting, tax, legal or financial advisors. The observations of industry trends should not be read as recommendations for stocks or sectors.

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Spend more time doing what you’re best at: helping your clients.