As a Financial Advisor you have plenty of responsibilities every day, including managing portfolios, meeting up with clients, leading staff, etc. So how do you find the time for the main function aka PROSPECTING that a Financial Advisor is paid to do? I am sure you have heard from your sales managers or many speakers, that come into your office, that LinkedIn for Financial Advisors is a gold mine and that many of your peers are able to find ultra-high net worth clients in a heart beat. Even though you may already have a great LinkedIn Profile but how do you actually get prospects and eventually clients via LinkedIn? One amazing tool which can assist you with it and save you a ton of time is LinkedIn Sales Navigator. It does come at a price of $89 per month. However, it is well worth it and let me tell you why.
Note, you can have a whole month FREE trial before you commit to a monthly membership.
1. Find Qualified Prospects & Centers of Influence
The most important advantage which Sales Navigator can give you in your financial advisor marketing efforts is to help you find qualified prospects for your specific practice.
Thanks to LinkedIn’s Sales Navigator ‘Advanced Lead Search’, you can narrow down your searches to pull up lists of most relevant prospects to your practice. These include:
- Company type
- Seniority level
- Profile Language
- Posted content keywords
For example, if you tend to work with dentists in Greater New York City area or if you tend to work with movie producers in California you can find them easily with Sales Navigator’s Advanced Search capability. And having a list of qualified prospects is a big step in the acquisition of new clients.
As you can see below, we were able to find 3854 Dentist who live or work in the Greater New York City Area.
One of the important features it is worth mentioning is that you can SAVE your search and Sales Navigator will run it for you every 24 hours according to your specified request.
Moreover, you will be able to get notifications from any changes that are happening in your network so you can connect with your prospects in more informed ways. For example, you will be able to get notified if any of the prospects in your Saved Search have recently changed the job, as we know that can be a great “money in motion’ opportunity for you.
2. Create the List of Qualified Prospects
After you have completed your search and got the list of your qualified leads, you can look further into your list to determine whether you would like to save them as your lead. Once you determine that the person you “saved as a lead” will be a good prospect, you will be able to have all your leads in one place so you don’t lose them and you will be getting daily notifications about your leads. Notifications can be very helpful because they will let you know whether the lead shared some article or changed anything in his or her or profile.
3. Secure Introductions with ‘Warm Connection’ requests
You have generated the list of qualified prospects, saved them and now getting updates from them. But how do you actually start a conversation with them? If you just message your leads with introduction messages, most likely they will just ignore you or they won’t be too receptive to your introduction aka this approach is a ‘cold introduction’. However, Sales Navigator can help you leverage your network in order to get introduced to the people you want to get in front of by using ‘warm introductions’. Sales Navigator will show you how you are connected to your prospect and who can introduce you to him or her.
The best way to do it is to contact your existing connections and ask them to introduce you to your desired prospect.
Once requested, your connection can start a message that is addressed both to you and your desired prospect. Your connection will be leveraging their existing relationship in order to introduce you so make sure that you ask for the favor properly and offer to repay the same favor to your connection. Of course, there will be times when your connection will tell you that they don’t actually know a person with whom they are connected with, in that case, you can counter with another introduction request or ask them if they can look through their connections and see whom they believe you should be introduced to.
After your prospect accepts the introduction, you can then exchange the information with him or her directly. You will not be connected with your prospect unless you or your prospect sends a connection request and it is accepted.
4. Use InMail Can Help You Grow Your Practice
Warm introductions are great in your Financial Advisor Marketing efforts, but what if you don’t have connections in common with your prospect? To your rescue, LinkedIn’s Sales Navigator has a tool, and that is an InMail, which is designed to help you reach out to your desired prospects in a warmer way. InMail provides you with the ability to send messages directly to your prospect without having to ask someone to introduce you and bypassing the gatekeepers which your target prospect may have. Most importantly, InMail has an average response rate of 18% versus email which has about 3% response rate.
There are two places on the prospect’s profile from where you can send an InMail from. One is within the ‘Send InMail’ button or in the ‘How You’re Connected’
In order to get your prospect’s attention, you should start with a compelling subject line which is customized based on what you saw on their profile. In order to personalize your message and build rapport with your prospect, you should review his or her interests, previous & current experience, schools he or she attended and so on.
Then you should let your prospect know what it is you are looking for and establish a ‘Call To Action’. Given that most messages are read on mobile phones, you want to be brief but at the same time, you should clearly convey to them why you want to engage in a conversation and give them an idea of what will come next. Within the InMail message, you will get several ideas for icebreakers which you can include into a conversation with your prospect.
Lastly, you should remember that InMail is designed to be an introductory method of engagement which is meant to warm up your lead and continue a conversation with you. Hence, do not add a sales pitch or include unnecessary information. Be courteous and thoughtful in your outreach in order to create a memorable first message on your prospect.
Note, LinkedIn’s Sales Navigator puts a limit on the number of InMail messages that you can send out. As of right now, it is 40. Make sure you narrow down the list of your prospects so you only send InMail messages to people who you believe can be qualified clients for you or valuable Centers of Influences.
5. Reach Out to People Who Viewed Your Profile
One of the best features of LinkedIn’s Sales Navigator is that it allows you to see who viewed your profile. This is really important because the people who actually took the time to look you up and glanced at your profile maybe potential prospects or beneficial Centers of Influence for you. If I were you, I would check that list every day and follow up with all the people who viewed you and asked them if you can help with something or whether they would like to connect with you. I personally know many Financial Advisors who use this feature and were able to get million dollar clients, just by following up with people who viewed them.
6. Use Sales Insights to Close Your Prospects
Information is obviously a power. The more you know about your prospect or Center of Influence is better. LinkedIn’s Sales Navigator will help you to stay informed in order to be in the know about your prospects as well as help you to be in front of them more often.
The very first thing that you want to do when you open up your LinkedIn’s Sales Navigator each morning is to see whether any of your prospects (saved leads) had any updates or shares. So what you can do is go to your ‘Updates’ on the interface, and go to the ‘Lead shares’ and the ‘Lead news’.
Once you click on it, it is going to bring you all the news and shares from your saved leads. This feature will help you to get some insights into the things that are important for your prospects.
Another very useful thing which LinkedIn’s Sales Navigator can help you with is to remind your prospect about you and show him or her that you care about their priorities which can be accomplished either by ‘liking’ or ‘commenting’ on their share.
Another feature which can help you in your Financial Advisor marketing efforts is ‘Job Changes’. As you know whenever people change jobs, they have money in motion either from their 401k or they may be getting a big sign in bonuses and you as a Financial Advisor can definitely help.
The last thing is that LinkedIn Sales Navigator’s interface can help you with, in your social media for financial advisors efforts, is taking a look at your activity and understanding what is important to you and your business. After LinkedIn Sales Navigator learns you patterns, it will start providing you with the list of people which is based on the activity you will be more likely to do business with you.
7. Save Time with Sales Navigator’s Mobile app
As a Financial Advisor your time is very limited. You may be running from one client meeting to another, attending networking events, trading, researching and so on. You may not even have a few spare minutes to login to your desktop and review all the updates which you get on Sales Navigator. That is why you will appreciate a Sales Navigator app which is available either on iPhone & Android. The application provides you with the real-time updates about your ‘saved leads’ so you can be always informed about what is going on in their lives and use it as an opportunity to reach out to them. And, you can even send the messages to your prospects right away not waiting around until you get in front of your desktop the following day after or “some other time”. This can make a big difference between winning a new relationship or losing it.
In the nutshell, LinkedIn’s Sales Navigator can be easily incorporated into your day to day activities. Moreover, it doesn’t have to take a lot of time or effort. You can use Sales Navigator to boost your credibility and get insights to help you deepen relationships with your prospects, clients and Centers of Influence.
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