Financial advisers looking for new ways to find clients should consider whether the “look right under your nose” approach that's worked for a couple successful advisers would work for them, too.
David Edwards, president of New York-based Heron Financial Group/Wealth Advisors, has turned his love of sailboat racing into a business development tool that's helped the firm build assets under management by 69% in 2013, to $122 million. Heron Financial sponsors sailing races and at those events Mr. Edwards meets many prospects. The firm raffles off a case of rum and a case of champagne, a process that collects names and contact information.
Typically the firm will capture about 400 to 600 contacts during an event, Mr. Edwards said. Even though a third of those contacts immediately unsubscribe from their distribution list for market commentary and notes about future events, the rest are potential prospects. For every 100 contacts the firm's four professionals pull in, about 10 become prospects and about three go on to become clients, he estimated.