Acquire Additional Assets from Current Clients
With so much of their energy focused on prospecting, advisers often overlook the other route for growing their practices: acquiring additional assets from their current clients. --John Bowen Jr.
With so much of their energy focused on prospecting, advisers often overlook the other route for growing their practices: acquiring additional assets from their current clients. This can be much more effective for two compelling reasons:
-It's far easier to get additional assets than it is to get new clients. Prospecting is expensive and time-consuming, with no guarantee of success. Asking for additional assets from existing clients costs nothing, takes only a few minutes and has a high probability of success.
-Asset capture offers great potential for growing your business. We recently identified 41 advisers who had received no additional assets from their wealthy clients in the previous two years. After receiving training in the asset-capture process, every single adviser in the group added new assets from existing clients, increasing their total assets under management from 15% to a high of 256%.
-John Bowen Jr., founder and chief executive officer of CEG Worldwide, in Just Ask!
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