Don't Waste Time When Prospecting: Focus on High Earners

Many Financial Advisors Waste Their Prospecting Time

Few Financial Advisors like prospecting. Many don’t even do it. More problematic, I observe many Financial Advisors waste their prospecting time by confusing prospect research with the hard work of prospecting. But if you want to be successful in building your practice, you must prospect.

High-Income Professionals Are Difficult to Reach But Worth It

The more money a person makes, the more difficult they are to reach. But these are the people you want to meet. Does it take time and patience to meet them? Yes. But a lot of Financial Advisors figure it out. If you are serious about prospecting, these are suggestions that have worked for others and may work for you.

Create a List of Professionals and Learn All You Can About Each One

• Choose a group of professionals and use that as a list of the people you specifically want to meet.
• Learn as much as you can about everyone on your list. In the information age, this isn’t difficult.  
• Start with one hundred names.
• This is your cold prospecting list. You need to work this list with a laser-like focus.

Look for a Commonality with People On Your List

• By doing this, you may find some link to them, however obscure, that you can use to network to them.
• Do you have the same hobbies?
• Did you both attend the same university?  
• If your prospecting/client management software has this function, endeavor to cross-reference everyone on your list with as many of their social media sites as you can find.

Top Earners Among Physicians

Where to start? Go to the money. The list of top earners begins with physicians, according to the Bureau of Labor Statistics.

“Wages for physicians and surgeons are among the highest of all occupations, with a median wage equal to or greater than $208,000 per year.”  [1]

By specialty listed by average annual income:

• Anesthesiologists: $265,990
• Surgeons: $251,890
• Oral and maxillofacial surgeons: $242,740
• Obstetricians and gynecologists:  $235,240

How Do You Meet High-Income Specialists?

• Ask your own doctor for his or her advice on how to meet the physicians you want to meet.
• Ask your doctor to introduce you by email to two or three of the pharmaceutical representatives he or she likes. All major pharmaceutical companies employ representatives who call on physicians to introduce their latest medications. If anyone can advise you on how to meet the specialized physicians you want to meet, it’s a pharmaceutical representative.
• Read the trade press about the medical specialty you want to focus on. Get to know the names of the top people. What professional and financial issues are of the most concern to them?

Resource: 

[1] https://www.bls.gov/ooh/healthcare/physicians-and-surgeons.htm#tab-5

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Contributing Writer: Subject Matter Expert Charles McCain