A well managed prospect pipeline can turn hesitant prospects into clients.

“A pipeline is your inventory; it’s your future business,” says George Hartman, president of Market Logics Inc. in Toronto. Clients will always leave a business for one reason or another, he says, so it’s important to have a system for bringing in new business consistently.

Follow these tips to turn hesitant prospects into clients:

> Create a process
Design a pipeline process that deepens and strengthens relationships, Hartman says. “It should show the interest you have in a prospective client,” he says. “and also demonstrate your competence.”

Build your process into a customer relationship management system to make sure you stick to it.

> Know your prospects
Reach out to prospects and show that you understand them and their financial needs.

Send articles and case studies to prospects, Hartman says, and invite them to your seminars. Show that you are thinking of them and have the experience to help solve their financial problems.

> Be yourself
Don’t stray too far from your own style or personality in order top attract a prospect, Hartman says. “If you do, eventually, you’ll get caught out.”

For example, if your usual approach is to be fairly aggressive and quick in dealing with prospective clients, let the prospect understand that this is how you do business.

Similarly, a more laid back approach to prospecting would show that this is the kind of office you run; prospects can decide whether that style works for them.

> Keep prospects on your radar
The longer you keep a prospect in your pipeline, the greater the chance he or she will become a client.

A prospect should remain in your pipeline if he or she meets these three conditions:

  1. The prospect fits your ideal client profile;
  2. You have a reasonable expectation of doing business with that person;
  3. You like the prospect personally and feel that he or she is the type of client you would like to build your practice around.


> Give it time
A prospect will never turn into a client if you give up on them.

The biggest mistake an advisor can make with prospects is quitting too soon, says Hartman. Gaining the trust of clients — especially high-net worth clients — takes time.

Turning a prospect into a client can take months — or even up to two years.