If you think you have 200 prospects in your pipeline…well, you’re wrong.

“There is no such thing as having 200 prospects,” says Sara Gilbert, founder of Strategist in Montreal. “That is way too many relationships to work on at once.”

If you have that many names in your pipeline, Gilbert says, most are “suspects.” Suspects are people you have connected with, but at a distance, through means such as social media, a client referral or a networking event. You know little about them, which means you cannot be sure they would make good prospects or clients.

You can determine whether suspects should move into your prospecting pipeline by following these four steps:

1. Communicate consistently with suspects
Don’t just invite suspects to your office for a chat. Instead, integrate yourself into their network so they understand who you are and how you run your practice. This process is a more subtle way of introducing yourself to that person.

If you found your suspects through social media, continue your regular posting of relevant news articles and other items that would generally benefit your target market. If you’ve become acquainted through a networking event or a client, add that person to your email directory so that he or she receives your regular e-newsletter.

2. Arrange to meet
Once you’ve been in touch digitally for one or two months, invite your suspect out for a coffee, Gilbert says. Explain that you noticed his or her online profile and would like the opportunity to chat.

If your suspect is a referral, contact him or her by phone. Just be very specific when you explain why you’re calling, Gilbert says.

For example, you call your client’s neighbour and explain that your client suggested you get in touch because she was pleased with the financial plan you created for her small business. She thought the neighbour, who owns a family restaurant, would be interested in knowing more.

3. Begin to filter suspects
Now, it’s time to learn more about the suspect and decide whether this person fits your target market. Apply the same criteria you use when segmenting your client base for your service-level agreements. Look for answers to questions such as:

  • Do I like this person?
  • Is he or she looking for services I offer?
  • What is this person’s total amount of assets to be managed?

When broaching the last question with the suspect, do so carefully through a description of your practice. You might say, “I really enjoy working with families who generally have assets of $250,000 or more.”

If the suspect does not fit that description, he will understand that he may not fit your practice.

Keep in mind that you may need more than one meeting to get to know this person better.

4. Make a decision
If you find the suspect would make a credible prospect, you can plan to engage this person even more regularly. If not, stop pursuing this person.

“It’s painful to remove a suspect,” Gilbert says. “But if you want to have results, you do have to put in that filter.”

However, don’t delete these individuals from your contacts completely, as they might know people who do fit your ideal client profile.

This is the first installment in a two-part series on prospecting. Next: Engaging prospects to convert them into clients.