As anyone who has been on a blind date knows all too well, just because someone thinks that you’d be a good match for their friend doesn’t mean the two of you will ride off into the sunset together.

That’s why it’s important for advisors to do a little homework before meeting prospects.
Finding out about a prospect beforehand can help the first meeting go smoothly.
So, what can an advisor do ahead of time?

> Talk to the matchmaker. Asking why he or
she thinks the prospect is a good fit is key, says George Torok, executive coach and consultant in Burlington, Ont. An advisor can dig up a surprising amount of helpful background information through a simple question such as: “What impresses you about this person?” And by asking the obvious — “Why do you think this person would make a good fit?” — you’re reinforcing the message that you only want clients you can help, he says.

> Talk to the referred. Slipping in a few queries when setting up the meeting is a good business practice — and one that is often neglected, according to Julie Littlechild, president of Advisor Impact Inc. in Toronto.

A brief list of questions asked over the phone by staff or through a follow-up e-mail or fax will allow advisors to glean some information ahead of time, she says.

One crucial question an advisor might want to include: “Why did you leave your last advisor?”

“If they sued them, that’s something you really want to know,” Littlechild says.

> Internet searches. Although it may not be
the ideal tool to unearth highly specific — or reliable — information, a search engine such as www.google.ca — can be used to understand some top-line industry issues relevant to the prospect to which an advisor might want to refer in the meeting, according to Littlechild.

> Check out the associations. If the prospect is a member of an association, it’s not a bad idea to visit its Web page or call it first-hand to find out what issues its members may be facing. In addition, you might find out what members generally like to do.

If its members are the type of clients you generally target, you may even score an invitation to be a speaker at one of its events, says Joanne Ferguson, partner at Advisor Pathways in Stratford, Ont.

> Don’t frighten the prospect. Although knowing a little bit can impress a client, knowing too much — where the kids go to school and what awards the prospect has won, for example — can be downright creepy. You have to respect people’s privacy, says Ferguson. Remember that the point of all this research is to make the meeting comfortable and productive.

> Hit the library. By browsing through industry trade publications and even running a newspaper search — in some cases, this can be done online through a city library’s search page — an advisor can become better informed about some of the challenges a potential prospect might be facing in his or her line of work, says Torok. IE