In the world of finance, the constant goal is to increase assets under management (AUM). This is often achieved by bringing in new clients and subsequently, new assets. To help organize and streamline this process, many firms adopt a methodical approach to prospecting and client engagement, such as the “Top 20” meeting method. This approach focuses on a thorough, persistent, and organized system that, if implemented correctly, can significantly boost the efficacy of asset acquisition efforts.
The “Top 20” Method Explained
The “Top 20” meeting is a weekly gathering involving financial advisors, marketing teams, and client support teams. The purpose of the meeting is to identify and discuss the top 20 prospects believed to have the potential to bring in new assets within the next 90 days. By zeroing in on these prospects, the team can create customized plans to engage and convert each prospect into a client, thereby increasing AUM.
Customized Outreach
Personalization is key in client acquisition. Each prospect in the top 20 is given individual consideration. The team discusses personalized outreach options including short videos, informative articles, emails, or even direct phone calls. By tailoring the outreach, the team can directly address the needs and concerns of each prospect, thereby fostering a relationship of trust and mutual benefit.
Understanding and Addressing Concerns
The “Top 20” meeting isn’t just about outreach strategies. It also provides an opportunity to delve into each prospect’s concerns. These may be worries about the market, questions about the firm’s strategies, or general financial concerns. By openly discussing these issues, the team can devise plans to address these concerns directly, thereby building trust and rapport with the prospect.
Division of Responsibilities
The “Top 20” meeting also provides a chance to assign responsibilities to different team members. This helps streamline the process, ensure every prospect is being engaged, and prevent overlap in efforts. Whether the task is to create a personalized video, pen an informative article, or initiate a phone call, assigning specific tasks to advisors, marketing teams, or client support teams promotes efficiency and accountability.
Benefits of the “Top 20” Meeting Approach
The “Top 20” meeting approach offers several benefits to financial advisory firms:
Increased focus: By concentrating on the top 20 prospects, advisors can maximize their efforts and ensure that no opportunity falls through the cracks.
Improved collaboration: Regular meetings ensure that all teams are on the same page and working together toward a common goal.
Greater personalization: Understanding each prospect’s needs and concerns allows for more personalized, effective communication.
Accountability and tracking: Clear task assignments ensure that everyone knows their responsibilities and can track their progress.
The “Top 20” meeting method is a powerful tool for financial advisors seeking to increase their AUM. By regularly focusing on the top prospects, creating personalized outreach plans, addressing client concerns, and clearly dividing tasks among team members, this approach can significantly enhance a firm’s asset acquisition strategy. As such, it’s an approach that every advisory firm should consider adopting.