While you may have a healthy book of clients, there are likely a few big prospects you have your eye on. These are your whales: The high-value prospects that could take your practice to the next level, either through career cases or lucrative lifetime planning opportunities. Because of their stature and the difficult nature of converting them into clients, some advisors find going after whales an intimidating enterprise. Here are some tips for chasing your whales.
Maintain Regular Contact
Very few advisors convert on the first touch, high-value prospect or not. The frequency of touch is key in maintaining a prospect pipeline and wearing down objections. It can take months, even years before you convert a prospect, especially if they are a high-net-worth business owner, physician, or whoever your whale is to you.
How do you eat a whale? One bite at a time. As you engage with your whale, keep conversations focused on a few things – because hitting them with all you got can come across as desperate. And remember, if they keep picking up the phone for your calls or answering your emails, that’s a good thing. It means they like you or something you are saying; you just haven’t found the right thing to say to bring them into your book, or they just aren’t ready. The longer you maintain a good series of regular calls or emails with your whale, the more you’ll learn about each other.
End Every Interaction by Keeping the Door Open
A whale likely doesn’t have much time to chat with you, so you should handle every call with an awareness of the time you’re taking away from the important business they need to attend to. This means keeping conversations brief and focused on a few topics, without getting too deep (at first). This might seem like a disadvantage. However, brief calls mean that you are retaining information for the next round of calls. You have a reason to follow up and your prospect has a reason to pick up. If you hit a wall, make sure to ask if it would be okay to check in down the line. If your interactions have been pleasant, the prospect likely won’t object to this.
(Really) Uncover Your Prospect’s Pain Points
Compared to a regular client, a whale-type high-value prospect often will have more complicated planning needs. They may not be concerned with 401(k) rollovers, basic life insurance coverage, or simple tax maximization strategies. Their needs may be more in the realm of advanced markets. This means digging deep to uncover their needs and pain points. Thankfully, if you use a serial contact strategy, you will naturally come to understand what matters to them and what they need. As you further the conversation, draw on your growing knowledge of your prospect’s objectives and challenges.
Pay Attention to Life Events
Prospecting around life events is a great way to engage with a variety of consumers, no matter their profile. But your whale’s life events are probably different from a regular consumer’s, or their life events will require different solutions.
Consider which life insurance products may be appropriate for a business owner or executive, compared to a regular consumer. A business owner may be worried about transferring the business to the next generation, shoring up additional protection for the company, or maybe preparing for a sale. If you maintain contact with the prospect, you should have a good sense of what’s going on in the consumer’s financial life, what their worries are, and what future events to look out for.
Ask a Mutual Connection for a Referral or Introduction
Among your current book of clients, friends, and acquaintances, there’s a good chance you and your whale know someone in common. If you can get your mutual connection to vouch for you, you’ll gain a distinct advantage over others chasing the prospect. Through platforms like LinkedIn, you can see how you are connected and what connections you have in common.
Build Your Brand in Their Sphere
Think about the places your whale and others like them visit. Do you have a marketing outlay in those places? Are you sponsoring or participating in activities that make you visible to your whale? The more your prospect sees you and your brand in their own sphere, the more credibility you can gain.
Show Them a Smarter Approach to Taxes
One of the biggest concerns these high-value prospects face is tax efficiency. Whether they’re business owners, executives, or professionals with complex financial situations, they’re looking for ways to minimize their tax burden and maximize their wealth. That’s where you can provide real value.
IAMS can help with our 1040 Overlay Kit: A powerful tool that helps you identify opportunities hidden within a prospect’s tax return. By using the 1040 Overlay, you can uncover potential gaps in their financial strategy and start a conversation that positions you as a trusted advisor, not just another salesperson.
The kit includes:
- A step-by-step guide to analyzing a 1040 tax return
- Key insights on tax-efficient strategies for high-net-worth individuals
- Prospecting tips to engage affluent clients effectively
Click below to request your free 1040 Overlay Kit today and start opening doors with the right conversations. Happy hunting!
