Daniel Collison, Managing Partner at Advice2Advisors, Interviewed on the Influential Entrepreneurs Podcast

Daniel Collison discusses why the duality of client acquisition is vital for financial advisors to understand.

Listen to the interview on the Business Innovators Radio Network: 


The Duality of Marketing and Prospecting for Financial Advisors is crucial to growing a financial advisory business. Marketing involves promoting an advisor’s Unique Value Proposition (UVP) and identifying the target audience, while prospecting is identifying potential clients and converting them into actual clients. Both activities are essential for the growth of a financial advisory business, and mastering them can lead to unlimited growth opportunities. It is vital to balance serving and selling to clients, as both are necessary for success in the industry. Effective prospecting strategies include defining a niche, creating buyer personas, developing personalized scripts, leveraging existing client bases, engaging with the next generation, adapting to technology, and identifying and nurturing leads through effective communication.

In his article on Nasdaq.com titled “The Duality of Marketing and Prospecting for Financial Advisors,” Collison discusses how financial advisors can balance their marketing and prospecting efforts to grow their business. He emphasizes that marketing and prospecting are two different activities, but they are complementary and essential to the growth of a financial advisory firm.

Collison notes that while marketing is more passive, prospecting requires a more active approach.

The article highlights three key benefits of balancing marketing and prospecting for financial advisors. First, it allows advisors to create a consistent flow of new leads while nurturing existing client relationships. Second, it helps advisors build credibility by demonstrating their expertise through content creation and thought leadership. Finally, it enables advisors to scale their business over time by consistently attracting new clients. To balance marketing and prospecting effectively, the author recommends that financial advisors define their niche market, create buyer personas, develop personalized scripts for outreach efforts, leverage existing client bases for referrals, engage with younger generations through social media platforms like LinkedIn or Instagram, adapt to technology changes in the industry such as Artificial Intelligence (AI) tools or Robo-advisors.

Financial advisors can balance marketing and prospecting efforts to grow their businesses successfully. By utilizing both strategies effectively and adapting to changes in technology or client preferences over time, financial advisors can establish themselves as trusted experts in their field while continuing to attract new clients steadily.


About Daniel Collison

Dan has over 30 years of experience in the financial services industry.

He is a co-founder and Managing Partner with financial education firm Advice2Advisors, which trains, mentors, and coaches financial advisors of all tenures. He is a CFP and TEP and is a Board Member of the FP Foundation and past Chair of its Research Committee.

He taught Personal Financial Management, in the MBA Program, at the Schulich School of Business from 1998 – 2020.

Dan is the author of The Financial Advisor’s Guide to Excellence and soon-to-be-released (April 2023) “Building Bigger & Better: Growth Strategies of Top-Producing Financial Advisors.”

Learn more: https://advice2advisors.ca/



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