How Wholesalers Can Improve Prospecting e-Mails
Over the last few months we’ve been collecting e-mails from asset managers to financial advisors. Most interesting to me are the prospecting e-mails sent by wholesalers. Why? Because they can be so much better.
These e-mails represent wholesalers’ attempts to get that all-important first meeting with an advisor. And they almost always have the same two elements:
- A (usually) short introduction to specific products and/or the firm as a whole
- A meeting request, typically framed in drive-by fashion (i.e., “I’ll be in the office next Tuesday…”)
I take no issue with either. The intro and meeting request are necessary. The problem is that these messages bring nothing else to the table. Specifically, the e-mails lack a personal element that shows the wholesaler’s done some research and has genuine interest in the advisor. Without this personal touch, every introductory wholesaler e-mail looks generic.
So how can wholesalers do a better job fostering a connection with advisors via e-mail? Here are four simple ways:
- Check LinkedIn. Roughly 40% of advisors are on LinkedIn today. A brief look at a LinkedIn profile gives insight into schools, interests, common connections, previous employers, and more. These details can be used to add a personal touch that is more likely to resonate with advisors. (And, of course, there’s the indispensable Google search.)
- Cite People the Advisor Knows. Referrals are the best introduction. But even without a direct referral, wholesalers can indirectly use existing relationships to open doors with new advisors. The drive-by meeting request has more meaning with specificity: “I’ll be in the office next Tuesday to meet with your colleague Mike McLaughlin…”.
- Work with Assistants. Wholesalers can make things very easy for the advisor by offering to schedule a meeting via his/her assistant. Assistant’s names are frequently readily available; for example, the personal Web sites for Merrill Lynch advisors always include assistants’ names and phone numbers. And using a familiar first name – “I can coordinate with Bridget” – again adds a personal touch.
- Avoid Requests from Internals. In some instances internal wholesalers will send initial e-mails on behalf of their external partners. This signals to the advisor that the external wholesaler is too important to ask himself. Not good. To get an introductory meeting, a personal request from the external is a must.
Desirable advisor targets get solicitations for meetings every day. Investing extra time and effort to send a personalized e-mail can make a difference.