Selling mutual funds can be an extremely competitive business and difficult business, especially during tough economic times. Brokers and registered representatives not only need to be continuously searching for new clients but also to build their business with existing clients. With a little effort and creativity, methods can be developed and implemented that can help keep the sales coming.
Conduct Seminars
Conducting free educational seminars is a good way to get yourself in front of several prospects at one time. Topics can include rollover a pension distribution or IRA or plan for retirement. Brokers can partner with other financial experts like estate planners during the seminar to appeal to a wider range of prospects. Incentives to attend can also be offered, such as a free lunch or a free investment portfolio review. Radio or newspaper advertising can be used as a means to get the word out about the seminar.
CPA Partnering
Partnering with Certified Public Accountants is a way to get leads and referrals since people who require their services also may need assistance in preparing an investment portfolio that can include mutual funds. As a way to gain entry, the broker can make an appointment for an hour with the CPA and pay for the time. This will greatly increase the likelihood of getting the appointment and help ensure the CPA will listen to your proposal. The hour will consist of four 15-minute portions: your background and purpose for the visit; the services your offer; your client relationship methods; and time for the CPA to talk about his or her business.
Connect with Existing Clients
Clients that a broker already has on the books can be the best source of additional business. This means that brokers should do everything they can to foster and develop the relationship. Brokers should take the time to learn everything possible about their clients, with the goal of not only being a mutual fund salesperson but a trusted financial adviser and friend. Not only will this increase the likelihood of getting repeat business, but it also increases the chances of your clients referring their friends and associates to the broker.
