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Acquire more ideal clients with Case Studies - Advisor Practice Management


Acquire more ideal clients with Case Studies

Become a messenger. As a financial advisor, I built case studies around retired clients to help people identify my ideal client profile. The challenge for financial advisors is the time they spend with non-ideal prospects, hoping that they will someday become an ideal client in the future. How can ideal prospects find you if they do not know what type of clients you are looking for? The challenge is to help people understand your ideal client profile. The opportunity to find ideal prospects is to get them to read your case study to understand who you work with, what value you deliver and showcase your ability to manage my financial future.
Case studies can be simple or complex, but telling a story is one of the most effective ways to explain why you do what you do, what you do, and how you do it. A case study explains the why, what and how as it relates to finding ideal clients. Here is a simple exercise to help find your ideal clients. Take your top ten clients and select one or two of them to write a case study or story about them (changing their names and confidential information of course, and make sure compliance has read it over).

First, choose from a segment that you want to work in to find more ideal clients. For example, you can focus on wealthy retirees, successful entrepreneurs, corner office executives, professionals, wealthy families or other categories. Then choose one of your top ten clients from this category and start the story. Make sure it is a topic you are well versed in and most passionate about. It will make it easy to tell the story and become inspirational. For example, as an advisor I always shared the story of retirees and second marriages and how one couple found themselves in a very challenging estate and family situation, unaware of what to do if one of them passed away. I became known as a person to talk to about retirees and second marriages and estate planning challenges. As a result, I was referred to by several retirees with friends who were in their second marriage. The audience selection here is part of your ideal client profile. The segment that will most likely benefit from this advice is…? What does this segment usually pay to solve these problems? What groups, associations or other social gatherings do they frequent?
Category: A wealthy retired couple ___________________________________________

Second, describe how you met. Did they get introduced by referral, meet you at an event or from a center of influence? Was it a seminar you did, or a fundraising event? Was it at the golf course? In other words, how do you meet people? Prospects want to know how to meet you.
Introduction/Referral from an accountant ____________________________________

Third, describe the problem/issue(s) they were facing when they sought your advice. Each segment of clients has similar or common challenges they face. Describing the problem will help people identify what problems you solve. For example, a wealthy retired couple was bothered by a change in their health and worried about lifetime income if either had to spend a lot of money on health care. They were also worried about their estate. Now picture a healthy retired couple in their 60’s who are faced with a rapid change in health, which could affect their finances, their estate and their family. They are no longer 100% confident in the plan and want a second opinion.

My target segment wants to achieve…? Who do they pay good money for advice now and how much? Does it make sense? Describe the problem they have: worried about their nest egg, their income or their estate, for example.

Fourth, what were the solutions you suggested to help overcome their problems? What is a story of obstacles or challenges that would resonate with your target segment? These stories will help people know that you understand their struggles. What were the results or potential results? For the example of the retired couple concerned about how rapid health challenges would affect their estate, we put a plan in place that included the following elements:
 A written income plan for life, including health and mortality risks that they were comfortable with;
 An estate plan developed in conjunction with their professional advisors, accountant and lawyer, which created a team strategy to give them a comfortable plan in writing for peace of mind for their family;
 A family estate plan after meeting with their family, to understand them better and address their specific needs
With comprehensive and holistic planning, by asking the deeper questions and getting to understand our client’s needs, they were able to accomplish what they wanted. They now have a clearly documented plan going forward. The plan can now be discussed and continually updated through our detailed progress meetings to continue to achieve the comfort they are seeking.
Results: In writing, what is the potential outcome? ____________________________________
Now when you read the case study, do you see how another couple in a similar situation could read this and say, “They understand us and our problems.” If this is the type of work they do, maybe we should have a conversation with them and possibly achieve a similar result?


What do your clients get?
When a potential client sits down with you, your firm or your team, what do they get in writing? Do you have an example in writing like the case study above? Do you have a sample financial plan, investment plan or other related documents that you can share? What progress meeting summaries do you provide? Do you have all of the documents in one binder, to help keep track of the progress? As you can see, a case study is more than just a story; it is a test drive of the vehicle you want your client to buy. Let them feel it—attach emotion to it. And remember: sell the process, not the result. You have a process better than anyone else. Tell your potential clients about your unique and detailed process and tell it in a story that they can relate to and understand.
Do you illustrate a simple case study like the one in chapter one with a look at the before and after results or do you tell a more detailed story? Ask your ideal clients to read your case studies and offer you feedback and context on how they would relate to the story. Now one you have some feedback, go and become a messenger of your story.
Where many advisors fail
Every advisor wants to make a difference in people’s lives, and they do! The problem is they never take the time to sit down and write out their ideal client profile or create a case study. They never put it on their website, complete their value promise documents, brochures, PowerPoint presentations or never seem to find the time to do a quick video with their smartphone. They never create their process or put any of it in writing. The bottom line with case studies: you must put it in writing. Here is an easy exercise. Buddy up with another advisor and share your best case studies or stories with him or her and ask them to write it down. Then reverse roles and do the same. Most advisors can verbalize beautiful stories or cases when asked, but do not put it on paper.
Below is a list of how else you can use case studies (with compliance or branch manager approval, of course):
 On your website
 On your blog to tell your ideal clients and prospects
 With your centers of influence (share your sample documents or illustrations)
 With your strategic partners
 In your brochure, PowerPoint or other documents
 In your newsletter
 At events or workshops
 In all of your marketing material

One final question: As a financial advisor, would you like to attract more ideal clients? Would you like to enhance your process, including a well documented value promise, that you give to your best prospects? If the answer is yes, reach out to someone who can help you, or contact us at

Disclaimer: All content provided on this blog is for educational purposes only and is not meant to provide investment advice or as a guarantee of any specific outcome. Advisor Practice Management makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site and does not endorse, the opinions, advice, or recommendations posted by third parties. © Advisor Practice Management 2003-2016