End prospecting: Attract more referrals with less effort

Financial advisors dread prospecting, especially when it’s cold calling from lists. Early in your career, though, prospecting is a requirement. It’s how you survive, unless you have the good fortune of a natural market, or you’re working for a senior financial advisor who lets you work with their junior clients or referrals. If not, you’ve got to find your own clients.

You can, though, move away from cold calling by identifying and establishing centers of influence. You do this by creating reciprocal relationships with other professionals, such as accountants or lawyers, and offering them a value proposition they can share with their clients. In this way, you become a solution provider who they can refer their clients to. I position it as, “I have a solution to a problem your clients face. I have the knowledge, experience and insights to help you and your clients. And perhaps you can use your expertise to help me with my clients.”

One way you can be of value for your centers of influence is by creating a webinar they can share with their clients. By offering their clients value, it elevates your relationship to a higher level in the eyes of their clients. Or is there a relationship you have with somebody else, a third party who they would like to meet? It’s crucial to make sure it is a two-way street and you actively stay in touch with them.

See more from Blake about how to break through plateaus in his video, “Reignite your business growth.”  (MDRT member exclusive)

Creating these types of reciprocal relationships moves you away from prospecting and toward a place where you’re simply supporting and serving people. It’s a more effective and fun way to find clients.

David Blake is a 25-year MDRT member. He’s also a Top of the Table member and 2026 MDRT Foundation President.