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Advisor Insights

Creating a Prospective Client Application System

Here's how you can leverage online forms to work with more of your ideal clients.

For advisory firms both large and small, responding to prospective client inquiries can require a significant time commitment. A multiperson office may have a full-time dedicated staff member responsible for fielding prospect calls or emails, while solo advisors may find themselves completely overwhelmed if inquiry volume is high enough. In either case, the process likely looks the same: a prospective client reaches out to an advisor or advisory firm, some basic personal information is captured, and an introductory meeting is scheduled to see if the services provided are a good fit for the potential client's needs.

With a prospective client application system, it's possible to gain a much better idea of whether the relationship is a good fit before committing to a full meeting. By completing an application as a first point of contact, potential clients are able to provide you or your firm with more detail about themselves up front. For example, you might have prospects indicate what specific services they're looking for, what they are hoping to achieve by working with an advisor, or their current income and/or asset level. Further, with the ability to communicate pricing and what the process of working together looks like directly into the form, your application may even help these potential clients determine whether they want to commit to a full meeting on their end, saving everyone valuable time.