Cold calling may be dead, but social media has only delivered a viable prospect for 20% of the advisors out there. The real secret isn't the channel you use, but how well you work every lead -- including potential referral sources.
SEI just put out a new survey of advisor prospecting habits connected to its new marketing white paper. There are already plenty of surveys out there and, like most of them, this one only tells advisors what they're doing wrong.
Yes, nobody is making cold calls any more. It might be more surprising to hear that so few advisors have ever met a viable prospect online.
And it's important to repeat that most advisors just aren't taking advantage of their referral opportunities the way they should.
But the really interesting stuff is in the white paper. For advisors who haven't gotten any formal training in how to promote their brands in the modern world -- or even back in the world before cell phones -- it's a great overview of the process, littered with actionable tips to try.
More white papers should look like this. Out of the 10 big tips and dozens of smaller ideas "to try now," I bet every advisor can find at least 5 short exercises to try here.