The 3 Top Reasons why Financial Advisors Struggle with Prospecting

Prospecting is tough, for anyone in any industry. It relies on strength and capacity to start, to keep going and to pick yourself up when you fall. It’s understandable that advisors struggle, but some insight as to why might help to push through.

Can’t Find the Motivation

Confidence is something you build over time in any job, career, industry or in any facet of your life. It requires skills, time and experience and even then it is an ongoing journey. Every profession is unique and financial planning certainly has its own nuances.

Any advisor struggling to get up and show up needs to know that he or she is not alone, but creating a structure within which to operate keeps one focused and in action.

This foundation-like approach would involve prospecting goals, whats, hows and the actions required every day to move forward.

Don’t Know What to Do

The truth is that you do know what to do… you just don’t want to. There might be very good reasons for this, including it’s hard, time-

consuming, takes you out of your comfort zone, requires you to give up other things and so on.

The only way to move past this is to set your goals bigger. Have them compelling enough to shift you into drive and move your forward, every hour of every day.

For more information on some of the absolute Don’ts when it comes to prospecting, read our blog, 5 Financial Advisor Prospecting NO-NOs.

Distracted by Administration

Admin comes with the territory and in a regulated environment the responsibility is ever increasing. It’s par for the course and no amount of fighting is going to move you past it. You need to accept admin, not as a burden but as a means to an end.

Paperwork, negotiating terms and fees, attending conferences and keeping up with the markets are all the costs of doing business. Your responsibility is to ensure that you are being remunerated in accordance with your worth and that’s a simple time-value calculation. Are you targeting the right clients and are you charging the right fees?


The struggle with prospecting is largely a psychological one. Sales people and advisors make up and allow reasons why-not to get in the way of what they need to do, and then remain idle.

It’s worth revisiting your reasons-why; your reasons for being in the industry, for pursuing this career and how you can help the clients you serve. Then have a look at the benefits of having chosen this line of work and how it can help you achieve your own, personal goals.

Once you’ve re-established this foundation, consider anything, both internal or external, that is standing in your way, and find a way around it.

Register for the 1-day INSANE! Prospecting Bootcamp for Financial Advisors and learn the skills and acquire the tools to grow your business through client acquisition!

#financialplanner #prospecting

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