Wealth Advisors Who Have No Wealth

I happened to be at a speed networking event in my hometown last night. It was a very small, intimate group of locals, gathered together to drum up business. Out of the 10 people who showed up, 5 were wealth advisors. And sadly, they looked and sounded like they were anything but prosperous. As an Elevator Pitch coach and Marketing Strategist, I think I have a few theories about why. If you’re in that industry, listen up.

Cold Calling Is Still Taught

I could hardly believe my ears as a Millennial wealth advisor told me that his primary method of getting new clients was cold calling. I had to shake myself to make sure that I hadn’t fallen back in time to a time warp in 1980. I calmed myself and asked him how many calls it took to get a meeting. This was his answer “well I can only actually reach 2 people out of 10 calls. Then out of 10 people I reach, I get maybe 2 meetings.” I was appalled at that ratio. What’s more appalling is that praying and spraying is still the primary method taught in this and many other industries that are sales driven. I have nothing against cold calling but there are soo many more effective and efficient ways to get clients in today’s world.

Nobody Has a Target or a Niche

The biggest issue for all of the advisors that I met was that none of them had a specific industry or interest group target and none were specialized in any one need for that target. They simply rattled off a bunch of services for a very generic group of people. Generic is the kiss of death in marketing because it makes absolutely 100% sure that prospects forget you. So I took the 5 minutes we were given for our speed networking to educate them about this tiny fact.


At the end of the night, I felt satisfied. I felt like I’d helped each and every one of those wealth advisors without wealth. I gave them ideas for marketing tools to focus and to niche. I told them success stories of clients I’d helped niche. In the morning, I got an email from the organizers of the speed networking event saying that although I had selected no one, everyone had selected me for a next contact. As a result, I was invited back for free as a permanent guest at their events! Well how do you like them apples!!

So please, if you’re a wealth advisor and you’re reading this article, just try one of these suggestions and in no time, you’ll be investing your own riches!

Want to reposition your messaging to grow your leads? Follow me on Twitter, friend me on Facebook, watch me on YouTube or connect with me on LinkedIn –and let’s talk


Submit a Comment

Your email address will not be published. Required fields are marked *

About Chala

Chala Dincoy is a Marketing Strategist who helps B2B service providers reposition their marketing message to successfully sell to corporate clients