e-mail

How Wholesalers Can Improve Prospecting e-Mails

Over the last few months we’ve been collecting e-mails from asset managers to financial advisors.  Most interesting to me are the prospecting e-mails sent by wholesalers.  Why? Because they can be so much better.

These e-mails represent wholesalers’ attempts to get that all-important first meeting with an advisor.  And they almost always have the same two elements:

  • A (usually) short introduction to specific products and/or the firm as a whole
  • A meeting request, typically framed in drive-by fashion (i.e., “I’ll be in the office next Tuesday…”)

I take no issue with either.  The intro and meeting request are necessary.  The problem is that these messages bring nothing else to the table.  Specifically, the e-mails lack a personal element that shows the wholesaler’s done some research and has genuine interest in the advisor.  Without this personal touch, every introductory wholesaler e-mail looks generic.

So how can wholesalers do a better job fostering a connection with advisors via e-mail?  Here are four simple ways:

  • Check LinkedIn. Roughly 40% of advisors are on LinkedIn today.  A brief look at a LinkedIn profile gives insight into schools, interests, common connections, previous employers, and more.  These details can be used to add a personal touch that is more likely to resonate with advisors.  (And, of course, there’s the indispensable Google search.)
  • Cite People the Advisor Knows. Referrals are the best introduction.  But even without a direct referral, wholesalers can indirectly use existing relationships to open doors with new advisors.  The drive-by meeting request has more meaning with specificity:  “I’ll be in the office next Tuesday to meet with your colleague Mike McLaughlin…”.
  • Work with Assistants. Wholesalers can make things very easy for the advisor by offering to schedule a meeting via his/her assistant.  Assistant’s names are frequently readily available; for example, the personal Web sites for Merrill Lynch advisors always include assistants’ names and phone numbers.  And using a familiar first name – “I can coordinate with Bridget” – again adds a personal touch.
  • Avoid Requests from Internals. In some instances internal wholesalers will send initial e-mails on behalf of their external partners.  This signals to the advisor that the external wholesaler is too important to ask himself.  Not good.  To get an introductory meeting, a personal request from the external is a must.

Desirable advisor targets get solicitations for meetings every day.  Investing extra time and effort to send a personalized e-mail can make a difference.