Challenge Your Assumptions to Attract Diverse Clients

Understanding the Importance of Diverse Prospecting in Financial Services

In today’s society, diversity is more than just a buzzword—it's a reality. People come from different backgrounds, hold varying beliefs, and have unique life experiences. Whether it's related to race, religion, sexual orientation, or even relationship status, the population is more varied than ever. This makes the current moment both exciting and challenging for financial professionals who are looking to build their client base.

To effectively reach out to a wide range of potential clients, advisors must refine their prospecting skills. Here are three key guidelines that can help them better connect with diverse audiences, along with practical tips for each.

Never Assume

Financial planning often involves making assumptions about various factors such as life expectancy, investment returns, and tax rates. However, when engaging with prospective clients, assumptions can create barriers rather than bridges.

A financial professional I've worked with shared an experience where he assumed a woman was foreign due to her accent. He asked, “I like your accent—where are you from?” She responded with a frown and said, “Ohio.” The conversation could have taken a different path if he had started with a more open-ended question, such as, “Great to meet you. Please tell me a bit about yourself.” This approach allows the individual to decide what information they want to share, including details about their background.

Tip: Review the questions you ask prospects and eliminate any that imply assumptions. For example, instead of asking a young, unmarried couple when they plan to get married and have children, ask, “How do you envision your future?” When speaking to a married woman, use her spouse’s name rather than assuming it's her husband. For an older person still working, ask about their thoughts on retirement rather than assuming they want to stop working altogether.

Lead with Curiosity

While many financial professionals start conversations by discussing money, it's often more effective to lead with curiosity about the priorities, rituals, and relationships that shape a person's life. These discussions can naturally lead into financial topics.

In one of my workshops, a financial professional shared how her genuine curiosity about others' traditions led to invitations to religious ceremonies and family dinners. These interactions, while not aimed at prospecting, eventually resulted in new clients. As the saying goes, “Exposure leads to expansion.”

Tip: Replace the traditional sales adage “always be closing” with a more curious mindset inspired by Coach Ted Lasso: “Always be curious.” This shift can open up new opportunities for meaningful connections.

Show Prospects You Welcome Their Business

It's one thing to want to diversify your client base; it's another to show potential clients that you're eager to serve them. It's important to be specific about the types of people you wish to work with, while adhering to your firm's guidelines.

Ask yourself: Would someone reading or hearing about you know that you want to work with them? This is especially important when targeting specific groups, such as older individuals who never want to retire or single people whose closest relationships may be with their children or pets.

Tip: On your website and social media, clearly state how you can help these groups. Use inclusive language that fosters connection rather than focusing on political correctness. Visually assess your office to ensure it feels welcoming to all, regardless of age, ancestry, sexual orientation, or abilities.

Embracing Universal Needs

Despite the evolving priorities of clients, there are fundamental needs that remain constant: being accepted, respected, and valued. As you focus on prospecting, remember that refining your skills to serve a diverse range of clients is a noble and necessary calling.

By embracing these strategies, financial professionals can build stronger, more inclusive relationships with their clients. How will you answer the call to create a more diverse and welcoming environment for all?