Prospecting Clients In Today's Highly Regulated Environment

Prospecting – which is necessary for building your business – became more challenging in July 2014, as Canada’s Anti-Spam Legislation (“CASL”) came into effect. Designed to stop the bombardment of spam messages in Canadians’ email boxes and reduce the chance of being victimized by fraud, CASL regulates commercial electronic communications. If your distribution list satisfies regulatory requirements for explicit or implied consent, you may continue sending your electronic messages.

For prospects who are not yet on your CASL-compliant distribution list, there are other ways to reach these individuals:

Social media. LinkedIn and Twitter are excellent platforms to attract prospects while first engaging them on a broader level. You can discuss personal finance, investing, tax and estate planning, etc. Try linking to materials you wrote or to materials of relevance to potential clients. It’s about creating regular visibility and having prospects view you as an expert – someone they would want as an advisor.

Host an event. Prospects appreciate educational presentations on relevant topics, so consider holding an event around key times of the year (e.g., RRSP, RESP, tax filing) or about general topics (like how to invest in today’s environment, TFSAs, estate planning, etc.). You can invite clients and ask them to bring a guest, and you can promote your event through social media, your website or advertising. Collect business cards of prospects who attend the event and obtain their consent to follow up with them by email so you remain compliant with CASL requirements.

Get referrals. When clients thank you for the work you’ve done or advice you have provided, see if they will let family and friends know about your expertise. Once a client puts you in touch with prospects, it’s a good opportunity to articulate your value proposition. One thing that is important to note: there is a ‘one-email’ exception for referrals.

On your website you can house articles you’ve written; links to financial topics that may interest prospects; your photo, bio and contact info; client testimonials; a list of upcoming events you are hosting, etc.

Place ads. You can reach out to the masses in general publications – online or in print – or be more targeted and run an ad in a professional publication (e.g., for dentists, engineers, lawyers, etc.) if you specialize in a particular segment. See our post on ‘What makes a good ad’.

Prospecting takes time and effort, particularly with CASL restrictions, but if you take a strategic approach, you can build your practice in a steady, logical fashion.

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