New Clients are the new black

Recruitment for Dummies - Part 2 - Developing new clients

If you are a consultant working in the financial services industry you will be finding your role has changed over the last year to include a much higher percentage of new business development than it did. I would go as far as to suggest that perhaps an increase of 25% wouldn't be too much. In today's financial services market there are a whole host of financial advisers displaced from their roles, a lot from the major high street banks, who aren't recruiting as much, and from the larger National IFA firms. Candidate generation isn't really the issue - finding roles to put them in however, well that's a different story.

In your organisation, do you have specific individuals responsible for new business development and subsequent account management or do you, like us at XL-Recruitment make everybody responsible for developing new accounts? Both business models work and both can be very effective, like most jobs, its about having the right people. It takes a lot to successfully develop and manage a new account, from initial contact, right through to successful placement of financial services candidates.

Firstly it takes the development of some sort of rapport. Its ok having a strictly professional relationship but people will be much more willing to help you with any queries if you've taken an interest in them previously. It also helps in getting past the 'gatekeeper' if by the 5th time you've called you know they're married and support Everton football club! See how many times you get through to the decision maker then?

Secondly - finding out exactly what the client is doing currently to source their financial advisers or IFA's, if they are getting good results? what they are unhappy with? whether or not whatever they are doing is cost effective? Gently probing to determine what it will take to differentiate your company from your competitor - and then offering to supply that, can make all the difference in securing the business

You may not get the business immediately and I would suggest that with the financial services industry and the economy in turmoil at the moment, it probably will take more than one call. Persevere though and if you can't get on the PSL immediately look to at least secure a trial when they are next looking for new financial services professionals. How are they going to know what you can do without giving you a go?

Finally, when you do get the new business and you've been tasked to find a new IFA or a financial adviser, para planner, whatever, make sure that you keep in contact and develop the relationship. Keep them in the loop, provide good feedback and make sure that you provide a professional and most of all cost and time effective service.

New business generation and finding new roles is a much more important part of the successful financial services recruitment consultants armoury nowadays and is a part that shouldn't be neglected. Its also a hell of a lot easier to talk to candidates if you have a role that is different from the jobs that have been put to them by five consultants before you!