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Blogs - The New Generation's Practice
Manage Your Prospect Pipeline
Monday, August 12, 2013

Iím now in my 11th week of running my own RIA -- and Iíve realized that itís a real challenge to keep track of where I am and what lies ahead.

One critical area is managing the pipeline of clients and prospects. I have three clients signed to my retainer model, and a pipeline of prospects in various stages. I also have four prospects who have made a verbal commitment to working with me before the end of the summer; I can conservatively say that at least two of these will work out.

I then have two prospects who I have just started to talk to, who may do something before the end of the calendar year.

I am also planning some campaigns at the start of the school year -- this is something I have done before, and it typically generates another handful of prospects. I hope to double the number of campaigns this school year, and I expect that will increase both my companyís exposure and my number of prospective clients.

I like the progress I have made so far, but there are a couple of challenges that I need to focus on.

Focusing too much on the chase: I have to be aware that even though I enjoy talking with new people, I now have people who are paying for my expertise. I will need to manage the balancing act of serving and anticipating the needs of current clients, while also pursuing new clients.

Pacing myself socially: Iím also relatively introverted, so I can only handle so many interactions with new people before I find that I need to recharge. While pursuing prospects, I need to make sure that I follow up with them at a pace that is appropriate.

Donít get me wrong; I know that this is a great problem to have. I just need to make sure that I enjoy the work as much as the chase.†

(3) Comments
So am I correct in that you are starting with zero clients and now have 3? I see a lot of myself in the mirror here. The challenge of balancing everything and I completely understand the need to recharge and having that introverted aspect.
Posted by Lew C | Tuesday, August 13 2013 at 1:48PM ET
Lew -that's right, I left my last firm at the end of May 2013 with no clients, and am now working with 3. The balance is a constant work in progress, but it is fun to work hard and then play quietly :)
Posted by Dave G | Thursday, August 15 2013 at 1:54PM ET
Add your comments here.
Posted by Steven G | Friday, August 16 2013 at 3:36PM ET
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