Why a Warm Marketing Plan Works Better For Financial Advisors Than Cold Calling

Crowd of small symbolic 3d figures, isolated

For financial advisors, warm is better than cold! Why? Because cold calling can be exhausting. Facing rejection time and time again is hard on the ego. Too many “no’s” can turn a positive advisor into at demoralized advisor and cause “zombie face,” a condition where you stare at your computer screen not knowing what to do.

When financial advisors contact me for help in developing a prospecting plan, I coach them to develop multiple tactics, one of which is creating a Warm Marketing Plan.

What is a Warm Market?

A “Warm Market” is people you know, which could be:

  • Prospective clients
  • People who have expressed interest in your services but have not yet hired you   Friends
  • Relatives
  • Existing customers
  • Centers of influence
  • People from your Chicken List
  • Referrals

What is a Cold Market?

A Cold Market is a person who does not know you from Adam. They have never heard of you before, never spoken to you previously, and never met you in person. Many advisors I speak with continue to use “cold calling” to gain access to new prospects, despite the fact that it is not as effective as it once was due to caller id and the do not call list.

Prospecting Success

With prospecting, you have a much greater chance of winning new business if you create a Warm Marketing Plan that sends your contacts a “touch” on a regular basis. If your Warm Marketing Plan is aimed at people who already know you, success will follow because…


If you market to a list of 10 warm people over a 90-day period, you stand a good chance of winning 3-4 new clients


But you must have a Warm Marketing Plan that touches your list with a different tip, method, or idea, which they would find helpful and meaningful. Some advisors find it’s best to use an automated service so that you don’t have to be involved in a lot of time-consuming tasks.

You have two choices for creating a Warm Marketing Plan:


1.Develop your own custom Warm Marketing Plan

I have done this for my coaching practice using Aweber.com, a service that allows you to develop a series of automated emails that are sent at a predetermined time after the prospect “opts in” to download one of my e-books. I have created all my own content since I have a huge library of my own articles.

Want examples? Sign up for my ebook here.

  • As an example, some of my topics are:
  • Are you using inbound marketing?
  • 3 Income Growth Strategies
  • 4 Typical Business Errors Advisors Make
  • 7 Powerful Success Strategies
  • 80% of Sales are Made on the 5th to 12th Contact


2.Use an automated service. I have several that I can recommend to my clients.

Many of my clients have used an automated service successfully to create digital marketing programs that are pre-approved by most compliance departments. When they meet a prospective client at a networking event, they ask permission to add them to their “newsletter list.” When they have a meeting with a prospect that does not immediately become a client, they add them to the list. Existing clients are also added to the list. The choice of email topics, touch points, holiday emails, interesting articles, and other topics, all lead to a repeated pattern of communication. This in turn, leads to new clients.


Warm Marketing Equals Success

The reason a Warm Marketing Plan is so successful is that it can take up to 5-12 contacts for a prospective client to be READY to do business with you. If you have never heard of this concept, please place this search term into a search engine like Google or Bing: “number of times a person must see an advertisement before they will act.”

I will paraphrase it here:

  • The first time a marketing message is sent, the receiver does not even see it
  • The second time, they vaguely notice it
  • The third time, they think “oh there’s that person’s message again”
  • The fourth time, they think “maybe I should read this message”
  • The fifth time, they DO read the message
  • The sixth time, they have a need for what you offer
  • The seventh time, they have experienced pain over not taking action
  • The eighth time, they take action and contact you!
  • Or it continues on until they have a need


Do yourself a favor and contact me for a consultation to figure out the right way to go about prospecting for new clients. Trying to do this on your own can be a futile process because you are not an expert in marketing. I have noticed over the years that advisors often need me to guide them into developing the correct message and process to be successful at prospecting. Is it time for you to contact me?

Michelle Lee Wagner Financial Advisor in Tempe AZ

Michelle Lee Wagner

Michelle Lee Wagner – Financial Advisor in Tempe AZ

I am always fascinated by advisors who have distinctive branding, whether on their own website, or on their social media pages. This interview is with Michelle Lee Wagner, CFP ®, an advisor in Tempe AZ. She works with a unique target market, as you will see on her website and she has a very interesting story to tell about her practice.


Name: Michelle Lee Wagner, CFP ®

Company Name: Maxima Wealth Management

Website: http://maximawealth.com/

Blog: http://maximawealth.com/blog/

Facebook: https://www.facebook.com/MichelleLeeWagnerMaximaWealth/

LinkedIn:  https://www.linkedin.com/in/michelle-lee-wagner-mba-cfp%C2%AE-04b689b/



Q — Please give us the background on how you got started in financial services.

Michelle – After I received my BS in Economics I sought a career in financial investments. My first job was with Fidelity Investments and I’ve always considered that experience as my “boot camp” to the financial services industry. In 2001 I set out to realize my goals and took the opportunity to become an Independent Financial Advisor by opening up my own firm.


Q – How did you come up with your company name?

Michelle — I wanted the name of my company to speak to my clients, but I also wanted it to speak to me. I reached deep down inside and realized I wanted the name to illustrate my legacy. A big part of one’s legacy is one’s surname, mine being Wagner. But it also includes intangible gifts left by those who are no longer with us such as, experiences, memories and character.

When I was a teenager, my mother passed away. I learned a lot through this experience and it played into my overall development. I wanted to take the opportunity of naming my company to honor that legacy, to honor my mom. Her name was Maxine, so I set out to incorporate her name into the legacy I was creating. The ancient Roman form of Maxine is Maxima and it means the greatest.

I knew I wanted the name to describe what I do. As I thought of all the possible descriptive company names, I chose Wealth Management. To me, the word “wealth” speaks to abundance and prosperity and many times refers to material goods. It was my intent to choose words that illustrate both physical and abstract ideas.

And so, the name of my company became: Maxima Wealth Management.


Q – Who is your favorite type of client?

Michelle – My ideal clients are committed to improving their quality of life, they appreciate my effort to work their investment plan, they are willing to take my professional advice and take action. They enjoy the Client Service Experience with Maxima Wealth Management, are committed to being engaged in the financial planning process, and eagerly refer like-minded clients to me.


Q — How do you define success?

Michelle – My idea of success has evolved over the years which I am sure is expected. In the past I measured my success by accomplishments or other quantitative metrics. But now I recognize it is much more of a holistic view. Success to me is to have contentment in life. I measure success with the love and support I receive and the positive impact I have on others.


Q- What book has inspired you the most?

Michelle – The book that has inspired me the most is The Tao of Pooh, by Benjamin Hoff. This book is a creative way of discussing the philosophy of Taoism. Taoism is simply a particular way of appreciating, learning from, and working with whatever happens in everyday life. It is believed that the natural result of this balanced way of living is contentment.


Q – Why are you passionate about wealth management?

Michelle – I love wealth management and being a financial advisor because I love helping people. It also allows me to implement my analytical and planning skills with my knowledge and love of economics. Guiding a client in the development and implementation of their personal financial plan is very satisfying especially when my client’s level of anxiety is reduced or eliminated because of the work we did together.


Q – What is the secret to your success?

Michelle – I attribute my success to hard work and being genuine and transparent. My clients sense this authenticity and appreciate my comprehensive approach to organizing their financial life. I know I’ve been successful when I receive a referral from my clients because it means they see the value of working with me.


Q – What is it about you that makes you a great leader? I understand you are also a military reservist. Can you tell us about that?

Michelle – My personal leadership philosophy comes from my desire to be a leader with “high-trust”. I define “high-trust” as one with high character and competence. I consider my style of leadership to be what is called servant leadership. This type of leader helps people develop and perform to the best of their ability, reaching heights they had never thought possible.

Yes, I have been in the Air Force Reserves since 1987. I joined with a very specific plan – learn a marketable skill and obtain the benefit of the GI Bill to pay for my college education. But many times, the original plan bears more benefits than first thought. I found that I really enjoyed being a part of something bigger than me.

I have been so fortunate in the military. I started as a Medical Administrative Specialist in the lowest rank and have since gone through the ranks to Colonel. I am now the Commander of the 452d Aerospace Medicine Squadron, the Air Force Reserve’s largest clinic, serving more than 3,500 personnel at March Air Reserve Base, California.

My Air Force career has introduced me to such a wide variety of people, experiences, and ideas. I am so thankful for it all.


Q – Where do you see yourself in 5 years?

Michelle – I see myself continuing to seek opportunities to serve my clients better. I want to continue to offer my services to new clients, as well, and to mentor new advisors. I also want to continue to give back whether it’s through my military commitment or with my local community.


To learn more about Michelle and her services, please visit her website: http://MaximaWealth.com.


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