In prospecting, “more” does not automatically mean “better,” according to Sara Gilbert.

“Having 282 prospects in your pipeline is not a good strategy,” says Gilbert, founder of Strategist in Montreal. “You will likely have spreadsheets that are impossible to manage. Successful prospecting has to be structured.”

Finding a prospect who suits your “ideal client” profile doesn’t just happen. It requires careful analysis and a generous helping of perseverance.

If you are having a hard time finding that elusive “ideal client,” Gilbert offers the following tips to help you find the right one:

> Consider your business model
If the business model of your practice is not aligned with the goals of your prospect, perhaps he or she is not the best fit for you.

For example, if you do discretionary portfolio management and your prospect wants to do daily trading, your approaches might be in conflict.

“Use the same criteria for [assessing] your prospects as you do with your clients,” Gilbert says. “Look at your target market and how they fit into your business model.”

> Use quantitative methods
More commonly referred to as “prospect segmentation,” this method makes use of hard data to help you identify the type of client you would like to replicate.

Start by creating a spreadsheet document and assign nominal point values for various categories, such as total assets under management or revenue, depending on what is most important to you.

By using this point system, you can create customized segments of prospects specific to your practice. This tool will help you discern which potential prospects would drive your business as clients.

> Include qualitative methods
During the 1990s, the qualitative segmentation process was based purely on data.

However, Gilbert says, over the past decade or so, more emphasis has been placed on softer issues as more financial advisors have become comprehensive wealth managers.

Qualitative analysis places the relationship you have with your client ahead of your product offering.

So, categories such as “client behaviour” (qualitative) and “potential for growth” (quantitative) are taking on equal weight.

As a result, you need to include both these categories on the breakdown of your prospects to help you find your ideal client.

> Come together, right now
Once you have set out the categories on your grid, you can then begin to tabulate your numbers.

Gilbert suggests that you define a scoring range that would help you categorize your prospects into categories — for example: A, B, and C.

This categorization will help you identify the characteristics and create a profile of your typical A-, B- or C-level prospect. And it will help you figure out which prospects will best fit with your practice.

Says Gilbert: “It’s a great tool and exercise that helps you maximize your time and find your ideal clients.”