Financial planning has changed significantly over the past two decades. The profession is now firmly advice-led, operating in a far more regulated environment, with clients who are better informed and more selective about who they trust.
Despite this, many prospecting expectations within firms still reflect older models that were shaped in a very different context. It is not uncommon to see advisers encouraged, implicitly or explicitly, to rely on cold outreach, generic lead purchases, or ad hoc networking, often without a clear value proposition or defined target market to support those efforts.
From an operational perspective, this creates tension. Advisers are expected to generate new business, yet often do so without consistent structure, guidance, or support.
For newer advisers in particular, this challenge is amplified by commission-based remuneration, limited personal networks, and a lack of established clients to draw referrals from. Even in practices where salaries are offered, these are frequently transitional or subsidised, meaning the underlying pressure to produce remains.
Designed for poor results
What is frequently overlooked is that prospecting effectiveness is influenced as much by business design and leadership decisions as by individual adviser capability. In many practices, there is no shared definition of how new business should be generated, what “good” prospecting looks like, or how progress should be tracked. Pipelines exist in theory but are not actively managed, reviewed, or coached. Follow-up becomes inconsistent, not through lack of intent, but because it is not systematised.
There are also clear differences between activity and effectiveness. It is not unusual to see advisers busy with prospecting-related tasks, yet struggling to convert effort into meaningful conversations. Without clarity around positioning and audience, activity can become fragmented and reactive, producing frustration rather than momentum.
Creating an environment for success
From a leadership perspective, this raises important questions. How clearly is prospecting defined within the business? What support structures exist beyond initial training? Is there mentorship in place that allows experience to be transferred, or coaching that helps advisers refine both mindset and skill? How visible and credible is the firm’s brand when advisors approach potential clients, and how much does the business itself contribute to creating opportunities for engagement?
None of this suggests that prospecting is broken, or that advisers are failing. Rather, it points to the need for more intentional design. Prospecting today requires clarity, consistency, and alignment between advisers and the businesses they operate within. When expectations, systems, and support are aligned, prospecting becomes more predictable, more professional, and ultimately more sustainable.
For independent practices, the opportunity lies not in chasing new tactics, but in stepping back to examine whether their current approach truly reflects the profession as it exists today.