Understanding Prospects, Pipeline, and Deals


Prospects, pipeline, and deals are aspects of your firm's potential to generate new business from both new and existing clients and are essential to your firm's growth. They are how your firm can track potential new clients and their financial impact on your firm. 


Prospects are people you've identified as potential clients, whether they are households, individuals, or organizations. These potential clients are tracked through having their record type set to prospect with fields to track their potential for closing with your firm. As you interact with your prospects, you can track activities, such as calls or emails, to clearly understand how often a prospect is interacted with and develop their relationship with your firm further. Keeping a close eye on a prospect's potential makes it easier for your firm to accurately assess their ability to become clients and the overall financial gain for your firm. 


Any potential new business coming into your firm is a part of your pipeline. This includes any new business coming from a prospect or any add-on business opportunities from your existing clients. The services provided to a prospect are considered new business, as a prospect would not typically have prior business with your firm. If an already existing client requests further services from your firm, such as providing tax accounting to an organization you already do financial planning for, this new opportunity becomes part of your pipeline. The pipeline is the potential for financial gain from any new services you may be providing. Tracking this gives a clear picture of the financial and client growth that your firm has the opportunity to secure. 


Tracking your pipeline opportunities, regardless of if they are new business or add-on, is done through adding deals to your client or prospect. Deals are used to track the inflows and outflows of money from your firm and are where the transition of an opportunity into revenue-earning work is managed. Deals give your firm an accurate view of the financial impact a client or prospect has on your firm, helping your firm establish good opportunities to pursue. 

Creating a prospect

Once a contact has been made through the global actions in the top right-hand corner of the screen, it can be promoted to a prospect. Navigate to the contact you want to promote and select Promote to Prospect under the Actions menu.


This will take you through the Prospect Wizard in a pop-up menu to promote the household, individual, or organization from a contact to a prospect. The first stage is to select the type of service your prospect is interested in getting from your firm. 


Once the service type has been chosen, the Prospect Wizard will progress to a page to input specifics about the prospect, from potential AUM to the likelihood of the prospect becoming a client. 


After entering the prospect's information, select Next to complete the Prospect Wizard. Once the Prospect Wizard is complete, the individual, household or organization will now be in your system as a prospect with this reflected in the record definitions, highlighted in teal in the screenshot below. 



0 out of 0 found this helpful



Article is closed for comments.