Financial advisors need help finding their "perfect" client, and one new product aims to foster that connection., a marketing firm for financial advisors, has launched an online referral system.

The new system works somewhat like for the financial advisor community, connecting advisors with prospective clients, 75% of whom are age 65 or older. 

"This is something an advisor would use to build assets under management," said David Cantrell, MyNewFinancialAdvisor's co-founder and CEO, noting that the total assets of the average client is around $850,000. "But we have advisors who will take as low as $40,000."

"We have the initial step of talking with advisors and prospective clients, all of whom are in the United States, to validate assets and comfort level," Cantrell explained.

He continued: “When I joined  MNFA I quickly saw that the advisor community needed a better referral system. To help fully distinguish our product, we took it a step further and can set up appointments for advisors. Now, the only open issue for the advisor is whether or not they can close the business.”

Frank Troise, MNFA chairman and co-founder, added: “The breakeven math for an advisor is straightforward. With our average prospect generating almost $10,000 in fee income, an advisor with a high close rate stands to do exceedingly well. Conversely, advisors who have the capacity for large volume can leverage our standard lead-gen product which has a lower price point but a significantly higher volume of lead flow.”

In a nutshell: financial advisors have the potential to be exceedingly more profitable if they expand their client base and reach.

Read more: MyNewFinancialAdvisor Plans Aggressive Growth

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