Turn international prospects into clients

When it comes to marketing and advertising rules, often no two countries are the same. Some may have rules against executing a transaction for a client if you are not registered with that country. Others may forbid marketing events altogether, according to Ricardo Morean, director of RBC Wealth Management’s International Advisory. So tracking down leads and prospecting clients requires a whole different approach. Morean and his own U.S.-based team, for instance, avoid all types of mass marketing or advertisement. He attributes most of his growth, which is concentrated in Latin America, to recruiting and referrals. When a new referral or a hot lead comes in, he and his team map out an extensive legal review of what is allowed in terms of marketing, trading and investing in the prospect’s home country. Then he or members of his team will visit the potential client in their home country. These face-to-face meetings help to establish the relationship and avoid red tape. “It’s a very one-on-one kind of business model,” he says. Once he’s sitting down with a prospect, he adds, he can bring up some of the issues that are top-of-mind for international investors -- including the level of insurance behind U.S. investments and the attractiveness of the name-brand institutions. “Historically, the U.S. has been the No. 1 financial center for international clients and for Latin clients in terms of having their offshore investments,” Morean said. “The main reason is safety and working with well-known institutions.”