Mastering Database Building for your Success​

Building and maintaining a strong prospect database is the foundation of success at World Financial Group (WFG).

 

• A well-organized and constantly growing database allows you to:​

• Effortlessly manage and nurture relationships.

• Effectively prospect for clients and business partners.

• Systematically track follow-ups and conversations.

• Convert more leads into long-term clients.

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The size and quality of your database directly impact your success. The more qualified people you add and engage with, the more opportunities you’ll create for yourself and your business.

Let’s break down the step-by-step process to build, expand, and maximize your database.

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1. Start with Your Warm Market (People You Already Know)
Your first database should begin with people in your existing network—those who already know, like, and trust you.

 

Who belongs in your Warm Market? (use the 

• Friends and Family (Parents, siblings, aunts/uncles, cousins, and in-laws)

• Colleagues (Current or former co-workers, bosses, employees etc...)

• Professional Acquaintances (Accountants, attorneys, realtors, mortgage brokers, small business owners, etc... in other words, everyone you exchange a service or money with.)

• Social Connections (Gym buddies, club members, sports teams, church groups, community groups, etc...)

• Neighbors & Local Business Owners (Barbers, restaurant owners, car dealers, insurance agents, etc.)

 

Example: How to Start Your List
If you were planning a wedding, who would be on your guest list? That’s your starting database!

 

Action Step: Open your phone contacts and social media friends list. Start writing down 100+ names - your goal is quantity first, then quality.

 

Pro Tip: Click here and use our Memory Jogger tool to help remember people from different areas of your life.

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2. Qualify and Prioritize Your Best Prospects
Once you have a list of names, it’s time to prioritize the best prospects for our Business Partners, End Cosumers only or preferably both.

 

Use the “MACHO BAD” Formula to Qualify Your List

Ask yourself: Does this person fit any of these categories?

✅ M – Married (Couples often have financial goals)
✅ A – Age 25+ (More likely to think long-term)
✅ C – Children (Parents need protection for their families)
✅ H – Homeowners (Likely interested in financial planning)
✅ O – Occupation (Stable income of $40,000+ per year)
✅ B – Business-minded (Entrepreneurs, side hustlers, or motivated professionals)
✅ A – Ambitious (Career-driven, goal-oriented individuals)
✅ D – Dissatisfied (Open to a better opportunity)

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Example:

• Your 25-year-old cousin who still lives at home and is unemployed? Maybe not the best fit.

• Your co-worker who just had a baby and bought a house? Perfect prospect!

 

Action Step: Highlight the Top 25-50 Prospects who best match these qualifiers. These are the people you should reach out to first.

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3. Expand Your "Warm" Market Beyond Family & Friends
Your warm market is just the beginning. If you stop adding people to your database, your business will stop growing.

Here are powerful strategies to keep expanding your list every week:

 

A. Meet New People Through Friendship Farming

Friendship farming is one way to make new friends and acquaintances and add to your warm market. You should not go out specifically to “friendship farm” or “prospect,” but rather just be aware of the people around you in the normal course of your day. 

• Find ways to begin conversations with people.

• Do not go prospecting; prospect as you go.

• Be courteous, be genuine, and do not jump the gun with an invitation. 

• Start with the intent of making new friends, rather than the intent of inviting someone.

 

Examples:

• Everyday Life – Strike up conversations at the gym, coffee shop, daycare, or networking events.

• Ask for Referrals – Every client or business partner knows 5-10 more people who might be interested.

• Attend Events – Business mixers, real estate events, chamber of commerce meetings.

• Social Media – Engage in Facebook & LinkedIn groups related to entrepreneurship, finance, and investments.

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There are four things to keep in mind, in this order, when casually visiting with someone you just met.  This is known as FORM.

• Family: tell me about your family. Ask about their children, where did they grow up, etc...

• Occupation: ask them what they do for a living, for how long, what they like most and/or least about their work, etc...

• Recreation: ask them what they like doing for fun, their favorite vacation, spots, etc...

• Message: start your presentation of our business.

 

Find something in common with these people. Discover a reason to connect again later and obtain a business card or contact information.

 

Example:

John, a WFG agent, started talking to his barber about financial planning. The barber introduced him to 3 other small business owners who later became clients!

 

Action Step: Set a weekly goal to add 5-10 new names to your list.

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B. Leverage Digital & Automated Strategies

• Optimize Your Social Media Profiles – Make sure your LinkedIn, Facebook, and Instagram bios clearly state what you do and include a CTA (Call to Action) like “DM me for a free consultation.”

• Content Marketing – Post engaging content related to financial literacy, business growth, or wealth strategies to attract prospects.

• Automate Lead Generation – Use online lead forms, webinars, and email campaigns to collect new contacts.

• Use a CRM (Customer Relationship Management) System – Tools like HubSpot, Pipedrive, or Zoho help track and nurture new leads automatically. For now, you can utilize your New Partner Dashboard. However, once you achieve Certified Field Trainer (CFT) status, you'll gain exclusive access to our proprietary CRM.

 

Example: Lisa, a WFG associate, started posting weekly financial tips on LinkedIn. A former colleague commented on her post, which led to a conversation and later a sale!

 

Action Step: Choose one digital strategy and implement it this week. Track how many new contacts you generate!

 

Challenge: Experiment with at least two new ways to grow your database beyond warm market prospects this month!

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​​​​​​4. Friendship Borrowing

Another way to build your warm market is through friendship borrowing, which is borrowing the warm market of people who already know and trust you, or the process of getting quality referrals.

• Even though you don’t know them, these people are considered your warm market because you are “borrowing” the trust they have in their friend who referred them.

• Don’t be afraid to ask for referrals but be cognizant of how you ask. You want the people providing the referrals to understand that you’re wanting to help the people they refer to you.

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A. The Importance of Getting Referrals

Not everyone will be interested in becoming a WFG associate, but everyone you speak to can provide you with referrals. It’s important that you remain positive about WFG and the products and services we offer. If you don’t act professionally, it is likely you won’t get referrals.

 

Who can Provide Referrals?

• Clients: you have already garnered their trust as their licensed financial services professional, so they’ll be more comfortable referring others to you. However, you must maintain a good relationship with your clients for them to continue to want to provide names to you.

• Natural Market: as your family, friends, relatives, co-workers, and others see you build your business, they can provide you with referrals.

• Acquaintances: people you don’t know very well may be willing to provide you with referrals. Acquaintances can be a friend of a relative, a friend of a friend, someone you met at a party, or a salesperson at a store you frequently shop in.

• People Who Tell You No: although the timing may not be right for them right now if they trust you and clearly understand what you can do to help people, they may provide you with referrals.

 

To Get a Referral, You Must Ask for It!

You can only get referrals if you ask for them. Ask people who they know who may benefit from the products and services you offer or who may be interested in the business opportunity. As the old adage says: You don’t know until you ask.

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You also need to ask the same people more than once. Don’t pester them, just remember that they may not know of anyone who you can help the first time you ask but they may think of someone when you ask them another time. 

 

Following Up On Referrals

You should follow up on a referral as soon as possible after it has been provided to you. There is no time like the present to have the chance to speak to someone about what WFG has to offer. Once you have contacted the referral, even if it’s not successful, make sure to tell the person who gave you the referral. This is not only a courtesy but it may lead to additional referrals.

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Identify Lead Generation Channels: explore various channels to generate leads. These may include networking events, referrals from existing clients, social media platforms, online advertising, and partnerships with other professionals or organizations in the industry.

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Create a Compelling Value Proposition: clearly communicate the unique value and benefits you offer to potential clients. Explain how your financial services can help them achieve their goals or solve their problems. Develop a concise and compelling elevator pitch that you can use when networking or marketing your services.  (click here to see our Scripts page).

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Nurture Leads through Email Marketing: develop a targeted email marketing strategy to nurture leads and build relationships. Provide valuable content such as newsletters, market updates, educational resources, and personalized offers to engage your audience and establish trust.

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Utilize Customer Relationship Management (CRM) software: invest in a CRM system to manage your client database effectively. A CRM allows you to store and organize client information, track interactions, set reminders for follow-ups, and segment your database based on various criteria. This helps you stay organized and tailor your communication to specific client segments. (click here to contact us for more details).

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Provide Exceptional Client Service: focus on delivering excellent service to your existing clients. Satisfied clients are more likely to refer others to your business. Implement strategies to enhance the client experience, such as regular check-ins, personalized recommendations, and prompt responses to inquiries.

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Leverage Social Media: establish a presence on relevant social media platforms, such as LinkedIn, Facebook, or Instagram. Share valuable content, engage with your audience, and participate in industry discussions. Social media can help you expand your network and generate leads. (click here to see our Social Media page).

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Attend Industry Events and Conferences: participate in conferences, trade shows, and industry events to meet potential clients and establish connections. Consider speaking at these events to position yourself as an expert in your field.

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Ask for Referrals: don't be afraid to ask your satisfied clients for referrals. They can be a valuable source of new leads. Offer incentives or rewards for successful referrals to encourage your clients to recommend your services to others.

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Remember, building a client database takes time and consistent effort. Continuously refine your strategies, measure the effectiveness of different lead generation channels, and adapt your approach based on feedback and results.

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