It's hard to believe, but there are agents and advisors who join an organization, rarely attend events and wonder why they aren't getting any business. That's not you. (Photo: Shutterstock)
Your social prospecting strategy has gotten you active in the community. OK, maybe you were active before, but now you are on the lookout for opportunities. So, where will this business be coming from?
|What does “active in the community” actually mean?
It's hard to believe, but there are agents and advisors who join an organization, rarely attend meetings and wonder why they aren't getting any business. That's not you.
You've gotten involved at the local museum. You attended an opening or exhibition every month. It's something that draws a crowd. You meet six new people at each event and say hello to the people you met last month. You shell out cash and attend the black tie gala. You get invited to a pre-party at someone's home. Or say you are a weekend regular at religious services. You chat with people in the parking lot afterwards. You serve on a committee. You attend the summer picnic. Or maybe you are a regular face at the homeowner's association meetings. You arrive early and talk with your neighbors. You have several over for a summer BBQ. They invite you to their cookouts.
You get the idea.
|Where does business come from?
You are patient. You know desperate people don't get dates. You've made sure people know Who You Are and What You do, and the reasons for Why You Are Good you deliver at a drip rather than blasting people. You are tactful: when invited to someone's palatial home, you don't look around and say: “What happens to all this when you are dead? I bet you are mortgaged to the hilt.”
Here's where business will likely come from:
1. Your new friends. They may bring up business: “My insurance guy retired. Sold the business to someone I don't know. I think I need a new insurance guy.” They might ask a question with an investment-related solution: “I changed jobs recently. I've got this retirement plan at the old place. I know it's portable, but how do I get it out of there?”
2. Life-changing events. One of your museum friends lost their spouse. Unfortunately, the one who passed away also handled the finances and your friend has no experience managing money. They would really like something like a paycheck coming in every month – something dependable: “Does that exist? Who do I talk to about something like that?”
3. Their organization. As you learn more about the organization, you discover the hospital has a charitable foundation. They have a big chunk of money that's invested with various money managers. There's an investment committee that reviews performance. From time to time they pull out one money manager, replacing them with another. Hmmm…
4. Referrals. Your new friend might think their financial advisor is the best. However, they have a friend who is having problems with their advisor. Their calls aren't returned and tasks don't get done. They think they are being ignored. “What should my friend do?”
5. Their friends. Your solution to the above example was obvious: You would be glad to talk with her. Having been forewarned about the issues, the two of you hit it off. She is now a client. You ask her: “Do you know anyone else who is dissatisfied with the relationship with their financial advisor?” Amazingly, the answer is yes.
6. New social circles. You and your spouse are entertaining a lot now. Your spouse is grumbling: “Do you have to know everybody? Who am I cooking for this weekend?” However, you are gaining access into new social circles. This is evident in December when you get invitations to lots of holiday parties. You might be out every night! At each party, you are meeting new people. Some of the hosts are also your clients. They introduce you as their advisor. These other guests start asking you questions.
OK, so the example is a little idealized. However, over time, these things could happen as you raise your visibility in the community. If only two or three of the six examples came through, it might be a windfall of new business. You are certainly making connections.
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, “Captivating the Wealthy Investor” can be found on Amazon.
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Bryce Sanders
Bryce Sanders, president of Perceptive Business Solutions Inc., has provided training for the financial services industry on high-net-worth client acquisition since 2001. He trains financial professionals on how to identify prospects within the wealthiest 2%-5% of their market, where to meet and socialize with them, how to talk with wealthy people and develop personal relationships, and how to transform wealthy friends into clients. Bryce spent 14 years with a major financial services firm as a successful financial advisor, two years as a district sales manager and four years as a home office manager. He developed personal relationships within the HNW community through his past involvement as a Trustee of the James A. Michener Art Museum, Board of Associates for the Bucks County Chapter of the Fox Chase Cancer Center, Board of Trustees for Stevens Institute of Technology and as a church lector. Bryce has been published in American City Business Journals, Barrons, InsuranceNewsNet, BenefitsPro, The Register, MDRT Round the Table, MDRT Blog, accountingweb.com, Advisorpedia and Horsesmouth.com. In Canada, his articles have appeared in Wealth Professional. He is the author of the book “Captivating the Wealthy Investor.”
