What you do for fun can be the source of your “natural market.” (Photo: Shutterstock)
“Go after your natural market.” Isn’t everyone told the same message on Day One? Yet as we become more and more successful, we sometimes forget how we became successful. We forget that clients often come from situations where the people you know already like and trust you.
When researching my book, “Captivating the Wealthy Investor” I surveyed financial advisors and asked ”What do you do for fun?” Here’s what they told me, starting with the most popular activities:
1. Family activities, specifically children’s sports. One of my gym buddies put it best: “If you have children involved in school sports, every season, your friends (parents) are chosen for you.” This includes soccer, swimming, Little League, basketball, football and gymnastics. In many cases, children participate, parents don’t. Think “soccer moms.” In other cases, children participate, parents coach.
2. Personal sports. Golf is an obvious example. Some advisors play basketball. I would put “going to the gym” into this category because it’s exercise and you see the same people on a regular basis.
3. Religious activities. It’s the third of “The Big Three.” This involves attending services, but also mingling afterwards during the coffee hour. Advisors may be involved in organizing parish events or helping with outreach programs like the food pantry. Most people find it fulfilling.
4. Spectator sports. Think season tickets. Tailgating. Spending lots of time at your favorite sports bar cheering on your team. You’ve probably got a separate wardrobe for this.
5. Chamber of Commerce. Many Chambers have a really full calendar. It starts with monthly business card exchanges. It then moves into community events like races to raise money for charity.
6. Scouting and Junior Achievement. These are programs for children that have roles for parents (and business professionals). Scouting in particular, seems to have its own unofficial “alumni network” in some communities.
7. College alumni association. High school counts too, especially in close-knit communities. High school and college sports are a big draw. Alumni associations also have local chapters and localized fundraising campaigns. The “old school tie” can be a very tight bond.
8. Service clubs. You see signs in town for Lions, Rotary and other service clubs. These often involve local business people who take on charitable fundraising projects.
After reading these, you might say: “Where’s the fun?”
Many agents and advisors define fun differently. Cheering on your child at school sports is fun for some. Tailgating before a football game is fun for others. The common factor is the “natural market.”
In each example, you are part of a group of people who know your name and often have a high opinion of you. Do they know Who you are, What you do and Why you are good? It’s probably yes on the first, maybe on the second and “I need to work on that” on the third.
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.”
