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Have you read about "The Great Resignation?" Lots of people are thinking about leaving the workforce or not returning to their previous jobs. Since they aren't clients or work at a firm with your benefit plan, they might not be an immediate concern. But you have some clients who saved diligently for retirement, others who might be offered early retirement and a few who say: "I've turned in my papers. I'm retiring in two months." There's an opportunity with these individual clients.
Step #1: Build a list of these clients. This is an ongoing project throughout the year. You will have some names in hand because they've had their retirement date scheduled. You will add other names because you ask the right questions during their annual reviews.
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Step #2: Invite each one to lunch. This will be a separate event for each client. You aren't grouping them together. You want to help them celebrate! This is the year! You've won the game! Pick a restaurant for lunch. You are picking up the check.
Step #3: Ask them to bring two people. You could celebrate alone, but it might be pretty boring. Ask them to invite a couple of coworkers to help them celebrate their retirement. You specifically want them to invite people who also plan to retire during 2022. Here the net is a little wider. It's not just scheduled retirements. It can be people deciding to initiate the retirement process. People offered early retirement. People who have been grumbling about retirement. They should know at least two! Invite them to the same lunch. Your client does that.
Step #4: Arrive and toast. The four of you are sitting around the table. It's your client, their two guests and you. Menus arrive. Drink orders are taken. Since it's midday, this is probably iced tea. Food is ordered. Drinks arrive. You stand, raise your glass and toast your client on their upcoming retirement. Glasses clink. You sit down and ask what they plan to do on the first day they wake up and don't need to go to work. Stop talking.
Step #5: Here comes your advertisement. All eyes are on your client. There might have been light applause. Lots of smiles. They will talk about sleeping late or taking a vacation. They've answered your question. Since they have the floor, it's highly likely they will thank you for all your help in making their retirement possible. You helped them prepare. You kept them on schedule. They are entering retirement with no worries, thanks to you. This has been entirely spontaneous. You've done no prompting.
Step #6: What are those guests thinking? The two extra people are planning to retire or are considering the practicality of retiring. They worry "Can I afford to retire?" They get the message you were integral to the success story they've just seen and heard. They are wondering if you can help them achieve the same dream. Your client might have even said: "You guys should talk with (your name)."
Step #7: Lunch is over. The "You guys should talk to…" conversation might have happened after you left the building. You are curious if they decided to retire too. You have reasons to call your client over the next few weeks. You ask them what the guests decided. You client likely repeats their suggestion: "You should talk to…"
Step #8: What happens next? There are several possible outcomes. The obvious one is the guests call immediately. Maybe your client tells you: "I spoke with (guest). They would like you to give them a call." Maybe you visit your client at their office and a guest says "Could you come to my office after you are done?" Maybe nothing happens.
You might be tempted to consider the guests as leads and follow them up yourself, initiating contact. That would be pushy. They might think your retiring client "set them up," which could create ill will between friends. Let it play out on its own.
Why? Because this is only one of several retiring client scenarios you have on your schedule. If one lunch doesn't work out, perhaps the next one will. You have invested your time and a small amount of money hosting each lunch. It's not a big outlay, considering the potential rewards.
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.”
