The case for joining your best client's professional association
Advisors often join trade groups in their own industry, where they're surrounded by their peers, all seeking clients. Here's a different approach.
Does anyone think about joining a professional association that has nothing to do with their own field? Of course. Here is the logic for making the effort, spending time and money with the expectation of getting new business.
Why join someone else’s group?
I think I first heard about this idea when Tom Stanley presented at my previous firm in the 1980’s. We all know him as the author of “The Millionaire Next Door.” His logic was simple: Financial advisors often join trade groups and attend industry conferences where they are surrounded by their peers. They will learn much in educational sessions, but if their objective is to get new clients, where is the opportunity? There isn’t any if you are surrounded by people with the same objective.
The case for joining your best client’s professional association
Here is the logic for joining a group where you have no professional connection besides your best client.
1. They will likely let you in. Although you may think professional associations are closed groups with barriers to entry, they also need money coming in through membership dues. Some associations have an associate membership category for people not in the field yet providing a service members use.
2. You provide a service members need. Let us expand on the above idea. Suppose it’s a manufacturing association. Look at the member directory online. You might see accounting firms, personnel agencies, bookkeeping services and banks. Benefit plan fits this theme.
3. There’s much less competition. Membership costs money. Some competitors are tight fisted. Others haven’t figured out you this opportunity exists with certain professional associations. There should be less agents and advisors than at the Chamber.
4. Your client becomes your advocate. You joined your client’s group. They can introduce you around to other members at meetings. They explain how you are connected. Client confidentiality prevents you from telling that story, but not them.
5. All organizations need worker bees. Most members might belong for the educational and social aspects the group provides. Their own business or practice keeps them busy. The group probably needs plenty of volunteer support. You can provide that help. It helps you meet people.
6. There’s article writing potential. They should have a print or online publication. It needs content relevant to readers. The publication is there because it’s a member benefit. You (or your firm) are able to help by providing original or firm written articles.
7. They hold trade shows with booths. They should have at least one offsite conference. There are usually vendor books setup outside the meeting rooms. This is an opportunity for you to raise your visibility and meet more members.
8. There is workshop potential. What goes on inside those meeting rooms? The general sessions and various workshops. Can you make benefit plans into a compelling session with content developed by your firm?
9. Remember dinner meetings? Monthly meetings attract more members if you feed them. Dinner meetings might be held in a private room at a restaurant. These meetings usually have a sponsor who delivers a live presentation. This costs money because you might be paying for the dinner. Visit their website. Look at past and upcoming meetings. Are they dinner meetings? Who were the speakers?
You could add a new prospect pool and develop a market niche using this strategy.
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