10 local organizations that attract HNW business owners
Social prospecting can be fun and a way to keep in touch with many people with the potential to become clients.
Where will my clients come from? You are seeking to build a clientele consisting of business owners, self-employed professionals and HNW individuals in your local market. They should have needs in areas like business and personal insurance, investments and benefit plans, specifically retirement planning. You “knock on doors” yet want to find places where these future prospects congregate. Where should you hang out? What organizations should you join?
Before you consider organizations, you need to buy into the line of thinking that once people reach a certain level of business and career success, they focus attention on giving back to their community. They join community and professional organizations. It gives them the opportunity to do good, raise their visibility and climb the social ladder.
1. Local museums. There are more than you might imagine. Some larger ones even have their own internal version of a Chamber of Commerce, specifically a business membership category with events organized for business owners. There might be a couple of hundred business members. You can see the obvious opportunity.
2. Historical societies. These are less intimidating than museums. Often they have a major social component including plenty of cocktail receptions bringing members together. If you think of them as an easy gateway for new residents to get involved in the community, you understand why there are often realtors, landscape contractors and builders who are members.
3. Professional societies. Doctors belong to medical societies. Lawyers to bar associations. There are professional groups for almost every field you can imagine. These are often national organizations with local chapters. You might be put off because you don’t have the professional credentials, but many groups have associate memberships for people not directly employed in the field but selling services used by members. If you look at their membership list under the associate category, you may find businesses similar to yours.
4. College alumni association. If you are in a big city, there is likely a chapter. Graduates make their mark in many fields. They may be corporate executives, business owners, doctors and engineers. They may be employed in fields distant from their original field of study. You have a connection because you all graduated from the same school. There are often social gatherings and even opportunities for speaking engagements.
5. Chambers of Commerce. There are often more than one, especially if you are in a suburban area. Members should be listed in the business directory on the public side of their website. Shop around and compare the number of insurance professionals to the size of membership and pick one that has an attractive ratio.
6. Hospitals. They are experts at fundraising. They often have supporter membership programs with tiered levels based on contribution amounts. The seriously wealthy folks in the community are usually involved with the hospital. This can be an expensive sandbox to play in, but you should be surrounded by the wealth in the community.
7. Animal shelters. Everyone has a soft spot for animals. Many wealthy people are supporters of local shelters. Let’s add the local zoo into this category too. In addition to membership or supporter programs, they usually have plenty of events where members can socialize.
8. Medical charities. These are different from hospitals. They might raise money for a disease-specific hospital like the cancer center. They are often at arm’s length, meaning they operate quasi-independently through volunteers, sending money raised as a donation to the hospital. These groups often attract local wealth.
9. Country clubs. In cities there are private clubs or clubs affiliated with a specific college. Clubs are exclusionary by design, yet time has not been kind to them. The concept has gone out of favor and they often struggle to survive and attract younger members. Your local country club might be easier to join than you imagined. It will be expensive, but it’s a great place to entertain clients.
10. Your homeowner’s association. If you live in a wealthy area, chances are good your neighbors are in good financial shape. Your development might have an organization. The neighborhood might have one. It might be a social organization, yet it provides a good opportunity to see your neighbors, on as regular basis.
Social prospecting has a long time horizon, but it can be fun and a way to keep in touch with many people with the potential to become clients. Visibility equals credibility.
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