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Every employer needs what you sell, but does every prospect already have what you are selling? That can be quite a challenge, yet also provides scope for opportunity. Let's look at how two different professionals approach the problem, then conquer it.
Strategy #1: Leverage financial planning to opens doors
Once upon a time there was a fellow trained in financial planning. After a while he decided the career opportunities were better if you provided benefits plans instead. He made a career shift. But how was he going to get clients?
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He knew school districts in his state put their benefits plan needs up for competitive bid each year. He needed to get into the running. He decided to use his background in financial planning as a door opener. Contacting each local school district, he made the following offer: He would provide comprehensive financial plans for each of the district's senior administrators free of charge. The one thing he wanted in return was notification when the district's benefits plan would be opened up for competitive bids, so he could enter the competition.
Financial planning has been given away for years, but it's often as a door opener to sell a product or service provided by the advisor preparing the plan. This fellow was producing financial plans in a fiduciary capacity – the administrator could implement the recommendations wherever they chose. Objectivity has value.
School districts might seek competitive bids for many services, but where and how the announcement is publicized makes a big difference. He got himself into the position of being a serious competitor because he had advance notice and could prepare a professional presentation. It worked very well for him and his firm.
Strategy #2: Stand out from the crowd at a trade show
A financial advisor in the Midwest was targeting roadbuilders as a market niche. These are the folks who build highways. He belonged to the local chapter of the roadbuilders association and decided he was going to attend the state conference with the objective of coming home with fresh leads and prospects.
He met with the conference organizers and offered to present a breakout workshop during the conference. Fortunately, the conference organizers took an interest and offered him practical advice.
"What is your objective?" The advisor explained he wanted to meet roadbuilders, exchange business cards and contact them after the conference, asking them to become clients.
The conference organizer told him by presenting a workshop seminar, he would get a few roadbuilders who would venture in and listen to his talk. "If you really want to meet roadbuilders and exchange cards, here is what you do: Sponsor a hospitality suite at the hotel. Put out a notice drinks will be served one evening during the conference. You will get every roadbuilder in the state turning out for a free drink!"
Related: Getting the job done: where benefits advisors have closed deals
He did as he was instructed and the roadbuilders filled the room. The advisor had a team who worked the room alongside him, meeting roadbuilders, thanking them for attending, shaking hands and exchanging cards. The advisor and his team went home with a stack of business cards. Yes, that advisor did successfully build a niche in the roadbuilding industry.
There are many good ideas out there. They may take time and cost money, but they have gotten results for the agents and advisors who invested both.
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" is available 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.”
