Newer agents and advisors smile and dial to find clients. You’ve been there, done that. You are an experienced producer and want to continue adding new clients to your business.
You’ve completely cultivated your natural market. You regularly ask for referrals. What else can you do?
The following are five strategies for experienced producers to find new clients.
1. Executive education seminars
You have a client in a middle to senior level of management at a local company, a major employer in your market. They are agreeable to making introductions.
Rationale: Layoffs hurt. We think about the people who lost their jobs. Don’t forget about those who remain who must double up on work. The company wants them focusing on their workload, yet it also wants to provide services like retirement planning guidance.
Homework: Talk with your friendly contact. You offer to do a continuing series of educational seminars on retirement planning onsite over several weeks. The target audience is middle and senior level management. Can your friend secure management approval?
Objective: Teach them about the options they have available. You are teaching, not selling. Executives are comfortable utilizing outside consultants when they don’t have the time or expertise required. You hope to be contacted afterwards and hired as their advisor.
How: Utilizing your firm’s planning tools, help executives determine if they can maintain their lifestyle in retirement.
Cost: Virtually zero.
2. Client/prospect dinners
People often buy after being introduced by a mutual friend to a person they like.
Rationale: Clients know other people just like them. Strategic partners such as mutual funds and money managers are often open to sponsoring intimate dinners for an advisor, a couple of clients and their guests.
Homework: Ask around the office and learn which strategic partners are willing to support dinners.
Objective: Simple. Have a good time. Let them get to know you as a person. Your host, the strategic partner would likely act as the “Wall Street Specialist” and talk about the market.
How: Invite one or two good clients to dinner (usually without spouses). Ask them to also invite a co-worker or neighbor.
Cost: Almost zero, unless the strategic partner wants you sharing dinner costs.
3. Retirement party for a client
You have clients who are retiring after a lifetime of work. This is a cause for celebration! Why not celebrate with a few of their co-workers?
Rationale: Your retiring client likely has friends at work who will be retiring soon, too. They probably are in the market for the same advice you gave your client.