The people have spoken. Seventy-five percent of Americans do not want to be cold called at home, if we assume registration for the Do Not Call list is a reliable indicator. What can agents and advisors do if cold calling residences is off the table?
Let's assume you are not the world's wealthiest agent or advisor. You can't sign up for a 3-week African safari to rub elbows with the rich and famous. You want to add new clients, yet at little or no personal cost to you.
Here are five strategies to consider:
Strategy #1: Referrals
It's everyone's favorite strategy, or so they say. When you basically ask, "Who do you know that might do business with me?" They draw a blank or worry about their personal liability if the relationship goes wrong.
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Rationale: Get them looking for someone with a problem instead. Suggesting you invest their fresh money and something goes wrong conveys a degree of risk. Finding a person where something has already gone wrong and positioning you as a potential solution is rationalized as helping.
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Homework: What product or service is your specialty? What might your potential client already own? How might it have gone wrong? Develop some questions.
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Objective: Get your friends and clients thinking about well-heeled complainers they know. Help them ride to the rescue.
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How: "You know what I do. Who do you know that uses (generic product) and is dissatisfied with the relationship? I would be interested in talking with them."
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Cost: Little or none.
Strategy #2: Fun seminars
Wealthy people might put active attention regarding their investments on the back burner, yet they are passionate about their hobbies and outside interests.
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Rationale: If you can identify a non-investment activity that gets your client excited, they will likely attend your event and bring their friends.
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Homework: Survey your best clients. Explain you are considering organizing an activity or two as a thank you for their business. Provide a list of choices (10?) and ask them to choose their top three. This could be done by email or an online survey tool.
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Objective: Pick the most popular topic. Organize and publicize it. Position it as a client/prospect event.
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How: "Many clients are interested in understanding how to buy fine jewelry. I've organized an event with the jewelry expert at Hy Commissions Auction Gallery who will be giving a talk. It's for clients, but the unofficial cost of admission is to bring a friend you think we should get to know."
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Cost: Similar to a seminar. You'll need a location, snacks and beverages. Your expert speaker might want a small stipend.
Strategy # 3: The different wrapper
Investment seminars are so abundant the media doesn't consider them newsworthy. Suppose another organization featured you as the speaker?
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Rationale: Local non-profit organizations are often very popular in the community. Weekly newspapers publicize past and future events as a public service. They usually have a membership. What if they organized an event and allowed the public to attend?
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Homework: List the community groups you have joined. Focus on where you have a high profile and good reputation. Do you have access to a compliance approved seminar aligned to their mission? Socially responsible investing is a good place to start.
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Objective: Build on the non-profit's visibility in the community to attract seminar attendees. Increase your name recognition.
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How: Offer your services to the group. Explain it's an educational seminar however its likely people would seek you out to discuss the topic further and possibly become clients. Are they comfortable with that? Does that fit within permitted activities? (There's precedent: appraisers on PBS's "Antiques Roadshow" benefit from sharing their expertise in front of a wide audience). Ask the group to plan the seminar on the topic aligned with their mission, open it to the general public and send press releases far in advance to your local media outlets.
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Cost: Minimal. It's the group's event.
