people raising glasses at a party Agents and advisors see entertaining as investing intheir business. (Photo: Shutterstock)

|

Most agents and advisors don't have expense accounts –entertaining comes out of their own pocket.  Thoseembracing it see it as investing in their business.  They are investing money tobuild a relationship. Here are some scenarios that showhow it can work.

|

Example #1 – The Retiring Client

|

As an agent or advisor, you seek a certain type ofprospect.  Invite a client who is retiring out to lunch tocelebrate their upcoming retirement.  Ask them to bringalong a couple of office friends who will be retiring in the nexttwelve months.

|

Over lunch, toast your retiring client.  Ask what theywill do in the first day, week and month of theirretirement.  As they tell their plans, they will likelyprovide an unsolicited testimonial explaining how you helpedprepare them for retirement.  Those soon-to-be retiringoffice friends start to think:  “I need that kind of helptoo.”

|

Example #2 – The Retiring Executive

|

A financial planner who has developed a niche with seniorexecutives in the pharmaceutical industry wants to congratulate aclient on their upcoming retirement.  The planner explainsthey want to throw a party to celebrate.  They offer topay for a 20-person event at a restaurant or hire caterers to do itat the client's home.

|

The executive invites their “C suite friends” and the plannerand team attend as part of the celebration.  As gueststhank the executive for inviting them, the executive explains theplanner threw the party, “You should be thanking them.” The planner meets fellow senior executives it would be difficult toconnect with otherwise.

|

Example #3 – The Charity Gala

|

You serve on the board of a local charity.  They hold agala.  Board members are expected to buy atable.  Who will you invite?

|

Some agents and advisors invite clients and prospects who sharethe same interest in opera or art.  It's a glamorousevent.  Prospects see people they know at othertables.  The agent introduces them around.  Theprospects find they share interests in common with theagent.  A relationship develops.

|

Example #4 – Lunch after Golf

|

An insurance professional relocating to a new area was advisedto join the best golf club and buy a new luxury car.  Whenhe balked, his friend explained perception is important. If you drive up to the most expensive club in an expensive car,people assume you are a successful insurance broker.

|

He would play golf a few times a week.  Sometimes itwould be with his accountant and a couple of theirclients.  Other times, it was three Chamber of Commerce members.  Theguests had to be business owners.

|

Playing a course they couldn't access otherwise was a bigdraw.  The broker would buy lunch afterwards.  Hewould say: “Can I call next week and schedule anappointment?  I have some ideas I would like toshare.  I think I can save you money.” The invitation toplay the best course and being invited for lunch afterwards createsan informal obligation to grant the appointment.

|

Entertaining costs money, but it can also lead tobusiness.  You need to have a plan spelling out howentertaining someone should turn a prospect into aclient.

|

Bryce Sanders is president of PerceptiveBusiness Solutions Inc. He provides HNW client acquisition trainingfor the financial services industry. His book, “Captivating the Wealthy Investor” can be foundon Amazon.

|

READ MORE:

|

10 commandments of timemanagement

|

10 productive business projectsfor a rainy day

|

5 unlikely places to look for newclients

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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.”