Are your prospecting efforts robust or do you need the defibrillator paddles and the paramedics? (Photo: Shutterstock)

Sales is a big part of your job description.  You need to keep the pipeline filled.  Not all financial professionals are alike. Some sell benefit plans to businesses, others insurance.  Some work with mom-and-pop businesses.  And almost everyone wants a piece of the wealth management pie.  Everyone needs prospects.  Where will you find them?

Need a dozen ways to fill your pipeline?

Imagine your family doctor is giving your practice its annual physical.  Do they pronounce your prospecting efforts as “robust” or do they run and get the defibrillator paddles and call for the paramedics?

If it’s the emergency situation described above, let’s look at 12 possible sources that offer something for almost everyone.

1.  Vendors.  You may work in sales, but you buy stuff too.  You are someone’s client.  You get your car repaired, hair cut and liquor cabinet filled.  Look at your checkbook and charge card receipts.  Where do you spend money?  Build a list.

• Business accounts:  Doesn’t every business need to offer retirement plans and benefits?
• Personal accounts:  People buy insurance.  And they likely invest in the market.  Why not with you?

2.  Former employer.  Many people get into this business as a second career.  You left behind relationships.  You have a reputation.  People like you.

• Business accounts:  Compete in the retirement plan or benefits space?
• Personal accounts:  People who knew you well buy insurance and make investments.  Have you asked for their business?

3.  Schools you attended.  There’s elementary, high school and college.  There’s another set for your children too.

• Investment accounts:  Although benefits might be handled by the school district, there might be a foundation or endowment providing funds for scholarships.  There’s likely managed money involved.
• Personal accounts:  There’s likely an alumni association with a local group.  Have you gotten involved?  Who are the major players?  The Old School Tie can be pretty strong when it comes to doing business.

4.  New businesses in town.  Restaurants open all the time.  Your business journal might talk about new startups or licenses issued.

• Business accounts:  They likely need everything.  Can you compete?
• Personal accounts:  They need to separate business funds from personal funds.  Does anyone handle their personal finances yet?

5. Your religious institution.  There’s lots of opportunity here.  You see the same faces every week.

• Business accounts:  Who handles their insurance?  How often do they review the relationship and consider making changes?  There might be endowment funds too.
• Personal accounts:  There are educational seminar opportunities here.  Do you advertise in the weekly bulletin?  Are you involved?  Do people know what you do?

6.  Chamber of Commerce.  It seems so obvious, you’ve written it off.  You might have assumed there’s only one Chamber in town.  Do some research.  There are likely a few.  Some are geographic for certain sections of town.  Others are aligned to cultural backgrounds.

• Business accounts:  Pick a Chamber where you aren’t vastly outnumbered by competitors.  Find ways to tell your story.
• Personal accounts:  Ditto.  Some Chambers have fewer financial advisors than others.  Find one where you stand a decent chance of becoming the resident expert in your field.

7.  Associations.  There are lots of little nonprofits around.  If they have employees, they likely have benefits needs.

• Business accounts:  As above, plus they have insurance needs if they own property.
• Personal accounts:  Getting involved as a member gives you the chance to meet people.  People do business with people they like.

8. Real estate brokers.  It can be a profitable business if you own the firm.  Many of the agents are probably some sort of independent contractors.  If the firm is larger with several offices and many agents, do they offer a 401(k)?

• Business accounts:  If they own property, it needs insurance.
• Personal accounts:  People who work for themselves need to provide for their own retirement.

9.  IT consultants.  Everyone knows a few.  They seem to do very well for themselves.  And every job seems to be a short time gig.

• Business accounts:  They probably run that side of their life as a business.  They need health insurance.  They need retirement plans.
• Personal accounts:  If they make good money, what are they doing with it?

10. Independent professionals.  You know lawyers, doctors, dentists and accountants.  If they are in private practice, they basically work for themselves.

• Business accounts:  Do they have a professional association in the local area?  Do they offer associate memberships?  That could be your “in.”
• Personal accounts:  Someone handles their personal accounts.  Are they happy?

11. Government contractors.  No, we aren’t talking private military contractors in Afghanistan.  The government farms out work to people working on a contract basis.  They aren’t government employees.  It’s an arm’s length relationship.

• Business accounts:  They likely need to provide their own benefits and retirement plan.
• Personal accounts:  Who handles their personal money?

12. Private schools.  No, we aren’t talking fancy prep schools.  (But we might!)  There are local businesses operating as preschools.  There are smaller private schools with good reputations.

• Business accounts:  They likely have benefits plan needs that are put out for bid occasionally.  Find out when.  Ask how you can compete.  There might be an endowment that uses managed money to fund scholarships.
• Personal accounts:  As mentioned above, you are talking with individuals who do something with their own money.

You don’t need to use all 12 ideas.  One or two might help get the pipeline refilled.

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” can be found on Amazon.

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