As was said years ago in the financial services industry, "We are all things to some people." Here are some thoughts on how you can make this happen. (Photo: Shutterstock)
Newbie agents and advisors need clients fast, so they are willing to be all things to all people. Experienced advisors have often established niches: They've moved their practice upmarket. They've figured out the client segment where they can add the most value. Word spreads through the segment, creating a virtuous circle. These agents and advisors can take the long view. Because they take ownership of their practice, they are willing to spend some of their own money to cultivate business.
As was said years ago in the financial services industry, "We are all things to some people." How can you make this happen?
Approach #1 – Offering a free service to prospect for other businesses
Once upon a time, there was a guy returning from military service. He became a financial planner. During his career, he determined there was tremendous opportunity if he took his business in a new direction. He decided to prospect municipal school districts in his state for their benefit plan business. He knew they reviewed their providers periodically. He knew it was announced beforehand, yet getting this information in a timely way was challenging for an outsider.
He decided to approach school districts with a novel proposal. He would do comprehensive financial planning for the senior administrators at no dollar cost. They would be able to take their completed plan in hand, executing the recommendations wherever they chose.
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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.”
