Social prospecting can be a fun, entertaining way to enhance your prospecting strategy. Can you build business by doing the things you enjoy? Yes. Mark Twain said "Find a job you enjoy doing and you'll never have to work a day in your life." But for some reason many agents and advisors find excuses to avoid social prospecting.

Why do some avoid social prospecting?

Newer "avoiders" might say: "This takes money. You write checks. You take people out to lunch. I can't afford it now. Maybe I'll try it when I'm successful."

Now let's look at what successful "avoiders" might say: "I belong to a country club. I know everyone. They know me. I can't approach them for business because they will say: 'Why now?'"

Horror stories: Consequences of not doing social prospecting

I met an advisor in New York who played racquetball with some big names in the garment (fashion) industry. He told me about one guy – they've been playing together for about 20 years. But he said: "I can't approach him for business. He might think I was only playing racquetball with him to get his account!" Seriously. After 20 years? The guy knows the advisor is good at his job. He must be successful because he's been in the business 20 years.

In California, I met another advisor who socialized with a very wealthy man. They were friends, but he never asked for business. He really wanted to, but didn't know how. One day, the wealthy friend says: "The reason I like you is you never bug me about investing with you. There's this other guy I know. What a pest! Always asking me to invest with him. I finally just sent him a couple of million dollars so he would stop bugging me."

Those horror stories left you shivering. You would have approached those two guys. Sure, you would have waited for the right time, but you wouldn't let someone else get there first because you sat on the sidelines.

7 opportunities in most community organizations

You belong to an organization in town. Why? Not to prospect but to give back. Whatever you do with that group, you like it a lot. But consider that your getting involved in the community can also put you in front of people who like you and have the potential to be great clients. Here are seven opportunities:

1. Do you know everyone? It's the historical society. Maybe your homeowner's association. Your school alumni club. The parents' association at school. If it's a small group, do you know everyone? If it's a large group like the Chamber, do you know the major players and the "Old Guard" who are deeply involved? Do you know what they do? More important, do they know what you do?

Example: A New England advisor organized his town's soccer club. Everyone attends games to cheer their children. He has contact information, including email addresses, for all the parents.

An opportunity to market to them? Absolutely not! An opportunity to be in touch? Absolutely. The email address might be work related. He knows the company name. When he chats, he learns about the firm and what the parent does for a living.

People ask what he does. He has a well-thought-out answer. First, think about who is asking: Parents of young children. He would tell them: "I help people manage their money. I work really well with moms, pops and families…"

2. Attend meetings. You heard the old lottery tagline "You've got to be in it to win it." You just can't join an organization and expect business to find you. Woody Allen is quoted as saying "80% of success is showing up."

You need to be involved in activities. Visibility = Credibility.

It's the monthly school board meeting. Show up early. Chat with people at the water cooler. Ask what's on the agenda. What issue brought them out tonight? Ask intelligent questions during the meeting, stating your name and relevant info. If it's a financial question, state that you are a professional. Don't be the first to leave. Chat with different people as you walk to your cars.

Example: A realtor belonged to a Florida country club. They had plenty of parties and social events. The reservation card for these events always asked about seating preferences. He would write "Seat us with anyone." He would stand on line at the buffet, starting conversations with the people ahead and behind. Gradually, if you do something like this, you get to know quite a few people.

3. Speaking. A New York advisor considered speaking engagements the future of prospecting. However, most agents and advisors think "financial topic– organizations might steer clear because it sounds like you want to sell something." Broaden your horizons.

You have access to plenty of educational seminars at work. This might include identity theft (cyber security). It might be understanding Social Security. Take it another step further.

You do something you love that has nothing to do with investing. You restore old cars. You are an expert on local history. That becomes your talk after you get Compliance approval.

Example: An advisor is talking about how they restored their classic car. Lots of photos on a screen. They are introduced with their professional credentials because the audience needs to know this isn't the owner of an auto body shop. People are impressed. They think "If he's this good with his hobby, he must be great professionally too."

4. Publications. Does the group have a newsletter? It's highly likely the Chamber, museum, neighborhood association or alumni club has an online or print version. They need content. Will they run ghostwritten articles on financial topics provided by your firm? Can you write a regular, non-financial column? You need your firm's permission, but writing about restaurants, travel or wine doesn't have an investment component.

Example: A Northern California advisor belonged to a private club. He suggested a regular interview of a high-profile club member. The club newsletter connection got him in front of the movers and shakers. The interview provided lots of information and groundwork for interests in common. He shared the article when it ran. The advisor now has a connection with a high profile business person they couldn't access otherwise.

5. Address a critical issue. Different organizations have different missions, yet most share three common activities: membership, event planning and fundraising. One of the activities is usually in crisis. Each one involves looking someone in the eyes and asking for something. Agents and advisors are good at that. Each one puts you in front of lots of people with the potential to become clients.

Example: A New York advisor explained one of the best ways to raise your visibility is to "get close to the money." You want people to say: "He's a financial professional. He also handles the money for our group. He must be good. He must be honest." They see themselves asking you to help them with their money. Check beforehand if your firm has any rules about you acting as a financial officer for a community group.

6. Advertise. Remember that newsletter? It probably runs ads. A business card ad should be pretty easy to get approved in your office. It reinforces your connection to the group and brings name recognition.

Example: Your religious institution hands out a bulletin after services. People advertise on the back pages. You see lawyers, accountants, funeral directors and contractors. Take out an ad. Run it for a year. People might throw away the bulletin or only scan it, but they pick up your name and know what you do. When people need a product or service, they often think about who they know in their organizations.

7. Sponsorship. It's a no-brainer, and it doesn't need to be expensive. The school hands out sports awards. Two people pose for photos at the podium at the awards dinner. One beat out all the other competitors, the other hands over the trophy. Which is easier?

Example: A California advisor is a terrible golfer. He sponsors an award at his golf club for "highest score." His rationale is they might not be a good golfer, but they are trying and deserve recognition.

How the newer advisor on a limited budget does it

You're the new kid on the block – you can't be splashing around the cash. You want to raise your visibility and meet people who could be great prospects. Let's say you join your local alumni club. The membership consists of business owners, retirees, professionals and people working in corporations or local government. They hold monthly lunches at a local restaurant.

1. Attend monthly lunches. People associate a name with a face. You arrive early and are among the last to leave. You ask intelligent questions. You do this month after month.

2. Do you know most members? At each luncheon, you pick out new faces. You introduce yourself and chat with them. You say hello to familiar faces. You learn about them; they learn about you.

3. Offer to speak. They have luncheon speakers. You suggest some educational topics. You might include topics on paying for college education, since that's a common theme for everyone in the room,

4. Telethon? Everyone might use smartphones but your school still might group local alumni together to call other alumni for annual fund commitments. Grouping people together builds energy. Can you volunteer your office conference room for one night? Buy pizza and soda? It gets several alumni into your place of business.

5. Ads in newsletter? Do they have one? This could be a good place to run a business card ad. You are a fellow alum. You are local.

6. What are donor club levels? Is your school local? If so, they probably have lots of alumni activities on campus. Alumni giving is often structured in ascending tiers. The more you give, the more exclusive the invitations you receive. This puts you in a room with fellow alums with disposable income. They are giving a bit more to their college.

How the experienced advisor does it

That was you one. The new kid on the block. Twenty years later, you are the successful agent or advisor. You have a niche. You offer services to business owners. You belong to the most exclusive country club. You've never talked business because you look down your nose at those realtors and mortgage brokers who always talk shop. Don't they know this is a club, where people come to escape?

1. Attend social events. Ask for open seating; always say: "Seat me with anyone." People running events know you are a good match for new members who know few people, like those recently relocated corporate executives.

2. Play golf regularly with different players. You show up early on Saturday, willing to be added to make up a foursome. You meet plenty of new people. You can learn a lot about people over a couple of hours on the links.

3. Serve on a committee. Members take on roles. You've noticed the social events lack imagination, as evidenced by the poor turnout. Maybe new members are left to fend for themselves. You identify a need and help address it.

4. Write a column. You love wine. You know a lot about it. You have a knack for writing. You do a column for the club newsletter. (After checking with Compliance.) People might have questions. Your daytime phone number and email address is included.

5. Become assistant treasurer. Your Compliance manager is getting tired of seeing you. Assuming there's no problem, you offer to assist the long-suffering treasurer who can't step down because there's no replacement in sight. People associate you with money.

6. Sponsor a trophy. They have tournaments. You sponsor a trophy and present it. You are showcased with the winner at the awards dinner.

Yes, you can build your business by doing the things you enjoy.

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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