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The first months of the new year are introspection time. What went well last year? What will I need to do better this year? The business planning process always addresses "How will I fill the prospecting pipeline?" If you had a banner year, opening plenty of new accounts in 2019, you continue what you were doing. But if there's room for improvement, read on.

Business accounts

You are looking for benefit plan business. The world is your oyster. Schools and other large nonprofits qualify. Local companies too. Associations providing benefits to members are also on the table.

Free service for other business. Years ago, a financial planner decided he would transition into the benefits business. His strategy was to approach school districts in his area with a proposal. He would do financial plans for everyone in senior district management at no charge. He only had one request. He wanted to be notified when they put their benefit plan out for competitive bid that year. There might be a public announcement, but it might not be easy to find. He might not have done any business on the planning side (although people could approach him) but he got into the running for the group benefits plan.

Lost clients. Companies change plan providers for many reasons. They also go through a review process, issuing a Request for Proposals (RFP). Who did you lose in the last few years? Why? Who took your place? Any idea how they are doing? Any friends at the company, employees who can tell you about customer service? How about getting in line and competing for the business all over again?

Executive education. Here's an idea for individuals where you need the company connection. Firms want their executives focused on running the company and hitting their numbers. These senior managers also need to focus on their retirement planning. If you have a client who is a top-level executive, float the idea of a series of on-site educational classes for executives. You gather data, prepare retirement planning projections, what-if scenarios using Monte Carlo type analysis. Let them see the scope of their own situation and how they can address it. You aren't selling, but when faced with a problem, executives are very comfortable in "hiring a consultant" when they don't have the time or expertise to address it.

Investment business

Agents and advisors wear many hats. They write insurance. They do managed money. If someone likes you and they need to do other business, it's important they know you are in a position to help.

Foundations and endowments at nonprofits. You volunteer, belong or write checks to several. Some can be pretty big. If the organization awards scholarships, there's likely an endowment in the background. There probably isn't one person picking stocks or day trading the account! They likely hire a few professional money managers, sending a chunk of the assets to each one. The investment committee should periodically review the relationships, deciding who to drop and who to add. What are the nonprofits where you have a connection? Do some research. Is there an endowment? Ask the right people if you and your firm can compete, using your managed money offerings.

Who has a problem? Referrals are often associated with fresh money or money in motion. It isn't as common as we think. We often find out after the fact. How about asking friends and clients who they know that has a specific problem. "Who do they know that uses professional money management and isn't satisfied with the relationship? You would be interested in talking with them." Another approach might be: "Who do you know that works with an advisor but hasn't heard from them in a long time?" When people complain, it's human nature to want to help. Introducing you is seen as a step towards helping a friend solve a problem.

Give me more money. 2019 has been a pretty good year for the stock market. Year to Date, the S&P 500 is up about 29% (12/18/19). If your client has investment assets with you, share this news. Sit down and conduct annual portfolio reviews. Show them how they've done. Suggest a new idea. Let them know you like what they own (assuming you do) and don't want to change any of their holdings with you. This idea requires fresh money. Stop talking. Maybe they will pull money away from an outside account, sending it to you.

Personal insurance business

This is what made your firm famous. It's the firm's flagship product.

Everyone needs insurance, don't they? When people buy a house or a car, they need insurance. Do people buy these big-ticket items online? No. At a big box store? No. They buy houses from real estate agents and cars from dealerships. Both purchases are done through individuals. They are often asked for advice, especially when insurance is a requirement for completing the purchase. If people are new to an area (homebuyers?) they likely ask their real estate agent where they can buy the insurance they need. How can you become one of the names that's top of mind?

Millennials and saving. It's tough to save money. Your millennial friends might be maxing out their 401(k) and IRA accounts, but they should still be saving more. Many financial services firms are looking for prospects with a pot of cash. You can help people without a big nest egg, yet have great cash flow. Whole life insurance provides both a death benefit, if something happens to them and it builds cash value over time. Have this conversation with your millennial friends.

People ask leaders for advice. You might belong to a religious congregation. The pastor is often approached for advice. Spiritual guidance is their strong suit. Financial advice might require some help. They need a safe set of hands for referral purposes when someone needs advice concerning money. The question might often be: "I have savings, but I need more income." Does your religious leader know what you do, how you help people? Have this conversation. They likely have a few parishioners in the same profession. Try to join that group when they offer a member of the congregation a few names to consider.

There are many other ways you can fill the prospecting pipeline for 2020. Hopefully these ideas get you thinking.

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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