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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?
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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.”
