Community Involvement: Where Does Business Come From?

Many financial advisors are involved in the community.? It is a good way of giving back.? It can also provide a gateway into HNW circles.? You know you cannot be pushy because it will drive people away.? You have resolved to be tactful, to take things gradually.? Yet you find yourself awake at night wondering “Where does the business come from?”

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1.????? Your new friends.? Over time you have gotten to meet all the members of the group.? If it’s a large organization, you have at least met the major players.? This includes the officers and the “Old Guard.”? You have gotten the “what you do” message across.? You have learned about their background.? They may suggest doing business.? It might come up in conversation.? They might mention a problem where you can see yourself as part of the solution.

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2.????? Life changing events.? Death, divorce and disease occur within your social circle.? You have been judged to be knowledgeable, confidential and ethical.? People like you.? Generally speaking, people prefer to do business with people they like.? You know a direct approach can seem predatory, but you find ways to get the message across.? “You know what I do.? I am here if you need me.”?

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3.????? Their organizations.? Clues help you determine they do (or don’t) fit the profile of your ideal client.? They have a role in this organization or another nonprofit.? The organization might have a scholarship fund or endowment.? This represents money invested for the long term.? There is often an investment committee in place.? Your new friends can introduce you to the investment committee.

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4.????? Referrals.? You belong to more than one social circle.? Your new friends belong to several social circles.? They know what you do and how you help people.? You might prompt them occasionally by asking “Who do you know that…”As your new friends go about their daily lives, they might come across someone who has a need.

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5.????? You meet their friends.? You don’t know everyone in the organization.? Your new friends do not know everyone either, but they know people you do not and vice versa.? As you get introduced, you make new connections.? Their friends now become your friends.

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6.????? New social circles.? Some of your new friends entertain.? They invite people to their home for a holiday party or summer BBQ.? You are added to the guest list.? This provides the opportunity to minge and make more friends.? You reciprocate either by hosting a party at your home or taking a group out to dinner.? Word of who you are and what you do spreads.

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More and more people get to know you.? They think up a two sentence profile that explains what you do.? It becomes the story when a third party asks them about you.? You have a good reputation and it spreads.

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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” is available on Amazon.

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