How I find clients or rather, how they find me.

When Junior Advisor James was 3 or 4, we would spend a day at Six Flags Discovery Kingdom. Invariably we would take a break at the Butterfly Garden. James found it very funny that butterflies would flock to me, landing on my arms, hands, and even my head. Perhaps I smelled good?

I was ruminating on a post by Gwenn Marsh, MBA, ESG(k)?, RI(k)? on the topic of how to attract clients when I recalled those fun family trips to the Garden. As I reflect on 34 years in the industry, I have seen any number of ways to get clients. One advisor rose to the top of the industry by hosting lunch and dinner seminars. Another advisor swore by door to door sales. And yet another cold-called 401k plan sponsors from a huge stack of Form 5500s he kept on his desk. He stood up while making these calls so as to project power through the telephone.

Let's see how this has worked for me, shall we? I have hosted lunch and dinner seminars for plan sponsors with mixed results. Traffic in the San Francisco Bay Area as well as severely stretched work schedules (thanks, COVID!) can make it tough for folks to attend. Door to door sales probably will not put me in front of a plan sponsor. And after 98 cold calls, I think I can safely say that is not my forte.

By the same token, given my industry longevity and that my 401k practice, Green Retirement, Inc, advises 100 retirement plans across the US, what am I doing right? Some of the clients have been with me almost since the beginning some 18 years ago. What I have found is my preferred way to engage with potential clients.

Every serious 401k advisor I have ever met is extremely knowledgeable about the 401k industry. That is not a differentiator but rather a given in our industry.If your 401k advisor cannot wax eloquently on 404a5 and all things 3(16), you might take a closer look.

Likewise, my in-depth knowledge of green investing is something that any student of the craft can pick up. Anyone who talks with me for a few seconds knows that green is part of my DNA. What sets me apart first is my desire to educate.

I enjoy breaking down complex 401k topics into simple concepts. Yes, I can spew jargon with the best of them but if your prospective client is suffering from a bad case of "glazed eyes", you might best avoid the jargon. Connecting with a prospective client at the level they are at goes a long way. From connection comes trust.

Next, I service the dickens out of my existing clients and from those happy clients come referrals. I do not ask for referrals but find that a steady stream of them come my way. I meet frequently with my clients (virtually now for the most part, alas; thanks, COVID!) but they know I am watching things. During COVID, I went the extra mile by offering drop-in office hours every afternoon to all employees. I literally had my Zoom camera on for 4 - 5 hours each afternoon. Anyone could drop in and chat.

And finally, I show up at natural events where I might meet prospective 401k clients who resonate with my green message. At these events, I am myself. I am not a hard-charging sales person or the extremely intense guy who can only talk about business. In a relaxed setting, I get to know folks and they in turn get to know me. It may take several meetings before business comes up but when it does, trust has been established.

So back to the Butterfly Garden. It is important to know your own style and stick to it. I have tried emulating other successful advisors and have found their methods do not work for me. Their methods make me uncomfortable and that discomfort is easily read by prospective client. For me, I am just me and the butterflies come my way.