Prospecting "non" event

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Dec 13, 2009 8:58 pm

I'm taking 2 clients with 2 friends of theirs to a Basketball game this week. We are gonna have dinner before the game, very informal, a joint near the Arena.

I planned on keeping it real loose, and told my clients that i wasnt going to be doing any presentation, or selling or anything like that, just want to go out and have a good time.
Maybe a mistake, but i dont want them to feel like I am asking them to "bring their friends to slaughter".
 
Question  -  How do i turn this into something that leads to me adding these guys as prospects, without being obnoxious about it.
I have done "bring a friend" dinners which were successful, but they were preordained as prospecitng events and I did a formal presentation.
This is a different, less aggressive approach, whcih i am trying for the first time.
Dec 13, 2009 9:05 pm

Don't talk about business unless they bring it up.

Dec 13, 2009 9:12 pm

I would just go as if you're 5 friends hanging out.  Ask questions to get to know them and keep the conversation going but keep it away from investments unless they ask.  Even then I'd keep it to a minimum.   Give them the opportunity to get to see you as a "good guy" that takes good care of your better clients.  Chances are their brokers never done anything more than maybe a dinner seminar. 


The day after, I'd maybe call your clients and thank them for coming and you enjoyed it.  I suppose just ask them at that time, if they would share their friends contact information with you.  Who knows, maybe your clients friends will flat out tell you that night, they'd like to sit down with you.  Good luck and keep us posted.  I've always wanted to do some things like this but never have.  I'm sure your clients friends are going to accept going to this game knowing ultimately, you have an agenda to prospect them.  As long as you're not pulling out ICA mountain charts at dinner, you should be fine. 
 
Dec 13, 2009 9:12 pm
Moraen
Thats what i am thinking i (almost) have to do.
But that doesnt help my cause much does it?
 
 
Dec 13, 2009 9:18 pm

Baldy, thanks for the response.

This is sort of what i was thinking. I think people do business with us becasue they perceive us as good people (assuming of course that we demonstrate a reasonable amount of intelligence). So thats what i am hoping might come out of this.
 
I guess i need to depend on asking my clients to share the contact info with me, then just thank them for coming after the fact, maybe ask them if they would find it useful to get some of my emails that i send out to my clients on occassion, something like that.
I have a feeling that since they know what i do, they might start talking about investments on their own, without me bringing it up. Need to be careful to not let that put me into sales mode.
Dec 13, 2009 9:24 pm
Sportsfreakbob:

I'm taking 2 clients with 2 friends of theirs to a Basketball game this week. We are gonna have dinner before the game, very informal, a joint near the Arena.

I planned on keeping it real loose, and told my clients that i wasnt going to be doing any presentation, or selling or anything like that, just want to go out and have a good time.
Maybe a mistake, but i dont want them to feel like I am asking them to "bring their friends to slaughter".
 
Question  -  How do i turn this into something that leads to me adding these guys as prospects, without being obnoxious about it.
I have done "bring a friend" dinners which were successful, but they were preordained as prospecitng events and I did a formal presentation.
This is a different, less aggressive approach, whcih i am trying for the first time.

 
 
You are spending money on clients and prospects.  FINRA rules require that you disclose this to your B/D, gonna need names and phone #'s.  Handle it from there based on feel.
Dec 13, 2009 9:25 pm

This type of situation is a gold mine.  They will bring up investments in the natural course of conversation.  When they do, tell them that you have your clients on a great recovery strategy or whatever and that you hope their guy is doing the same for them, but that you're out to have fun tonight... not talk business.  The very next thing they say about the economy, the market or anything remotely investment related, just say, why don't we grab coffee sometime next week and I'll show you what I've been doing for my clients.

Engineering these types of no-pressure events has been our focus all year.

Dec 13, 2009 9:54 pm
etj4588:


Engineering these types of no-pressure events has been our focus all year.

 
So what type of events have you gone to or found to be the easiest and most enjoyable?
Dec 13, 2009 10:01 pm

wine tastings, golf events, appreciation dinners

Dec 13, 2009 10:04 pm
etj4588:

This type of situation is a gold mine.  They will bring up investments in the natural course of conversation.  When they do, tell them that you have your clients on a great recovery strategy or whatever and that you hope their guy is doing the same for them, but that you're out to have fun tonight... not talk business.  The very next thing they say about the economy, the market or anything remotely investment related, just say, why don't we grab coffee sometime next week and I'll show you what I've been doing for my clients.

Engineering these types of no-pressure events has been our focus all year.

 
This is a great strategy.. But I would let my clients be the first spokesman, instead of me(hopefully they will say something positive).
 
But I agree, not investment talk/strategy/ideas that night... Instill in them that your relationship with clients is more than the next investment idea. Give them the impression you do this type of outing with a lot of clients. They will care more about that than anything investment related you have to say...
Dec 14, 2009 12:15 pm

I agree with keeping it non-investment related until someone brings it up. If they can fog a mirror they'll know why you're there.


Make them want to talk to you about what you do. If they ask what exactly it is you do, just say you try to maximize results while minimizing expenses for your clients (or something along those lines). Then throw in something like "I found a killer stock last month that made one of my clients a pretty penny. What have you been doing regarding your investments?"  If they see you're making your clients money AND taking them out, they'll probably want to do some business.
Dec 14, 2009 12:21 pm
etj4588:


Engineering these types of no-pressure events has been our focus all year.

 
I have a relative that was invited to this kind of event through a friend.  They ended up drinking to much and woke up in a stranger's bed with a completed Investment Questionnaire.
Dec 14, 2009 1:03 pm
gethardgetraw:

I agree with keeping it non-investment related until someone brings it up. If they can fog a mirror they'll know why you're there.


Make them want to talk to you about what you do. If they ask what exactly it is you do, just say you try to maximize results while minimizing expenses for your clients (or something along those lines). Then throw in something like "I found a killer stock last month that made one of my clients a pretty penny. What have you been doing regarding your investments?"  If they see you're making your clients money AND taking them out, they'll probably want to do some business.
 
Not to start down this road, but I loath those fancy "pickup lines".  I prefer something subtle, that makes them want to ask more.  "I manage investments" or "I manage money".  I just hate the cheesy lines that I hear people throw around sometimes.
 
If I know what the person does, let's say they work at the same employer as the client, I might say "I manage investments.  Most of my clients work or retire from XYZ Pharmaceuticals. I help them with pension and stock option decisions, etc.".  Something normal people would say. 
 
Honestly, "I maximize results while minimize expenses" ??  Pretty corny (no offense).  Nobody talks like that.  But I know you've probably never used that line anyway.
Dec 14, 2009 1:09 pm

You're right, never used it. "I manage investments" sounds a lot better in hindsight.

Dec 14, 2009 1:59 pm

Just start talking current events. In today's environment, this can't help but turn to finance. Then, just treat whatever the other guy says as gold.

He'll be standing outside your door on monday morning to tell you all about how he would save the world.

Dec 14, 2009 2:31 pm
B24:
gethardgetraw:

I agree with keeping it non-investment related until someone brings it up. If they can fog a mirror they'll know why you're there.


Make them want to talk to you about what you do. If they ask what exactly it is you do, just say you try to maximize results while minimizing expenses for your clients (or something along those lines). Then throw in something like "I found a killer stock last month that made one of my clients a pretty penny. What have you been doing regarding your investments?"  If they see you're making your clients money AND taking them out, they'll probably want to do some business.
 
Not to start down this road, but I loath those fancy "pickup lines".  I prefer something subtle, that makes them want to ask more.  "I manage investments" or "I manage money".  I just hate the cheesy lines that I hear people throw around sometimes.
 
If I know what the person does, let's say they work at the same employer as the client, I might say "I manage investments.  Most of my clients work or retire from XYZ Pharmaceuticals. I help them with pension and stock option decisions, etc.".  Something normal people would say. 
 
Honestly, "I maximize results while minimize expenses" ??  Pretty corny (no offense).  Nobody talks like that.  But I know you've probably never used that line anyway.
 
But you don't actually do that. You sell investments, there is no discretionary management or trading.
Dec 14, 2009 2:38 pm
Squash1:
B24:
gethardgetraw:

I agree with keeping it non-investment related until someone brings it up. If they can fog a mirror they'll know why you're there.


Make them want to talk to you about what you do. If they ask what exactly it is you do, just say you try to maximize results while minimizing expenses for your clients (or something along those lines). Then throw in something like "I found a killer stock last month that made one of my clients a pretty penny. What have you been doing regarding your investments?"  If they see you're making your clients money AND taking them out, they'll probably want to do some business.
 
Not to start down this road, but I loath those fancy "pickup lines".  I prefer something subtle, that makes them want to ask more.  "I manage investments" or "I manage money".  I just hate the cheesy lines that I hear people throw around sometimes.
 
If I know what the person does, let's say they work at the same employer as the client, I might say "I manage investments.  Most of my clients work or retire from XYZ Pharmaceuticals. I help them with pension and stock option decisions, etc.".  Something normal people would say. 
 
Honestly, "I maximize results while minimize expenses" ??  Pretty corny (no offense).  Nobody talks like that.  But I know you've probably never used that line anyway.
 
But you don't actually do that. You sell investments, there is no discretionary management or trading.
 
Here we go.
Dec 14, 2009 2:44 pm

I prefer, "I mange people's financial risk so that they can live the life they want, how they want, regardless of their tax burden.  In addition, I find ways to make HUGE profits in bad years because I am a MOTHERF*CKIN' GENIUS!" 

Seriously, B is right.  I wouldn't even say "I manage money".  I just say, "I'm a financial advisor." Or, "I own a financial services company".

They will draw their own conclusions.

Dec 14, 2009 3:49 pm

Agreed, the less the better. They already know what you do, sharing your success is the best. The more vague you are the better.


 
Do you have the time, money and stamina to keep the partying up? Because, getting new clients like this is not going to be a problem.
Dec 14, 2009 9:10 pm

B24 - I agree with you. Most of the stuff they teach you in the training programs is really cheesy stuff, no other way to say it. No offense gethard, appreciate your response nevertheless.

As I said, i think the goal here is to get these guys to think I'm a good guy. If I can do that, by just having a good time wtih no pressure, and at the same time demonstrate that i have a good relationship with my clients (the two clients i am bringing love me, and one referred the other, then i think the rest will just happen. If one of them asks what exactly i do, i think I'll let the two clients answer the question.
 
Thanks to all for the responses. All worthwhile, except for one, where i cant figure out if the poster is really an idiot or is just playing pretend.