Retirement Home Prospecting
I’m shifting my business towards retirees and people withing 5 years of retirement. One of the ideas I was given was to host seminars at retirement homes. The vendors do all the real work and pay for it so it’s a no brainer. The question is: Should I only be going after able bodied retirement facilities or are assisted living facilities a viable target as well?
Correct me if I’m wrong, but I’m assuming 90% of seniors in assisted living/in house care facilities are not of sound mind and have a child or an appointed fiduciary taking care of all their financial needs.
If they’re in a home you cannot 1) sell them LTC 2) propose LI for estate purposes and 3) you know they’ll be spending down their assets.
Maybe its just me, but seems a strange way to market. Good luck.
You need to broaden up more than that. Target people who are 50+ they are concerned about retirement and still have 15-20 years left to work.
The problem is that people who have 15-20 years left to work in this town generally do not have the firm $250m minimum to invest. If they do it’s in their 403b/401k. I’ve had plenty of opportunities to open small accounts and let them grow, but was shot down by managment. So I’m trying to find a niche that HAS $250m to invest initially. I’ve decided to focus on clients ~5 years till retirement and have already started saving as well as retirees. So like you said ~50+
I would go for bodied retirement facilities, but I don’t hold all the details, so the call should be entirely yours. I’m still working to start a management career, but this would be the option I would go for if I would have the necessary funds.
Spike, how small of account you talking about? I can’t imagine if it is over 100K, they would shoot it down if there is upside potential.
my last boss wanted me to hold fish bowl lunches and speak at retirement homes to old people. Could not do it. Felt like I should just slick my hair back, get a pin striped suit, a gold tooth and drive a 15 year old Benz. Too cheesy for me.