BNI - Business Networking International
I was in a chapter for the last year as a loan officer. It took a while but ultimately did $1.6m in loan volume which equated to about $10k in my pocket. I’m just starting as an advisor but BNI (have to switch chapters) will certainly be one of the first things I do. The financial planner as well as the advisor handling the life insurance spot have both received decent business from the chapter. You definitely want to look for a well established chapter or start your own and fill it first with potential power partners for yourself.
Been doing it for a year. Found initially that people were hesitant. However, I now have several clients who come from BNI and continue to receive good referrals. 100k last week - 5 million 3 weeks ago. I find if you use their secret sauce - ie - have a good sales manager minute, repeat what is a qualitied lead and what is not. (I quantify and say that anything less than 100k is not a good referral). Forge good relationships with the leadership team AND have the 1:1 meetings with everyone. Form a power team or bring people in who can be a power team. While Rank has a point that some of the participants have lower aspirations, or perhaps less ambition and therefore lower earning expectations, they all have clients and family members. You have to be reliable, and in our profession, you have to develop a good reputation. You can’t beat the cost, and the disciplined nature of it can really help hone your elevator speeches and the 1:1 is a great way to did deep.I've even done the following: 1. Had a really tough cold call with a business owner who was rude, rude, rude. Kept the name and asked specifically for an introduction to the person without letting on I had experienced a person who uses the anonimity of a cold call to be a jack ass. Got a referral and introduction. I could hardly contain myself! 2. When a BNI member shares their client list in a meeting - take some of the best clients they share and ask for introductions to those people.
It’s ok for starting out but I don’t think you find a lot of successful veteran fcs in BNI. To me it seems like more of a cult with the ultimate beneficiary being the guy or girl who “owns” the local franchise. It’s like any marketing effort - it works with the right formula.