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Retirement Home Prospecting

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Jul 20, 2012 5:33 pm

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.

Jul 21, 2012 4:49 pm

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.

Jul 23, 2012 11:38 am

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.

Jul 26, 2012 5:09 pm

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+

Aug 20, 2012 12:22 pm

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.

Aug 22, 2012 3:18 pm

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.

Jan 3, 2013 10:13 pm

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.