Prospecting towards pro athletes
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Has anyone ever tried prospecting specifically towards professional
athletes? What do you think is the best way to get at these
guys? Through their agent? Just imagine if you could get in
that circle…the referrals would seemingly be endless…
[quote=Scorpio]Has anyone ever tried prospecting specifically towards professional
athletes? What do you think is the best way to get at these
guys? Through their agent? Just imagine if you could get in
that circle…the referrals would seemingly be endless…
[/quote]
Gosh what a good idea. It’s a good thing that the fossils don’t
know about professional athletes so that their agents will not be
tempted to do business with somebody who is experienced.
Actually I think many of these young athletes would prefer to have a
financial advisor who was born in the last quarter-century and can
actually relate to their lifestyle.
My point was that these athletes are constantly being pumped out - its
not like a wealthy family with old money that has had the same 'fossil’
sitting on it for the last forty years. Its kind of hard to get
at that old money. This might actually make for some great
opportunities for the young guys starting out, as much as that pains
you…
Oh, and Put - I’m sure you did really well with the pro athletes in
your career. I can imagine those young black men lining up at
your door after hearing some of your views on minorities…but they
wouldn’t be there to open accounts…
Check out investment advisor mag last month, there was a big article on who serves professsional athletes, there are a couple of associations the NFL, NBA etc endorse and actually make new players attend their financial education meetings, my guess you have to get in that way or have their agent be one of your close friends.
I've been reluctant to give you all my secret to successfully prospecting professional athletes but since I am nearing the end of my career, I thought I would share.
Remember the guy with the rainbow wig who always had the best seats at major sporting events? That was really me!
Before the big games, I would get a job as a cleaning person at the hotels where the athletes stayed and I would put my business card in the Bibles in each room. Guess where in the Bible I would put it? You guessed it, John 3:16.
You wouldn't believe how many of these jocks thought that it was a message from God to invest with me.
Because I've become so successful, I no longer have to wear the ridiculous wig. You are all welcome to try this approach.
Pretty good. Met Michael Milkin and decided to start my own hedge fund. I’m partnered with George Soros in a hedge fund called “Who can we f__k now?” My good friend Marion Barry summed it up best, “Prosicruting me fo drugs is jus a nuther way to keep da rainbow haired man down!”
My mentor and I are putting together a seminar right now thru a church she attends along with the professional athletes. Don’t pay any attention to this Put Trader fool. He is down on everything. Experience does not always equal efforts at doing the very best for your customer . . and not looking at the commissions.
[quote=Scorpio]Has anyone ever tried prospecting specifically towards professional athletes? What do you think is the best way to get at these guys? Through their agent? Just imagine if you could get in that circle...the referrals would seemingly be endless... [/quote]
We had a guy in our office who developed a business centered on pro football players. Please note the use of tense in my first sentence. This guy is smart, hard working, and had the ultimate in, centers of influence on two NFL teams and one NBA team. All repected players. Still, he couldn't make it work. He now works for a sports agent. Nuf said, it's a hard road.
Hey Scorpio, if you want a niche to target, why don’t you go after
strippers? Some of them can make $100-$200k a year, not all of
them are hooked on drugs, and most of them aren’t smart enough to
manage their own money if they tried. If you are married, you
wife may not like where you have to do your prospecting .
"Hey Scorpio, if you want a niche to target, why don't you go after strippers? Some of them can make $100-$200k a year, not all of them are hooked on drugs, and most of them aren't smart enough to manage their own money if they tried. If you are married, you wife may not like where you have to do your prospecting"
Thats a great idea... And as long as you dont look like Frankenstein, you may be blessed with some "value added" perks by your clients... Its a win win in my book....
Lol…its funny you mentioned the strippers. Myself and the other
guys in the office that I am studying with all agreed that it would be
a good idea after we pass the 7 to go ‘prospect’ at a local strip
club. Think about it, I don’t know anyone who wants to retire
more than a stripper probably does! And you’re right - they do
make between 100-200 a year…
I will look into those organizations that the NFL and NBA endorse for
pro athlete’s financial education. Maybe there’s an ‘in’ there
somehow. Across the street from the building where I work is a
major sports management firm that handles the likes of Tiger Woods and
others; I may check that out as well.
I wonder why the one guy mentioned in this thead who had ins with
multiple pro teams couldn’t make it work? I’d think as long as
its only a portion of your business plan it would be fine…
One problem with strippers boys: They work in a cash business and do not want a paper trail. I find this true of barbers and bar owners also.
[quote=Scorpio]
I wonder why the one guy mentioned in this thead who had ins with multiple pro teams couldn't make it work? I'd think as long as its only a portion of your business plan it would be fine..
[/quote]
It's hard work. Even with a network the business doesn't just flow thru the door. Pro athletes are a very insecure bunch, not to mention all the different strings that are being pulled. For most, the big money years are short. Of course that's all the more reason to hook up with a good advisor. Yet, many of these guys blow much of the money on liv'in large. As an advisor, just to have access to this group, he had to adopt many of his clientel's image of success. It wasn't good enough that he drove around in an Escalade, he had to rim it up with $22000 wheels. He was constantly traveling to meet with NFL players, wining and dining them. Every Sunday during football season he was in a different city.Very expensive crowd to run with! Then the NFL laid down thew law and put a set of requirements that need to be met bsfore an advisor can deal with one of their members. He was an NFL approved advisor. After 3 years of all the running, producing about $300,000 and not having much money left in his pocket after expenses, combined with never seeing his wife and kids, he said enough. That verses another rookie in the office who produced about $500,000 his third year thru self financed monthly seminars at a couple local restaurants at a cost of about $30,000 a year. The NFL broker, even with a business track outside the pros was just burned out. Great guy, hard worker, fantastic plan. Still, not enough.
One side note: It was fun having him in the office. We all got to meet many NFL and NBA players. At 6'2" it was weird being the shortest guy in the elevator.
[quote=dashampersand]One problem with strippers boys: They work in a
cash business and do not want a paper trail. I find this true of
barbers and bar owners also. [/quote]
That much is true. Some of them have to declare some income and
keep some cash in a bank. I’d rather pay the taxes and be able to
save some then have to blow $2000 a week and be left with
nothing. They either have to keep their cash in a mattress or
spend it, because a bank deposit creates a paper trail, too.
There are some smart, business-minded strippers out there who realize
that easy money isn’t something they will be able to earn forever.
TJC - very interesting story about that NFL broker. Too bad it
couldn’t work. I still plan on trying to prospect to some of the
athletes in only my city, that way I’m not chasing the pot of gold all
over the country and running up bills. Do you know anything about
how this guy became an “NFL approved advisor”? How does one go
about getting this designation? Are there simliar rules for NBA
and MLB?
Weird coincidence that I started this thread a few days ago because
today I got to caddy for the owner of our city’s Major League Baseball
team and the team’s Chief Financial Officer (I study for the 7 at the
office M-Thurs and caddy at a local country club Fri-Sun). No
joke. It turns out I went to the same college as the CFO.
He gave me his card and told me to contact him if I ever need anything
in my financial endevours. This could be my ‘in’!
I really wanted to owner to say that to me though because it is widely
known that he is a billionaire. But the chances of someone
opening a billion dollar account with a rookie is pretty slim
anyways.
I really wanted to owner to say that to me though because it is widely known that he is a billionaire. But the chances of someone opening a billion dollar account with a rookie is pretty slim anyways.
----------------------------------------------------------
"Hey, you're right. Why would any billionaire want to do business with just a rookie?"
LOSE THIS ATTITUDE OR YOU WILL FAIL!
Let me save you a lot of headaches and frustration. If you're not ready to approach a billionaire, you'll never make it in this business. NEVER, EVER assume a prospect's negative response. ALWAYS expect a positive response!
RIGHT NOW, You should develop a 15 second pitch, a 60 second pitch, a 5 minute pitch, and a 15 minute pitch. WHY? Because you never know when you'll have the undivided attention of a qualified prospect. On an elevator, waiting for a cab, etc.
Even though you failed to approach the billionaire, when you had a perfect opportunity, you should have enough info on him to begin marketing him. For example, if he used "Callaway"-type golf clubs, research the company to see if they're coming out with any new cutting edge clubs and send him the info. Send him some of the same brand golf balls he used but emblazoned with the name of his business competitor. Why a competitor? Include a note saying something like, "I just thought you'd enjoy smacking around your competitor on the links, as well." Do the same with his golfing buddy and do it NOW.
I believe you stated that you hadn't taken the 7, yet. That's ok, I'm not saying pitch product, just keep your name in front of these people. If you wait to pass the 7 before contacting these people, you'll lose the opportunity of a career.
Get creative and get moving!
If you were my caddy, would I remember you 3 months from now? If not, change your approach. Don't be an ordinary caddy, be an extraordinary caddy! If golfers don't ask for you by name now, you won't be very memorable as a broker, later.
Trust me when I tell you, if you can become an extraordinary caddy, you will be an extraordinary broker. Why? Because, whatever the occupation, the basic ingredients are the same: creativity, attitude, determination and application.
Interesting story TJC.
There is a young man in my area. Arthur Wylie. That does very well in this arena. He does a lot of hand holding. Basically puts the athletes on a budget and manages all of their expenses. He even does mortgages and real estate in his office and buys the houses for these guys. Arthur doesn't live the "ballers" lifestyle. He is a lot more like Put thinks everybody should be...except for the fact that he is black and in his late 20s. But, with only a handful of years in the business he has over 60MM under management, his mortgage business, and his real estate business. Since, Put wouldn't hire him...Arthur started his own company. Not surprisingly, he is good friends with another area resident...Kwame from the Apprentice.
Go figure.
[quote=Scorpio]TJC - very interesting story about that NFL broker. Too bad it couldn't work. I still plan on trying to prospect to some of the athletes in only my city, that way I'm not chasing the pot of gold all over the country and running up bills. Do you know anything about how this guy became an "NFL approved advisor"? How does one go about getting this designation?
[/quote]
Sorry, I don't know how to become an approved advisor. I do know that the guy in my office was sweating it for awhile, not sure if he'd make the cut. I don't know what the cut was.
On other thing if you're going after whales. JUST DO IT! I deal with corporate executives and business owners. All gleaned either directly from cold calls or from referrals from clients who were opened with a cold call. Don't pre-judge a prospect and don't be afraid to call them. I still call with Tax Free bonds. Great product with built in credibility. Even though I don't target pro sports people every once in a while one will pop up on my prospect list. Years ago I opened an account with the owner of an NBA team. I became his muni guy. We did alot of business for several years. As it turned out though, I was only as good as my pencil was sharp. When I moved from wirehouse A to wirehouse B I could no longer compete. B was stepping all over the bonds with mark ups. Of course this led to many heated discussions but still no fix to the problem. The front money didn't come close to covering the lost income stream from this one acct alone. Lesson learned, but the point is wealthy people are investors, will answer the phone, and will buy from you if you give them a reason.