Auburn Hills
“I’m not in the same social circles as the affluent in my community. Also, I’m a lot younger than most of these people, so I’m at a bit of a loss,” griped Gerry with a bit of a grimace, before asking in a defeatist tone, “Is there anyway I can break into these social circles?”
The short answer is an unequivocal “Yes!” This then led me to explain to Gerry that many of these older wealthy members of his community have children his age, and it’s not unusual for these adult children of wealth to be in circulation at these events. Which means, his age isn’t a barrier.
So how does Gerry become a participant in these affluent spheres-of-influence? It’s simple — by getting invited to their social events. But it does require a game plan that involves work. The following is what I outlined for Gerry…
Step 1: Assess Your Brand
As you know, in the world of intangibles, you are the product. You are the brand. This is where you need to be self-aware and willing to accept tough feedback. It’s important to consider how you carry yourself, your personal presence, and your people skills. This is all about developing rapport by asking questions that people enjoy answering, being a good listener, and asking relevant follow-up questions. Too many advisors talk too much and listen too little.
Step 2: Identify the Events
This is where the homework begins. You need to be dialed-in to what’s happening around town. This can range from fundraisers, birthday parties, retirement parties, music in the park, tailgating, cookouts – the list goes on.Your top clients and COIs are where you should begin. Place a non-business call, “Just to catch-up” and find out what’s going on in their lives. If there’s an event that they are planning to attend, you’re likely to find out in this personal conversation.
Step 3: Identify the Potential Attendees
This is usually accomplished in step one, but I like to make it a step of its own because I’ve seen advisors skip this detail and end up attending the event without a game plan. No game plan leads to missed opportunities. All this requires is getting your client or COI talking about the event, what’s it going to be like, and who’s attending.
Step 4: Develop Your Strategy
Here is where the rubber meets the road. This step is not for the timid – your goal now is to get yourself invited to the event. There are a number of approaches…
- During the conversation with your client where you express interest in the event, your client invites you.
- Inviting yourself during this client conversation, “Is there any way this (type of event) can handle two more guests (advisor & spouse)? Sandy and I would love to attend.”
- If you know a potential attendee, calling them and referencing the event, expressing interest, and either getting invited or inviting yourself.
- If it’s some type of party (birthday, retirement, etc.) – insist on dropping off a gift during the event.
- If it’s a fundraiser or a charity event, inquire about getting involved, and ask if you can accompany your client.
- Communicate with the organizer of a community event (fundraiser, charity event, or purely social) and volunteer to help. Manpower is usually a scarce commodity.
Step 5: Execute
Now that you’ve been invited, it’s important to have a game plan — we refer to this as strategic intent. Who are you going to meet? How are you going to develop rapport? How are you going to uncover the next event many of these affluent people will be attending? How are you going to follow-up? As I’ve said on many occasions, the spring / summer season is the time to get social. Which makes it the perfect time to get invited to social events in your community.
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