Transitioning From Social Contact To Business Prospect

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By: Erin Tamberella

Date: 2/15/08

Most financial advisors are involved in some sort of networking and/or social prospecting endeavor as a component of their overall marketing strategy. The million dollar question then becomes how to make the transition from social contact to viable business prospect. My clients have found the following process extremely helpful in making that often difficult transition.


The process begins on the introductory outing. If you met your SC (social contact) initially at a networking event, your first step is to invite them on a more casual, easy-going and yes, fun introductory outing. However, if you met your SC in a more social context initially such as a club meeting, golf event or college game, this serves as the introductory outing and you are ready to begin the process below.


Day 1:

  • Introductory Outing
  • Your primary objective for the introductory outing is to build rapport, discover as much as you can about your SC on a personal level and get the contact information. The personal information you are able to obtain in the introductory meeting will be critical in helping you to build your “prospect experience” now and your “client experience” later.
  • When asked what you do, stay clear of the superficial, canned elevator speech that every investor has heard from every financial advisor on the planet. What you say should be casual, leave them wanting more and plant a seed in their mind that they may need help. I would suggest that you don’t even mention that you’re a financial advisor. Something like, “I’m with (firm). I identify where portfolios are vulnerable” is far more effective. Note: 12/08 Modification: “I evaluate and analyze risk in investment portfolios. This absolutely sets you apart from the crowd. If they ask you if you’re a financial advisor, of course say yes, but reiterate that your specialty is “identifying where portfolios are vulnerable.” Your comments on what you do should be as brief as possible and leave them wanting more.

Day 2:

  • Send personal handwritten note with a “cool stamp.” Never run personal notes through the postage meter. Cool stamps add to the “prospect experience” you’re creating and virtually guarantee your note is opened. Cool stamps are non-negotiable. Visit the post office to see what’s available.

Day 10:

  • Option 1: If you are hosting monthly events, invite your SC to this month’s event if it’s at least 2 weeks out. If it isn’t, include your SC on the following month’s invitation list.
  • Option 2: If you don’t host monthly events, send the SC a small non-business-related gift. The Ultimate Gift book is an excellent choice. (It costs no more than an additional person at a monthly event.) Be sure to write something in the front flap of the book. If you’re more on a budget, another possibility is a magazine or something else related to whatever activity you did on your introductory outing. Anything the SC is passionate about has good potential. Include a personal note.
  • Day 10 can be modified according to your style. However, this is a critical juncture in which you must set yourself apart from the crowd, so be as creative as possible here.

Day after event or 7 days after non-business related gift sent:

  • Send your personalized branding piece. It should include 3 bullet points on what you do for people. Also included should be a bullet point bio with sections on: Education & Licensing, Your Process (Make It Brief), Community Associations & Personal. The Personal section is the most important section. It is always read. DO NOT leave it out. A firm sponsored, personalized brochure will work as well.

7 Days after Personalized branding piece:

  • Follow up with a phone call for a one-on-one lunch
  • Your primary objectives for lunch are: continue to build rapport, begin to gather information about their financial situation, set an appointment in your office to “discuss where their portfolio may be vulnerable.”

Day after lunch:

  • Send a personal handwritten note with, you guessed it, a “cool stamp.” Handwritten personal notes are a lost art. People notice and appreciate these. Look for additional reasons to write them.

Long Term Drip:

  • Quarterly newsletter or letter. Your long-term drip letters should not always be investment related. Make it a practice to include at least one or two goodwill letters per year.
  • Monthly phone call
  • Quarterly lunch

 

A key to success lies in building clearly defined, repeatable processes for every aspect of your business. Working through this process or your personalized version of it the same way every time gives you a structure for making that transition from just another social contact to a viable business prospect. Processes built into your business always save time, add professionalism and build confidence.