Let's Get Social!



There are numerous methods by which financial advisors can introduce themselves to prospective clients: phone calls, emails, hard copy letters and financial seminars.

But one of the most fun ways to attract prospective clients is to invite them to a social event. Who’s going to turn down an invitation to get out of the house at no cost?

While many advisors believe the cold call has been outdated, and actual physical mailings have truly gone the way of the dinosaurs, invitations to social encounters are still a worthy exercise. The invitations can be issued via email or hard copy mailings, or can be sent via social media, but an investor in search of a financial advisor might enjoy the opportunity to meet the advisor in a social setting where the pressure to agree to a relationship immediately might be less than in a more formal meeting.

Spectrem’s study Preferred Sales Approach: Capturing The Wealthy Investor asked investors what their No. 1 preference would be for an initial outreach from an advisor, and 39 percent said they would peer a phone call, 24 percent pointed at an email and 18 percent said they would prefer a hard copy mailing. Thirteen percent said they would prefer the opportunity to attend a financial event like a seminar and 6 percent said their No. 1 preferred approach would be an invitation to a social event.

However, 11 percent of Millennials said they would most prefer to be invited to a social event as a way to attract their business.           

Advisors are aware that there is no single tried-and-true method to finding new clients, and spraying to all fields can be a successful method, especially as investor preferences change over time. Determining how younger investors will respond to cold-calling methods is a major aspect of research in the preferences of investors.

There are numerous types of social events advisors can invite prospective clients to, but there are four such events that are deemed the most successful, according to the Spectrem study. They are:

·         Dinner (25 percent of investors prefer this invitation) – The appeal to investors is a free meal. The appeal to advisors is that a dinner, even a rather informal one, is at least an hour’s time during which an advisor can present his or her best qualities and the best services available from their provider. It’s a focused session during which two parties can have a meaningful conversation.

·         Wine tasting (23 percent) – This more casual event is the sort of event an investor might otherwise not attend, making it a special occasion. It also provides an air of sophistication that lends itself to serious conversation about financial matters.

·         Lunch (17 percent) – A more casual free meal, during which the conversation might be less detailed but allow for a friendlier approach. In the getting-to-know-you department, a lunch might be a better chance for an advisor to show his personality, which is often a major selling point.

·         Sporting event (14 percent) – The most casual choice, one that will attract a certain kind of prospective client. However, a sporting event requires that the advisor pull the investor’s attention back from the game to the key reason for the invitation, a discussion of a possible future working relationship. However, advisors can use the sporting event more like opening a window that could lead to a second meeting to discuss specifics.



©2020 Spectrem Group



Keywords: social, wine, sports, investors, advisors, Spectrem, cold calling, email, invitation