Everyone loves acronyms. WIIFM stands for what’s in it for me. You knew that. Let us look at how your active involvement with a local nonprofit might lead to business. Let us also look at how your involvement is a good deal for the charity. These points are covered in my book Captivating the Wealthy Investor. Let’s hit the high points in this article.
Let us assume you have gotten involved with a local nonprofit. It might be the museum, for example. You have done it for the right reason, a desire to give back to the community. You are hoping to make some business connections too. You attend events. You volunteer and serve on a committee like membership or fundraising. You are getting to know people in a low-key way.
What Is In It For You?
You are investing time and writing checks. In addition to the warm feeling you get helping others, what business benefits might come your way?
• Direct Business. When you meet people, they ask “What do you do?” After explaining you are a financial advisor, some might say: “I don’t like the one I’ve got. Let’s talk.” Others might wait a few months, getting to know you better, before they approach you. In other cases, you will uncover an obvious problem and reintroduce yourself in your professional capacity.
• Introductions and referrals. Many of the people you meet are quite happy with their financial advisor. They might know others who are not. Referrals follow. There are people you would like to meet who are outside your immediate social circle. Your new friends might supply introductions.
• The opportunity to tell your story. The more people who know what you do, the faster word gets around. You are raising your professional visibility while having a good time.
• Visibility. You have wanted to get on the radar of local HNW individuals. You did not travel in the same circles…until now. Your frequent attendance at events develops a nodding relationship. They connect your name with your face. That’s a start.
• Identification with a positive organization. You have joined a group that does good things and gets positive publicity in the community. If most people feel the group has a stellar reptation, this rubs off on you too.
• Access to social circles. You make new friends. Some share similar interests. You invite them into your life. When you include them in group activities, they often return the favor. Put another way, you are getting more holiday party invitations.
• Ideal seminar location. The museum has banquet rooms and event spaces. These are rented out the same way as a catering hall or hotel. By booking the space for a seminar or reception, you piggyback on the prestige of the organization. You gain a central location and good parking.
What’s In It For Them? How Would The Institution Benefit?
You might think this is a one-way street. The nonprofit spends years cultivating wealthy donors and keeping them involved. Now you show up and start making connections. What’s in it for them? Rather a lot:
• They gain an active member. They have plenty of members who might pay dues, but don’t show up or do anything. That’s not you.
• Direct financial support. You are writing checks. They might not be very big, but these institutions often take the long view. They assume everyone in financial services is wealthy or will be soon. They trade you up to higher donation levels.
• Indirect financial support. They know where you work. They will talk among themselves, wondering how they can approach your firm for contributions. Your firm might have a foundation giving money to similar organizations. Your office might have dollars to put back into the community. You can help point them in the right direction.
• Your volunteer involvement. You are not a member in name only. You have identified an area with a need. Among the three major income producing areas of event planning, membership and fundraising, one is often in crisis. This is where you are focusing your help.
• Your professional skills. Your career involves wealth management. They might have a foundation or endowment. These funds have a long-term time horizon. If they are not investing with that in mind, the time to start might be now.
• Public speaking skills. You have delivered seminars before. You are comfortable in front of groups. When the organization launches a capital campaign, someone needs to stand up in front of community organizations and make their case. You can be good at that.
Your involvement with the organization is a two-way street. Both parties can benefit.
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book Captivating the Wealthy Investor is available on Amazon.