The financial services industry is not run by monks. Advisors do not wake up, go to work, come home, eat dinner and go to sleep, repeating the process the next day. Some people who invest in no load funds or frequent sites with commission-free trading might assume the job is done by volunteers in an unpaid order, but advisors are like everyone else. They have personal lives and enjoy having fun.
It would be great if you could combine work and play. Imagine if you could spend time with the right people, enjoy yourself and bring in business at the same time! That is the case for getting involved in the community.
What do advisors do when they are not working? While writing my book Captivating the Wealthy Investor, I surveyed advisors and learned about seven popular spare-time activities. (I rounded percentages upwards, so the numbers slightly exceed 100%.)
1. Family—Children’s Sports (26%). The most popular category. They are cheering their children on at school sports and Little League. They are involved in the children’s lives. They are sideline parents.
Business Opportunity: Years ago, a woman at the gym (who was a parent) explained “Every year, about this time, your friends are chosen for you.” If you are a parent and your child plays sports, you will be attending home and away games with the same parents for months. Make an effort to get to know them. Who are they? What do they do? Where do they work? It’s easy.
2. Personal Sports (25%). Playing golf was almost the universal response. Depending on the age of the advisor, playing sports like basketball can also be included. Tennis and running fit in regardless of age.
Business Opportunity: If you play golf, there are plenty of opportunities to interact with HNW individuals. At my previous firm, someone once remarked, “When you get into management you choose either the golf or the wine track.” As an advisor, golf provides the opportunity to meet other people at the club or to entertain clients and ask them to invite friends.
3. Religious Activities (22%). Attending weekend services is not a sport, but it is a regular activity. You see the same people at the same time every weekend, often sitting in the same seats.
Business Opportunity: Religious services bring together a cross section of the population. Unlike investing, there are no minimum asset requirements. Congregations have multiple opportunities to volunteer, which is a great way of giving back. They also offer opportunities to mingle, getting to know each other on an equal footing.
4. Spectator Sports (11%). Most people have favorite teams. They gather friends at their home to watch the big game. They have season tickets at the stadium. They tailgate before games. They visit sports bars.
Business Opportunity: Sports fans are a friendly bunch, provided you support the same team. You get to know the people who sit around you if you have season tickets. You meet people when tailgating. You have likely found a favorite sports bar already.
5. Chamber Of Commerce (7%). You might not think of the Chamber as a leisure activity. It might seem more of a business activity. Let us expand this category to include nonprofits. People get involved because they meet like-minded individuals. They share common interests.
Business Opportunity: The more events you attend, the more people you meet. Since these are local organizations, you see the same people at other community events. You become regulars.
6. Alumni Association (7%). This becomes a bigger factor if your school is local, they have serious sports teams and a big stadium. For example, Penn State has over 750,000 alumni out there. Beaver Stadium at State College can seat over 107,000 people.
Business Opportunity: You can attend events drawing people across age and wealth categories. The common denominator is you all attended the same school. If they attend alumni events, the school means something to them.
7. Service Clubs (7%). Several community service organizations come to mind. You can add others that put volunteers out there and are not primarily social. They have a lot of respect in the community. You can add some societies in here too. The common factor is members are having fun by being of service to others.
Business Opportunities: Certain ones are composed primarily of business owners and have procedures to follow in order to be accepted as a member. The local chapters are small enough members tend to get to know each other.
The common factor in all these organizations is involvement gives people pleasure. People who participate enjoy what they do. It is easy to mix business and please, provided you are tactful.
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.