Editor’s note: Bryce Sanders is a longtime columnist with Rethinking65. Read more of his articles here.
Bryce Sanders
“I am seeking WOOFs.” As an advisor, you have decided on your target market, the population segment offering the best fit for your skills and interests. You have cast aside the acronyms YUPPIE and NINJA, because you have settled on WOOF, also known as Well Off Older Folks. You have a core group of clients fitting into this profile. How do you become part of their world? How do you become the first name that comes to mind when they think about money?
Golf courses have a mystical reputation. Years ago, it was said plenty of business was done on the golf course. That might be true, but you need to be good at it. There is not much difference between not playing golf and playing golf badly. In both cases, you don’t want to be out on the course.
The first step is to study your target market, looking for common factors. You have a core group of WOOFs in your client base. How do they spend their money? What do they do with their spare time? Are they retired or semi-retired? You can learn a lot from anecdotal evidence. You know how often they travel. You know their spending patterns. You know about the degree of interaction they have with other family members.
You might bring together a couple of client focus groups representing your target market. You might term them an advisory council if you plan on bringing them together more than once. Let them know what you want to learn about and give them questions to consider ahead of time. Don’t forget to feed them! Here is an important point to remember: You are not convening them to validate the “conclusions” you arrived at beforehand. You are looking for the magic “1+1 =3” moments when the conversation veers off into another direction that is pure gold.
Let us assume you identify some organizations where your WOOFs belong, groups you might consider joining. Recall the James Bond film, “Dr. No” (1962) when “M” refers to “Our man in Nassau” as Bond’s most likely liaison. Also recall Bond’s interest in engaging with the person he wanted to meet in a club or social environment, not a formal business setting. This is your opportunity to channel your inner James Bond!
Where are you going to find the same audience of retired or semi-retired prospects again and again? Where will you seek out your WOOFs?
Join the right country club
You might not play golf, but you can buy a social membership. A couple of your clients already belong. They want to help you and they are in a great position to provide introductions. Become a regular at the club bar. Attend the club organized social events. You will become a familiar face. People will get comfortable with you. Nothing says “one of us” like a private club membership.
Tap into their wanderlust
You will discover WOOFs like to travel. JP Morgan indicates baby boomers have been the cruise industry’s traditional core market. Other research indicates the 55-64 and 65+ age segments represent about 38% of cruise passengers.
Put another way, your WOOFs have the time and treasure sufficient for travel. Tie in with a luxury travel advisor (link to Eleanor’s article) to offer a series of talks/seminars/briefings about different cruise lines and destinations. They bring their clients, you bring yours. You speak from your experience while showcasing some of your clients and friends talking about their experiences.
Get more involved with your religious organization
You might be doing this already. Although everyone hears declining statistics about religious service attendance, Pew Research reports 38% of age 50- to 64-year-olds and 48% of age 65+ attend at least once per week.There are many good reasons you should attend and be involved. You will see the same faces over and over. You will get to know them through social activities.
Let your religious leader know how you help people
People die. It’s a fact of life. Benjamin Franklin remarked the only two certainties are death and taxes. Older people connected with their religious congregation often look to their congregation leader for advice. They need to know you are a good source of advice when the issue is financial. Placing a business card ad in the weekly bulletin is a good idea.
It is known to improve socialization. I recall passing a brokerage office in a nearby town that featured a lawn sign with a message like “Stop by for coffee on Thursdays at 10:00 AM.” Many people like routine. Some of your WOOFs likely get together with friends at least once a week.
Get to know clients’ important dates and send greeting cards
This is so obvious, but is worth mentioning. They will appreciate birthday and anniversary cards. You might send them to their children or grandchildren too. This becomes a stimulus for them to introduce you in the role of family advisor and ever better, trusted advisor.
Throw a party at least once a year
You can approach this a few ways. It could be a client appreciation brunch. It could be something similar where they are encouraged to bring a friend. It could be a BBQ in your backyard. You want then to make the connection: If they are a client, they get this party as a benefit. People like free parties. Enough charities are asking them to buy tickets to events. Yours is free.
Host a group at a cultural event
Many of your WOOFs give to charity. Quite a few consider themselves cultured. If you are involved with the museum or symphony, what would it cost to buy a block of tickets for a major exhibition or concert, holding a cocktail reception beforehand? This will become another “must attend” event on their calendar. They should encourage their friends to become clients, so they can attend too.
You are using a couple of strategies like “being where they are” and “giving them what they want.” This should help make you the advisor of choice for them and their friends.
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.
