(From the October 2024 Edition of eFORUM)

By Bryce Sanders

“Put your game face on.” We know what this expression means, and we often go through the ritual when we walk into the office or arrive for a meeting with a prospect. However, business opportunities often spring up at unexpected moments — when we’re engaged in an activity that’s unrelated to work or our mind is someplace else. We need to always pay attention and recognize when this happens so we can take advantage of the serendipitous events that may lead to new business now or sometime in the future. Let’s look at some examples.

The man who insists on doing business locally

You met him at a Chamber event. Then you saw him at a museum reception and ran into him when shopping on Main Street. He is a committed booster of doing business with local merchants, even if prices are higher.

Approach: Get to know him. Bring up where your office is located, where you went to high school, where you live, and where you shop. Deliver the message that the money you earn in advisor compensation is recycled in the community because you live and shop locally.

The charming couple you met on vacation

Have you noticed everyone on a cruise ship is in a great mood? The reason is obvious: you are on vacation. The bubble may burst after seven days when the ship returns to its home port and everyone disembarks, but the upside is that the speed of relationship development is accelerated.

Approach: Let’s assume this charming couple lives locally and licensing is not an issue. Exchange contact information before disembarking. “I enjoyed meeting you and would like to keep in touch. How can I do that?” Take the first step. Send them an email with great pictures of them you took while on your holiday. Wait for a response. When they reconnect, exchange details of your personal lives. Build on shared interests.

The woman on the train who always asks questions 

You both commute at the same time. Getting a seat isn’t difficult. She sits nearby. You read the business pages and she asks questions. This happens often and it’s always about the stock market.

Approach: Let her know you’re a financial advisor, if this has not already come up. Ask if she manages her own investments or works with a professional like you. If she already has an advisor, say something like this: “If you like your advisor and they take good care of you, that’s a wonderful thing. Consider yourself lucky. On the other hand, if you think there’s room for improvement, let me know. I’m happy to talk.”

The business enjoying your regular patronage 

Why do we try so hard to turn strangers into clients who contribute to our bottom line, yet often overlook the owners of businesses where we are regular customers, contributing to their bottom line? Everyone should have the opportunity to say no. Don’t make the decision for them.

Approach: Visit at a time you know the owner will be onsite and business will be slow. Mention you’ve been a regular customer for years. You know all about the customer-facing side of their business. You would like to take a moment and talk about your business, to see if there’s a good fit or a need you might be able to address.  

The person with the stock paperwork problem

Someone may suddenly discover they own stock in an obscure account. It’s been on dividend reinvestment forever. Now, they want to sell it and need to figure out the adjusted cost base. Can you help?

Approach: You help because you are a good person. At the same time, you have an opportunity to ask about other accounts and holdings. Has this paperwork problem happened before? How much time is it taking to sort it out? Make the case for bringing all accounts under one roof and having an advisor always available to help as part of the service provided.

The guy with the same political views

I do not think advisors should loudly announce their political opinions. Why? Because if the local area is polarized into different camps, a large segment of the population may decide they’ll never do business with you. But there may be an exception when you come across a person who holds the exact same views. You could be talking to yourself in a mirror! 

Approach: If our party wins, how do you think the economy will do? What sectors would benefit? (Your firm’s research department likely has an opinion.) Are you invested in those favoured sectors? Would you like to become a client and work together?

Stay alert to opportunities

There are so many situations that pop up in our daily lives that represent business opportunities. You aren’t looking for them, but they find you. The key is to recognize them and either act now or lay the groundwork for future development.

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.