How Do I Qualify Dinner Seminar Prospects?

[BiggitySwat]

Folks,

As some of you may know, I kicked off my business in January (financial planning for retirees), and have been using seminar marketing the most to generate leads.

Lately, I've been somewhat stressed because I know what kind of prospect I want to attract with my seminars (have a very clear demographic and psychographic) but have been struggling to do so.

Here's who I want at the seminar:
Age 50-75, still working or retired
-• Relatively liberal and energetic in personality
-• Straightforward, honest, open minded
-• Often adventurous and trusting, able to judge one's character quickly
-• Can analyze relevant information and make a decision on it
-• Usually retired professional, entrepreneur or artist/entertainer
-• Does not have to be high net worth or "rich," but at least has $50,000 in liquid assets that can be rolled over for me to work with.
-• Cares about financial planning, estate planning, investing, insurance, etc. and believes in these services
-• Is willing to embrace change, either by rolling over a portion or all of their assets.
-• Generally knows what a Series 7 license is and other industry related terms
-• Loves working with younger people/advisors and can generally relate and talk about non-business topics with ease

I have been attracting these kinds of folks at my seminars (and in large quantities when prospecting certain areas) but lately, I have switched zip codes and have been attracting this kind of prospect:
Age 50-78
-• Worn out personality, as if they worked too hard during life and are burned out
-• Very quiet and withdrawn, noncommittal, nontrusting, will not share inner thoughts, feelings, etc. even after rapport and trust has been established
-• Takes forever to make decisions, and will analyze data until the day they die (massive procrastinators)
-• Usually retired public school teacher, engineer, widows
-• Usually does not have sizable *investable* assets, or has a small IRA/CD but does not want to part with it.
-• Extremely resistant to change - even positive change, proven
emotionally and logically, and backed up by statistics, news articles, etc.
-• Is addicted to Bank CDs from banks and will listen to their brother/uncle/son/daughter/Suze Orman on CNN before listening to your advice.
-• Is suspicous of younger professionals and cannot relate

This board, my mentors, and various publications have told me one way or another that I am "spinning my wheels" with prospects I have no interest in (and many of them book appointments, but ultimately flake out of making a commitment, paying me an advisory fee, etc). They all say, "Biggity, YOU HAVE TO QUALIFY YOUR PROSPECTS OR ELSE YOU ARE PREACHING TO THE WRONG CHOIR."

But....HOW do you qualify seminar prospects without scaring possible leads away?

Example: an older advisor who gives me tips about his past successes said he started having his seminar mailers only target accredited investors (i.e. the wealthy crowd). His secretary would call the RSVP list ahead and verify their assets and that they were coming for the right reasons. If there was major resistance or nastiness on the phone after this general query, they would be *drumroll* asked not to come!

Me: My mailers target age 50-78, household owner, 40K+ income, but pretty much end there. I am casting a wide net.... I have been warned by the little voice in my head that if I make the mailer too restrictive, I may be cutting off my own foot and scaring away prospects who are not "rich," but still would make excellent clients and genuinely want to listen to a fresh voice. (And I have had a few of those)

I am grossing lots of money (securities commissions, Life/LTC sales, and fixed annuity commissions) from my seminars, but my *NET* profit is VERY POOR - so poor that some months, I have struggled to pay my meager personal bills (food, toothpaste, etc). I have tons of people come to my seminars, lots of appointments, but majority of these appointments are not qualified and are not seriously interested in what I have to offer.

Ladies and gents, please share with me what you think so I can attract the type of prospect that I enjoy working with and so that my $5000 dinner seminars will not be in vain......I love this industry and I enjoy my "A" clients, but does this mean I have to feed and present to 80% "C" clients to get the 20% out there who make my business a joy to do?

Surely, there has to be a smarter way for me to find my desired client through the medium of dinner seminars (which I enjoy doing).

 

[JustinUpright]

Maybe with a questionnaire when they are talking to you about an appointment. And if they don't fit into your mold let them know that you don't think you can help them at this time maybe refer them to someone that can and get a little commission from them.

 

[captain94]

When I started in the senior market I hooked up with a captive company that made me do seminars as the only way to generate leads. I did the mailers and paid for the dinners. after 3 months I never had a profit most of the people where "plate lickers" If My area was to rich they had a finacial advisor if it was moderate income area i did better but never made enough to cover the cost. After 3 months I said to hell with this and never did a seminar again. Now I can pay my bills. Seminars for the most part dont seem to work.

 

[Charpress]

Seminars work very well if you do them right.

You are never going to be able to qualify people along the lines of your post. If you use one of the very good mailing companies, you will be able to qualify people on several financial factors and on age.

You need to Google Craig Randall for some good tips on how to do a good seminar. If you have not subscribed to Senior Market Advisor, you need to.

Plate lickers are just part of the overhead. You need to find restaurants that are not exepensive but decent. The worst plate lickers like the expensive places. People that want to hear what you have to say will be fine with less expensive restaurants.

Throwing in an occasional "no free lunch" seminar can be good as well. Craig Randall actually prefers that venue.

 

[indaville]

Seminars work very well if you do them right.

I agree w/ everything Charpress said. Six months is a bit soon to see the real benefit start to work. I work with a lot of people that came to one of my seminars 6-months ago or sometimes I get a call from someone that came to a seminar two years ago and now the timing is right. Stick with it, the first year is the hardest!! My first year running seminars we did $6M in FIA business, this is my third year doing seminars and I will do $20M.

Matt

 

[BiggitySwat]

I agree w/ everything Charpress said. Six months is a bit soon to see the real benefit start to work. I work with a lot of people that came to one of my seminars 6-months ago or sometimes I get a call from someone that came to a seminar two years ago and now the timing is right. Stick with it, the first year is the hardest!! My first year running seminars we did $6M in FIA business, this is my third year doing seminars and I will do $20M.

Matt

Yep, and we talked on the phone earlier about your approach and also talked to your man at the mailing house. I agree, seminars DO work and the purpose of this post is not to say otherwise. I enjoy doing seminars and won't ever quit doing them as my main lead generation tool. I just think that there has to be a better way to attract my desired prospects from this lead generation tool.

I know seminars work because I was kicking butt in the beginning of the year when I did seminars, and for some reasons, THESE set of seminars attracted a certain type of prospect that I really liked. Since then, for the sake of diversification, I switched venues, zip codes, demographic, etc. and have been "attracting" the less than ideal attendee.

In addition, my seminars have been working well in getting butts in the seat *and* booking appointments! The challenge lately though has been in booking appointments with folks who at least have an inkling of intention to rollover some money or listen. Many of the appointments booked will sit down with me but when it comes to making a decision, will not budge for fear of making hard changes (the most common objection for me).

 

[indaville]

Keep in mind it ebbs and flows. For me the summer months typically are not as good as the rest of the year. Your area might be different though. The market has been going up since March so we are finding more people that are willing to "ride it out." It is your job to give them some historical data which will create a sense of urgency in wanting to protect what they have left.

Or it could be a bad area. We have zips that are always great for us, we have other zips that are hit and miss. In the "bad" areas ask more clients to bring friends to those seminars, it will help your ratios smooth out from zip to zip.

Matt

 

[moonlightandmargaritas]

Many of the appointments booked will sit down with me but when it comes to making a decision, will not budge for fear of making hard changes (the most common objection for me).

Can you really blame them?

With upheaval of the financial system, and thieves like Madoff, Stanford and the like, people are reticent and scared to death!

It's going to be some time (if ever) before any kind of trust comes back.

 

[BiggitySwat]

Can you really blame them?

With upheaval of the financial system, and thieves like Madoff, Stanford and the like, people are reticent and scared to death!

It's going to be some time (if ever) before any kind of trust comes back.

I can't blame them for scaring easily because of all the negativity on television and in the paper, but I can blame them for trusting me enough to come to my seminar and book an appointment, then not being willing to let go of a dime and try new things (i.e. keeping an open mind).

From my point of view, I sympathize for the people who have lost money with Madoff, Stanford, and with the wirehouses/mutual fund pushers.

But also, from my point of view, I was not a party to these losses, I had nothing to do with these men, and their actions should not cause a seminar prospect to prejudge me, when my 100% of my clients (over 100 so far) have not lost a dime with their cash value insurance, indexed annuities, non-traded securities, etc. My service and relationships have been excellent with my clients and a select few have given me referrals.

So yeah, I understand there's financial problems going on, but I won't let folks off the hook that easily. I think people do need to think critically here and separate the con men from the people that are serious about this business. The key for me is that I have indeed found these people who are still cautious, but ready to make some kind of decision with me (whether that be a $25K IRA or a $500K annuity rollover). It's just that lately, and from the communities I have been targeting so far, the attitudes are far, far different from what I initially encountered in January and it sucks. (Sucks is the best word I can use at this time ) My aim is to attract prospects who are optimists, not pessimistic and cynical. Maybe I should put on my mailer, "this seminar is for folks who believe not all advisors are out to screw you"

 

[Crabcake Johnny]

From all the events of late what everyone has lost is trust...trust in everything. You have people like my parents in their late 70's and the only thing happening with their money is walking into their bank and getting another CD. They cannot afford trust.