Some advisors join country clubs to mingle with the wealthy. Others book expensive vacations to meet people who pay for privacy. Many get involved in the nonprofit world because people who can be wealthy donors are people with disposable income. Others eat lunch at their desk or grab a sandwich with friends. They are missing an opportunity.
Years ago, I met a bank president who shared a story about why he started his career by eating lunch at the local luncheonette and continued the tradition throughout his career. He identified small business owners as the “sweet spot” in his prospecting strategy.
Small business owners don’t eat lunch in fancy restaurants. It takes too long. They don’t eat at their desk because they will be constantly interrupted. He explained they eat at luncheonettes and other places where they can have a quick meal in a pleasant atmosphere.
He then explained he brought in a colossal amount of business using this strategy. His logic was simple. He would find someplace with stools and counter service. (They still exist. Diners are a good example.) He would sit at the counter every day. Soon he because “a fixture” at lunchtime. You get to know the regulars. In addition to local business owners, you get civil servants like the police, some professionals and people who work in the area. They get comfortable seeing you. You talk with them and they make conversation with you.
Why does this work? He explained someone would nudge their friend and say: “See that guy over there? He’s the bank president.” The nudged guy says; “No kidding! He’s the president of the bank and he eats at the same place as me! He must be a good guy. I am going to walk over and ask him about a loan for my business.”
As he ascended up through the ranks I don’t think he opened each relationship personally. He probably referred them and followed up. If you are an advisor at a firm owned by a bank, there might be the expectation you will refer business. This could be that opportunity.
Why does this strategy work? He explained there are social barriers at the country club. (This might mean people are full of themselves.) When you attend community events, there might not be that much time to talk and get to know someone. If you are a regular at a lunch spot where people linger and connect, you get accepted as part of the group.
The takeaway is if you have a certain client profile you want to cultivate, having lunch at someplace they gather is an opportunity to meet them. You are going to have lunch anyway!