Building a network of High Net Worth contacts

[Chris]

Listening to my sister (a newish real estate agent) often complains about finding clients, especially those looking for or selling higher-priced real estate. It also probably doesn't help that most of her referrals have been family over the last few years. I asked her what she was doing to try to meet clients, and she really couldn't give me any particular activity to help her change those circumstances.

I feel like insurance is the same way. To build a network of high-net-worth contacts, you have to go where they are and build those social circles.

So it was great to read the article just published on INN: [EXTERNAL LINK] - How do you network within the HNW social set?.

They mention a few key things:

• Join an organization
• Showing up
• Set goals to meet new people
• Have talking points

I think the article overlooks a few things, and I would love to get feedback from those experienced in the community -

• Find an organization that you are passionate about, as doing something strictly for money will get old.
• Listen and ask more questions about others
• See how you can help others besides padding your wallet first

I love the point that they say it doesn't cost a fortune to join organizations, so be aware of overspending to try to meet the Jones (let alone keep up with them).

For those that are socially inclined, this seems easy enough - but what if you're not socially inclined to chat with people, what are your options?

 

[Larry Shoemaker]

As a Medicare broker, I am a contrarian. I do business mostly with middle class clients with a preference for low-income clients. Retirees and the disabled face growing economic challenges with the low income just above the "poverty threshold" really getting hammered. The system is designed in such a way that making $5/month above the threshold cancels more than $5/month in benefits. Finding the most cost-effective plans and other resources is crucial.

 

[annon123]

My grandfather sold life insurance. He was a member of every country club in the large town he lived in and did much of his networking on the golf course. He once said it is easier to sell life insurance to upper class and upper middle class people as your only discussion is about how much they need rather than why they'd need it to begin with. He also became good enough in golf to get a hole in one.

Networks matter. If you are not socially inclined you are going to have more problems building networks. You would need to be active on social media and be helpful in answering questions, or even start posts with information people might be interested in depending on the time of year. For example right now more info about how medigap D changed and how the $2000 deductible works, C vs B + medigap, "medicare lite" (assistance programs for premiums), etc. Even if what you are posting about won't directly get you business or you don't even sell some of what you are posting about (so work out a referral system where you get a small payment in return for the referral who is buying from who you sent them to) if people rely on you for information they are more likely to then use you when they need help as you have build trust, their belief you know what you are doing, etc.

For example, join Nextdoor (neighborhood social media) and then make short informational posts about what I mentioned above and/or whatever you are selling (not a sales pitch, rather educational posts). You could then say if you want to learn more here is a link to a youtube video. Leave comments open on the video and respond to them. Respond to anyone who asks a question on your thread on Nextdoor.

 

[DHK]

I think the article overlooks a few things, and I would love to get feedback from those experienced in the community -

• Find an organization that you are passionate about, as doing something strictly for money will get old.
• Listen and ask more questions about others
• See how you can help others besides padding your wallet first

Organizations are good (especially non-profit boards), if you would've joined them regardless of the potential for new business. They will sniff you out if your true purpose is only to drum up business. They've definitely seen that before. I'd refrain from any attempt of trying to discuss your business.

Which means you need to have regular business closing while pursuing additional opportunities.

Dr. Sanjay Tolani describes it like a heartbeat. The flat lines (regular business) keeps you paid. The big lines help you become rich.



Having something to say is far more important than having someone to say it to. Once you have something to say, then meeting people helps.

 

[tikibarrister]

He also became good enough in golf to get a hole in one.

A hole in one is due to luck, not skill. I’ve only played golf about 10 times in my life, yet I did have a hole in one once. Tiger Woods has played tons of thousands of games of golf, and he has 20. Arnold Palmer probably played the same and I had 21. If it was about skill, those guys would have had a ton.