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.

 

[walthamny]

I am super shy and also totally un-coachable nevertheless I can relate to this post.

You dont have to join an organization physically. You can join whatsapp, linkedin, facebook etc groups. If you are active in them and you are not advertising yourself, you will do fine. Last month I helped a person with a travel insurance claim from a foreign insurance company. In the next few weeks I made $1800 through the link on my website related to that cost. I did not post my link on the reply. You have to make yourself available to give positive contribution to the groups. If they private message me I say you can work with me or here is what to look for in an insurance agent. I would never take cheap term insurance rates and post them to groups hoping for a click. You will get ignored in most groups.

Also if you post a link on a page like Nextdoor you are positioning yourself as looking for a customer/new sales. Thats a bad idea. You will usually invite your competition to post their links also and now people start ignoring sales posts. Only and only post advice and information. Sure your profile can have your link. If they are interested they will find you. Watch for local businesses that are being recommended by others. If they are receiving positive reviews go introduce yourself and make them your client. And tell them how you heard about them. Most small businesses pay attention to whats being said about them. And they may even mention you if someone else asks anything about insurance. Posts like that are much more powerful then your own posting of your website.

 

[Tahoe Ray]

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.

If you really had a hole-in-one playing golf 10 times I truly hate you.

 

[tikibarrister]

If you really had a hole-in-one playing golf 10 times I truly hate you.

This was circa 1988 at a company event, back when I was in office supply sales.

Funny thing is that a dealer was running a promo that offered a brand new car for free to anyone who hit a hole-in-one...on a hole in the back nine. Mine was on the front nine, so I didn't win.

I was curious about this promo. The dealer said they paid some absurdly low insurance premium that covered them in case anyone won...I want to say it was like $100 or something, very cheap (and remember this is 1988). They frequently ran these promos, which I thought was a clever low-cost marketing angle.

Looking back, I think my general interest in insurance started that day.

 

[GoPokes]

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?

What is considered HNW ?

You could join a country club that has a 6 figure initiation fee... one of my friends has a membership, cost 200k to join, all the members are HNW. It's an equity membership, so you could say it's an investment.

If you're not social inclined, I suppose you have to fake it until you make it.

 

[PrivClientSG]

Building a "network" of HNW clients -- takes place on an exponential curve. is not simply about joining this, or hanging out there, etc. People are in this business for decades before they graduate and successfully build up a HNW clientele, and more importantly, successfully get introduced to other potential HNW clients. There are no shortcuts here.

That said, early in one's career, you can network in this marketplace, get referrals and introductions to others in this marketplace -- but the real results come, when you become successful (financially that is) and you become one of these HNW people. Then they look at you as a peer, a
constituent, as you are one of them.