Jim Bowen • Indialantic, FL
JD Bowen Financial Group • LPL Financial
Our firm has tried a number of ways to solicit new prospects: direct mail, seminars, appearing on local radio, and other tactics. Each has its benefits, but the bottom line always comes back to how cost-effective or time-effective a marketing program really is.
We have found that we get the best return on our investment through referrals directly from current clients. We are located on the Space Coast in Florida, which has a fairly high concentration of technology and aerospace companies. A number of our clients have come from these industries, and a good percentage of those are engineers who are close to retirement or are already retired.
They have had successful careers but most do not qualify as high-net-worth. They are concerned about retirement income. We have built our practice around providing a high level of service and specializing in income-producing investments and preservation of principal. It seems like a natural extension of our message to use our current client base to help us reach out to new prospects.
We do not do that in an overt sales-pitch way, but keep it low-key, and hopefully fun, through a number of events that are directed to clients. We host a semi-annual market review, which might include something like an ice cream social on a hot summer day. And in February, we have a Valentine’s luncheon specifically for our female clients. Lunch-and-learn informal discussions are popular on a current topic of interest, like preventing identity theft or enhancing computer security.
One technique that has worked particularly well for us is to arrange a client lunch and ask the client to bring a friend or relative. We will have an informal conversation about all of our interests, our families, and our lives. The topic of investments or financial planning does not come up, unless the prospect wants to bring it up. But they can make a decision whether they are comfortable talking to me and can relate to me as a person. If they then want to take the next step, it is up to them, totally on their own timetable.
We have found these types of events represent the best way to spend our marketing money. They not only strengthen current client relationships, they open the door in a positive way for bringing in new clients.
Disclosure: Jim Bowen is a registered representative with and securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRA & SIPC. Investing involves risk, including potential loss of principal. No strategy ensures success or protects against a loss. JD Bowen Financial Group is a separate unaffiliated entity from LPL Financial.
Photography by Cy Cyr
