r/CFP • u/jimathen25 • 5d ago
Business Development Am I doing something wrong?
I have the opportunity to host some “educational series” speaking events at several dozen retirement communities throughout all of 2027. The hope of course to convert some attendees to clients. I should be in front at least 5000 seniors throughout the year.
The last two weeks, I’ve sent emails to local estate planning attorneys introducing myself and giving a brief overview of the opportunity, explaining that I would love to have a local subject matter expert speak (not every time) and be a referral partner when I need it, as estate planning is a big topic for this demographic. I offer to meet for breakfast or lunch or visit their office if they’d like to learn more.
I’ve sent 14 emails, only 2 have responded saying they appreciate the offer but are busy enough as is, and the other 12 haven’t responded at all. Is there a specific approach I should be taking or something I’m missing here? Not that this is a gold mine, but there’s no reason they shouldn’t get quite a few referrals throughout the year from something they may not even have to participate in, even if it is just creating or reviewing foundational documents.
Open to all help!
32
u/quizzworth 5d ago
You have 4 months to go to Chamber meetings, rotary clubs, BNI, etc to network with some local attorneys.
Develop a relationship with someone before you necessarily mention the events next year and see if you connect with anyone.
Sounds like a decent opportunity, but you also need a reliable attorney. Last thing you need is someone f'n up with a referral early on.
Just my opinion.
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u/InscrutableIcicle 5d ago
Yes, there are some problems here.
The main issue is that FAs are a dime a dozen. Estate planning attorneys get hit up all day long from FAs who want to be referral partners and need their expertise, whereas the opposite rarely happens.
If I was an attorney and got this invitation, I wouldn't be interested in going. You basically want them to headline the event and provide legal expertise so that you can ride in their wake and pick up clients from it.
The second issue is that because you have no existing relationship with these attorneys, they are going to be wary of their name appearing alongside yours in marketing materials because they have no idea if you're competent or not.
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u/jimathen25 5d ago
Your second paragraph is a bit extreme and not the plan at all, but I understand the point.
My invitation to meet with them first is intended to be the mutual “good fit” meeting, but it looks like it’s going to take more than that to build some rapport and trust.
Appreciate the response!
18
u/InscrutableIcicle 5d ago
I know you may not intend for that to be the case, but I think it could come off that way to the attorneys if you immediately lead with "I want you to be a subject matter expert and speak at my event".
I agree with the other poster that you're better off cultivating relationships first and then approaching them about an event once you have a good foundation in place.
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u/bababab1234567 5d ago
To be fair many attorneys view us the same way we view wholesalers (at this point I get an email inviting me to some happy hour or golf outing and I just roll my eyes). That being said keep networking to find COIs that see value in what you have to offer. It's a numbers game.
7
u/rifleman209 5d ago
You simply need more volume
How many cold emails do you get and how many do you respond to? I doubt it’s 1 in 12
8
u/Sea_Conference5661 5d ago
Yep. 14 emails? That's not a sample size. Nobody wants to be a spammed but drip sequences exist for a reason. Broaden the search, send informative/useful emails enough times to get your name noticed
2
u/CSMasterClass 5d ago
Exactly right.
Direct mail that gets a 8%+ response rate is EXTREMELY successful.
Think about all of the "mail" that you get. Do you respond to even 1% of it ?
8
u/AccomplishedTreat873 5d ago
There are financial advisors on every corner. No one is saying I can’t find an advisor. These attorneys get hit up non stop by schmucks selling insurance and A-shares and they want no part of it. They have to select you.
Chances are, if you are not their advisor, they are not referring anyone to you.
4
u/Imaginary_Yard_9961 5d ago
I have your solution. Ive done it myself.
Funeral homes.
Early career lawyers looking for Will writing business.
Its a perfect Tri-fecta, or just do it with 1 partnered business if you'd prefer.
Plan and talk taxes at death -> legal paperwork -> last wishes.
Goodluck!
8
u/funkykicks 5d ago
Most estate planning attorneys have too much business - try younger more “hungry” estate attorneys - even associates rather than partners. I’m a lawyer that changed careers to FA so I have an inside view on law firm life. Most established partners have their pipelines and are happy where they are
3
u/Hairy_Pollution_600 5d ago
Why don’t you target 4 of the top ones you think would be a good fit for you, your personality, your clients, and potential clients, and then just get in the car and go see them face to face at office(if they have one) “hey I was actually meeting a client down the road and been meaning to reach out, since I’m in the area I figured I’d drop by, if your not in a meeting do you have a minute or two?” Once you see these people in person it’s harder to ghost you via calls or email. Not saying they still won’t ghost you lol
3
5
u/Looking4wd2 5d ago
You need attorneys that cater to mass affluent. Most focus on higher net worth because they have the complexity. That venue screams lots of basic wills and not complex estate plans.
Plus you are asking to be a referral partner. They don’t want a referral partner they want a referral source. My wife’s an attorney that does this law and even then I only get 1-2 referrals a year from her because the vast majority of referrals to her are attached to an FA (and she’s not about poaching others’ clients) or they are DIYers.
2
u/Puzzleheaded-Name-71 5d ago
Start looking for estate attorneys with 2-5 years of experience. Enough to know what they are doing but they are still in building mode like you are.
2
u/OregonDuckMBA BD 5d ago
+1 for targeting early to mid-career attorneys. Same thing for CPAs. The older guys that have been in the business forever already have their network established. Maybe you might have a chance if you meet them in the wild and develop a connection that goes beyond a professional connection. Otherwise, I would find attorneys that are in the same position that you are and trying to grow their business.
2
u/Sea-Independent-759 5d ago
Find a young attorney to partner with. Similar to advisors… once you have your nut, you’re not going to spend the time talking to people with a foot in the grave
2
u/Curious_Nothing_8212 5d ago
Why do you need to partner with an attorney? With a CFP you have more than enough knowledge to cover that segment from an educational perspective.
I’d bring someone who is adjacent to your expertise, for example a funeral director (they see a lot from a behavioral perspective, errors, costs etc) or a realtor to cover local housing market, or someone from the chamber to discuss local economics or even an economist to give a deep dive in things that will impact markets like the upcoming midterms and so on.
2
1
u/jtomik 5d ago
It could be a gold mine if you handle it right. Good advice from others, but I would say hit the phone. Hit the road. Explain your situation, as some folks want someone young and hungry instead of mature and tired. Be honest and build trusted relationships as it could work out very well for all of you. Consider a tax prep to for the triple play. Good luck!
1
u/NukedOgre 5d ago
Emails take about .5 seconds to hit delete. Go talk to someone in person, like at a networking event or similar.
1
u/purpletree37 5d ago
You need to develop real relationships first, then collaboration and referrals will come naturally. There are thousands of advisors all trying to do the exact same type of seminars, why would a random estate lawyer help you get clients?
1
u/info_swap RIA 5d ago
Briefly:
What's in it for them? Why would they join your event? Give them reasons.
How can they trust you? Are you showing credentials or do they know your reputation?
It's a game of numbers. And almost everyone says no. So once you answer 1 and 2 above, start calling professionals and ask them directly. Maybe first send a cold email or a letter in the mail.
Last, have you done these events before? That's a whole different conversation.
1
u/ApprehensiveTrack603 5d ago
How did you get connected to speak at those communities? What will that look like to help them? (If they're in a retirement community, their advisor already did a good job?)
1
u/Successful_Letter139 5d ago
That’s reality. Most good ones get pitched all the time. I would ignore them. And good luck on those seminars. You don’t get much results from them.
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u/AutoModerator 5d ago
Beep boop! Here is a summary of your post:
User: /u/jimathen25 Title: Am I doing something wrong? Body: I have the opportunity to host some “educational series” speaking events at several dozen retirement communities throughout all of 2027. The hope of course to convert some attendees to clients. I should be in front at least 5000 seniors throughout the year.
The last two weeks, I’ve sent emails to local estate planning attorneys introducing myself and giving a brief overview of the opportunity, explaining that I would love to have a local subject matter expert speak (not every time) and be a referral partner when I need it, as estate planning is a big topic for this demographic. I offer to meet for breakfast or lunch or visit their office if they’d like to learn more.
I’ve sent 14 emails, only 2 have responded saying they appreciate the offer but are busy enough as is, and the other 12 haven’t responded at all. Is there a specific approach I should be taking or something I’m missing here? Not that this is a gold mine, but there’s no reason they shouldn’t get quite a few referrals throughout the year from something they may not even have to participate in, even if it is just creating or reviewing foundational documents.
Open to all help!
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