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Many advisors know the easiest way to insert yourself into the local HNW community is to frequent the same places they visit. Ending the day at a bar frequented by engineers or lawyers will likely find you surrounded by those professions. Another actor or stage who can help you is the person behind the bar. That’s the bartender.
A financial advisor in New York realized plenty of major American firms have their corporate headquarters in Midtown Manhattan. Executives fly into town for meetings. They stay at local hotels and visit expense account restaurants. How could he capitalize on this opportunity?
He found a steakhouse and made friends with the bartender. This likely happened over frequent visits. The TV over the bar was set to the financial news cable channel. His strategy was simple. People with reservations often wait at the bar for the rest of their guests or until their table is ready. They watch the financial news. Some engage the bartender in conversation about the stock market.
The bartender says: “If you want to talk about the stock market, you should really talk to that guy over there.” He indicates the advisor at the end of the bar. If the patron comes over, the advisor takes it from there.
The country club environment is another opportunity to cultivate relationships. Again, the bartender is your supportive partner. A retired executive explained this works in two ways.
The first is by sharing information. Although the chair of the membership committee knows all the new members, so does the bartender, if they order drinks. The executive would be a regular at the bar, sitting on a barstool. The bartender would say: “See that woman over there – She is a new member. Here’s her story...” The executive could go over and say hello, welcoming her into the club.
The second is by talking about the friendly member. Suppose a new member is sitting at the bar. It’s a quiet night. The bartender welcomes the new member and shares some advice: “Welcome to the club. You are a new member. See that guy over there – That is someone you want to know. He has been a member forever. He knows everyone.” The new member walks over and introduces himself to the advisor.
All these are gentle, soft strategies that ease the process of making that initial connection and getting into conversation.