6 Creative Ways to Find and Attract Retirement Clients

As a financial professional, prospecting for new clients can be a challenging, time-consuming, and frustrating part of your day. With consumers constantly being bombarded by ads, marketing campaigns, and sales opportunities, it can be difficult (and potentially costly) to make your practice stand out and get noticed by prospective clients.

Adjusting your efforts based on specific audience demographics can often make it easier to develop an effective prospecting strategy for your practice. For Baby Boomers and those nearing retirement, marketing and branding yourself as a retirement planning expert can be a great way to establish a direct pipeline between your practice and pre-retirees in your community. 

As this iconic generation is quickly approaching retirement, financial professionals are uniquely positioned to provide the much-needed expertise, financial resources, and investment advice these individuals want and need. With an average retirement savings of just $152,000*, these prospective clients will need your help navigating a multitude of retirement concerns and challenges if they hope to live a comfortable retirement.

Here are the top creative and effective prospecting strategies we’ve seen financial professionals utilize to position themselves as retirement planning experts in their community.

“Out-of-the-Office” Lunch and Learns

Free food may be one of the best ways to get the attention of prospective clients, who doesn’t like a free lunch? But rather than hosting a traditional lunch and learn at your office, consider going the extra mile and partner with a local wine bar, brewery, coffee shop, or even cigar bar to put on small, intimate events for existing clients and prospects every few months. Coupling a unique venue with a catered lunch, charcuterie board, dessert bar, or beer tasting can not only help you get people to your event, but it’s also a nice touch that prospective clients will enjoy and remember.

Tip – Ensure your next lunch and learn/prospective event is a success by leveraging your existing clients. Extend a personal invite to existing clients and encourage them to bring a guest — this will also help with client retention.

Build Strategic Alliances

Baby Boomers often need to solicit advice and help from professionals across a variety of industries. Developing strategic alliances with peers across a variety of essential services can help you create a strong referral pipeline. Reach out to lawyers, estate attorneys, CPAs, and insurance agents in your community to discuss how you can support their clients and vice versa.

It’s important to note that these types of referral relationships take time to develop. Regular conversations with your referral partners are essential to keep the pipeline flowing. Consider setting up a monthly meeting at a local coffee shop with your referral partners to discuss opportunities and areas of interest.

Tip – While CPAs, attorneys, and insurance agents are often your best sources for client referrals, don’t overlook other hard-working professionals in your community. Your local hairdresser, golf caddy, landscaper, realtor, and therapist can all be good referral sources for your practice.  

Throw Retirement Parties

When it comes to prospecting, your existing clients are your best source of new business. In general, people are 400% more likely to become a client when referred by a friend, according to a study by the advisor coach**. But it can take years for clients to feel comfortable enough to refer their friends to your practice.

Rather than waiting for your clients to refer their friends your way, meet them halfway by throwing retirement parties for your clients. A retirement party is a fun way to not only celebrate your client’s achievements, but it can also allow you to introduce yourself and your practice to your clients’ friends, colleagues, and family members.

Connect With Local Media Outlets

Despite all the entertainment sources out there vying for our attention, your local newspaper and tv station likely remain two of the most-watched news, entertainment, and information sources for Baby Boomers and pre-retirees in your community. These local sources are a fantastic place to promote yourself as a retirement planning expert.

On the news side, be sure to connect with local journalists and offer yourself as a potential source for future stories. Don’t be afraid to reach out with potential story ideas as well. If you’re a good writer, consider offering your services by writing a monthly column/blog that can be published online or in print.

While advertising can be expensive, it’s often worth it to sit down with an advertising representative to discuss options and get a better idea of what advertising opportunities and sponsorships they have available. You may be surprised by how often they are willing to work with you to find opportunities that fit your needs and budget.

Community Organizations and Events

From your local chamber of commerce and rotary club to recreational sports leagues, charitable causes, and community festivals, often the best opportunities for prospecting and forming connections are in casual settings outside the office. If you’re not actively engaging with local groups in your community, you’re likely missing out on major opportunities to engage with Baby Boomers and pre-retirees.

When choosing which organizations, causes, events, and activities to get involved with, be sure to consider both your passions and interests, as well as those of your prospective clients. We recommend participating in a broad spectrum of activities to maximize your reach, including civic, religious, charitable, sporting, and more.  

We recommend starting with your top Baby Boomer clients. Ideally, individuals who have been with you for years and are likely already singing your praises to their friends and colleagues. Be sure to make each party memorable and unique with champagne, catered appetizers/food from your client’s favorite restaurant, and some quick and easy decoration. This all helps create a great impression of your practice!

Create a Recognition Program

Give your Baby Boomer clients another reason to brag about your practice through a recognition program. Whenever a client celebrates a birthday, anniversary, or major milestone in life, send them a personalized gift – things like chocolates, a nice bottle of wine, gift certificates to local stores or restaurants, etc. This not only shows your appreciation for their business, but it can also motivate them to share their experience with more of their friends, family, partners, and colleagues.

When it comes to building your practice, prospecting is an essential component of your marketing and business strategy. An effective prospecting strategy utilizes a variety of techniques and referral ideas to help you reach each of your client demographics – Baby Boomers, Millennials, etc. After all, what works and appeals to one group, won’t necessarily be received as well by another.

The creative ideas outlined above are a great place to start if you’re looking to bring in more business from Baby Boomers and pre-retirees this year. Many of the ideas are based on a boots on the ground-type approach to prospecting that Baby Boomers tend to expect from financial advisors. As such, we highly recommend implementing 2 to 3 of the above ideas into your prospecting strategy.

Be sure to reach out to your dedicated WealthVest wholesaler to learn more about these creative ideas or to discuss other referral techniques, ideas, and opportunities.

For more tips, advice, information, research, and resources to help build your practice, be sure to visit our Blog and subscribe to the Monthly Report, WealthVest’s e-newsletter.

* TCRS annual RETIREMENT SURVEY. Transamerica Institute. (n.d.). https://www.transamericacenter.org/retirement-research/retirement-survey?year=2019.

** 7 client Referral ideas to help you get more referrals. THE ADVISOR COACH. (n.d.). https://www.theadvisorcoach.com/7-client-referral-ideas-to-help-you-get-more-referrals.html.

For Financial Professional use only. Not approved for public distribution.