Advisor Today - September 2008

Lee aligned herself with contractor associations and started prospecting through those groups. “If there’s a market you are going after, become an association member,” she recommends. “Going to networking events is a good way to get started.” But it is not enough. Follow-through is important, she stresses.

you to others within that group.

That’s why networking is a primary prospecting tactic for Jaramillo’s firm. For example, she’s part of a Dominican bar association, which opens doors to prospects in a specific Hispanic legal community, and has participated in a similar networking group on Wall Street.

High-tech prospecting

Recently, she started augmenting her in-person activities with electronic prospecting. “When you join associations, you often get email addresses of members,” Lee says. She uses them— and an email tool called e-Relationship—to prospect for new customers and boost sales to existing ones. First, she notifies prospects that she plans to send periodic information, allowing recipients to opt in or out.

For those who accept, she sends storyboards on various topics. If someone clicks through on one of Ra these boards, he gets product information and can request follow-up. “That’s worked very well,” she ^pdexplains. Storyboards help her reach more pros- H^roiois^s_ppis _ae a _ncn _it_ci^o_nt _cgh _o _mt^eo^r_mo e_lf _u i^f_nne _i c _ttyhti

_.ev e pects. “It’s harder and harder to get people on the phone these days,” she notes. “Email is more comfortable. It’s worked well and is probably one of the Her nonprofit work allows Jaramillo to combine personal least expensive things I’ve done for marketing.” and business goals. “It’s important to support the commu-Association-based prospecting works better when nities that make up your target market of prospects,” advisors are comfortable with the market, Lee says. she says. At the same time, she builds trust with indi- “A lot of people spent years doing something else viduals, which leads to referrals down the line. before they entered the insurance field,” she notes. Jaramillo also prospects through education. “Peo- “Those who have a history in a particular busi- ple in the Hispanic community like to be educated,” ness will find it much easier to enter it because she explains. One nonprofit organization she works they speak the same language.” with provides financial literacy education. She does the financial-services pieces—helping prospects understand C Bonnecting with Hispanics IRAs and other tools, why they are needed, how to save for ellaria Jaramillo, CFP, managing director of education and more.

Wealth Financial Group, a MetLife sales agen- Radio is another effective prospecting tool. “In the His-cy with three locations in northern and central New panic community, radio is the number one way to commu-Jersey, takes “speak the same language” literally nicate,” Jaramillo explains. “Many Hispanics listen to the when prospecting. Her forte is prospecting in the radio all the time. It’s part of their culture.” Talk radio is Hispanic market—markets, actually. particularly popular. “We’ve done major campaigns that Most non-Spanish-speaking peop le generated local leads,” she notes. “I’ve don’t recognize the variety in the His- also done interviews, when people call in panic market. “We all speak the same POWER-PACKED and ask questions aboutinsurance.” language but have very different cul- PROSPECTING The interest demonstrated during tures,” says Jaramillo, a native of Vene- _•_Choose _your _niche _carefully.these talk shows points to another im-zuela. “For instance, people from Central portant factor in prospecting to Hispan-America behave differently from people ^•^Use ^technology ^to ^help ^find ics. “They know they need insurance,” from the islands—Puerto Rico, Santo ^the ^right ^prospects.she says. What they don’t understand is Domingo, Cuba.” •Make sure you are comfort- why they need it now. “There’s no sense

Still, commonalities exist among the able with the market you of urgency. groups. Relationship-building is key. ^have ^chosen ^and ^that ^you “We try to help them understand how “Communities are very tight-knit,” Jara- ^understand ^it ^thoroughly.their health can change and why they millo explains. “Word-of-mouth is a fast •Master the art of prospect- need coverage,” she explains. In the Span-way for us to prospect.” Do well with a ing and marketing. ish culture, the husband works and the particular group and they’ll gladly refer Continued on Page 56

T Sips for success he offers insurance and financial-planning advice to association members and business and charitable organizations. “Nonprofit organizations require financial services,” she explains. “Most have a pool of money set aside for different activities and events and need to have that money in some kind of investment vehicle.”