Financial advisors usually don’t have success with shotgun marketing. Their service is hyper-specialized, and ideal clients need to meet a long list of criteria. The most important piece of criteria for prospects is that they have a high net worth. FAs want to fall into the good graces of wealthy people, and spending time in the right places helps an awful lot.

When Financial Advisors join certain clubs, organizations, and associations, they put themselves in an advantageous position. By belonging to these clubs, they create significant commonalities with prospects. Membership also allows financial advisors to avoid the hard sale, which rarely appeals to the rich. High net worth clients prefer to be wined and dined—they’re not looking to be bombarded with an elevator pitch.

Here are a list of clubs and groups that can help financial advisors get clients:

Local Country Club

It might seem obvious, but wealthy people spend time at country clubs. The best part about belonging is that you can operate as an acquaintance and build rapport without the pressure of doing business. Spend time giving out free advice, and familiarizing fellow members with what you do. Then let the clients come to you.

Chamber of Commerce

Community movers and shakers usually participate in the local chamber of commerce. FAs should feel free to be a bit more direct in their pitching (it is a business environment) but they should always lead with immediate value. Once you garner a reputation for good service, people will come to you.

Charitable Causes

Wealthy people often enjoyed having a social component to their philanthropy. Events and dinners are fertile ground for elbow rubbing. When people see that FAs are passionate about a good cause, it will positively reflect on their character and their business. Also, charities offer tax incentives to those who donate, and if FAs can help participants navigate some of these complicated loopholes, it will trigger a cycle of reciprocity.

Hobbies

Whether it’s golf, classic cars, cycling, or surfing, nearly every hobby has a club of enthusiasts. The best part for a financial advisor is the more passionate they are, the more likely it is that they will build connections with other members and turn them into clients.

Financial advisors always have to be mindful of how they hold their free time accountable. Some of these clubs can be costly, and FAs need to mind their expenses against profits. That said, it’s always lucrative to kill two birds with one stone, and if FAs can pursue passions and leisure activities while building their book of business, everybody wins.