Acquiring clients by teaching university courses

My practice is all really built around financial education. So all of my prospects and clients come from classes I teach at universities. We take them through a four-week class. It’s supposed to be 10 hours, so 2½ hours per week, but we always end up running over. I work in personal client stories and things that I’ve seen over the 29 years that I’ve been doing this. Then at the end of the course, we offer them a free 90-minute consultation.

The only price of admission for them is to complete our homework packet — they’re supposed to be doing a little bit of it each week. They turn that in at week four of the class, and then we will have an appointment with them. From that, we turn a certain number of them into clients. We follow this process with everybody. It really has changed what we do from a prospecting standpoint. I don’t know the last time I made outbound phone calls other than returning calls. I’m using this as a way to attract the people who want the type of work we provide, which is retirement planning.

Ultimately I’ll answer any questions they have. I don’t say they have to become a client before that. I do find myself giving a bunch of things away for free in the context of the class. The surprising thing that comes out of it is, as you’re going through the four weeks, you always think that you can pick who’s going to be the best client or the most fun to work with, and you’re almost never right. I’ve had people that I thought for sure would do an appointment that didn’t, and we never talked to them again after week four. I’ve had people that seemed a bit crazy and thought there’s no way they’re going to come in for a meeting, but they come in for the meeting and say, “We took the class, we’re hiring you.” There’s not even any hesitation at all.

I’m just always shocked at what comes out of it. It’s been a really fun ride and we’re continuing it.

Mark D. Olson, MSFS, CFP, is a 20-year MDRT member from Austin, Texas. Hear more in the August episode of the MDRT Podcast: