Case Study

LifeCourse Navigation™ Seminar

Submitted by Todd Dathe

A.G. Edwards Advisor

SHOOTING FOR THE MOON AND REACHING IT

WITH $11,000,000+ IN NEW ASSETS

Why LifeCourse?

Todd Dathe has been a financial advisor since 2000 and joined A.G. Edwards in Sioux Falls, South Dakota one year ago.  Most financial advisors doing seminars in his area are focused on products.   Todd believes that this approach often puts you in a “box” with your prospects.  If the idea applies to them that is great, however, if it doesn’t you have likely wasted their time and yours.  Therefore, Todd was looking for a program that could break through the clutter of the typical product-oriented financial seminars, and that applied to his entire prospect audience.  LifeCourse accomplished this goal.  LifeCourse is a new and different approach that steers away from charts, graphs and products.  It focuses on the fact that people are living longer, retiring earlier, and dealing with problems relating to aging that no other generation has had to face.  In short they are experiencing the longevity revolution.  This experience is un-chartered territory and to be successful it requires a great deal of financial planning regardless of age.

Todd’s Success Story

Todd’s recipe for success includes the creation of a systemized, consistent approach to developing business that incorporates pre-marketing, event marketing and post-marketing activities.  Below is a description of his workplan to seminar marketing.

Pre-Marketing Activities

1. Todd’s goal was to know each and every slide in the seminar as well as the script/purpose behind each slide.  The process was simple memorization through repetition, and Todd devoted a couple of weeks learning the program thoroughly.  In addition, reading Age Power, plus several other studies related to aging, including many on healthcare and long-term care was helpful.   Practice in front of a group is encouraged.  However, Todd’s first session was live in front of prospects.

2. Step two involves getting people to the seminar.  Without a list of ideal clients, it was necessary to look outside the book of business and “warm” market.   The 4x6 invitation providing on the LifeCourse Promotional Materials CD was customized and mailed to prospects in a geographical region within 50 minutes of the office.  An incoming phone line was set up just to take reservations.

3. A dinner seminar offered 3 evenings a week (Tuesday, Wednesday and Thursday) at 6:30 pm was the vehicle used to attract prospects.  This mailing and event was repeated every 6-8 weeks.  A local restaurant was chosen with a private room that could accommodate 60 people, a number large enough to ensure a high likelihood of active prospects yet small enough to create an intimate and interactive setting.  A nice restaurant becomes a destination location for attendees even if there was no speaker.  The presentation was delivered prior to dinner being served.  The room should be private and free of distraction.  Excellent service by the staff is an important attribute in selecting the venue.  Todd is of the opinion that for many people the incentive to attend the program is a free dinner, so he created the best possible environment.  No discounts from the restaurant were received and there was a fee for a private room.
   
   Based on the events held to date, Todd fills the room to capacity and at times, even, unfortunately, has to turn people away for another evening.  Infrequent low turnouts were a result of fewer invitations mailed.  Clearly, the more invites you mail the more likely the room will be full.  

4. Presentation equipment was important and Todd invested significant upfront dollars to ensure that he was not reliant on the host site for technology.  This cost was approximately $2000.  You can spend more; you probably can’t get by for much less.  Sound amplification is advisable, and if you buy speakers at Radio Shack, it will add another $200.

5. A critical step in planning the event included personal calls by Todd or his assistant to all prospective attendees one or two days prior to the event as a reminder of the place and time.  The results were high attendance and a very low no show rate. 

Event Marketing Activities -- Let the Program Begin

1. Upon arrival, attendees are personally greeted by Todd’s assistant and asked to please sign in.  All tables are intimate and accommodate a maximum of six.  Very rarely someone will refuse to provide name, address, phone number etc.  Don’t let them get you down.  Simply seat these people all the way in the front, right next to the projector.  The closer they are to you when you are speaking the less harm they can do.  Often this table is used for invitees that are clearly there just for the free meal – a trait easily discernable among some.

2. A folder including a response form (prepared by Todd’s assistant), company brochure about Todd and the Person, Hosek, Farrell and Dathe Financial Group, and a workbook is distributed to each attendee.  Pens are provided to encourage taking notes.  The expectation that the program is interactive, including workbook exercises, is addressed in the introduction.

3. Once the participants are seated, Joe Farrell, one of Todd’s business partners, begins the show with a joke.  He then describes the Person, Hosek, Farrell, and Dathe team and their philosophy of planning.  Joe’s role is to create a non-sales environment and give a 5 minute  introduction of what the people are about to hear.  Joe then introduces Todd as the main speaker. The approach is to relax the audience and inform them that there will be NO OBLIGATIONS, NO SALES PITCHES, NO PRESSURE.  Before turning the microphone over to Todd, Joe asks the group to “sit back, relax and enjoy the program – at times it will be funny, at times, serious and we hope this will be a great way for you to meet new people and have a fabulous meal.” 

4. After a brief greeting, Todd launches into the program with his first interactive exercise:  “What do you think old is?”   Very rarely will people shout out the answer.  It is important to be comfortable in front of a crowd.  If they answer fine, otherwise help them along.   Todd asks many proactive questions to assist them such as: 

• What would you do if you knew you were going to live to be 100 years old or older?
• How many of you know exactly what investments you own and how they are performing?
• How many of you know someone who currently is retired but is living a miserable existence?

You can make up whatever questions you want; this is largely stylistic.

5. Throughout the presentation, Todd never mentions any products.  However, he weaves in the importance of creating a financial plan for many circumstances that will occur in life such as caregiving, widowhood, college funding.  He also explains how costs such as these are changing i.e. college is more expensive and most high school students attend, assisted living is more prevalent and expensive,  etc.

6. At the conclusion of the program Todd asks if there are any questions and thanks the audience for their attention and participation.  Joe Farrell then comes back up and does a quick wrap up.  He stresses to the audience that everyone has a different view of retirement and that it is important to plan for the one that is most applicable to you.  He asks the audience how many people would like to be “ageless explorers” or “comfortably contents”.  Joe continues by explaining “Whatever you want is fine; however, it is safe to say that most of you do not want to be ‘sick and tireds‘.” He encourages the group that they need to plan and suggests they go home dig out all their statements (brokerage, LTC, Life, Mutual funds, etc.) and then schedule a time to meet with our team.  Joe concludes by saying “Now!  We all know that you just came for the free meal.  However, what do you have to lose by meeting with us for an hour?”

7. Todd and Joe say goodbye and let the group enjoy their meal without interruption by them or their colleagues.  As the group enjoys their meal, they engage in a lively discussion about the seminar, and other topics.  Their view is that the most important part of their approach is that attendees do not feel pressure

Post-Marketing Activities

This next step is undoubtedly the most important aspect of Todd’s marketing plan.  He personally calls each and every attendee within 48 hours after the event to ask them how they enjoyed the presentation and to see if they would like to schedule a free consultation. 

The Proof is in the Work

• 50% of attendees schedule follow-up meetings.
• 80% of those that schedule keep their appointment
• 80% of follow-meetings are converted into clients.
• Since the first seminar 10 months ago Todd has accumulated $11,114,000 in new assets
• Todd has earned $325,000 in INCREMENTAL commissions and fees.

Lessons Learned 

1. Create a formal, systemized and consistent plan to seminar marketing.
2. Be truthful with your audience and begin to build trust and credibility with them by doing what you say you are going to do.  Do what is right for the client first and foremost.  Clients find out when they have been mistreated.  Everyone of my clients had at least one broker before me. 
3. Be personally hands on and follow up immediately after the event while the material is still fresh on everyone’s mind.

Summary

Lifecourse Navigation™  is a wonderful turnkey program that speaks to audiences of all ages.  I have had people from the age of 25 to 90 attend my seminar and the feedback has been resoundingly positive.  It has changed the focus of my business and is dollar for dollar one of the best business investments I have ever made.