Farmers — particularly those approaching retirement — represent an opportunity to build your book, according to April-Lynn Levitt, a coach with the Personal Coach in Calgary.
“There’s definitely opportunity,” says Levitt, who works exclusively with financial advisors in western Canada. “As more farmers are getting older and more commercial operations are taking over, they’re selling their land and their kids are not wanting to go into farming.”
It takes more than a pair of cowboy boots to win over these clients. Here are a few tips to get started:
> Define your market
Outline exactly which members of the farming community you want to work with. Start by identifying the characteristics of your ideal client, says Mark Vanderkam, owner of Vancouver-based Western Business Consulting Ltd.
Those characteristics can include net worth, revenue, geography or even acreage.
> Become an expert
Find ways in which you can set yourself apart from your competition and provide better service to your target group. Tailor a service package that will meet you subgroup of farmers’ specific financial needs, says Vanderkam.
Establish yourself as an expert on issues that are important to your chosen market. Levitt recommends focusing on a more holistic advice approach. For example focus on the tax and estate planning issues that specifically affect the farming community. Also, learn about the larger economic events that directly affect the farming community.
> Maintain the right attitude
When reaching out to rural prospects, ensure you are on their wavelength. Take the time to get to know your clients and their community.
“You have to be careful that you’re matching the right brand and personality with the client,” says Levitt. “You’re probably not going to want to [visit a farmer/prospect] wearing a three-piece suit.”
Farmers generally have traditional family values, Levitt has found, and advisors who share those values and demonstrate a “down to earth” personality resonate best with that community.
Be careful not to stereotype, however. Today’s farmers are not necessarily “simple country folk,” Vanderkam says. Many are savvy businesspeople with a sophisticated world view.
“In this Internet age,” he says. “They could be sitting in the most rural place in the world and they get up every morning and read The New York Times.”
> Organize your time
Time management is always important, but it is especially crucial to serving the farming community.
Farmers often live far from one another and can’t leave their land. Therefore, you must calculate travel time when scheduling meetings, Levitt says.
You can work with members of rural communities even if you’re based in a city. It’s all a matter of time management. Levitt tells of one advisor who drives from Calgary to a rural area, meeting with clients at his hotel.
> Be persistent
Don’t give up if a prospect says he or she is unavailable.
Farmer’s often become extremely busy because of the nature of their work, Levitt says. If you approach them again they will appreciate your persistence.
IE