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Hi all, I’ve been a DMM for almost 6 years now but I recently moved to a less populated area of NJ, it coincided with several of my clients passing away all in about a year of each other, which is unfortunately the downside to this job. Some suddenly, others after a long illness. I’ve been networking nonstop for about a year and a half now around the new location and haven’t managed to get any new clients… Occasionally I’ll get a call from someone who heard of me but is too far to travel to and I’ll refer them out (and while I sometimes question that decision, I can’t spend an hour each way in a car for every client). I’m meeting tons of senior professionals, I follow up with them, offer to have coffee etc, but it never translates into business. I find it hard to believe none of them know seniors that need assistance. And I’ve usually picked up clients through other DMMs, care managers and several times the adult children. I’m getting frustrated! What am I missing?
I’ve done some speaking but I find that doesn’t result in anything either, I’ll have to broaden that to speaking with other professionals and not just the seniors themselves.
Jennifer, don’t give up! It takes time to develop a reputation where others will feel confident entrusting you with their business … or referring others to you for assistance. It’s all about relationships, right? Have you gotten involved in a local nonprofit organization; church; or other organization/venue where people can get to know you personally? How about offering classes at the local adult learning center or library? Of course these activities won’t translate into billable hours quickly, but by working ON your business now, you’ll build a solid foundation for working IN your business down the road a bit. Good luck!
Do all of these clients you are referring out require in-person meetings? Maybe you can work remotely and broaden your geographic scope? Maybe a different target market is better suited in your new area? How are you approaching these referral sources? Maybe you need to change that up a bit. You have relocated and are looking for local professionals to refer your clients to and would love to get to know them better. Most people will be more receptive if they feel like it would be mutually beneficial and not just go one way. Let your old referral sources know that you are still working in their area with clients where remote work is possible. Think back to what you did when you started, but now you have 6 years of experience to build on.
Have you reached out to the agency on aging in your area? Also, are there any money management programs in your area that you’ve contacted? Our local agency on aging offers a money management program for low-income seniors. If someone needs money management services, but is over income/assets, they have a list of private providers that they offer to send the person inquiring about the service.
One of the challenges I have encountered when trying to build my client base is that the person who needs the assistance typically does not want to admit that they need the help, and even if they do, few are aware that there are DMM’s available to assist them. I have found that educating other providers of financial and senior services about
1. the common indicators that suggest that someone might benefit from dmm services, and
2. the scope of my services-the services I do and don’t provide
has helped others to recognize and successfully refer clients that can benefit from dmm services.Good luck.
Jennifer T. Minkowitz, J.D.
The Financial Organizer, LLC
Scarborough, ME
jtmink@maine.rr.comThank you, all of you 🙂
Roxanne, I’ll look around some more. I’ve been thinking of teaming up with someone to present at a library or senior center.
Caitlin, I’d rather not work remotely, I find that means adding on access to bank accounts etc that most clients at least in the beginning aren’t comfortable turning over. It’s a catch 22 as far as being mutually beneficial as well because I feel like I don’t have enough clients to offer to other professionals! But I will try that approach.
Jennifer, Thank you! I’ll look into your suggestions but I totally agree with your second paragraph… I’ve always been found by children or other professionals. Since I moved out here though I’ve met a ton of professionals but they never seem to have any clients for me even though they’re impressed by the idea of a DMM and seem to like me. I know it can take several times to get a rapport with someone but I’m finding it hard to believe they don’t know any clients that could use this service.
Just a thought. I had a long distance client who knew I was going to have to charge travel time to him also if he wanted me to make the trip out to work in person. Definitely makes your initial set up easier to do. The initial bank links into QBO etc..
At times it’s just a matter of getting the local people to understand the solutions you can offer their clients to make their lives easier and cover areas which the other person can’t or does not want to handle.
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