In the world of investor relations, an IRO with a large rolodex of stock brokers can be very successful and in high demand. The trick is attaining that rolodex. Some say it can be bought, but I disagree. I am sure we have all been approached by people trying to sell us a contact list, but the rolodex is only as good as the relationships that the IRO has built with those brokers over time. So how do you build up your rolodex? You have to find a way to connect and build a relationship with each broker, and this is an ongoing exercise. The good news is, with the help of social networks, it is getting easier.
Are rookie brokers worth the time investment?
Not all brokers are the same; one seasoned broker, with a fantastic book of clients, can have more influence than one hundred rookie brokers just starting their careers. Does this mean you should focus your time on getting to know just the senior brokers? No not really. First of all, it’s very difficult to meet the top brokers; they aren’t usually the ones at the networking functions looking for clients and contacts. Secondly, if you want to build your network for future years, get to know those rookies as they will develop into the power brokers of the future.
So how do you meet your local brokers?
This is the hard part, it will require a herculean effort, and a staggering amount of time. You can’t sit in your office and just cold call them unless you are lucky enough to have the hottest company in town. You have to get out and network. Go to the tradeshows, to the coffee shops, the restaurants where they hang out, and the social events they attend and introduce yourself. Always carry a stack of your business cards and be prepared with your pitch of who you are, what you do, and why they would want to connect with you. Hopefully you have a current project worth speaking to them about but if you don’t, let them know you will in the near future.
Use your connections and get introduced.
I have always found that a warm introduction from a friend or contact helps make that initial conversation much easier – so leverage your contacts. This is another reason you should be networking. The more people you get to know, the more potential introductions you can benefit from. And remember, networking is a two way street and you should aim to pay it forward by giving more referrals than you ask for.
Are you plugged in to social networks?
If you are in investor relations and you are not set up on Twitter, Facebook and LinkedIn – then either start immediately or leave the profession, because you are a dinosaur and about to become extinct. In a 2011 survey, ‘Social Media Use by Financial Advisors‘, Socialware found that 84% of brokers across North America are using social networks for business purposes and these numbers are up from 60% in 2010. The financial world is adapting and increasingly plugging in to these networks so it is becoming even easier to get an online introduction. Remember, if your goal is to establish a relationship with brokers then you need to be aware of social media etiquette. If you make a mistake here you may make that bad first impression and never get the face to face introduction you are striving for. Don’t think that just by joining these social media networks that hundreds of brokers are going to try and connect with you. It is still going to take a great deal of time and effort, but at least these online networks make it a bit easier. For example, on LinkedIn, you can scroll through all your friends contacts, and identify people you want to connect with. Then you just need to ask your friend to introduce you either in person or online. Presto – your rolodex is growing, and maybe your value as an IRO as well.
Need some help?
Get out there and network. There is a “mining connect” event coming up in Vancouver next week called Howe Street Gone Mad. http://revolvemarketing.ca/blog/howe-street-gone-mad-miningconnect-launch-party/. Hope to see you there!
If you would like more information on the socialware white paper on financial advisors use of social media, please follow this link: http://www.socialware.com/resources/overview/
- Posted in About SRC, Investor Relations
- No Comments
- Tags: #bcmining, #vanmining, @steelrosecomm, BC Mining, Canadian Investor Relations Institute, how to find a stock broker, Investor Relations, Investor Relations Companies Vancouver, Investor Relations Education, Investor Relations Vancouver, IRO, IRO Lessons, Jon Bey, Steel Rose Communications, stock broker