With "no call" lists preventing marketing via cold calling, and seminars and ads too expensive for most financial advisors, particularly those new to the industry, new methods of introducing ourselves to prospective clients need to be considered.

Of course, referrals are always the method of choice. But many new advisors don't have clients with enough experience with them to feel comfortable making referrals. And experienced advisors may be tapped out of conventional client referrals. There is also the need to be efficient in prospecting. Making one presentation to 10 prospects is always preferable to making 10 individual pitches. So it may be time to take a page out of the marketing book used by many successful charities in their fundraising-parlor meetings.

More intimate and informal than a seminar, parlor meetings are where one person invites friends and relatives to hear a message that is deemed important to them. These forums have been used very successfully by advisors over the years.

In the late 1980s, I met an advisor who built a very prosperous practice from parlor meetings. His method begins by identifying a timely, generic issue that will have appeal to a number of investors. It may be the economy, college planning, managing a retirement budget or the implication of foreign investment on the U.S. markets.

The next step is to identify someone you know, not necessarily a client, who has an interest in the topic and who may be willing to host the event. Next, contact that person and bring the conversation to the topic, offering a little information. Then ask if he or she would be interested in learning more. If so, how about making it a fun evening and inviting a few friends, neighbors or relatives who are also interested in the issue over for a discussion.

You, of course, offer to bring the coffee and doughnuts—which is all it takes in most cases. You may be surprised at how many people, particularly retirees, jump at the idea of a parlor meeting. It's a chance to learn something and socialize. The evening offers you the opportunity to develop some new acquaintances and establish your credentials as a knowledgeable professional.

While it's always more efficient to speak to larger groups, smaller ones offer more opportunity for relationship-building. Begin with a short introduction of yourself, often given by the host, then a 15-minute introduction to the topic and an open discussion, which can lead to questions and answers.

Because general topics generally do not have a right or wrong answer, it allows everyone the opportunity to express their opinions freely as well as ask questions. By listening carefully, advisors can gauge individual concerns and determine which of the guests should be prioritized for follow-up as potential prospects. It's also a good idea to offer a brochure about the subject with your business card attached that can be taken home by the guests for future reference and as a reminder of your available expertise.

"I try and do at least one parlor meeting a month," one advisor says. "If nothing more, it allows me to develop and perfect a new presentation that I feel I should be using with clients during their semi-annual review meetings."

Will parlor meetings work for you? There is only one way to find out. Try three or four and evaluate the benefits.

Larry Silver, director of marketing at Raymond James Financial until his retirement, writes about investment firm practices from Oldsmar, Fla. He can be reached at silvermarketing@earthlink.net.