Second hand experience. Know of folks who joned (mostly newer brokers) and had limited success. Most of the other members in BNI are new in their respective professions and have limited $, but they can and do refer to their friends and relatives. You have to eat, so why not eat with folks who are equally as interested in growing their business? Can’t hurt.

i work next to 3 people who are in bni.  they attribute all of thier success to bni.

I’ve been a member for 4 years. Depends on the chapter, i think. I cant say i have gotten great things out of it. The clients I;ve gotten are mostly the members themselves. But i have become friends with some of the members and i enjoy the meetings so I keep going.  And i find out about other stuff, like networking events, etc.
Bottom line, is if you get one decent referral a year, it more than pays for itself.
BNI itself, in my opionion, is useless, they are more of a pain in the ass than anything, but the people in the chapters are what its all about.

I work with an advisor that joined for 1 year. He didn't get 1 lead and said the groups only referrals were to the ice cream lady and the florist. You have to bring referrals to the group, that is required. The only problem is that they don't have to bring referrals to you. <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

I have heard of some success with BNI but it all depends on the group. If it looks like a solid group, try it out.  Just beware of the potential for nothing.

I have had, what would appear to be, better luck with volunteer professional organizations like the chamber, toastmasters and rotary. I meet more people that don't seem pressured to make something happen.

That's my 2 cents.

Two things (I am in BNI):

I have leads groups… I have a list in my office of the three chambers nearest to me and their list of leads group… And I purposely don’t send any business, referrals, anything to them… Those people would trade their soul and their clients just to generate new business.

That’s actually a much better idea.  I have had little success trying to get the “right” people into my group, and I am focusing more effort on the key centers of influence that I want to work with.

Yeah it takes about the same amount of time (1yr) to start to break in with these people as it does with leads groups, except I don’t have to worry about subjecting people to leads groups…

I started a BNI group a few months ago. It’s definitely been worthwhile, I’ve only received 4 referrals but the business that resulted has more than paid for the membership. People feel more comfortable with you if you are in front of them every week.

BNI = Below Normal Income

I think Chambers and BNI groups are filled with people who need business, and don’t have any…

uhhh, or people who want to take their biz to the next level.  i’ve heard that a great bni group/ chapter can do wonders, and i’ve also heard the converse.

It really all depends on the chapter you join. There are chapters that can be very good and others that are a waste of time.
I know that first hand. The problem is that as a FA you dont really get to pick your chapter, because when a spot opens up, it usually fills really fast. I waited two years to find a spot and when i did it was a new chapter just forming and i was in the right place at the right time.

Guys - thanks for all the feedback.  I attended a visitors day recently.  The chapter I’ve been invited to join is an existing one…the ‘financial planner’ spot was recently rendered vacant.  There were several competitors there…from Jones, TDWaterhouse, Primerica, and “Cornerstone”.  Only one I’d consider a competitor was the Jones guy…he was young but pretty sharp.  The Primerica guy showed up in a windbreaker and didn’t even bother to shave…kept talking about his link to Citi like it was an advantage…

[quote=HymanRoth]…kept talking about his link to Citi like it was an advantage…
[/quote]

That is really funny

[quote=Sportsfreakbob]

[quote=HymanRoth]…kept talking about his link to Citi like it was an advantage…
[/quote]

That is really funny
[/quote]

It was.

There is also already a succesful CPA and a property/casualty insurance guy in the chapter, and a big hitter real estate agent.  All good contacts I would think…

What is “Cornerstone”??

I have been in a BNI group for about six months.  I only get referrals from 4 of the 25 people.  I particpate and I try to give referrals to everyone.  I am looking at is as an alternative to some advertising.  I have received about 250,000 of new assets in six months.  Not a lot, but at least I can track where I am getting it from.  I am going to give it a year and make a decision from there.

BNI = Below Normal Income