In our previous two articles, we discussed how to use wealth signs of affluent investors to uncover “ideal” affluent prospects and turn them into clients. This month, we’ll explain how to enhance relationships by using “signposts” that will help you to tap into a client’s wealth sign during the client review. To review briefly, a survey by the research firm Iconoculture found that affluent investors generally fall into one of five wealth signs called The Good Life, Artisan, Unplugged, Legacy, and Wellville.
Client reviews should be an invaluable part of your business strategy, as they are an opportunity to deepen relationships, gather incremental assets, and obtain qualified referrals. By focusing on a client’s wealth sign and appealing to their unique passion points during the meeting you’ll reap a number of benefits. Not only will you have a more productive discussion about their goals, you’ll also be able to present investment options in a manner that is consistent with the client’s interests.
Before you meet with your affluent clients, use the following “signposts” to structure the meeting and to tap into your clients’ wealth signs and passion points.
Signpost No. 1: Set the Stage, Then Stick to It
What Your Peers Are Reading
A critical element in the client review is to have a detailed agenda and to stick to it. Be sure to remain focused on the client’s overall objectives and avoid getting bogged down on short-term investment performance. Above all, create the right atmosphere for a successful client experience. Use these tips to properly set the stage for the appropriate wealth sign.
The Good Life. When greeting the client, tell your assistant to “hold all my calls.” This will show that you feel the meeting, and the client’s time, is important. Skip the ceramic mugs for this group and serve upscale coffee in china cups. Also make it a point to congratulate clients on how well they’ve done with getting closer to their goals.
Artisan. Make sure the agenda doesn’t look too stark. Instead of holding your meeting in a formal conference room, opt for a location in the office that is more comfortable and inviting.
Unplugged. A detailed agenda will be important to this group–and make sure you stick to it. Ditch the tie before meeting with them. Let them know that you’ve been working hard on their portfolio (on the weekend or after hours).
Legacy. This group will be more responsive to a traditional service approach. So make sure to provide a very formal agenda and choose your conference room for your meeting site. Also, before you start the meeting make sure to spend some time asking about their family.
Wellville. Utilize a simple agenda and make sure the ambience of the meeting area is bright and stimulating. Strive for a feeling of movement in the meeting, and don’t let yourself or your client feel rigid. You can accomplish this by having water or coffee set off to the side so everyone is comfortable getting up and moving around.
Signpost No. 2: Be Sure to Sketch the Journey
During the meeting, you should guide the client through the investment process, not just take her there. That’s because many affluent investors view the quest to achieve their financial goals as a journey and their advisor as their scout along the way. Focus on these passion points to present the journey in a manner that will appeal to your clients.
The Good Life. Expand on their goals and infuse passion into your discussion. Get the clients even more excited about where they are going, make them feel they deserve to reach their goals, and when you find you can attain their goal sooner than you were planning, emphasize it.
Artisan. Your presentation should be well structured, visual, colorful, and engaging. More than that, however, vividly tell a story of the journey.