The 5 Secrets To Attracting More Affluent Clients

Typically, the editor would welcome the opportunity to help fill magazine space. You can then leverage the guest article to promote yourself as a financial expert to other education professionals. Alternatively, you can convey that you’re available for interviews on financial topics.

Phrasing your niche

I encourage you to create a phrase that describes what you do in a way that stands out. For example, when I hear, “Our expertise is in helping retirees not outlive their money,” I want to know more about that. Each of you can incorporate key words into your sales pitch to promote your unique skills–and make you still more valuable to prospects.

Think about your niche from a medical viewpoint. If you had to have a delicate medical procedure performed, would you see a generalist or specialist? Who typically is more respected? Of course the specialist is, and the same is true of financial professionals who brand themselves as specialists in a certain area.

Secret 3: Become a beacon of hope to the affluent.

There’s been a lot of discussion about the “life planning movement,” whose adherents help people articulate what’s most important to them, not only financially, but also in terms of life goals. To that end, life planners will ask clients such eye-opening questions as: “What is your number one dream?” “What do you like to do on weekends?” Or, “If you could have one day to spend as you wish, how would you use the time? By asking these powerful questions, you open a door to a client’s private world.

When you connect relationally to the client, then and only then can you connect financially. Clients can buy a stock, an insurance policy or an annuity from anybody. What will separate you from other financial advisors is the quality of your relationship with clients and your depth of understanding as to their life goals.

Secret 4: Learn to attract more assets from the affluent.

Recent research shows that 4 out of 5 advisors believe that they manage all of their clients’ assets. We have found, however, that the more money people have, the more advisors they also tend to have. Here’s how that typically breaks: $500,000 to $1 million, one advisor; $2 million to $6 million, 3 or more advisors.

How do you attract more of this wealth? First, dig deep to uncover where all the client’s assets are. Second, focus planning discussions on what clients want to achieve in the second half of their lives. Many of the wealthy, for example, are interested in transitioning out of the rat race before age 59 1/2 . So you might point up planning techniques–and assets you might not otherwise have access to–that would facilitate this objective or else enable the client to work as a part-time consultant.

Secret 5: Insulate and protect your affluent relationships

For high-net-worth clients, more interaction equals more client satisfaction. The maxim sounds simple, yet it often is not practiced. Those of you who are in constant communication with your clients have a healthier client base.

To help systematize communication in your practice, establish an easy-to-do checklist. Consider calling the top quarter of your clients over a month’s time. Or have your staff regularly call those ‘B’ clients you want move into the ‘A’ category. A phone call like, “Hi, Joe asked me to call you. Can we provide anything for you? We were just thinking about you.”

To secure lifelong relationships, define reality for your clients. When a couple comes into your office, you might say, “Joe and Susan, you’re in the affluent client category. That means you’re going to get seminar invitations, calls from brokers and interesting offers for investments that may seem too good to be true. When you receive any of those things, call me and let’s talk about it. I know your entire situation and we can do what’s in your best interest.”

What have you done? You’ve accurately predicted the future for those clients. You’ve now taught them that whenever this happens to them, they should call you. That insulates that relationship.

Work closely with your firm’s compliance department

Compliance is not our enemy, but a friend. Anything you choose to implement based on what I’ve discussed should be run through compliance first. Think of the compliance people as strategic partners who will become more important as issues come up down the road.

Conclusion

You are the financial experts. I challenge you to go back to your offices and implement these strategies. We are in the greatest time of opportunity in the history of our business. Now is your moment of opportunity.