Andrea Blackwelder, CFP, ChFC, co-founder of Wisdom Wealth Strategies in Denver, Colo., has worked with all types of clients over the years. But at this point in her career, she says “working with affluent people and the complex situations they bring is where it gets really fun.”
Here are seven tips she shared about working with the high-net-worth crowd:
Tip No. 1: Knowledge and education pay off.
Become a comprehensive planning expert so you can speak with them about a range of topics and recognize when issues or opportunities arise.” I don’t prepare taxes; I don’t do estate planning, but I’m knowledgeable in them so they don’t need a complete team of resources and have one person who has a good knowledge of all those different areas.”
Tip No. 2: It’s not about you.
You have to take yourself out of the equation. You can’t have an ego. It has to be about them and their needs, first and foremost.
Tip No. 3: Tell them exactly what you want.
Be specific when you ask for referrals. “Tell clients about the types of people you can help and who fit your skill set. Ask to work with people who have the ability to improve their financial situation and test your skills.”
Tip No. 4: Communication is key.
You have to be really good at communicating with people, making them feel comfortable, making them feel it’s OK to share things that society says you don’t talk about, like money and debt. So, having the ability to get them to open up a little bit is important.