10 Mistakes That Tank Your Credibility With Wealthy Prospects

2. Joining but not participating.

You join the board of a nonprofit or get involved with a museum on a committee, but you never show up. The other members assume you joined because it looks good on your resume. They classify you as a lightweight.

Instead: Attend events. Understand and support the mission. Engage with other members. Ask how you can make an impact or put your talents to good use.

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3. Not paying your fair share.

You have seen this type before; they are on board for drinks when someone else is buying, but leave the table before it is their turn to buy a round. They are professional guests, accepting invitations to parties in people’s homes but never reciprocating. People think of them as a sponge.

Instead: Always carry paper money when going out. Change bills into smaller denominations. Always offer to pay your share. If they insist on buying lunch, offer to leave the tip.

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4. Arriving unprepared.

You serve on a board, but think your only responsibility is showing up. You do not read the paperwork provided before the meeting. When people talk about the budget or serious issues, it is obvious you are hearing this for the first time. (This is a mistake I admit I have been guilty of!)

Instead: When you get documentation beforehand, confirm receipt. Print out copies and bring them to the meeting. Have a comment or two to add or question to ask during the meeting.

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5. Only attending free events.

This is similar to not paying your fair share. Some people skip anything that is going to cost them. Others cast themselves in the role of a supporting volunteer so they can attend without paying. You are thus labeled as a “free rider.”

Instead: Budget the money required to attend the fundraising events. You do not need to come as a couple. Attending on your own is fine, and the cost is halved.

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6. Overpromising.

Do not make a pledge and fail to honor it. Do not join a committee, accept responsibility for a project and not follow through.

Instead: Remember to underpromise and overdeliver. Only commit to things you can do. Be picky about the projects you undertake. You can explain pressures at work limit what you can do outside the office.

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7. Getting involved in organizational politics.

Groups have cliques. There are those in power and those on the outside. It is easy to align with one or the other. But if you are hoping to ultimately gain clients, it makes no sense to alienate large groups of people.

Instead: Find someone in the organization who is taking the high road and copy what they do. Think about those firms doing business overseas. They want to continuously advance their project or interests, regardless of who is in the presidential palace.

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8. Looking down on people.

You might think wealthy people treat staff badly. You might think you should be dismissive of people with less money. Some wealthy people do that, but it’s largely a TV or film stereotype. If you behave this way, you come across as insincere.

Instead: Treat everyone as an equal, regardless of if they have more money or less money. This will be noticed positively.

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9. Going into debt to keep up.

Your new friends spend money like water. You are running up credit card bills. If you get into debt over your head, these folks will not rush to help you out. They will consider you bad at managing your personal finances. That is a bad look to have if your business includes financial planning.

Instead: Pay with cash where possible. Lots of wealthy people do this too. Stand up and leave the bar when things are getting expensive. Do not gamble, or of you do, set a loss limit and stick to it. People will see you are a good manager of money.

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10. Treating everyone like a prospect.

Imagine meeting someone, and the first thing they say is, “I would like to look over your personal finances sometime.” Alarm bells would sound in your head! You would think: “Get me out of here!” There are advisors who find themselves surrounded by wealthy individuals and move into “Always be closing” mode. Word spreads. You become a pariah.

Instead: Treat everyone as a potential friend. Draw them out. Learn their story. If they share information that uncovers a need, file it away and bring up business at the appropriate time. “I’ve helped others with a similar problem. I might be able to help you too.”

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