I have a secret for you. Most financial advisors assume the wealthy have tons of advisors chasing them. They don’t. The upper middle income has tons of advisors chasing them but the truly wealthy are sometimes ignored because advisors feel…” Why bother, those people probably have advisors knocking on their door every day.”
With a little creativity, you can get a conversation started with someone that is truly wealthy. If you are interested in taking a new look at how you can land the big one, check out the ten tips below:
- First, ask yourself one question—Why would a wealthy person want to talk to me? If you have a good answer…you have a good chance of getting into talking to a wealthy person…If you have a GREAT answer…you have a GREAT chance of getting into talking with a wealthy person. You should spend A LOT of time thinking about and answering this question.
- Mellow out!—Many advisors try to do too much for the wealthy client too soon. The wealthy have an excellent sense of when someone wants something from them and doing too much for free up front will push them away from you. Instead, go in prepared and slightly aloof…you do not need this client (if you really do, then you are already sunk). You are here to help and if they want it terrific, if they don’t, then you have others that want your help. Being a bit detached is what tells the wealthy that you aren’t “after” their money.
- Don’t talk about their money! —Talk about what they have been able to accomplish with their money. Review how the money has allowed them to give things to their family that will be remembered. Talk about the causes their money has been able to move forward. They want to feel that their accomplishments are meaningful and that they have had a positive impact on the world.
- Don’t complicate the matter—The advisor that can make life easier for the wealthy is going to have a friend for life. Many of today’s wealthy people did not come from wealth…being wealthy is a new phenomenon for them. What they really want is not to be overloaded with data and facts but a simple and easy to follow plan that is going to be invisible to them and their lifestyles. That doesn’t mean you shouldn’t use sophisticated planning tools…it means that the explanation and benefits of those tools should be easily understood.
- Don’t explain things—The wealthy do not want to be told what to do. Your responsibility as an advisor is to have them discover things for themselves. When the idea and planning is theirs, then it is going to get implemented.
- Street smarts over credentials—As mentioned earlier, many of today’s wealthy are surrounded with people that have made it without an advanced degree or “proper” schooling. They understand that what gets things done is not letters behind your name but knowledge of how to get things done. Sure, you need to be educated but rather than flaunt your degrees, flaunt your knowledge of how the system “really” works.
- Being an expert is worthless—This may be common sense, but so few advisor’s follow-through on it…become known as an expert. Being an expert is terrific, but if no one knows about it, it’s worthless. Make sure that you are getting published on a regular basis…newspaper quotes…write articles and books…get on TV…. I know…I know, you don’t know how. There is a whole cottage industry that exists to help you become an expert. Find out how.
- You are working with decision makers—Many of the wealthy today have become so, because of their ability to think on their feet and get things done. Make sure as you work with them that you are presenting your solutions in a manner that encompasses all of the information as you would present it to a CEO that was going to make a decision right then and there to move forward or not. They are more likely to give you several minutes than several hours so make sure that everything you cover is pertinent and that they understand why the information is important for them to have. You bore them for more than a minute or two and you are done.
- Be credible—The best way to make yourself credible is by being known for your ideas. Many advisors spend too much time promoting themselves and too little time promoting their ideas. Believe me, if you have an idea that will work for a multi-millionaire, entrepreneur, you do not need to advertise. They will find you. Make sure that you have ideas that work for the wealthy and then make sure that everyone understands those ideas…you are not the main course…your idea is.
- Just stand still—Don’t chase the wealthy, let them chase you. We are back to #1 again. Why does a wealthy person want to talk to you? If the reason is compelling enough, all you must do is get the word out via speaking, writing, being quoted, creating websites, etc. and you won’t have to market. The wealthy will find you.
Guys and gals, these tips don’t just work for the wealthy but for anyone. It’s just that if you are going to invest the time and effort needed to accomplish these things, you might as well do it for the wealthy.