The phrase “the rich are getting richer” is right on point. But, in today’s economy, it is a little deceiving. When we take a closer look at what’s happening we find that the affluent are under pressure while the wealthy and especially the ultra-wealthy, and even more so the super-rich are still financially distancing themselves from everyone else. What we are seeing is a greater bifurcation of the wealthy.
For advisors, one of the most effective ways to excel is to work with ever-wealthier individuals and families. Whereas those less affluent are still in need of professional expertise, significantly greater revenues and profits are with the very wealthy. This is not at all a new revelation. It is just that the very wealthy are increasingly leaving everyone else far behind.
To achieve substantial success, you need to be able to connect with and deliver value to the very wealthy. For a very large percentage of advisors, the most problematic aspect of growing their practices is connecting with the wealthy, let alone the very wealthy.
The most common way advisors get new clients is through client referrals. This approach becomes less and less viable when looking to connect with the very wealthy. So as the very wealthy further distance themselves from the everyday wealthy and affluent, client referrals are going to be less likely to produce new opportunities. Those advisors who are relying on getting new wealthy clients from their clientele are increasingly likely to find their practices stagnating.
The most efficacious way to connect with the very wealthy is by getting introductions from other professionals who are usually, but not necessarily, accountants and attorneys. This has always been the case, but relatively few advisors are even modestly good at facilitating such introductions. There are however some methodologies that enable advisors to get a steady stream of new very wealthy clients. These processes are all the more important as they are going to be the ONLY way for almost all advisors to regularly access the very wealthy.
One such methodology is Ultimate Rainmaker. With Ultimate Rainmaker the aim is to build a pipeline of new very wealthy clients who can benefit from your expertise NOW. Not only do you and the very wealthy benefit but so do the professionals who are introducing you to their best clients.
A central objective of Ultimate Rainmaker is for you to help other professionals become more successful. This tends to be easy to accomplish and it never necessarily entails introducing these other professionals to your clients. Instead, through Discovery you develop a deep understanding of each professional and the nature of his or her practice. With this information, you can draw on various perspectives and processes to help the professionals you choose to work with meaningfully grow their practices. With Ultimate Rainmaker, everyone wins.
Ultimate Rainmaker is not viable for a large percentage of advisors because it requires a different orientation that is “uncomfortable” for many advisors. Therefore, if you master Ultimate Rainmaker you will be able to be constantly introduced to the very wealthy.
To be clear…because of the bifurcation of the wealthy, the very wealthy are, in many respects, the preferred clients of advisors. Moreover, if you want to seriously grow your practice, the very wealthy are going to become your best if not only option. At the same time, methodologies such as Ultimate Rainmaker are the best way for you to connect with the very wealthy. Those advisors who master methodologies like Ultimate Rainmaker, not only have a powerful competitive advantage, they are going to, like the very wealthy, leave their peers in the dust.
RUSS ALAN PRINCE is the Executive Director of Private Wealth magazine (pw-mag.com) and Chief Content Officer for High-Net-Worth Genius (hnwgenius.com). He consults with family offices, the wealthy, fast-tracking entrepreneurs, and select professionals.