Infidelity is a major plot theme on TV and in films. Someone in a relationship feels neglected or is taken for granted. Along comes a new figure who gives them attention. The neglected person initiates a relationship with the new person. You have seen it many times before. How does it work in the financial services world?

Let us start by making a few assumptions. Clients who are undemanding get less attention than “high maintenance” clients. If an advisor has a quiet client who utilizes asset-based pricing, it is tempting to think the revenue keeps coming in regardless how much (or little) attention they receive. If an advisor feels they “have all the client’s money” they can rationalize they should use their time deepening other relationships or finding new clients. The result can be a pool of neglected clients in your local market.

How Attraction Works
Seduction is a word with negative connotations. When talking about client relationships, let us stick with the word attraction instead. Here are the 10 steps of attraction.

1. Know them and get them to know you? You want a client book comprised at 50, 100 or 250 of the “right relationships.” Consider the local community around you. Who does what? Who are the local professionals? Who owns the high-profile local businesses?
Message: Research beforehand determines who you want as clients.

2. Establish exclusivity. You belong to the right community organizations. You see these people as peers and run into them often. You are not constantly pushing business, because it makes you appear desperate. The opposite of desperate is successful. Without mentioning client names, you create an air of success and exclusivity.
Message: The best people choose you.

3. Be discrete. You never bring up client names because you respect client confidentiality. This might be a talking point. People might know you have certain clients because those people volunteered the information. You will discuss business but will not talk about another client.
Message: Their secrets are safe with you. (As long as it’s not something illegal.)

4. Make them feel important. This can be as simple as listening to them. Take an interest when they want to talk about the stock market or individual stocks. Draw them out about their relationship with their current advisor.
Message: Is your advisor more interested in who you know, than in knowing you?

5. Establish a rationale for the relationship. They have an advisor. It’s a longstanding relationship. It might not be perfect, but they feel a sense of loyalty. They feel guilty considering doing business with you.
Message: Successful people have multiple advisory relationships. You are obviously successful. How many do you have?

6. Find out what is missing? What are they not getting in their advisory relationship? It might be attention. Their advisor might be very concerned with reporting performance on a numerical basis, they have lost touch with the personal side of the relationship.
Message: Why do you invest? What do you hope to accomplish? Does your advisor understand? You do.

7. Establish yourself as the alternative. They have a longstanding advisory relationship. You accept that. Things change. People retire.
Message: You seem happy with your current advisor. If anything ever changes, please let me know. I would be interested in working with you. I think I understand what you want to achieve.

8. Be in front of them. You will be attending the same social events. Always make it a point to say hello. Do not bring up business. Remember details about their life. Ask about current developments.
Message: You care about them as a person.

9. Make it easy—small steps. Offer to review their holdings if they would supply statements. You have tools at your office that can aggregate several accounts together including retirement assets at work. Show how all the pieces fit together.
Message: You are glad to do this again, but it would be easier if they had an account established at the firm. That’s the small step bringing them onboard.

10. Make it difficult to go back—show them life as a client. Provide the same service you provide to your best clients. Let them know you care about them as a person. You are responsive and treat them with respect. Focus on consolidating assets.
Message: You will be an important client to me.

Like the seduction sequence in films, each step is only a small step from the previous one, yet when you look back, you realize you have covered a considerable amount of ground. You are attracting the client with the best of intentions, to do the best job you possibly can on their behalf.

Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book Captivating the Wealthy Investor is available on Amazon.