“Among the people in the know, stress testing is the way they make sure they’re not missing out. All the biggest names are stress testing.”
Accumulators: The sole goal is to make more money.
“If you want to ensure you’re doing everything possible to maximize your personal wealth, you will probably need to carefully evaluate your investment and wealth planning approach. If you don’t, the odds are you’re going to miss something substantial.”
Gamblers: Relish the process of investing and related activities.
“For someone like you, it’s actually pretty exciting when we dissect what is going on financially to see what else can be done.”
Innovators: Focused on sophisticated wealth management solutions.
“A lot of times, even some of the wealthiest and shrewdest entrepreneurs miss out because the people they’re working with are unfamiliar with cutting-edge wealth management strategies. By going through the stress testing process, we can make sure all possible alternatives are available so you can decide what actions to take.”
Implications
High-net-worth psychology is one—albeit effective methodology—you can use to frame your recommendations to prospects and clients. What is most important is that you modify your messaging so that it best resonates with the people you are talking to. It is a matter of adjusting the way you say things, not what you are advising someone to do.
With competition becoming more intense and the wealthy more astute users of wealth management expertise, your ability at discovery, determining the best wealth management solutions, and framing will be instrumental to your ability to deliver value to prospects and clients as well as build a highly successful practice.