Client Events: Your ability to showcase your expertise in front of high-potential groups is another proven approach to surging new wealthy clients. Unfortunately, the effectiveness of the approach—for the most part—is comparatively low compared to the two other approaches.
A major complication is the quality of the audience. Very often, you do not really know—good or bad—who is attending the event. At the same time, there is a high probability that wealthier clients are not inclined to attend most events unless those events are tied to some organization where they are members. Even then, there is a good chance attendance will be limited.
The ability to create a pipeline of new wealthy clients is often a function of the number of times you present. You will have to do a great many presentations in order to generate a flow of new wealthy clients and as most venues are somewhat restrictive, this is not usually an option. Complicating the ability to present extensively is that many professionals in your field are seeking to do the same. The considerable competition for the best slots diminishes the value of this approach.
To make this approach work, you will need high-quality content and be able to present fairly well. The content has to really resonate with you audience. It also has to be delivered with precision. Many times, professionals deliver dated content and some of them are not very good orators. So, even though they are accessing viable venues, their results are not great.
Bottom Line
If you are technically proficient and have a solid business model, you will still need to connect with the wealthy in order to have a successful high-net-worth practice. There are many ways to do this. The three discussed are—at this point in time—the most effective.
Referrals from COIs are—hands down—the most powerful approach. It requires you develop a deep understanding of other professionals and an ability to add value to their practices and sometimes their personal lives. The processes and systems for creating a pipeline of new wealthy clients from COIs is well known. However, effective implementation is where things most often fall apart. “Advisors need a field-proven track to follow, and tactical guidance along the way. Otherwise, it’s like putting together an engine without instructions”, says Van Bortel.
It is usually smart to take steps to help your satisfied clients introduce you to your “preferred clients.” Waiting for a message from a client about a referral is pervasive but leaves a massive amount of possibilities on the table, untapped. There are easy to implement methodologies you can employ to dramatically increase the number of client referrals you receive.
If you are comfortable presenting, doing so at selected events can help deliver new wealthy clients to your practice. Here, it is important that the material you discuss is meaningful to the audience. By doing some homework, you can seriously increase the odds that your content will generate a positive reaction.
When it comes right down to it, you can connect with many new wealthy clients if you think strategically and then tactically. With the tremendous growth in private wealth, there is probably no reason you cannot build a substantial high-net-worth practice. The primary obstacle is to choose research-based approaches versus anecdotal. Your prospective wealthy clients are waiting for you.
For a complimentary PDF copy of Street-Smart Networking: How Financial and Legal Professionals can Cultivate Centers of Influence for a Flood of New Affluent Clients request the book from [email protected]