Successful business owners can be exceptional financial advisory clients for a variety of reasons. Privately held businesses are the primary driver of personal wealth creation across the globe. According to CEG Worldwide research, one-third of people with investable assets between $1 million and $5 million are business owners, while the number is three-quarters for people in the $5 million to $25 million range. Among the truly wealthy, those with $25 million or more, nine out of 10 are business owners.

According to a study of 262 successful business owners, about 95% of them want to become wealthier—in order to take care of loved ones and support more charitable causes and change the world for the better.

But even though these prospective clients are often ideal for financial advisors, company owners require a panoply of financial services and products besides investment management, everything from retirement plans to credit to wealth planning. Advisors who can provide these things offer extensive value.

The challenge is finding sources of business owners and finding ways to make them new clients. The most effective approach is to get referrals from other professionals, but there are other effective ways to go about it.

Business Owner Client Referrals and Business Owner Groups

Business owners can and do refer their industry peers to the professionals they are working with. But the research shows these referrals are highly erratic; there is really little rhyme or reason that someone will refer you unless a peer asks that person for help. Then it requires you to understand the economic ecosystem of the business owners and effectively explain to the person referring you how to introduce you before facilitating the connection.

Another method is to attend business owner conclaves such as Chamber of Commerce meetings, industry conferences and mastermind groups. Membership in such groups can help you build relationships with various business owners. When they understand what you do and understand why they need your expertise, you will likely become part of the selection set.

The key to success at these events is to deliver exceptional content in a presentation and add more high-value content afterward that ties back to your expertise.

Still, while these systematic approaches, including reaching out to business owners where they congregate, allows you to tap new, high-quality clients, these methods are not as effective as getting a reference from a third-party professional such as a lawyer or accountant.

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