Ever notice how “high net worth” sounds like “more money than you’ve got?” The next time you use that expression with prospects, try substituting “successful” instead. Here’s why.

You have an ideal client profile or demographic market segment you target. Most firms use world like “high net worth.” Sometimes they might use “wealthy” and almost never “rich.” Here’s the problem: People don’t associate with the expression high net worth. The person with $5,000,000 assumes you are talking about people with $10,000,000. The guy with $10,000,000 thinks you are talking about someone with $20,000,000. Using that logic, only people like Warren Buffet or Bill Gates would be able to say: “high net worth? Yes, that’s me!”

Try using the word “successful” instead. Here’s why: High net worth comes across as excluding people. If you aren’t a HNW individual, you the advisor, aren’t interested. Since they don’t think they fit the criteria, it's out of the question. Another issue is they might think describing yourself as rich is unlucky. Leona Helmsley famously said: “Only the little people pay taxes.” You know what happened to her.

Successful is an inclusive word. Everyone considers themselves successful at something. Nobody considers themselves a failure. Put another way, if they do, they don’t talk about it.

Here are a few examples of how you might use the expression:
1. You are asked “What do you do?” You reply: “I’m an officer with (firm). I work with a small group of successful business owners and families in the (your city) area.”
Message: People know business owners hold most of the wealth in the local community. They have more complex needs than just buying stocks and bonds. You are capable because you help them meet those needs.

2. Someone says: “I already have a financial advisor.” You reply: “I expected that. Successful people often have multiple advisory relationships. You are obviously successful. How many do you have?”
Message: Research shows HNW individuals have three or more financial advisory relationships. You’ve created an if/then. If you are successful, then you work with more than one advisor.

3. You are asking a close friend to do business. “You know where I work and what I do. I’ve never approached you for business because you are my friend. I’ve never wanted to put our friendship at risk. Besides, I have assumed you work with someone already. They take great care of you and give you excellent service. Most successful people have that kind of relationship with their advisor.”
Message: It’s another form of if/then statement. If you are successful, then you have an advisor who takes great care of you. They identify with being successful, then wonder if their advisor takes great care of them.

Referring to someone as successful is a compliment. Everyone feels they are successful at something.

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.