Seek out affluent clients
Become a beacon of hope
Most affluent prospects have done very well accumulating wealth, but they are less knowledgeable about withdrawing that money when they stop working. You can help these clients better understand retirement income by recreating their paycheck for them. Let them know that you can structure their investments similar to a paycheck, and then illustrate this idea for them using charts and graphs if necessary. Show them how their investments are going to be set up, as well as how the dividends will flow back to them.
Attract more assets
The more money a client has, the more advisers they tend to have. To avoid this situation, talk with your clients about what they want out of life and what they would like to achieve. Understanding their goals and dreams will separate you from other advisers vying for their business and allow you to talk about transferring assets. You also want to ensure that you are providing your best clients with top-notch service.
Protect your relationships
For high-net-worth clients, more interaction generally equals greater satisfaction. You can systemise the activity to make it easy to remember. You may want to contact the top 25% of your clients over the course of each month. The conversations don't need to be long and detailed, simply say, "Hi, Mr. Client. I was just thinking of you and wanted to get in touch to see how you are doing. Is there anything I or my company can do for you?"
Derrick Kinney is a leading authority on helping financial professionals succeed with high-net worth clients and author of the book Attract Your Ideal Clients. His entire 2007 Annual Meeting presentation is available at www.mdrtpowercenter.org.
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