Prospecting for HNW clients

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Oct 26, 2006 6:13 pm

What have been the most effective means of doing this?  I realize it helps to run with a wealthy crowd, but what types of activities are you pursuing to connect with these folks?

Oct 26, 2006 6:27 pm
Broker24:

What have been the most effective means of doing this?  I realize it helps to run with a wealthy crowd, but what types of activities are you pursuing to connect with these folks?


You can start by voting for the Republican candidate in your Congressional district and Senate seat if there is one up for election this year.

Oct 26, 2006 6:30 pm

Let the sarcasm begin....

Oct 26, 2006 7:37 pm
Broker24:

What have been the most effective means of doing this?  I realize it helps to run with a wealthy crowd, but what types of activities are you pursuing to connect with these folks?


Set up a little table outside the grocery store, in a wealthy area, and show them 529 plans and Roth IRA's.

Oct 26, 2006 7:55 pm

First, I would start by reading some books on the subject. Three that I like are:


Cultivating The Middle-Class Millionaire by Russ Alan Prince


Mastering High Net Worth Selling by Matt Oechsli


The Art Of Selling To The Affluent by Matt Oechsli


Before you sell to the affluent, you have to relate to the affluent. These books will help you get started.

Oct 27, 2006 8:14 pm

If you golf, that is a plus. Or if you play cards, that could be a
plus. Of course you will have to work your way in the HNW crowd. I read
an article about an advisor for ML out in Beverly Hills, who hangs out
at the expensive retail stores and strikes up conversation with people
that way. Who knows if it works. 

Oct 28, 2006 11:06 am

Sailing is another place where you can meet folks with loads of money

Oct 30, 2006 8:56 am
Broker24:

What have been the most effective means of doing this?  I realize it helps to run with a wealthy crowd, but what types of activities are you pursuing to connect with these folks?


What is your definition of HNW?  >$100m?  >$1mm?  >$10mm? of liquid assets?


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How you prospect the HNW individuals depends upon how you plan on positioning yourself.  What is the value that your offering that has not been communicated to them by every other FA who has approached them?  How do you plan on running your business?



You should at least figure out all of the above before you try to prospect HNW individuals.



Many will say that if you are new that you have no chance or right to handle HNW clients.  I disagree so long as you have a valid and convincing value proposition.



My opinion is that you need to get in front of HNW individuals any way you can so long as you are there for the same reasons they are.  If not you may come off as sales person who is only participating in the activity so that you can gain access to their money.  If you join community organizations you should genuinely care about the cause and be an active participating member.  Simply showing up at meetings or fund-raising dinners won’t be enough.  You goal is to become a familiar face and someone that is part of their community.



Once you land your first few HNW clients, be sure to provide everything that you said you would without over-servicing the account.  If they are happy then you can leverage them to gain access to other HNW clients.  Wealthy people have wealthy friends.  Setup some social events where you have your best clients invite a few of their friends.  Keep the events small and intimate and don’t make it all about business.  Build rapport and make people happy.  The business will come later once they feel that you are not only after their money.



Then again, you might not want to listen to a word of what I say because I’m a newbie.  Today is my first day of production.  The above is part of my business plan.  If I can make it work is another thing but I feel that I’m off to a good start since my first client is bringing over just north of seven figures.



It’s time for me to get off these boards and get out to all of these meetings I have setup for my first day of production.  I have a lot of assets that I need to gather and I can’t effectively do it posting on this message board.



Good luck!



--WM


Oct 30, 2006 9:19 am

You THINK you have the ability to serve the HNW market with no experience, yet your lack of perspective means you don't have the knowledge necessary to evaluate your assertions.  Interesting.

Good luck on your first day of production, and on the many long days after that.

Oct 30, 2006 12:06 pm
WealthManager:
Broker24:

What have been the most effective means of doing this?  I realize it helps to run with a wealthy crowd, but what types of activities are you pursuing to connect with these folks?


What is your definition of HNW?  >$100m?  >$1mm?  >$10mm? of liquid assets?


<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 


How you prospect the HNW individuals depends upon how you plan on positioning yourself.  What is the value that your offering that has not been communicated to them by every other FA who has approached them?  How do you plan on running your business?



You should at least figure out all of the above before you try to prospect HNW individuals.



Many will say that if you are new that you have no chance or right to handle HNW clients.  I disagree so long as you have a valid and convincing value proposition.



My opinion is that you need to get in front of HNW individuals any way you can so long as you are there for the same reasons they are.  If not you may come off as sales person who is only participating in the activity so that you can gain access to their money.  If you join community organizations you should genuinely care about the cause and be an active participating member.  Simply showing up at meetings or fund-raising dinners won’t be enough.  You goal is to become a familiar face and someone that is part of their community.



Once you land your first few HNW clients, be sure to provide everything that you said you would without over-servicing the account.  If they are happy then you can leverage them to gain access to other HNW clients.  Wealthy people have wealthy friends.  Setup some social events where you have your best clients invite a few of their friends.  Keep the events small and intimate and don’t make it all about business.  Build rapport and make people happy.  The business will come later once they feel that you are not only after their money.



Then again, you might not want to listen to a word of what I say because I’m a newbie.  Today is my first day of production.  The above is part of my business plan.  If I can make it work is another thing but I feel that I’m off to a good start since my first client is bringing over just north of seven figures.



It’s time for me to get off these boards and get out to all of these meetings I have setup for my first day of production.  I have a lot of assets that I need to gather and I can’t effectively do it posting on this message board.



Good luck!



--WM





I made the mistake early on that I was juggling friendships in my target market without asking for appointments.  I kept timing when is it a good time to call ...etc...and etc... Every good conversation with someone who knows you're an advisor at a function should be followed up by a phone call the following week. You should call to extend an invite to your office ASAP.  I equate this to asking girls out when I was single.  There is never a good time.  If they are not open to the invite, move on to the next person.


Oct 30, 2006 12:12 pm

"  If not you may come off as sales person who is only participating in the activity so that you can gain access to their money." 


There are people who are going to think this.  Don't get too paranoid about this because this can lead to call reluctance.  I participate in organizations I feel I fit in.  Afterall, I am going to have to spend alot of time with these people.  However, my PRIMARY goal is to set appointments with people who are open minded to see me.