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The Mindset of a Rainmaker

Advisors need to be fearless if they want to sign up affluent clients

“I've brought in seven new affluent clients, but I'm a little behind schedule for my 15 for the year,” Greg explained, and then added, “But I'm going to be a rainmaker if it kills me.”

Greg was being dramatic to make a point. He was committed with his heart and soul to becoming a rainmaker. What he didn't realize was that he was already exhibiting the “mindset” of one — something every rainmaker needs to have.

Rainmakers, according to my definition, are financial advisors who annually bring in 10 or more new clients with at least $1 million in investment assets. Greg was committed to bringing in 15 new relationships. You can't achieve these results by casually going about your business, limiting yourself to comfortable activities and hoping that affluent prospects will come your way. Do that, and you will end up playing it safe and taking on smaller clients.

Be Like Tiger

A rainmaker has the mindset of a fearless achiever who is determined to win. It's someone who takes risks, makes changes whenever necessary, remains flexible in thinking and action and is willing to fail in order to succeed. It's the advisor who continually ventures outside his or her comfort zone, pushing the limits and staying committed to doing whatever it takes to bring in affluent clients.

When I think about rainmakers, I keep thinking about Tiger Woods. He is always looking to improve his game, and he is fearless. Not only will he attempt the bold shot, he'll even make adjustments right before a tournament, risking that he will not play that well for a while. That's because Tiger Woods competes to win and always works to improve his game.

The bigger the event, the better prepared he is. Rainmakers also love the challenge of the hunt and expect to win. The bigger the prospect, the better.

Still, the reality is that Tiger doesn't win every tournament, and rainmakers don't succeed with every affluent prospect they encounter. However, both are always competing, engaged in their goal-focused game and executing the activities they think will lead them to succeed, regardless of what they might be thinking at any given time or how they feel.

Rainmaker Mindset Self-Assessment

Here is a quick assessment you can use to determine how close you are to adapting a rainmaker's mindset. I urge you to be brutally honest as you answer yes or no to each question:

  • Do you have specific measurable long-range and short-term goals?

  • Do you have specific 12-month client acquisition (projected number of new affluent relationships) targets?

  • Are you able to cut through distractions and stay focused on your rainmaking high-impact prospecting activities and your 12 targets?

  • Are you willing to take risks — venture outside your comfort zone?

  • Are you always looking for opportunities to prospect?

  • Do you prepare so you can maximize those opportunities?

  • Are you flexible, able to adjust quickly and ready to capitalize on every new affluent opportunity?

Developing the Mindset

First, set your affluent target for the next 12 months. Second, determine how you will prospect for them daily. Third, get to work without waiting for your confidence to be completely ready. Fourth, understand that you cannot listen to your feelings because you're venturing outside your comfort zone, so you must learn to expect to feel fear. Fifth, engage in your high-impact activities every working day, regardless of what you might be thinking or how you feel.

What I've just walked you through is self-discipline linked to a very specific rainmaker goal. To be like Tiger, you must first learn how to act like a winner.

Writer's BIO: Matt Oechsli is author of Building a Successful 21st Century Financial Practice: Attracting, Servicing & Retaining Affluent Clients.

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