Secrets to attracting more affluent clients
Gaining more affluent clients requires you to be prepared to service more affluent clients. Identify your company's vital statistics. What are the profit centers of your business? How much revenue do you need to produce per client? What is your and your staff's hourly rate?
Thursday, June 26th 2008, 8:56AM
Next, you need to redefine who your top clients are. Advisers specialising in selling to affluent clients have found that 90% of their core results come from the upper 10% of their clients. Think about the following questions. What is the minimum asset level or insurance premium a client needs to be in the top 10%? What fees does a person need to pay? What type of assets do they need to invest? These things will help you create a plan to transition some of your least profitable clients to others.Seek out affluent clients
One effective way to achieve this goal is to find and use appropriate media outlets. Review those at the top of your client list and what they have in common and how best to reach them. For example, many professions have publications and newsletters dedicated to communicating with people who work in the industry. You might approach a publication that reaches these professionals to write a guest column addressing some of their issues.
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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