Anyone in the financial services industry will tell you that prospecting is their number one challenge. For a financial advisor, you must overcome a lot of obstacles just to get a meeting with a potential client. This type of service doesn’t seem feasible or necessary to most people, so trying to present yourself as an indispensable partner in someone’s portfolio can be difficult, especially if you’re just starting out. A working definition for ‘prospecting’ is the persistent and systematic method of developing and qualifying sales leads, which turns them into prospects. Prospecting is arguably the most important part of selling anything as well – nothing happens until someone starts prospecting for customers. The most successful financial advisors out there are those who continued to work hard at prospecting throughout their entire career.

However, prospecting takes on a whole new look when you’re trying to find wealthy clients. Some advisors would say that HNW (high net worth) clients are the most important clients to have, so it takes a more sophisticated strategy to reach (and keep) them. HNW clients usually prefer to find you rather than be sought out, so tempering your prospecting is key. Highly aggressive advisors are typically not going to attract HNW clientele because their needs are very specific – they’re looking for personalized care, not to be added to a long list of clients with a full spectrum of needs to be met. Here are a few tips to properly prospect for wealthy clients:

1. Be Prepared

The Boy Scouts of America had it right when they adopted this statement as their motto – if you’re prepared for anything, you can be confident about everything you’re trying to offer your potential clients.

  • Pick your targets – It’s important to decide which group you want to focus on, and then put all your proverbial marketing eggs in that basket. Whether your audience is large business owners, corporate executives, or high-level professionals, you need to get to know them.
  • Study your targets – If you’re going to approach potential HNW clients, you better know what you’re talking about before a question is ever asked. Read trade magazines or articles on their industry, do background research into their businesses, and understand their concerns and problems so you can show them how your company can provide solutions.

2. Handle with Care

HNW clients are looking for the best of the best, so you need to be able to offer it to them in every way possible:

  • Personal attention – They don’t want to leave you a voicemail or wait for a response to their email. They want to feel like they’re your only customer.
  • Financial ‘insider’ status – HNW clients all live similar lives, travel in the same circles, vacation in the same places, and use the same advisors. If you want to be attractive to a potential HNW client, you need to be an insider in their social circle.
  • Exclusivity – HNW clients want a sense of exclusivity in every business relationship they have – they want to see that your efforts are spent on clients like themselves. They want investment options that are tailored to serious investors rather than something for the masses.
  • Discretion – Many wealthy clients are extremely private when it comes to their finances, so discretion is of the utmost importance. You need to be aware of their expectations and be willing to go above and beyond the typical confidentiality agreements.

3. Work Hard for Referrals

Wealthy investors usually see themselves as influencers, and statistically speaking, over 60% of HNW clients believe their influence will help their friends or colleagues decide who to choose as their financial advisor. Because of this, you should create and maintain a consistent process when servicing your clients. From conducting fact-finding interviews to developing a personalized financial plan to setting up client meetings, your clients need to know exactly what their friends will experience with you. When your clients learn to trust you, they will feel comfortable referring their friends, and your client base will grow.

4. Communicate Professionally

HNW clients do not want to be put on hold, leave voicemails, or wait for an extended period for an email response. They want to have the information they need without even asking, so it’s your responsibility to be a step ahead. Using a professionally designed letterhead and business cards, taking the time to write personalized emails, putting out an informative and proficient newsletter, and securing yourself as an expert in their specific field, all of these things may seem somewhat trivial, but it’s these touches that will separate you from your competition.

Set Yourself Apart

One way to support your prospecting efforts is by using a CRM, and the best option out there is Call Logic. Our specialized CRM technology allows you to put together lists, research HNW prospects, and organize your call strategy in such a way that you can focus on personalized attention for your HNW clients. The cloud-based system gives you the freedom to connect from any phone (VoIP, mobile phone, analog/PBX, or softphone) or computer. And you can tailor your campaigns to fit the needs of your clients, making them feel like they’re the most important customer you have. Give us a call or schedule a free demo today!

If you’re serious about phone sales and want to triple the number of calls you make in an hour, you need to give Call Logic a try.

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