If you are serious about attracting affluent clients to your practice, keep reading. Rainmakers are masters at acquiring affluent clients, and the current market is the perfect environment to become one.
I could easily refer to this opportunity as “back to basics” — with a financial-tsunami reality check. The principles are timeless. Sadly, few advisers are capitalizing on the chance.
Rainmakers are a rare breed. They produce new business, but you cannot hire one. You have to become one. Take a look at an adviser's experience in trying to become a rainmaker.
“The opportunity was teed up perfectly,” said Tim. “I was with a client, and he introduced me to a colleague who suggested I call him because he was dissatisfied with his adviser. Rather than exchanging business cards, I should have scheduled a meeting on the spot, but I did not do that.”
Has this ever happened to you? Tim is working hard at becoming a rainmaker. He was implementing a high-impact prospecting activity that our research indicates delivers good results: Personal introductions. But something was missing.
The rainmaker profile we have identified in our research can be divided into three components:
• Mindset: The person is goal-focused, disciplined and knowledgeable about the needs of the affluent, and is willing to take risks.
• High-impact activities: He or she is comfortable with face-to-face introductions, referrals, strategic alliances and social networking.
• Skills: Because the affluent detest salespeople, he or she possesses sales skills that are subtle.
Now let's take a closer look at Tim's situation.
Tim's affluent client was an advocate for him and was willing to introduce him to others in his “centers of influence” — the group of acquaintances who might listen and follow the client's advice.
While Tim was competent at overseeing his clients' financial affairs, he was uncomfortable about soliciting business. He failed to go for a mini-close by setting an appointment on the spot.
As you can see, Tim has to overcome his reticence if he wants to be a rainmaker.
Surprisingly, he isn't facing a lot competition from other advisers.
We're in the midst of a terrific rainmaking opportunity because eight of 10 affluent clients are dissatisfied with their adviser. In addition, only 1.3% of advisers consistently acquire affluent new clients. From our research on the affluent, we have learned that loyal clients will allow you to penetrate their centers of influence if you have met four criteria:
• They like you.
• They trust you.
• They respect your professionalism.
• Your sales skills are respectful and refined.
Tim had three of these four criteria working for him. His clients like him, trust him, and view him as their “go-to” financial coordinator.
Even though Tim's goal is to bring in 15 new $1 million clients this year — rainmakers bring in 10 or more — like many advisers, he was too worried about appearing pushy and didn't trust his sales skills. This caused him to flinch and play it safe by planning to call his prospect later.
Rainmakers are few and far between — 98.7% of advisers are on the sidelines — though almost anyone can learn to become one. I can say that because we have coached people of all backgrounds and personality types into becoming rainmakers.
Here is a quick assessment you can use to determine how close you are to fitting the profile of a rainmaker. I urge you to be brutally honest as you answer each question.
• Do you have specific 12-month client-acquisition targets?
• Are you able to cut through all the distractions and stay focused on your rainmaking targets?
• Are you willing to take risks and step outside your comfort zone?
• Are you consistently engaged in high-impact marketing activities?
• Do you have your antenna activated, and are you always on the lookout for opportunities?
• Are your sales skills refined to the extent that you can be flexible, adjust quickly, and capitalize on prospecting opportunities?
Your answer to each of these questions should be a self-assured “yes,” because everything a rainmaker does has a clear purpose. Rainmakers not only set client-acquisition goals, they commit their hearts and souls to achieving them, and they take full advantage of every opportunity.
Matt Oechsli is an industry speaker, researcher and writer. E-mail him at [email protected] or visit oechsli.com.
For archived columns, go to
investmentnews.com/practicemanagement.
