Many Advisors want to build a wealthy practice but get stuck because they just don’t know those people or don’t know how to talk to them. If you can relate to these phrases, we first need to shift your mindset. Notice how those thoughts separate you and HNW clients?
Adjusting your thinking will pay big dividends. Start to become aware of when you put wealthier people into a category separate from yourself and look for the commonalities instead. ‘Those people’ or ‘rich people’ are just people! They have the same fundamental wants and needs as everyone else: love, happiness, success, community, security, freedom, good health, a sense of belonging and a life with meaning.
The outer trappings of each of these desires look different for HNW people, but the human needs underpinning them are exactly the same. Once you make a decision to connect with your prospects at this deeper level, you can approach anyone!
I’m going to share a secret with you. When I first started coaching in 2002, I felt comfortable working with newer advisors but was intimidated as hell when offering coaching and feedback to top performers, management, ‘wealth’ advisors, vice presidents, etc… (Who was I to tell them anything?) I would prep like crazy for every call and sometimes I was actually sweating the entire session. I had to work to keep my voice calm and confident.
Here is what I have learned over the years: Each one of these professionals that are considered ‘higher up the food chain’ has the same fundamental concerns as newer advisors! They want success, often feel pressure to perform, are frustrated and sometimes scared when they lose a sale and don’t know why, stumble at various parts of the sales process, feel the crush of disappointment when something doesn’t work out, have to navigate all of the various challenges involved in running a business, and are often juggling busy and complex home lives as well.
Like the HNW people you want to approach, they have achieved a certain level of success and want and expect the best from the people they work with. So they ask tough questions. They put us through our paces. This is as it should be, and is always a chance for us to grow, learn and rise to the challenge.
What I have learned working with thousands of advisors from front line to managing partner is that the tough questions are a vetting process, but they are also coming from desire and fear: desire to make the right buying decision and fear that they might not.
This process is really about them, and not you. Once they see that you are confident and know your stuff – and/or are partnering with the right experts, they can relax and think about their own financial decisions.
The more I let go of worrying about whether I was ‘good enough’ to be serving ‘those people’ and instead concentrated on offering the best service possible, listening well and connecting with them on that fundamental human level, the more my business grew and the more natural it became to work with Wealth Advisors.
If you are a newer Advisor or a few years in and making the decision to transition to serving wealthy clients, the shift has to come from within first.
If you haven’t already, commit to excellence, integrity and lifelong learning. Carrying those core values with you will give you confidence and a self-respect that will communicate itself subtly to prospects without you ‘selling’ them.
Beyond that, you’ll increase your success rate with HNW prospects by not thinking about yourself at all during the sales process! Focus wholly on uncovering their more cherished goals and helping them achieve them.
Remember those fundamental human needs that we all have in common, connect on that level, be yourself and watch the business roll in!
Kira Callahan is an expert sales conversation coach for the financial industry. Her private clients typically experience 30% – 100% increase in appointments and business. Click here to find out more about Kira.