When people have a problem, they want to consult an expert. If the IRS announced you will be audited, you want your CPA representing you. If you have a serious medical condition, you not only want a doctor, you want the best in the area. If you were charged with a crime, you would not want to stand up in court and announce, “I am representing myself.” You want a good lawyer arguing your case. You are a wealth management professional. How do you get the message across to friends that you are a subject matter expert?
Getting the message across is a process that involves several aspects like credentials, attitude and proactively getting the word out. Here are several ways you can get this message across when you interact with your friends and acquaintances.
Let’s start with the obvious ones:
1. Dress well. This one is obvious. You want to look successful. Why? Because successful people want to do business with other successful people. Pay attention to your “top foot and bottom foot.” This means grooming and shoes. At events, people will say: “Who is that guy?” This is the first step to third parties telling your story.
2. Don’t act desperate. You remember this from dating. “Desperate people don’t get dates.” If you push too hard, people assume there is something wrong with you. When business enters the picture in social situations, the opposite of desperate is successful. If you are not pushing business on people you just met, people assume you have plenty of clients already.
Now we enter into the world of interaction in the community.
3. Raise your visibility on the nonprofit circuit. Some people separate their personal and business lives. When you are seeking to build a clientele within the HNW community, that is hard to do. Wealthy people want to get comfortable with you on a social level before they consider doing business. There is a lot of overlap in the nonprofit world. If you attend many events, you will run into the same people over and over. The logical assumption is you are successful because you can afford to give back. You are a giver, not a taker.
4. Get close to the money. Check with your compliance officer first. A New York advisor explained, “You want to get close to the organization’s money.” You might be on the finance committee or an officer, like the treasurer. (check first!) People know what you do. They know you oversee money for the organization. People conclude, “She must be good at her job. She is trustworthy because the organization has given her this responsibility.”
5. Write checks and make contributions. You have heard about people who get involved with organizations because it looks good on their resume. You know people who only attend the free events, never putting their hands in their pockets. You will have opportunities to pay a bit more for gala tickets and have your name listed in the event program. Sometimes lower sponsorship levels come with a business card ad. Higher levels of sponsorship get your firm name listed on the signage. You are getting your name and the firm name out there.
6. Speak whenever you can. Visibility equals credibility. Get speaking engagements to talk about investing, financial planning or wealth management. This might be the local alumni club, service club or homeowners’ association. It might be a traditional seminar. You might not speak about investments; you might speak about your nonprofit organization instead. When you step on stage, you gain the credibility of an expert.
7. The positive side of confidentiality. You cannot talk about clients, but they can talk about you. Remind them you cannot acknowledge they are a client, but the client is not bound by that rule. You encourage your clients to “tell the world” you work together. Their enthusiasm contributes to your credentials as an expert.
8. Solicit money for your charity. This can be an easier way to get in front of business owners and senior managers compared to asking for a conversation about investments. When you are a donor asking them to become a donor, you are on the same side of the table. Natural curiosity gets them asking more about what you do.
Credentials also play a role.
9. Initials on business cards, plaques on the wall. The insurance industry is excellent at showcasing credentials. You want to do the same, consistent with your firm’s rules. If you have an office, frame the certificates highlighting your credentials. People want to do business with others who have earned degrees or qualifications in the areas where they need help.
10. Promote continuing education. A California advisor passed along this bit of advice. When you need to be away from the office completing CE requirements or taking another exam, let clients know why you were away. He would use the expression, “I was away taking classing for an additional professional certification.” They likely have the same requirements in their profession too. This should open up the conversation about what you have been studying.
11. Win awards. Several publications have “Nest Advisors in State” awards. Smaller newspapers often run an annual “readers choice” series of awards. Learn who is running them and how you can get your name in consideration. A local public relations firm should be able to help.
Showcase your knowledge.
12. Always know what the market did that day. Your profession is associated with the stock market. My first manager always checked the market numbers before heading out to lunch. If someone asks, “How’s the market?” you look on top of the situation. If you answered, “I don’t know and I don’t care because I only do managed money,” you do not come across as an expert. When people ask: “How’s that market?” you know they will be listening to your answer.
13. Don’t let market volatility upset you. It is easy to get depressed about the stock market, especially when it drops sharply for no apparent reason. Try to focus on the long term. Don’t you consider pullbacks on quality stocks a buying opportunity?
14. Always have an opinion. Be an optimist. People will ask: “Why is the market up (or down)?” You should have an answer. That’s something else you research before heading out to lunch or when leaving work. People ask: “Where do you think the market is going?” Try to take the long view. Your firm’s research should help.
15. Know your rates. This has two aspects: Know the rate of interest a client can get on time deposits like CDs. Know the firm’s lending rate for conventional mortgages with perfect credit. People love talking about rates. This usually means they have money looking for a home. “Get a seat at the table.” The same logic applies to people shopping for a home mortgage. You come across as knowledgeable.
16. Clip and mail articles to friends and clients. I did this a lot. An entire article clipped from a newspaper and mailed to a client or friend gets their attention. If they aren’t a client, you might mail them an article about their firm’s earnings. This lets people know you are thinking about them.
17. Remember details about their investments. People will gradually share details about their investments. They often have favorite stocks. Stay on top of the latest news, which you check before you know you will see them at lunch. They will feel you have a great memory and you really care about your clients.
18. Showcase success stories. People will ask: “How’s business?” Without violating confidentiality, touch on an anonymous story of how you helped someone solve a problem or avoid making a mistake. They often wonder, “Can he do that for me or someone I know?”
Promoting yourself can be a full-time job. We haven’t even mentioned social media yet. That could be a story for another day. In closing, I remember a California advisor taking on a new client. He asked the person “Why did you choose me?” He said he asked around if anyone knew a good financial advisor. “Yours was the only name that came up twice.”
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book Captivating the Wealthy Investor is available on Amazon.