Electricity? Biology? Seems to me it’s Chemistry!

Posted on July 24, 2012. Filed under: Consultants |

What does a Rush song from their Signals album have to do with attracting new High Net Worth Clients (HNWC)? Discover how in this insightful interview revealing how to take your practice to the next level, and how a classic rock song leads you in this same direction.

I recently saw a video blog from Annie Gasparro, Reporter – Dow Jones Newswires Broker’s World, where she sat down with Richard Wildman, President of The Wildman Center of Excellence for Practice Management. I personally remember sitting through one of Richard’s one day workshops, a long long time ago in a galaxy far far away…, and he was most impressive and an obvious authority of this subject.

Like/Follow us on any of our social media pages at the end of this article to receive the link to the interview for those who wish to watch it themselves. It’s only 3.5 minutes. Please feel free to post your comments as we will be happy to address every one of them. As always, thank all of you for your continued interest and support for all of us here at RJ20 in providing wealth management caliber participant advice!

How Advisors Have To Use Different Tactics To Attract HNWCs:

It’s not about the products and services, it’s about the EXPERIENCE! Remember James Carville who was Bill Clinton’s campaign advisor who coined the battle cry, “It’s the ECONOMY stupid!”? Well here it’s all about creating an experience, which really distinguishes an advisor to the HNWC. Richard says an elevated client experience distinguishes an advisor and transforms their practice in the marketplace. Just as with Marriott and Ritz Carlton, you cannot acquire a Ritz Carlton client with a Marriott experience. Rather than try to reinvent the wheel and do this across the board, just focus on one niche in your practice first, to take it from the ordinary to the extraordinary. Master that step, and then move on to another one! (Signals transmitted, message received..)

OK, So How Do Advisors Up Their Experience To This New Level?

Richard says that most importantly it’s not about competency, but seems to him its chemistry! (Hey, listen to the interview yourself!) Advisors must have an emotional connection with their clients, as economic security is important but the other piece that never gets talked about in this space is emotional security! (Emotion transmitted, emotion received!) The HNWCs want to talk about their fear of uncertainty and their doubt about being able to assess risk effectively. So here’s the opening to connect with them on an emotional level to give them that elevated experience! (Oh but how, do we make contact with one another?)  

Whether its wine, special notes on special days, or taking care of the retirement planning needs of their employees. (Nudge, nudge…there may be a company providing this solution founded by wealth managers, not software developers or academics, who really know how to fit it in and solve the problem!) Seriously, Richard says HNWCs are very interested in finding an advisor who connects with them with something other than their personal portfolio. So why not focus on a particular niche that most advisors don’t spend much time on like their employees, charities, or other interests etc., and distinguish yourself by really connecting with them?

So Why Is This Important For Advisors To Work With A $2.5 Million Client Rather Than Ten $250k Clients?
Ok, Richard points out the obvious here. However, it illustrates a key point for participant advice. If you are a financial advisor, is it really the highest and most effective use of your time doing the retirement planning of average employees in a company’s retirement plan? Surely it is important to have the face-to-face when a participant raises their hand so your client, the CEO, business owner, or other key executive, sees you taking care of the employees. However, why not leverage a solution to do all the planning for you, before you meet face-to-face?

This service can perform all the real time-consuming/heavy-lifting, and you just review the results. Or if you prefer, you can leverage the whole experience and not have to be involved at all. This allows you to find larger more profitable plans with greater numbers of participants that you can now handle with this vertically scalable solution to handle any size. (Again, one $100 million plan or ten $10 million plans.) If you feel clients will say “I thought you were already doing this” it’s easy to illustrate this is the latest means to augment and improve your existing capability to better help participants. Don’t most people look for service enhancements or improvements as they develop, or want their advisors proactively discussing this with them?

How would this help you to elevate your client’s experience? (A change of synergy…) Ok Geddy, enough already.

Thanks again for your continued support and let us know if you need any client handouts to help with these discussions!

Sean Ruehl, President
RJ20

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