For nearly three years you’ve been hearing from me on the need for a
client type approach to new client acquisition. We are in the midst of a massive shift in generational wealth and Wealth Management firms need to be ready for the millennial-like client who will be looking for their own brand of relationship with you. Those in client facing roles must shift their focus – private client advisors on whole are not achieving their appropriate share of wallet with clients, relying too heavily on AUM and pressing issues of the day. I actually write about this in my book
Taming the Four Headed Dragon – current clients, compliance and events are crowding out the time needed for a dedicated prospecting effort.
So to make things easier (As BWST always does), I've provided a window into six client types. Each come with their unique problems or aspirations not yet met. I've also provided some nuances to be mindful of when surfacing opportunity during your prospecting. The first set of client types will be those associated with
CREATED wealth. (Part 2 will address prospects associated with INHERITED wealth). Source of wealth is hugely important when making connections with HNW prospects:
Client Type #1 - The Serial Entrepreneur
Potential Problem Areas
Prospecting Opportunity
Client Type #2 - The Mature Business Owner
Potential Problem Areas
Prospecting Opportunity
Client Type #3 - The C-Suite Executive
Potential Problem Areas
Prospecting Opportunity
For more ideas to support an effective client-type prospecting strategy with High Net Worth individuals, sign up here for a link to the corresponding chapter in my book,
Taming the Four Headed Dragon (https://www.4headeddragon.com)
Bill Walton Sales Training is a Client Acquisition training and coaching firm with over 20 years of experience in helping sales and account professionals connect with ideal clients.
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