Better Business: Winning the wealthy

Bryce Sanders, president of Perceptive Business Solutions, reveals how to get on the right side of high-net-worth individuals.

The following memorable lines from old movies –“Is there a doctor in the house?” and “The pilot’s been taken ill. Do any of the passengers know how to fly a plane?”– illustrate a common misconception among financial advisers: getting into the right organisations frequented by high-net-worth (HNW) individuals is the hard part. Once you are inside, word about your profession will get around and the business will come to you.

It does not work that way. You need to meet each person and cultivate a relationship without scaring them away. Formal rules may be stacked against you. Traditional British clubs prohibit discussing business or reviewing documents on club premises. If another financial adviser has behaved badly in the past, you might be prejudged before you even bring up business. After all, isn’t the stereotype all financial advisers are pushy?

“Am I pushy? What’s my rationale for bringing up business?”

Let us assume you are a wine fan. You know it is easy to go to a specialty wine shop and buy a tasty bottle of wine for £20 to £40. Suppose you found a bottle selling at £6 and tasting just as good. Would you tell anyone? Probably yes. What are your reasons? It is good value. They would benefit. They are wine fans too and would appreciate the find you made.

Lesson number one: Like the £6 bottle of wine, you are a good find. If you do a great job for your clients, why would their acquaintances and friends not want to know about you?

Lesson number two: Meeting HNW individuals socially is similar to dating. Influential HNW individuals are like the beautiful people in singles bars. They have heard every pick-up line before. Assuming you are single, if you saw the most stunning person standing alone at the bar and you only had five minutes alone, what would you talk about? A smart person would probably learn as much as they could about the other person, establish interests in common and close the conversation by positioning the shared interests as a reason to get in touch in the future.

Starting the conversation

It is show time. You are in the room and see someone you want to meet. Lots of variables are flying around. You know someone in the room who can introduce you. You have absent friends in common. You have studied up ahead of time and know their background. You can probably figure out how to start a conversation under those circumstances. But let us assume you know next to nothing: you are on your own.

A compliment or observation is usually a good icebreaker. If the person you want to meet is a major philanthropist and has sponsored the event, lent artwork for the exhibition, or made a major financial gift to the organisation, start the conversation by thanking them.

“Wait! They don’t even know who I am!” That is a good place to start: “Mr. Smith, my name is John Jones. You do not know me but I just wanted to thank you for sponsoring this exhibition of impressionist art. How did you get interested in the Impressionists?”

It is very difficult for a person to be offended or rebuff a compliment. In the world of non-profit organisations it is said: “You can never thank a person enough.” Often they are thanked by the people “paid” to thank them: the professional staff, rarely by the intended recipients, or the general public.

“How did you get interested…” illustrates another rule of dating. The person talking is the one having a good time. Asking questions enables you to identify interests in common later in the conversation.

They will probably ask: “What do you do?” You are concerned if you say: “I’m a financial adviser” or respond with a catchy marketing statement they may prejudge you as “another pushy broker” and try to walk away.

Make it easy for them. “I’m a financial adviser. You probably work with one already.” Stop talking and see what they say. This gives the opportunity to learn about the quality of their current relationship over the past couple of years.

Why are they afraid? You will proceed into a sales pitch, offer a business card and expect one in return. Their politeness will be misread as their interest. Change the subject. If you already know what they do, focus on their career. “Enough about me. It is your field I have always been interested in. Oil prices must be really affecting your business. How are you addressing that issue?” Get them comfortable talking on their specialty subject.

Identifying interests in common

Everyone has a passion. It might be golf, wine, collecting art, travel, dining out or raising their children. Try to find out what it is.

A financial adviser in Northern California explained: “Volunteer information to get information.” You might say: “Those were some record snowfalls we had in January. Fortunately we were away in Florida at the time. Did you take a winter holiday this year?” or “Jane and I are wine fans. What do you do for fun?” The object is to identify their passion and get them talking.

How? Let us assume you have learned they did not take a winter holiday. They will be cruising the canals of Burgundy in June. If you have never taken a similar vacation but have an interest, make that clear.

“I’ve always wanted to do that! Have you done it before? What is it like? How did you choose the charter company?”

If you are an experienced traveller and Burgundy is your backyard you might say: “We love the Burgundy region! Have you been there before? No? What towns will you be visiting? There are some really great restaurants in Beaune and Dijon…” You are establishing your future value with your ability to provide recommendations.

Make them want more

It has been said the first rule of show business is: “Always keep them wanting more.” Politely disengage from the conversation before you overstay your welcome. Find another person and start the cultivation process over again.

“But I didn’t even get their card, or give them mine.” Exactly. How unlike the stereotype you are. You do not want to appear pushy. Pushy equals desperate. Desperate people do not get dates. They try too hard. What is the opposite of desperate? Successful. Everyone wants to know successful people.

Keeping in touch

Circle back before the end of the evening. “I just wanted to say I really enjoyed talking with you. We share a lot of interests in common. (Name a few.) I would like to stay in touch. How do I do that?” Stop talking.

It is likely they will offer a business card or write contact information on a cocktail napkin. Offer your contact information in return. I like to write “Bryce and Jane” and our home phone number on the back of my business card. I present the card handwritten side forward. It is obvious it is a personal connection, but they know what I do.

Afterwards, you need to make the first move. You share interests in common. Suggest meeting up at the next event hosted by the organisation where you met. Suggest something low key to explore shared interests. Wine fans might meet up after work and try a new wine bar. Include an obvious escape route. They can make it a quick drink at a wine bar if they are not having a good time. Suggest including spouses to make the evening more social.

Let them get comfortable with you. Like you as a person. Learn what you do at their own pace. You will go a long way towards dispelling the ‘pushy broker’ image and come across as a person they want to know.

Bryce Sanders is president of Perceptive Business Solutions Inc. His book, Captivating the Wealthy Investor, is available on Amazon.com