How to approach wealthy people and win their favor
In the financial services industry, it’s common to meet someone for the first time in a professional position with the goal of establishing a commercial connection. If a friendship does develop, it is established on the basis of the business connection. Your professional credentials—your competence and grasp of investing—are on display during these early sessions. In this case, it’s ideal to meet affluent individuals.
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How do you make the switch from a social to a professional relationship?
There are several awful ways to do it.
Startups Subject Bryce Sanders Individual
This passage is taken from Captivating the Wealthy Investor: The Guide to Discovering, Meeting, and Cultivating the Invisible Rich by Bryce Sanders.
In the financial services industry, it’s common to meet someone for the first time in a professional position with the goal of establishing a commercial connection. If a friendship does develop, it is established on the basis of the business connection. Your professional credentials—your competence and grasp of investing—are on display during these early sessions. In this case, it’s ideal to meet affluent individuals.
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Most individuals are timid. They excel at what they do professionally, yet they feel uncomfortable introducing themselves to and chit-chatting with complete strangers. Given that becoming a financial adviser mostly requires sales, marketing, and relationship management abilities, this could seem strange. However, rather than a desire for friendship, a need for financial services serves as the foundation for the connection.
Too many individuals act inappropriately when contemplating the chance to go to social gatherings and meet affluent people, which has severe effects. How often have you learned how to accomplish the following or perhaps received training in it?
You go to a gala or party. You come across a rich individual. You trade cards after some time of conversation. The next day, you give them a call and request that they move their existing brokerage firm’s 401(k) rollover to you.
When confronted with the aforementioned conduct, many assume that brokers just have their next commission in mind.
Objective
Meeting rich people, getting to know their interests and needs, and then forming social ties and, potentially, commercial ties at the right moment should be your goal.
Your goal should not be to network with affluent individuals and then phone them the next day to solicit business.
In our culture, especially among the rich, there are unspoken norms that govern how social interactions are formed. Here are a few notes about the surroundings.
It takes time
Relationship development cannot be rushed. You could be seen as shallow if you speed through tasks or merely show superficial friendliness;
Creating Trust
Trust is the foundation of good relationships. This holds true for social interactions as well as commercial ties, according to experience. Trust is established very slowly and may be lost very rapidly, according to a former advertising executive from the Midwest.
Their Schedule
You have very little or no influence on whether or when someone does business. There is no timeframe for developing relationships or trust. It might take years, if ever, to happen, while other times it just takes a few weeks. This deters many individuals working in the financial services industry since they are under pressure to meet deadline-bound goals.
Only Slightly Successful
Social connections may sometimes lead to commercial connections, but not always.
Professional Services to Consider
40 Under 40: Vaco Banking & Financial Services’ Lindsey Morgan
banks headquartered in Raleigh CEO perished in an aircraft accident
Journey & Tourism
Largest conference and event venues in Central Ohio are at the top of the list.
Large Reward
The advantages may be enormous! You will make new acquaintances, be introduced to individuals, and get access to affluent people and social circles in addition to commercial contacts.
The benefits are often unexpected. A broker in eastern Pennsylvania went golfing with a guy he knew from his social circle and wanted to establish a professional connection with. The buddy decided to give the broker a bone since he recognized the broker’s desire to do business. The thorn in this instance was a $3,000,000 account connection, which made up a very minor portion of his total wealth. Most professionals in the financial services industry would consider the “little account” in the friend’s view to be a “significant account.” Consider the time and effort required to identify and establish a $3,000,000 connection via traditional prospecting.
Actions
phases are involved in “Meeting Wealthy People and Getting Them to Like You”
- Seeing Others
How do you approach a new acquaintance?
- Discovering their interests
