You've had firsthand experience with many of these trades and professions and business owners. Have you thought of them and their industry as potential clients? (Photo: Shutterstsock)
Things aren't always what they seem. The people who you think have money might be living on credit. Tom Stanley wrote “The Millionaire Next Door,” a book published in 1996 about the surprising findings that millionaires are disproportionately clustered in middle-class and blue collar neighborhoods — yet many people still overlook businesses where the owners get their hands dirty.
When you look for prospects, regardless if it's for an individual's or business's account, it's smart to think about where and how you spend your own money. It's especially useful to think about businesses you might overlook that are more hands-on. Let's consider four approaches:
|Approach #1 – High-margin business owners
The first category might be “cash cows.”
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Bryce Sanders
Bryce Sanders, president of Perceptive Business Solutions Inc., has provided training for the financial services industry on high-net-worth client acquisition since 2001. He trains financial professionals on how to identify prospects within the wealthiest 2%-5% of their market, where to meet and socialize with them, how to talk with wealthy people and develop personal relationships, and how to transform wealthy friends into clients. Bryce spent 14 years with a major financial services firm as a successful financial advisor, two years as a district sales manager and four years as a home office manager. He developed personal relationships within the HNW community through his past involvement as a Trustee of the James A. Michener Art Museum, Board of Associates for the Bucks County Chapter of the Fox Chase Cancer Center, Board of Trustees for Stevens Institute of Technology and as a church lector. Bryce has been published in American City Business Journals, Barrons, InsuranceNewsNet, BenefitsPro, The Register, MDRT Round the Table, MDRT Blog, accountingweb.com, Advisorpedia and Horsesmouth.com. In Canada, his articles have appeared in Wealth Professional. He is the author of the book “Captivating the Wealthy Investor.”
