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Successful people want to do business with other successful people. If you list your house for sale, you want the realtor who sells the most houses. If you need surgery, you want the best doctor. When getting your hair cut, you want the best stylist. As a financial professional, how does the general public determine you are successful?
Perception is reality. Your objective is to be seen as successful. Oscar Wilde said: "There is only one thing in life worse than being talked about, and that is not being talked about." Of course, you want to be talked about in the right context.
1. Looking the part. If you were hiring a personal trainer, you want someone in good shape, not someone who looks like they need a trainer themselves. You are seen by many people in the community. Always dress well, leaning towards the conservative. I think it was GQ magazine that made a point years ago: "It's a lot easier to get to where you want to be if you dress like you are already there."
Why: People judge by appearance.
2. Where you go and how you get there. A bank president related the story of an insurance broker, new to the area. He was told to buy a new Cadillac and join the most exclusive country club. The rationale was simple: If you drive up to the most exclusive place in a new Cadillac, people assume you are a successful insurance broker."
Why: People also judge by possessions and memberships.
3. Charitable giving. Cultural institutions and hospitals publish and display lists of donor names by category. When people see your name, they recognize you give back to the community, but they also assume you must be pretty successful to have this kind of extra cash.
Why: Traditionally, the wealthy have supported the arts through the ages.
4. Charity galas. They are like trade shows for the local rich. There's a spring and fall season. You attend enough of them and you become a familiar face, a regular. If someone was asked to name all the insurance agents they know, your name would come up because they see you at these events.
Why: Birds of a feather flock together. You are hanging out with the rich ones.
5. Reading about you in print. Here's something incredible: Many people assume "If I read it in print, then it must be true." This is scary in terms of fake news but you are approaching this from a different direction. Letters to the Editor in the local paper get read by many people. If you can get a column in the local newspaper (Compliance must approve) or get interviewed, you come across as a subject matter expert.
Why: You have many competitors. This differentiates you.
6. Seeing your name. Television advertising builds name recognition. Just look at those ads run by personal injury lawyers. You can get your name on a sign if you adopt a stretch of highway and keep it clean. (Obviously you get yourself some volunteer help!) Drivers see your name every day on their morning commute.
Why: Seeing your name builds name recognition. Visibility equals credibility.
7. Hearing about you. Lots of people ask for referrals. The conversation might be: "Who is your insurance agent? What do you like about them? Would you recommend them?" Just as people don't recommend restaurants where the food is bad, people usually recommend professionals when they've had a good experience. A California financial advisor asked a prospect "Why did you choose me?" The guy answered: "I asked around. Yours is the only name that came up twice."
Why: Word of mouth is powerful. If one successful person asks another, it's assumed the name given is another successful person.
8. Winning awards. Local newspapers and magazines run people's choice awards. Do some research to determine how you get onto the ballot. This is an area where a public relations firm can probably help.
Why: Third-party recognition is very powerful.
Visibility = Credibility. Raising your profile should make you top of mind. This goes a long way towards building the aura of professional success.
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, "Captivating the Wealthy Investor" can be found on Amazon.
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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.”
