This article is excerpted from “Captivating the Wealthy Investor.”

1. What differentiates your firm from the competition?

Most financial services firms look alike to the wealthy investor. Why should the prospect choose your firm versus a competitor? What makes your firm stand out?

Can these characteristics be quantified?

Assignment: Develop a list of 10 reasons to do business with your firm. Include backup documentation for each point.

2. What differentiates you from other advisors?

You have established why the prospect should do business with your firm. Why should the prospect do business with you?

How are you different from other financial advisors? Consider two categories:

Strengths: What do you do really well?
Areas of improvement: What are you lacking?

Assignment: Compile a list for each of the above categories.

3. Package your strengths as a story.

Lead with your strengths. How can this information be communicated to a prospect in a casual way?

What are the benefits of these strengths to a client? Choose three or four key strengths.

Assignment: Develop a story you can deliver when meeting with a prospect. Include three or four key reasons to do business with the firm and three or four additional reasons to do business with you. Include the benefits to the client with each point.

4. Who is your market? What are their needs?

Review the profile of your ideal client: Are they in specific fields or professions?

Do they own their own business or are they part of a company's management team? Are they retired or close to retirement?

Determine the needs of your ideal clients as they relate to your strengths and weaknesses. (It's difficult to be a personal CFO if your ideal clients are retirees from the public sector.)

Assignment: Write out a profile of your ideal clients and compare their needs to the strengths you highlight in step three.

5. Discuss the subject with your current clients.

Good clients often want to help you succeed. Explain your process of quantifying the value you bring to the relationship and ask for feedback.

Good clients will be candid about both your strengths and areas of improvement. Listen with an open mind.

Assignment: Develop a list of the client feedback you received. Are strengths and areas of improvement consistent across both lists? Adjust your list of necessary.

6. Continue developing your story.

The client feedback you received may add other strengths to the list or provide ideas for skills to acquire, such as expertise in meeting a need shared by many clients and prospects.

Take steps to address areas of improvement such as enrolling in classes or online learning.

Assignment: Complete your story in written form based on feedback.

7. Determine how you will deliver your story.

How will clients and prospects learn what makes you unique? Will you incorporate the story into the introduction for public seminars? Explain it during client/prospect dinners? Include it during the first meeting with prospects?

Assignment: List situations where you meet clients or prospects. Develop a strategy for each situation to communicate the story.

8. Role play “telling your story” with peers.

Practice, practice, practice. Develop answers to questions the prospect may ask. Be prepared to prove each point you make if necessary.

Assignment: Practice the story at least six times at length with different advisors plus another six with friends who will ask questions.

9. Use the story with prospects and clients.

Start telling your story when you have the opportunity. Utilize it with clients and ask for referrals that would benefit from your skills. Share the story with prospects as a means of explaining how you add value.

Assignment: Frequently use the story and keep track of questions asked. Develop a list of appropriate answers. Fine tune as necessary.

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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