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This is a tough business. You must find your own clients. You might envy those private bankers who are sent prospects from their commercial bank branches, because you've got to fill your own pipeline. But bear in mind that you have a skill possessed by very few other people: You can look someone in the eyes and ask them for money. That scares most people. But you still need to prospect.
6 reasons strategies are successful
You've seen it all before: You try something, it works. The agent at the next desk tries the same thing, and it doesn't work. You ask experienced producers the secret of the universe. They reply: "Everything works and nothing works." Here are six reasons some strategies succeed over others:
1. Perseverance. "A California advisor told me: "You can chop down a tree with a hammer." Perseverance works. Many newer advisors try something until it's almost ready to produce results, then abandon it because it's not working. They put a series of failed strategies in place when sticking to one and making small adjustments would have delivered success.
2. Proactive. You must drive near-term results. "I've asked clients for referrals. I'm waiting for them to come in." That's not a proactive strategy. As an example, walking through an industrial park, knocking on doors and asking to speak with the business owner – that's proactive. Why? Because if you want to ramp it up, you knock on more doors.
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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.”
