(Photo: Shutterstock)
As an insurance professional you are on the lookout for wealthy prospects. Doesn't "wealthy" sound better than "rich?" The industry term is "High Net Worth individuals." Let's not forget the acronym "WOOFs" which is short for Well Off Older Folks. All these terms have an inherent problem. People do not identify with them. You need a better expression.
Why don't people identify with them? High net worth sounds like "more money than you have got." If you consider HNW individuals as people with plus-$1 million, the guy with plus-$1 million thinks you are talking about people with plus-$5 million. "Rich" and "wealthy" are words that cause problems too. Some people think if you advertise yourself as "wealthy" you are bragging and inviting trouble.
Recommended For You
I learn many things talking with people and simply listening. A real HNW individual explained: "Try using the word 'successful.' People identify with it. Everyone feels they are successful at something."
Here are several ways you could work it into conversation:
1. Answering "What do you do?" Your answer might start with your title and firm. Then you add; "I work with a small group of successful business owners."
Rationale: The business owner you are speaking with likely considers themselves successful.
2. Expanding on "What do you do?" Your "elevator speech" likely has three variations consisting of one, two or three sentences. The longest version might be: "I am an officer at (firm). I work with a small group of successful business owners and families in the (town) area."
Rationale: This statement uses plenty of keywords. "Small" communicates exclusivity. "Successful" is a word people identify with. Most people know that local "business owners" hold lots of the wealth in the local community. "Families" ties in family owned businesses and shared family values. In the "(town) area" lets people know you are part of the local community and the money you make is recycled into the local economy because you shop in the local area.
3. Responding to "I already have an advisor." You might counter: "I expected that. Successful people often have multiple advisory relationships. You are obviously successful. How many do you have?"
Rationale: You have established: "Successful = multiple relationships." To "qualify" as successful you need more than one.
4. Asking a friend to do business. "You know where I work and what I do. I have never brought up business before because you are my friend. Your friendship is very important to me. I've never wanted to put our friendship at risk. (They will likely agree.) Besides, I've always assumed you work with someone already. They probably take great care of you and give you great service. Successful people usually have that kind of relationship with their financial advisor."
Rationale: They might say "No, I don't have that kind of relationship. Tell me more."
5. Asking for referrals. This builds on the previous example. Suppose after saying: "Successful people usually have that kind of relationship with their financial advisor" they said nothing! You could continue: "I thought we might take a few moments and talk about what it is I do. Then, if you come across someone who has not been as lucky as you, you will know how I may be able to help them."
Rationale: "Lucky as you" refers to someone who does not have the attentive advisory relationship many successful people have.
Successful is a word that is inclusive, drawing people in. It is not exclusive, erecting a fence to keep people out.
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.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.”
