For a large and growing number of professionals, the ultra-affluent are preferred clients. With increasingly commoditized services and products, success is a function of generating more business with the very wealthy. Business development, therefore, is the principal differentiator between the most accomplished professionals and everyone else. In today’s hyper-competitive environment, there are four critical, powerfully synergistic components of business development when it comes to the ultra-affluent.
Become a thought leader. There are a plethora of benefits to being seen as a leading authority in your field. From being able to access new and wealthier clients, to promoting current ultra-affluent clients to do more business with you, to mitigating the sales cycle, being a thought leader is regularly instrumental to significant success.
Being a thought leader means you are providing a steady stream of high-value content to your intended audiences. There are a number of very effective ways to do this. You can create the intellectual capital or you can curate the intellectual capital or you can do both. There are advantages and disadvantages with both approaches.
Master framing. You need to be able to adroitly and poignantly communicate your expertise to others. You are best served when you can concentrate conversations with the ultra-affluent on what is most meaningful to them and how your expertise helps them achieve their agendas.
The use of rhetorical devices, the ability to leverage high-net-worth psychology, and the eradication of all forms of jargon go a very long way to the effective framing of you and your recommendations. It is important to remember that framing is all about the ultra-affluent client.
Maximize client relationships. The ability to generate more revenue per wealthy client as well as help them refer more wealthy client prospects to you is extremely valuable. There are a number of ways to do this, such as astutely profiling your ultra-affluent clients. Doing so enables you to first identify additional services and products you can provide and it also helps you help them refer their high-potential family and peers to you.
Another very effective approach is to leverage your thought leadership content. By regularly sending it out to your ultra-wealthy clients, you will end up triggering substantial interest that will often convert into new business opportunities.
Build strategic partnerships with centers of influence. You should create a steady stream of new ultra-affluent clients from centers of influence. One way is to constructively evaluate the business models of other professionals and determine the opportunities and nature of the “economic glue” that will motivate them to work with you.
By far, the most effective form of “economic glue” is your high-value thought leadership content. It can literally act as currency for new ultra-affluent client referrals.
Without question, business development is key to a successful practice. When it comes to the ultra-affluent, these four components are necessities.
