In research study after research study, year after year, some results remain pretty consistent:
• Financial advisors want new, wealthy clients and more business from existing wealthy clients.
• T&E attorneys want new, wealthy clients and more business from existing wealthy clients.
• Accountants want new, wealthy clients and more business from existing wealthy clients.
• Insurance agents want new, wealthy clients and more business from existing wealthy clients.
• Private bankers want new, wealthy clients and more business from existing wealthy clients.
After a careful and detailed meta-analysis of these studies, we can conclude that high-end professionals—for the most part—want new, wealthy clients. However, what is more telling is that few are doing what it takes to make this wish a reality.
Most professionals would unquestionably not win the Cadillac Eldorado. And few would win a set of steak knives. In fact, if some of these professionals were at the real estate firm depicted in Glengarry Glen Ross, they would be fired.
When it comes to financial and legal services for the wealthy, one of the most critical success factors is, without question, the ability to cultivate new clients. This does not negate the tremendous importance of being able to do an exceptional job for the affluent client. However, as all professional services are increasingly commoditized and likely to become even more so (just consider the growing impact of cognitive computing), being able to access and win over a prospect will, many times, determine success.
Although this conclusion is rarely debated, a plethora of professionals are amazingly adept at producing reasons to avoid any kind of business development activities. The following are some common excuses:
• If clients want something they will ask for it.
• (Accountants) We’re going into tax season, so I’m just too busy.
• Asking for business makes me uncomfortable.
• My clients know I take referrals.
• I’m good. I shouldn’t need to sell.
• All my clients’ issues and concerns are completely taken care of.
• Years ago I didn’t have to hustle for business, why should I do so now?
The list of rationalizations could go on for pages and pages. The majority of professionals are firmly set in their comfort zone, which is their technical expertise. Relatively few of them are adept at business development. No doubt, some of these professionals will adapt and embrace business development, but it will unlikely be all that many of them.
In the end, professionals and firms that intelligently focus a significant percentage of their resources on business development will be the ones that excel. Those professionals and firms that do not wisely focus their efforts on business development will disappear or, at best, be marginalized. They will come in third place.
