The word "rapport" is derived from the French verb “rapporter”—to carry something back. It conveys give and take, a sharing of values, and ideas and beliefs. The result of good rapport between parties is a strong and influential relationship.
To be successful in building a flourishing wealth management practice with the affluent, professionals must not only build rapport with the affluent, but also with centers of influence. The wealthy and centers of influence are extremely selective about the people they trust, do business with and turn to for advice. Without some meaningful connection or bond, it is nearly impossible to earn their time or attention, let alone their business or their willingness to refer you to others.
With financial services and products becoming ever more commoditized, the principal differentiator is the quality of the relationship you have with the wealthy and referral sources. Your ability to build strong relationships is an essential component to your success.
A number of behavioral strategies prove very effective in creating rapport. The following are a few examples:
Reciprocity: This is the art of creating “I owe you” accounts. By providing small, carefully chosen and presented means of support to centers of influence, for example, you instill in them an obligation to pay you back. If you are able to meaningfully help them grow their practices, they are then strongly inclined to help you as well, and this means referring you wealthy clients. It is not uncommon for them to pay you back in value above and beyond what you provided them.
Banking favors: This is a more powerful variation of reciprocity. Here you provide necessary resources to others and you do not ask for anything in return until the situation surmounts certain hurdles. In effect, you are not asking for any favors in return until you have “accumulated” a substantial number of favors. It is when you are doing a great deal for centers of influence before directly asking them for referrals.
Isopraxism: Here you mirror the actions, emotions or pacing of other people, such as wealthy clients. The mirroring can take many forms, such as matching nonverbal cues to voice patterns. This strategy creates a sense of comfort as they unconsciously find a high degree of connection. It makes it much easier for the wealthy to open up to you.
Similarity: You can build trust by identifying and accentuating areas of commonality with the affluent, such as by identifying comparable interests or similar life experiences. The key is to find common interest in areas that are meaningful to clients and centers of influence.
Extensive research on affluent loyalty and satisfaction indicates that rapport, personal chemistry and sense of shared goals can contribute significantly toward the likelihood of getting repeat business and referrals. It also is instrumental to establishing and nurturing the kind of relationship that results in high-net-worth referrals from centers of influence. It is not a coincidence that the most successful wealth managers are those that systematically incorporate rapport-building activities into their daily routines.
Russ Alan Prince, president of R.A. Prince & Associates, is a consultant to family offices, the ultra-wealthy and select professionals.
