founding principal of
Financial Group, LLC
Do you think education
is key to attracting
quality clients? Go to
to share your ideas.
The type of client you choose to serve will have numerous direct and indirect effects on the type of business you build.
Everything from your office space, marketing
efforts, even the types of client events you
host, will be impacted by the “who” in your
business model. The various pieces of your
business must be tightly aligned with the
people you choose to serve, or the disconnect
will become quite noticeable over time.
If your intent is to build a practice with
higher-net-worth clients, there’s one thing I’d
encourage you to consider first. While there
are many exceptions to this, typically a more
affluent client has worked with more advisors,
has seen the competition and has also become
better educated on the ins and outs of various
advisory approaches. As a result, you’d be wise
to center your approach on this reality: an
educated client is generally a better client …
if you’re really good at what you do.
A brand I respect immensely is Porsche. If
you’ve ever met a person who loves Porsche
sports cars, it’s very likely they’ll talk your ear
off. Every aspect of that car has been considered by its owner, often through years of
endless research and conversation with other
Porsche lovers. The effect of this is a customer
that will likely never leave the marque and
switch to another. That’s the kind of client you
want for your practice, right? Porsche happens
to do more than any other car brand at educating their information-hungry customers.
So what makes a lifelong high-net-worth
client choose you? I believe it’s the education
you offer them before they move a single
account to your care. Think about this: If you
invest in an education-based client-acquisition
process, you’ll not only attract prospects who
appreciate education, but you’ll also retain
them because they invested a lot in getting
through your process, now understanding
more than ever why they chose you in the first
place. The next advisor to come along with a
free steak has to convince them to start over
in a new process, in hopes they find a bigger
pot of gold at the end (figuratively, of course).
When you choose to market to a higher-net-worth prospect, you’re simultaneously
choosing to invest more in an education-based
onboarding process. I don’t believe you can
sustainably do one without the other. Focus
more on sales and less on education, and
you’re very likely to attract a less educated and
more transient client.
Here are few thoughts on becoming intentional about the client you’d like to serve and
the means by which you’ll attract them:
• Decide on an ideal client. Yes, you’ve heard this
before, but have you really done it? How specific
is your description of that person or couple?
• Describe, in great detail, the five or six key
concerns of your ideal client. Ask yourself if
your current solutions actually address those
• Review every step and touchpoint in your
client onboarding process. If you’d like to
attract a different client than the ones you’re
currently attracting, what parts of your process
must be improved to achieve the desired result?
• Survey a number of people you think your
process is designed to attract. Ask them for
feedback. Does your approach actually resonate
with them, and how might it be improved?
• Have the courage to question everything
you do critically, and do something about
it! If your business isn’t working like you wish it
would, do everything you can to bring about the
changes you wish to see.
For most of us, this career will be a lengthy
one, so investing the time now can be an
unbelievable form of leverage. After all, small
improvements, made now, will impact each
and every person we interact with during the
years to follow.
You can be the advisor for the educated, but
you must choose to do so, and truly walk the
walk. In the end, I think you’d be hard-pressed
to find good reasons for not providing more
education to those who are desperately seeking it. It’s truly a win-win. RA
The educated client