The Secret To Getting More Millionaire Clients
We all want to work with millionaires. Not only are they better clients to work with, but they are significantly more profitable than serving the mass market.
So why is it that most advisors settle for working with the masses instead of working with the classes? More often than not, the answer can be found inside of the average advisors beliefs about people and business.
The same way tuning forks resonate on a certain frequency… the “frequency” you operate on is going to naturally resonate with a certain kind of person. Now with out sounding a little bit to new-age… your self-image and beliefs are going to determine your frequency.
In general, your clientele is going to “look" a lot like you. They will be more or less the same age, have roughly the same hobbies, have similar personalities, political views, and otherwise think the way you do.This should come as no surprise. We like to do business with people we like… and usually we like people who are like us.
This means that who you are is one of the most important factors in who you work with.
If you’re serious about working with wealthy clients, you must become like the wealthy people you wish to attract.
When it comes to becoming wealthy, there are two important components:
- The Inner Game — Your beliefs and mindsets about money, wealth, and being wealthy.
- The Outer Game — The techniques strategies for accumulating wealthy.
The majority of advisors I meet who want to grow their business put far too much emphasis on learning the outer game. Yes, it’s important to have solid systems inside of your business and the sales skills to close big deals… but it’s far more important that you upgrade your mindsets and beliefs so they align with your clients.
The "Attracting Affluent Clients On Autopilot" System
Step 1) Identify — Uncover your most profitable opportunities
Step 2) Position — Establish authority in the niche market
Step 3) Attract — Get qualified prospects to come to you
Step 4) Engage — Educate and motivate prospects to take action
Step 5) Enroll — Selling conversations that convert prospects into customers
Step 6) Deliver — Designing and delivering an ideal customer experience
Step 7) Retain — Creating long term clients out of first time customers
Step 8) Refer — Getting high quality referrals to high value prospects
In this article, you will learn the four mindsets self-made millionaires have… and what you can do to adopt those mindsets and attract millionaire clients. Not only will you be able to build better relationships with your existing clients, but you’ll become much wealthier in the process.
If you don’t upgrade your beliefs and mindsets, you will be stuck working with middle and low net-worth clients. Of the millionaire clients you do have, you’ll find it difficult to retain their business and get high-quality referrals to other millionaires. Your business potential will be permanently capped and you’ll never get the kind of success you want.
The Modern Day Millionaire
Before we get into the mindsets of millionaires, here is a quick look at the current trends of American millionaires.
The Rich Are Getting Richer
In the US, there are currently more millionaire households than there has ever been in history. Not only are there more millionaire households, but there are more ultra-high-net-worth households as well.
In 2008, there were 840,000 households worth $5 million or more. In 2013 that number reached 1.24 million and grew again to a record high of 1.3 million in 2014.
In 2008, there were 84,000 households worth $25 million or more. In 2013 that number reached 132,000 and grew again to 142,000 in 2014.
Boomers Have Most Wealth Followed by Millennials
Today, the average age of millionaires is 62. However, by 2020 we are going to see a much different landscape. Trillions of dollars are going to be flowing downhill to the next generation.
While boomers might be your clients right now… the younger wealth has a different psychological profile that you need to be aware of.
The Gender Divide
Across the board, millionaires are split 50/50 between men and women. The younger the wealth, the more it skews towards men being millionaires. However, women will become the dominate wealth category as the majority of millionaire male Boomers will die before their wives.
Advising men is different from advising women and is different from advising couples. Each category has different quirks about them, so keep this in mind as you are considering the kind of client you want to work with.
4 Mindsets of Self-Made Millionaires
The majority of millionaires in America are first generation wealth. Most commonly this wealth was accumulated by owning a business of some kind. Even though younger generations are inheriting a sizable amount of wealth from their parents... there are a number of key characteristics that enable a person to not only create wealth, but maintain and protect wealth.
While the each demographic has it’s own individual quirks and beliefs, we can safely assume that anyone who is “self-made” (or has otherwise significantly grown the wealth they inherited) has these four mindsets.
Understanding and adopting these mindsets will be crucial to acquiring and retaining millionaire clients.
#1) Self made millionaires are committed to creating significant personal wealth
The successful warrior is the average man, with laser-like focus.
Here is the reality about becoming wealthy. Most people “want” to become rich, but just haven’t devoted the time and effort it takes to getting there. It requires hard work, sacrifice, and a burning desire to accumulate wealth.
This personal commitment to creating wealth is what separates millionaires from everyone else.
Understand this: People who have this commitment to creating wealth are the rare minority in the sea of average people. When seeking professional advice, wealthy investors want to work with other people who have the same mentality they do.
Cultivating a burning desire to accumulate wealth is paramount to winning the trust of high-net-worth individuals. You must learn how to demonstrate and communicate that you are an advisor who not only understands where the client wants to go… but is on the journey himself.
#2) Put themselves in the line of money
Our game is to recognize a big idea when it comes along, when one doesn’t come along very often. Opportunity comes to the prepared mind.
Vice-Chairman, Berkshire Hathaway
Self-made millionaires have accumulated their wealth by continually looking for highly profitable opportunities and putting themselves in the path of money.
Creating wealth means constantly challenging assumptions, looking for dangers to avoid, and capitalizing on hidden opportunities. This is a necessary habit self-made millionaires have developed in order to protect and grow their investments.
You must adopt this mindset when searching for wealthy clients.
If you want to attract wealthy clients, it’s critical that you constantly put yourself in their path. This means both in person — country clubs, charitable foundations, yacht clubs, private airports, VIP events — and online.
A recent Spectrum Group study finds that UHNW investors with a net worth between $5 million and $25 million (not including primary residence) will be more likely than not to read blogs on the website of their financial provider/advisor (53.39 on a scale of 0 to 100, on which 100 equals “very likely”) or on the websites of major financial media sites (51.60).
If you want to attract and retain high-net-worth clients, content marketing is going to be key. Your clients are constantly looking for validation that you are the right advisor for them. Don’t let a competitor draw them away because you aren’t communicating how you keep them in the line of money.
#3) Use failure to refine and focus
It’s how you deal with failure that determines how you achieve success.
One of the defining traits of successful people is their ability to overcome failure and persist until they succeed. They understand that failure is just a part of the journey. Instead of getting discouraged by failure, they focus on failing small and failing fast so they can refocus their attention on better opportunities.
Listen. You’re going to try a lot of things that just aren’t going to work. You’re going to spend money going to events that generate no new business. You’re going to spend money on ads that generate no new leads.
You’ve got to get comfortable with failure if you want to create success.
I’m only rich because I know when I’m wrong… I basically have survived by recognizing my mistakes.
Chairman, Soros Fund Management
In your relationship with your clients, mistakes will get made and things will go wrong. It’s okay to make mistakes, but it’s not okay to keep making the same mistakes repeatedly.
One of the most important things you can do is become brutally honest with yourself when mistakes get made… and to communicate quickly and clearly with your clients why it happened and how you will prevent it from happening again in the future.
#4) Connect for profit and results
No one gets rich on their own. Especially a business owner. But that doesn’t mean all relationships are created equal.
Business owners are exceptionally busy. They know that they must be judicious about how they spend their time and who they associate themselves with. When it comes to building wealth, self-made millionaires focus on building relationships ONLY with people who can help them enhance their wealth.
The richest people in the world look for and build networks; everyone else looks for work.
Author, "Rich Dad, Poor Dad"
It can be very time consuming to network and search for the right people. You can become infinitely more valuable to your clients if you act as a connector and help your clients meet the right people.
However, you must also apply the same ethos to your own business. You can only maintain a limited amount of relationships. This is one of the biggest benefits of tightening your niche — you will have a carefully selected network of the right people that creates a compounding effect.
The 5th Mindset...
There is one final mindset that is quite frankly, the most important of all. It is having a growth mindset.
Simply put… successful people believe that they can change themselves and become better. They believe that they are in control of their destiny. Most importantly, they seek out models for success and expert advice to help them grow.
Think about it. You can either slog through the trenches insisting that you can do it on your own… or you can admit you don’t know how to do something and find an expert who can help you rapidly develop.
Listen. If you were capable of getting to the next level on your own… you’d already be there by now.
You can continue to be the rugged individualist who wants to do things on your own… or you can take the short cut by working with an expert who knows what they are doing.
What is it costing you right now to work with clients who AREN’T millionaires? There is a huge difference between having one client worth $100,000 and ten clients worth $10,000.
If you’re serious about rapidly growing your business and working ONLY with millionaires, you need to work with me. I’ve invested almost a decade of my life into understanding what makes people buy… and more importantly, what makes millionaires buy.
I’m currently putting together my new program “Marketing To Millionaires” and I’d like to give you a special sneak peak. It’s going to be jam packed with all of my best ideas, swipe files, and strategies you need to start attracting millionaire clients.
Special Sneak Preview:
"Marketing To Millionaires"
Are you serious about growing your RIA and working with only millionaire clients? This is the program you've been waiting for!
My new program "Marketing to Millionaires" is currently in development, and I'd like to make you a special offer. If you are interested in learning how to add 10 new millionaire+ clients in 2016, I'd like to share with you some of my best tips and tricks with you.
Click the button below to schedule your free 30-minute strategy call with me and I'll help you identify your biggest (and easiest) opportunity to start attracting more millionaire clients.
P.S. Seriously, what are you waiting for? C’mon man. Millionaires! Click here to schedule your free "Marketing to Millionaires" strategy session with you and share some of my best ideas (and how to apply them to your business).
"The 5 Tech Tools Every Advisor Needs To Attract Affluent Clients"
Want to start attracting affluent clients but don't want to spent an arm and a leg on complicated technology?
In this free report, I show you the 5 MUST HAVE free (or low cost) tech tools every advisor needs to start attracting more affluent clients today!