10 Ways Wealthy Prospects Can Tell if You're Sincere — or Not

Start Slideshow

Many financial advisors have no patience. As a former New Yorker, I have a “get to the point” mentality. We want results immediately. One reason is the branch manager and sales manager looking over your shoulder want to know how much new business you brought in this week. Another reason is the unpredictable nature of the stock market.

Developing relationships within the high-net-worth and ultra-high-net-worth market is an exercise in playing the Long Game. Cultivation is key.

Let’s assume you have gotten yourself in with the right crowd. There are wealthy people all around you. It cost you big money to get here and stay involved. You have prioritized a few people who would be ideal clients. For years, they have been nicknamed “whales.”

The people you are sizing up have not abruptly woken up from a coma or won the lottery and become suddenly rich. As one described himself to me in a conversation years ago, they are “everyone’s favorite prospect.” They are “hit on” all the time to buy something, lend money or invest in a business venture.

They have radar that can spot when the sales pitch is about to happen. How receptive they are, however, depends on your approach. You are sincere by nature. You are a good advisor. It is not difficult to get that point across.

Check out our gallery for 10 qualities that can activate a prospective client’s defense shield — or disarm it.

Start Slideshow