Today, there is a real push to serve minorities and women. Female Advisors are looking for ways to incorporate work with underserved clients without sacrificing their ability to attract higher-level clients.
Let’s face it many prospects don’t realize that $10,000 to $20,000 is not a lot of assets to you. The reality is you should be managing millions, not under a hundred thousand! So, how do you handle both?
I was just on a podcast with Matt Halloran from Top Advisor Marketing (He’s unbelievable, by the way! The best podcast host I’ve ever seen). I was sharing with Matt that there is a way to do both.
Women come into this business because they want to positively influence their clients. So, when a woman client comes to you, who wants to invest $10,000 to $20,000, it’s tough for you to say, “No, I can’t take you because you don’t have enough money.” This is really tough!
There are really three ways you can work with the underserved and still attract high-net-worth clients:
1. Host General Events: This is exactly what I did to grow my business as a single mom. You will offer certain events that any woman, anyone, can attend. This is your way of serving every person. It’s easy at those events to say, “I realize I can’t help everybody; most of my clients have a million or more investable assets, this workshop is my way of helping all of you.”
2. “Money Monday” or “Finance Friday” Events: Carve out one day a month for those just starting with investing. It’s once a month; consider this is your volunteer opportunity! You’re going to open that day up to anybody who wants to book a 20-minute appointment, but you may ask that they complete a 5 question form before the appointment. Hence, you know whether someone is just taking advantage of your time or whether they are genuinely committed to learning about their finances.
3. Structured Program: Create a very structured program for those who have not yet reached or achieved substantial wealth. You clearly state what you provide and what you expect from clients. Are you going to give them the same service, time, and value that you would in an appointment with a client with a couple of million dollars in a complex situation? Of course not! They don’t need that, but you can provide high-level advisory service with structure.
Here is the real solution: There is a way to use your practice in more meaningful and powerful ways to help everybody while still creating a very boutique practice that attracts million-dollar clients. It’s a win-win-win!