A high-net-worth (HNW) client is just like you and me, except that maybe they have a few more zeroes in their bank account.
One thing I’ve found is that the HNW like to talk about their successes in life. They may not have people they can really talk to about it, so we happen to be those people who they can talk to.
Research
When meeting HNW prospects, do your homework first. I find them on social media and learn about what they do for business, find out about their families and about their interests. Is there something you have in common with them? Or you can ask the person who introduced you, “Hey, this friend of yours, what exactly does he do?” You then find out more and are confident to meet him.
Ask questions
When you meet the prospect, ask open-ended questions. Sometimes, though, that’s not easy. I was introduced to a prospective client, and I thanked him for meeting me. To build a relationship with him, I asked him about his family, but he wouldn’t talk. That was a tough meeting.
I started looking around his huge, sprawling office. I said to him, “You have a very big office. I can see that you are very successful in your business. I see so many accolades on the wall. Can you share with me how you got started in this business? What is your success story? I’d really like to learn from a successful man like you.”
Understand your clients’ stories
I hit the spot with him. He really loved to talk about how he got started in business 20 years ago. He just had nobody to tell. I asked that question, and he freely gave me all the information right from the first day.
When we met again, he started telling me all about his business, including his profits and losses. He was so proud of his revenue. This led to me asking if he had a child who he hoped would take over the business one day. We talked about succession planning, and I found that he has almost no insurance coverage.
You need to create trust first by displaying empathy and interest in your prospects’ stories, because then they tell you everything.
Shirley Lim-Yam is a 26-year MDRT member. She’s also a Court of the Table member. You can read more in her 2024 MDRT Global Conference presentation, “Mastering emotional intelligence while communicating with HNW clients.” You can also watch the video. (Both are MDRT member-exclusive content.)
Read more ideas to help you connect and build relationships with clients
- “MDRT ideas: Tips to connect”
- “Get the story” (MDRT member-exclusive content)
