What to say and how to say it to become friends with the rich

Bryce Sanders’ book Captivating the Wealthy Investor: The Guide to Identifying, Meeting, and Cultivating the Invisible Rich includes this excerpt.

It is common in the financial services industry to begin a business relationship with someone by meeting them in a professional capacity. If a personal relationship blossoms, it will be built on the solid foundation of the professional one. During your first meetings, you have the opportunity to showcase your professional credentials, including your investment knowledge and skill. You’d like to meet rich people in this situation.

Shyness is a common personality trait. They are excellent at their jobs, but they aren’t confident enough to strike up a conversation with a stranger. As a financial advisor, you’re expected to know how to sell, market, and build relationships. However, the need for financial services, rather than a desire for friendship, is what initially brings the two people together.

Too many people misbehave when faced with the prospect of meeting the rich and famous at social gatherings. The following is something that you’ve probably heard about or been taught how to do before.

You’re invited to a party or a formal event. You’re introduced to a well-off person. You exchange cards after a while of chit-chatting. When you call the next day, you ask them to transfer their 401(k) rollover from their current brokerage firm.

People assume that brokers only care about the next commission when confronted with the aforementioned behavior.

Objective

Ideally, your goal should be to meet and get to know wealthy individuals to learn about their likes, dislikes, wants, and needs to establish social and, eventually, business relationships.

Takes a while

To build long-term, mutually beneficial relationships, you cannot rush the process. You may be perceived as superficial if you hurriedly complete tasks or only show interest in others on a superficial level.

Building Confidence

The foundation of a strong relationship is trust. In both business and personal relationships, this has been proven to be the case. “Trust is earned very slowly and can be lost very quickly,” a retired advertising executive from the Midwest said.

Their Routines.

You have no idea when or if someone will do business with you. On a deadline, you can’t establish trust or a relationship. It can take weeks, months, or even years, depending on the circumstances. Many in the financial services industry are discouraged by this, as they are under constant time constraints to meet specific goals.

Successful, but only in Part

Even though social connections can turn into professional ones at some point, it’s not always the case.

Huge Payoffs

The advantages of this can be enormous! In addition to business contacts, you will make new friends, get introduced to wealthy people, and gain access to their social circles.

The rewards can be unexpected. East Pennsylvania real estate agent met a potential client while out golfing with someone he’d met through social media. Because he recognized the broker’s desire to do business, the friend decided to extend a helping hand. An account relationship with a small portion of his wealth was the bone in this case. When the friend’s “small account” was viewed by most financial services professionals, it was a “substantial account.” Just imagine the amount of time and effort it would take to find, open, and maintain a $3,000,000 relationship using conventional prospecting methods!

Three Steps

Three steps are involved in the process of “Meeting Wealthy People and Getting Them to Like You.”

1. Getting to Know Others

For the first time, how do you get to know someone?

2. Finding out what they like to do

How do you create a sense of community and demonstrate your worth?

3. Seeing Them Once More

How do you go about setting up more social get-togethers?

Notice that none of these steps require you to ask for a sale. When you’ve built a relationship with someone and gained their trust, you’ll be able to do that.

Consider all of the other aspects of life that involve meeting new people, getting to know their interests, and wishing you could reconnect with them. This brings to mind the idea of dating. In the HNW market, social prospecting strategies resemble those used in dating.

Preparation for First Contact

Identifying influential people before the event is critical. However, before you speak to them, make sure you’ve observed them properly.

What do they have on?

Is this a laid-back get-together, or are they all decked out in blazers and ties? They may come across as stuffy. Does it matter if they’re wearing jeans, an open-collar shirt, and a blue jacket if everyone else is in business attire? These people may be carefree and unconcerned with their social standing.

Do they have anyone in mind?

Is this powerful person engaged in conversation with other powerful people? In the role of a host, are they making the rounds and welcoming visitors? Are they conversing in a small group with other lawyers, if they are?

Exactly how long do they talk before they go their separate ways?

No, they’ve only been talking for a few minutes. If someone is telling a story, are they chuckling? Is it common for them to spend two or three minutes chatting with a variety of people?

What are they doing?

Is it safe to wear them? Is it clear that they are there because they want to be? Is it apparent that they have a large social network or a small one?

The phrase “in the room versus in the mood” is used by a financial advisor in Northern California. They may be required to show up. Even if they’re on the board or their spouse is involved, they don’t want to be there. Usually, you can tell. They’re not going to be friendly, unfortunately. Talk about what they’d rather be doing than what they’re doing.

Alternatively, they may be shy or unsure of themselves at the event. Often, an event attracts people from all walks of life. Bank presidents from neighboring counties may have sponsored an exhibit at the museum, and this person could be one of them. It is an honor to have them as sponsor, but they have no connections. You need to make them feel at ease with you.

When you run into a sponsor at an event, be sure to express your gratitude for their support. As a result, they’re more likely to engage in conversation and smile.