Stop “Selling” To High-Net-Worth Prospects

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A high-net-worth prospect gets a meeting with you and asks: “What can you do for me?” It would be surprising if the voice in the back of your mind doesn’t instantly say: “I need to show him I can add more value than he is getting from his current advisor,” which then manifests itself into explaining your approach, philosophy, team make up, and the strategies you’d deploy if you had him as a client.

Your high-net-worth prospect listens intently, then says, “Great, let me think about the information you provided to me today and I’ll get back to you.” The meeting ends.

You get zip, zero, not one ounce of a commitment out of the meeting.

But he gets your latest ideas and strategies for free to share with his current advisor.

Is this the outcome you hoped for?

It’s human nature to want to prove yourself when a person of substantial means walks through your door and offers you a chance to impress them.

But failure to resist this impulse invariably results in you doing “free consulting.”

You go from accomplished expert to an information provider, trying to prove your competence.

It’s nothing short of a demoralizing experience, to say nothing of what it costs you in time and lost revenue.

It’s a common misconception that during the pre-sale stage of an opportunity, a high-net-worth prospect is judging you on your competence. But they can’t judge your competence until they’re a paying client – when the actual work begins.