Wealth-X Insights
In our April 2013 Best Practices issue, we highlight why a mere list of UHNW individuals is not an effective approach to business development and explain the strategic approach market leaders and Wealth-X Members are taking to leverage wealth intelligence and win new UHNW business.
1. Why don’t lists work?
A. Gate keepers surround UHNW individuals. Even If you had the name of an UHNW individual, how would you get through to them?
Those involved in business development and marketing in the UHNW space are presented with a challenge to find and drive new business, which is today often coupled with budget cuts and layoffs. A common misconception is that a mere list of UHNW individuals will solve this challenge.
UHNW individuals are a heavily targeted group when it comes to marketing services. Your only chance to stand out is through a common connection that builds trust and winning relationships. Industry leaders aren’t wasting their time with lists of names they have no connection to; they are strategically maximizing their existing social map.
B. 80% of new business comes from your existing contacts
2. UHNW Business Development Leaders Take a Proactive Approach
Amir Homayoun Rafizadeh, Director of Strategic Intelligence, for Momentum Strategic Advisors shares how his firm, a leading UHNW management consulting firm, leverages their existing contacts to win UHNW business:
Challenge: A challenge we face at Momentum Strategic Advisors, a management consulting firm, is to develop a holistic view of potential UHNW clients so we can determine how to help them with their next mission. For example, if we know an individual is on several corporate or non-profit boards, we will be able to develop relevant strategies for them, such as charitable giving and succession planning. Wealth-X gives us valuable insights on how they live and do business so we can develop strategies relevant to them.
Solution: The Future Client List exercise Wealth-X provided is a key part of the solution to this challenge, as it allows us to uncover the social capital of our existing connections. We began by profiling UHNW individuals we already have a connection with in order to understand their relationships. This provided us with new prospects. We further utilize Wealth-X dossiers to gain a greater understanding of what makes these individuals unique, match them against our existing rolodex and develop strategies, meetings, and events to move the introduction process forward. As a result of this exercise and the dossiers we ordered, we have a more proactive strategic approach to prospecting that provides targeted introductions and increases our likelihood of winning new business.
Outcome: The introduction process is challenging in itself, often involving a small and tightly knit community where you really only have one chance to make the connection, and the Future Client List Exercise provides us with the information we need to facilitate these connections. Wealth-X provides us a strong foundation to understand and connect with our clients, and from there we build solutions that can change their lives.
The Future Client List exercise, as utilized by Momentum Strategic Advisors and other leaders in the UHNW space, allows you to leverage the existing relationships you have already spent your time and resources cultivating. You are able to connect with individuals who are pre-qualified as UHNW and with whom you already share a common connection. This Future Client List exercise is how to tap into the largest drive of new business, your existing contacts.
Interested in maximizing your social map?
Allow our Concierge team to assist you.
President of Wealth-X, David Friedman shares best practices around leveraging intelligence to acquire new business.