Advisors earn many credentials throughout their careers which give prospective clients confidence in their advisors that they know what they are doing. However, Bryce Sanders of ThinkAdvisor says advisors already may have some or all of the top ten credentials advisors need to boost their credibility among wealthy patrons.
- A Reputation For Honesty
An advisor's reputation for honesty is a must when looking to connect with wealthy prospects. Future generations will remember an advisor's honesty.
Advisors who volunteer in highly visible roles boost their credibility. Advisors' reputations become intertwined with the reputation of the organizations they serve.
- Where You Live
Living in a highly desirable neighborhood signals to wealthy prospects that you have arrived.
- The Nonprofits You Support
A vast majority of high-net-worth and ultra-high-net-worth individuals give back to the community, often serving on the boards of nonprofits. Nonprofits welcome advisors because they view advisors as on the path to wealth.
- The Vehicle You Drive
The right car helps advisors look like they belong.
- Personal Appearance
Putting your best face forward pays off in many ways. Dressing and grooming to look the part play a vital role in an advisor's reputation.
- Events You Attend
Being seen is expensive. However, you begin to see the same faces by attending charity galas, ballet, and other events wealthy people frequent. This makes it easier for advisors to make connections with affluent prospects.
- Travel Destinations
The wealthy clients you are looking for travel. They have second and third homes in different locations. Advisors need to travel to places so they can talk about them. Advisors do not necessarily need to go to the same places as their wealthy prospects, but it is beneficial to have your own places to discuss with those prospects.
- Country Club Memberships
Country clubs are the ideal place to cultivate prospects. At a country club, advisors often surround themselves with people they want to know.
- Your College/University
The alumnus credential can be a significant factor in building connections. Advisors can quickly access the right social circles by attending local alumni events.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.