Being able to explain complex ideas in a simple way is a superpower.
The biggest mystery for trusted advisors is how to attract increasing numbers of high-paying clients on a regular and consistent basis. In short, predictable and sustainable business development growth.
Ironically, many trusted advisors feel business development is too time consuming, expensive, or undignified. Even if they try a business development program, most trusted advisors are frustrated by a lack of results. They even worry whether business development would ever work for them.
“My practice is built on working with high-paying clients,” says author and financial planner DeeDee Baze. “I love them like family and do what I can to take care of them. Over the years we’ve had deep conversations about who they are and what they value. We’ve also discussed what they don’t like.”
Baze loves helping women use their money in a way to express their deepest-held ideals and values to honor their soul. She is the author of Soul-Based Financial Planning and has worked with thousands of households since entering the industry in 2007 (we met when she asked for help editing the book).
Based on her research, here are five characteristics Baze says trusted advisors should exhibit to attract high-paying clients:
Authenticity. Baze says, “Clients want someone who is not putting on a show and will be human around them. Professional yet aware of human imperfections. Not pushing an agenda, just being who you are. If they need your services, they will let you know.”
Authority. Are you at the top of your professional game? Have you done everything you can do to be one of the best? “High-paying clients want to pay for quality and value,” says Baze. “They can afford the best of the best. If you are on the top of your game, have you written down any of your philosophies or practices? Writing a book about your specialized area adds to your authority. Getting those extra credentials or certifications shows you are serious about being the best you can be. Many of my high-paying clients have risen to the tops of their professions as well, and want a financial planner who has done the same.”
Personality. “We all have heard of personality clashes,” says Baze. “It’s real. Your personality needs to be compatible with their personalities. If not, you both would benefit from working with other people. There is no shame in acknowledging it in a tactful way.”
Communication Skills. “High-paying clients want to know the value they are getting for paying you,” says Baze. “Being able to explain complex ideas in a simple way is a superpower. They do not want to hear all your professional jargon, and often are not impressed. I have been told repeatedly they are thankful for my teaching background, because I explain things methodically and in a way they understand.”
Compassion. This one was a surprise to Baze. “Many of my clients have experienced being dismissed of their insecurities around money,” says Baze. “But you know what? They are human and they have insecurities. Just because they may have more money, resources, or assets than most, doesn’t mean they don’t worry about losing it, mishandling it, and being taken advantage of. I can’t say this enough, they are human and have human emotions.”
Bottom line: In addition to these characteristics, a proactive system is what enables trusted advisors to generate significant, predictable and sustainable business development growth. When applied correctly and managed scientifically, business development can produce results in a systematic fashion for trusted advisors.
