I can think of a few practice areas off the top of my head that target the wealthy: estate planning and tax attorneys, business law, real estate...maybe even a few divorce lawyers who specialize in wealthy clients.
I would also venture to guess that most of you would prefer a wealthy client to a poor one any time.
Russ Alan Prince, president of Prince & Associates, a leading marketing research firm specializing in global private wealth, is one of the leading authorities on the topic of private wealth. He contributes regularly to Forbes, The Wall Street Journal, and The New York Times, and is also the editor of Private Wealth.
Prince published a book last year entitled, In the Line of Money: Branding Yourself Strategically to the Financial Elite. In it and some of his other books, he discusses the critical importance of Influencer Referrals, or what I call Strategic Referral Partners – other professionals serving the same market you do but who don’t compete with you.
As Prince notes, if your goal is to build a successful practice with the financial elite, it’s a necessity to understand and be able to work with these other professionals. Unfortunately, he says most professionals who want to serve the wealthy neglect influencer referrals in favor of client referrals, even though his research of more than 1,500 professionals who serve wealthy clients shows that influencers are the primary source of their wealthy clients:
He also details why influencer referrals are superior to client referrals:
Now I know that for some attorneys, a referral is a referral, and highly coveted. But influencer referrals are commonly a much more powerful prospect – even though Prince’s research shows that less than six percent of attorneys have a systematic process for sourcing wealthy clients from influencers.
Smells like an opportunity to me.© The Rainmaker Institute, All Rights Reserved