The stories and essays you tend to enjoy the most usually have a narrow focus, with one major message the author wants to convey. This helps you focus and become emotionally involved.
If you want to attract affluent clients to your advisory practice, your marketing efforts should do the same. It should convey one big idea most important to affluent clients that is of less significance to the general masses of people. A general-purpose brochure will not attract high net worth clients. When affluent prospects read your direct mail marketing material or web content, your chance of converting them to clients increases if you focus on one big idea.
Affluent prospects have four main concerns:
- mitigation of taxes
- transferring assets to heirs
- wealth protection
- charitable planning to leave a legacy
Your marketing material should have a narrow focus to capture your prospects’ attention for each one of these concerns. This gives you the best chance at generating leads and converting prospects into clients. The principle you should use is the “Power of One.”
Learn from Example
Let me give you an example of how to use the concern of tax mitigation in your marketing material. Take the following headline: A Little Mistake That Almost Cost a Family $5M In Estate Taxes And How My Firm Flagged This Error, Putting That $5M Back In That Family’s Bank Account.
The big idea is: “A Little Mistake That Almost Cost a Family $5M in Estate Taxes.” Believe me, that big idea is going to capture the attention of a high net worth prospect. Maybe not a prospect with only $100K to manage, but someone with a million or more will take notice.
The big benefit is: “Putting That $5M Back In That Family’s Bank Account.” Again, paying too much in taxes is a major concern of affluent prospects. This major benefit will get their attention and compel them to read further.
In the remainder of the marketing document that uses this headline, you could tell the story of a family you helped save $5 million in taxes because you structured their assets in a specific way.
You can’t accomplish this goal with a general-purpose brochure that contains numerous services you provide to clients.
Benefits of “One”
You get two major benefits when using this “Power of One” technique.
First, your marketing documents are stronger because the focus is narrow. It becomes easier for you to complete the writing of the document, because you now have a focus you can get excited about. You may resist this idea because you want to cram every major benefit your advisory firm offers into one document. Your rationale is that you want to get the highest number of leads and clients possible.
That would be a mistake, however. Your message will be scattered and your prospect will have a difficult time getting emotionally attached to what you can do for them. To solve this problem, consider creating different promotional documents that focus on each of the major concerns affluent prospects want solved.
Finding the core idea for your marketing material is challenging. You must know your audience intimately and you must have knowledge of which financial area is of most concern. Then, you must target your promotional material to focus on that one concern.
When using the “Power of One,” knowing your prospects’ greatest hopes and fears will help you develop your core idea. Once you’ve found this core idea, determine which emotion you’ll focus on and relate that idea to the core emotion. Incorporate one story or fact that supports the core idea and emotion, and then make your call to action so that your prospect feels compelled to ask for more information.
Chris J. Sewell
Affluent client attraction specialist to advisers