Be Interesting, Be Relevant

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Henry Kravis, founder of private equity firm KKR, was asked once how to to succeed in an increasingly commoditized Wall Street environment. His advice is relevant to anyone who is seeking to carve out a niche for themselves and appeal to an elite segment of clients.

Kravis responded, “Be interesting, be relevant.”

Good advice, but how do we put that into action?

A couple of thoughts.

We find those who have a perspective, interesting. Rather than telling me that you would “love to explore ...

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Top Advisors To The Wealthy Share Their Secrets

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I had the opportunity to spend some time last week with one of the top luxury real estate producers in California, and an elite money manager in Chicago. Both of them focus on a small segment of the overall market with very impressive results.

Although the realtor closed only 12 sales last year, they were for a combined total of $61 million in transaction value. The wealth manager has $135 million in assets under management from just 18 clients.

Even if you’re ...

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How To Attract The $4 Million Client

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So my friend Saul, just inherited $4 million. Very cool for him.

Now, Saul’s done pretty well for himself over the years-owns a PR firm and has been making some good coin for the past decade.

But this is a real nice windfall.

The challenge is that while Saul’s a smart guy, he’s not an investment expert, so he decided to get some assistance.

Interesting lesson for anyone who’s in the financial space, or anyone who wants to work with affluent clients.

As you might ...

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The Rich Are Snobs

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The rich are snobs.

But not in quite the way you would think.

It’s not so much that they look down on other people, as much as it is that they want others to recognize their place on the monetary pecking order.

Which is important if you want to do business with them.

I know you’ve heard endlessly about niche marketing strategies, and about how by appealing to a smaller segment of the market, you’ll actually do better than if you try to appeal ...

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“Movie Trailer” marketing to the affluent

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The newest approach for marketing to the affluent is what’s becoming known as Movie Trailer Video Marketing. Although the early adopters are in the luxury real estate field, don’t be surprised to see this approach take hold among other consultants, advisors and experts who are seeking to gain a foothold with the ultra-affluent.

As I’ve mentioned repeatedly, good marketing is all about telling a good story, and Movie Trailer Video marketing takes this to the next level.

There’s a great post about ...

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Using Video Stories To Sell To The Affluent

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Ultimately, it comes down to the story you tell.

That’s how you differentiate yourself from others.

That’s how you get the attention of the very hard to reach.

In the world of luxury real estate marketing, no one does a better job of telling the unique story of a house with humor, warmth and emotion than Ruhm.

Check out these videos.

Whether you have the budget for this type of marketing or not, the important point is that whatever you offer, you need to communicate ...

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What Affluent Clients Value In Their Advisors

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Interesting results from a joint study done by Hartford Funds and MIT, on the factors most important to affluent clients when hiring advisors.

Although technical competence is important, it’s also a given, and in-and-of-itself, doesn’t differentiate one advisor from another.

The key point of differentiation? What the study refers to as personalization. 

What this refers to is that clients desperately want solutions that are custom tailored their needs, wants and desires. Thus, advisors who enter into conversations with a pre-packaged “solution” are at a ...

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How to keep the affluent engaged

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Once a prospective affluent client expresses their initial interest in the services we offer, the challenge becomes, how do we keep that person interested and engaged with us? That’s crucial if we are to transition a prospect into an actual client.

The answer is to often fly the plane at a slightly higher altitude.

Here’s what I mean by that.

It’s important to remember that what you’re really selling is the affluent luxury lifestyle. How you actually make your money-your financial advice, real estate, ...

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Marketing To The Affluent With Video

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If you’re marketing to the affluent, here’s an interesting case study from the world of luxury residential real estate. I think you’ll find it applicable, regardless of the type of service you offer.

In residential real estate, the focus is on listings. That’s what enables an a company to leverage itself.

Unfortunately, similar to many industries, most real estate websites look mind-numbingly the same. As a consequence, it’s very hard for a seller of a house to determine who they should list their house ...

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Why Sell To Poor People?

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You see it all the time, in all sorts of businesses. The financial advisors who focuses on clients with investible assets of $75,000- $100,000.The consultants who markets her services to “small businesses”.

Sure there’s a potential huge market-after all most businesses are “small” (if not outright tiny).

More people have $100,000 (or less) to invest than have more.

But…

How many $100,000 accounts do you need to reap the benefits of one $1 million client? (As those who market to the higher-end segment of ...

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