Attracting Wealthy Clients So That You Don't Have to Work So Hard

Attracting Wealthy Clients So That You Don't Have to Work So Hard
By Suzanne Muusers

You may have heard the phrase "the rich get richer and the poor get poorer." It is certainly true that the vast majority of wealth in the United States is concentrated in the hands of relatively few people. But did you know that most wealthy people are business owners? Money makes money. Money buys professional expertise. And it also buys comfort and ease. What I want for you this year is to attract clients who will earn you the fees you deserve so that you can have more comfort and ease.

I have always believed in targeting the higher end of the market. It is much easier to compete where there are fewer competitors than where the market is crowded with Walmarts, Sears, and the JC Penny's of the world. Being that we are going through a recessionary period, it makes even more sense to target the wealthy now.

During an economic slowdown the competition at the bottom of the market becomes fierce. Consumer confidence forces a decline in spending that has everyone competing for financial scraps. At the upper end of the market, a decline in consumer confidence is less evident. The wealthy spend far less covering their overhead as a percentage of their income than the lower rungs of the market. Let's face it - the wealthy have far more discretionary income.

I believe you can transform your business by targeting wealthy and affluent clients. The demographics of society are changing as we head towards a convergence of baby boomers retiring, more and more affluent Americans inheriting their parents' fortunes, and dual income couples without children coming of age in occupations where they have plenty of cash to spend.

This article will examine who are the wealthy, how much do they earn, what are their concerns, and what do they want.

Who are the wealthy?

Wealthy

It's useful to illustrate the difference between affluent clients and wealthy or high net worth clients. If you've ever read The Millionaire Next Door, you know that many truly wealthy people do NOT overly flaunt their success. They remain married to their first spouse, live in older, well-established neighborhoods, and rarely buy a brand new car. They didn't become wealthy by accident. This group has significant assets to invest and is a no-brainer for financial advisors to target.

This type of client makes purchases based on whether it's a good value.

Affluent

Affluent clients on the other hand DO flaunt their success. They live in high priced houses in upscale neighborhoods, drive luxury cars, and dine at the best restaurants. They may have little if any real savings. While they may be high income earners, they tend to spend as much or more than they make. This doesn't mean that the affluent are not a good target market. They are indeed beneficial to target as they are spenders. This group could certainly use the services of a competent financial advisor to help them create lasting assets for the future.

This type of client makes purchases based on whether it will make them look good.

How much do the wealthy earn?

For simplicity sake, the wealthy can be defined as follows:

- Working masses earning from $75,000 to $100,000 per year
- Comfortably wealthy earning from $101,000 to $150,000
- Serenely wealthy earning from $151,000 to $250,000
- Ultra wealthy earning over $251,000

How many wealthy and affluent clients are there?

In terms of numbers, there are 17 million households in the United States with a net worth of one million dollars or more. The year 1957 had the largest number of births: 4.3 million babies were born. This group turned 50 in 2007 and has significant income to spend. They are also poised to inherit a great deal of money over the next twenty to thirty years.

What are the main concerns of the wealthy?

o They lack time. They are looking for products and services that cater to their lack of time. They are pulled every which way and lack significant time to spend shopping around.
o They are concerned about maintaining their prestige and status. They want approval and recognition from their peers.
o They don't want to commit any societal faux pas. Wearing the right clothing and looking like they belong are important.
o They don't want to lose their wealth. They are concerned about maintaining their assets.

What do they want?
o Their lives are complicated. Help make their lives easier. Offer service options that create a sense of simplicity. Offer packages that take the load off them.
o The average wealthy business owner works 50-60 plus hours a week. Help them to save them time. Do things for them that they don't have time to do.
o Offer good value and integrity in your business. Wealthy people want to know that you have good business values and will be around for some time.
o They want quality products. Don't try to target the wealthy with run of the mill products or services.

Some questions I'd like you to think about:

1. Do you consider yourself an expert at what you do? How can improve your expertise?
2. Are you willing to invest in yourself and your business in order to attract the wealthy?
3. Are you willing to do the work necessary to blow the lid off revenue this year?

Marketing to the wealthy is an art that once perfected can set you up on Easy Street. Wouldn't it be nice to not have to work so hard?

�Copyright 2008- Suzanne Muusers - All Rights Reserved

Reprint Rights: You may reprint this article as long it is printed in its entirety including the about the author information. Please leave all links active, do not edit the article in any way, and include the copyright statement.

About the Author:

Suzanne Muusers is the creator of a Business Success System called The Two Page Mini Business Plan for business owners and financial advisors who are ready to maximize their business income and live the lifestyle they have always wanted. The Business Planning System utilizes My Success Book- a Daily Action Planner that ensures marketing actions that lead to income and success. Make your own Success Plan today by visiting her website: http://www.prosperitycoaching.biz

Article Source: http://EzineArticles.com/?expert=Suzanne_Muusers

http://EzineArticles.com/?Attracting-Wealthy-Clients-So-That-You-Dont-Have-to-Work-So-Hard&id=1853184

More Wealth Creating Business Articles



Articles Related to Attracting Wealthy Clients So That You Don't Have to Work So Hard

Visit the Home Business Advantage