6 Ways to Read Your Wealth Management Clients and Prospects’ Minds

wealth managementHow to create wealth management plans that resonate with your clients

As wealth managers, we spend a lot of time trying to read our clients’ minds. Not literally, of course. But in the fiercely competitive wealth management arena, the best way to differentiate your firm is to devise financial plans that closely align with your clients’ needs and aspirations. The ability to know your clients’ thoughts would make that task much easier. While true mind reading is still the stuff of fiction, we have discovered six effective ways to read your wealth management clients’ and prospects’ minds well enough to choose investment opportunities that resonate with their financial needs, dreams, and core philosophies.

#1: Identify your ideal client

We’ve all found prospects that we thought were good matches, only to find that our wealth management style was a poor fit. You can avoid that by creating a detailed profile of your ideal wealth management client. Be very specific, defining every aspect including demographics (age, sex, etc.) amount of financial resources, and investment philosophy. Are you looking for socially responsible investors? Perhaps female investors or those in a certain profession would be a better fit. Creating a full-featured profile before you start working with clients will help you when it comes time to create wealth management plans that are in line with clients’ goals.

#2: Determine your best clients’ characteristics

Think about the clients you currently have or have had in the past. Who are your five favorite clients and why? Determine the characteristics of those clients that make them such a good fit with your approach to wealth management. Once you can identify what sets those clients apart, you can seek others with the same mind set.

#3: Choose prospects that match your profile

One of the biggest errors that wealth managers make is choosing to work with clients because they are friends and family members rather than considering if they are a good match. Just because someone is in your social circle doesn’t mean that you are the best option to manage their financial planning tasks. It can be difficult to refer someone you know to another planner, but it may be the best decision in the end.

#4: Ask for input

Asking about financial problems, goals, and desires is a good way to gain insights into how to create offerings your clients will love. Approach a few of your favorite clients and ask if they would be willing to spare a half hour in person or by phone so you can interview them individually about their financial needs and desires. Find out what they like best about their current wealth management plans and what needs aren’t being met. You can discover a treasure trove of information by asking and paying attention to what your clients tell you. Don’t forget to follow up with a generous thank you gift!

#5: Create a focus group

Bring your best clients together for an evening or afternoon gathering. Choose a setting and activity where they can mingle and enjoy free-flowing conversation, such as a tea or wine tasting party, luncheon, or other relaxed occasion. As your guests connect they will share their concerns and goals, providing you with valuable intelligence you can use to formulate financial plans that will align with your clients’ desires.

#6: Mirror your clients’ language

Mirroring is one of the secrets that top wealth management professionals use to create financial plans that their clients love. Sometimes clients may feel that your financial planning visions are not aligned when it is actually just a matter of using different terms. Pay attention to the exact language that prospective formulate your plans. This will leave them feeling that you have accurately read their minds and created the perfect plan to meet their financial needs.

While these tips won’t teach you how to literally read your wealth management clients’ and prospects’ minds, they will help you create financial plans that will resonate more closely with your clients’ needs, goals, and philosophical approaches to investing. For more tips on building your wealth management business, visit https://www.summitbrokerage.com or call us at (800) 354-5528.


About Summit Brokerage Services, Inc.

Summit Brokerage Services is part of Cetera Financial Group. Summit Brokerage provides a broad range of securities brokerage and investment services to primarily individual investors. Summit Brokerage also sells insurance products, predominantly fixed and variable annuities and life insurance through its subsidiary, SBS Insurance Agency of Florida. Summit Brokerage also provides asset management services through its investment advisor, Summit Financial Group, Inc.


About Cetera Financial Group

Cetera Financial Group® (“Cetera”) is a leading network of independent retail broker-dealers empowering the delivery of objective financial planning advice to individuals, families and company retirement plans across the country through trusted financial advisors and financial institutions.  Cetera is the second-largest independent financial advisor network in the nation by number of advisors, as well as a leading provider of retail services to the investment programs of banks and credit unions.

Through its multiple distinct firms, Cetera offers independent and institutions-based advisors the benefits of a large, established broker-dealer and registered investment adviser, while serving advisors and institutions in a way that is customized to their needs and aspirations.  Independent financial advisor support resources offered through Cetera include award-winning wealth management and financial planning and advisory platforms, comprehensive broker-dealer and registered investment adviser services, practice management support and innovative technology.  For more information, visit www.ceterafinancialgroup.com.

*”Cetera Financial Group” refers to the network of retail independent broker-dealers encompassing, among others, Cetera Advisors, Cetera Advisor Networks, Cetera Financial Institutions, Cetera Financial Specialists, First Allied Securities, Girard Securities, and Summit Brokerage Services.


All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy.


Content created by Summit Brokerage Services, Inc.

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