5 Secrets Rich People Don't Want You to Find Out About Them
Wealthy folks are just like us. They eat their salted-sturgeon eggs one pebble at a time. Of course, they deserve only the best. They worked hard for what they have, and they expect you to take care of what they love. It doesn't matter if you work in insurance or if you're a firm who deals with high net-worth clientele. There's always something you can learn from the individuals you work with. Just check out the list below:
We Are Much Like Fine Wine
In our ageist society, you may think the only one purchasing and driving around in a Maserati is a young blooded, tech guru, with a lot of money and too much free time. But, take your time and peer through the heavily tinted windows. You'll see an able-bodied individual who represents the Baby Boomers gen. The media scares you with the idea that retirees are taking their grand children's jobs. In actuality, the majority of Boomers may have made it big; they just don't want you to know about it.
We Don't Trust Insurance
If you're an insurance producer, and you're searching for that high net-worth private client to add to your rolodex (who still uses one of those?), then keep trying, searching, and hoping. Once you add this high-premium account to your list, expect tension from your co-workers, staff, and claims managers. These clients, though high-maintenance, still find their premiums a worthless venture. They may be glad to have coverage, once a claim takes place. But, even then, their distrust for money spent on things unseen grows. Do not be surprised if one of your wealthy clients accuses you of giving them a policy or plan that isn't worth the paper it was written on.
We Don't Like Your Lack of Experience
Staying with the idea that most high net-worth clients are in the fifties and above age group, remember that they can sniff out inexperience a mile away. When sharing information, you need to have all of your facts. Do not come to these individuals without a Plan A - Z and sometimes a Part 2 if necessary. The difference between a happy client and one that's ready to wring your neck is the difference that comes from making an extra effort to dot your I's and cross your T's.
We Are Afraid of Losing Everything
It doesn't matter if it's an act of God or an intentional act, wealthy people do not like losing their precious items. Yes, that BMW might've been one of many, but it holds value, there's something there that you don't understand. Don't think they'll just go out and buy another one. They can, but you need to show empathy, even if your paycheck is a quarter of the price of their vehicle. Showing empathy, and treating wealthy individuals with the same respect you'd treat a close friend or parent is necessary. It's tough, but it has to be done. The human element is what keeps your clients coming back to you.
We Are Probably Prejudiced (And Didn't Know It)
Sometimes you can give yourself to your client, but nothing makes them happy. You smile. You talk to them calmly. You know your stuff. You show them you have a heart, when things gets tough for them. You treat them to lunch. And, maybe even join them at the country club for golf. But, guess what? You lose the account anyway. They decide to go to your competitor. But, why? They might be prejudiced.
Without tossing the race card (because that's too easy), there's a number of ways a client could be prejudiced; age, status, years served at your firm or company, gender, center of learning, and more. Something as simple as your speaking tone or voice may upset them. For example, a woman handling an account for a wealthy client may have difficulties with him, at least until he's assisted by a fellow male. It happens; the only thing you can do is accomodate, bite your tongue, and keep it moving.
Like most things in life, it takes experience, know-how, and a bit of ingenuity when dealing with wealthy individuals. It might be rare to meet a super-nice, wealthy, easy prospect. But, you can always improve your skills and handle them the way you would want to be treated.
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.