Q/A: Approaching SFO Executives & Wealthy Clients

Q/A: Approaching SFO Executives & Wealthy Clients

A Q&A with Jane N. Abitanta, Founder/Principal Perceval Associates, Inc.

Overview

Q: Our provider members often ask, what is the best way for providers to introduce their services to single family offices and families of wealth at an Family Office Association conference?

Q: when the opportunity presents a provider of services or products to have a meeting with an SFO, how does the provider best use this one chance?

Q: How should providers best approach someone of wealth in a social setting and “motivate” prospective clients to be interested in their services—how can they offer to help them?

Q: In a more business setting—say, a meeting focused on family offices— how do providers honor protocol while still maximizing their opportunity to network?

Q: Once a provider establishes a rapport with a person of wealth or SFO executive, how and when can they move things forward? At what point can the provider ask for their business card or request a meeting? How can they motivate SFOs and families of wealth to ask them for their information, or provide their contact info to the provider?

Q: How do providers to SFOs and families of wealth become positioned as thought leaders?

Q: Many providers actually have a single relationship either with a decision- making family principal or key executive in the SFO. therefore, they do not really have a comprehensive relationship with the ‘family.’ How can they become more inclusive to the broader family (and should they), so they do not risk losing that relationship as the family transitions?

Q: How does someone who provides services or products relate to those they are trying to offer services to when there is a significant difference in age or background/ethnicity?

Q: related to the prior question, how is dealing with the younger generation different than older clients?

AJR: Our provider members often ask, what is the best way for providers to introduce their services to single family offices and families of wealth at an Family Office Association conference?

JNA: Before a provider introduces their services to anyone, there’s got to be a conversation that centers on the prospective client. For instance, if you’re talking with a single-family executive or wealthy patriarch at the conference, try to engage him on some level, to find out a bit about him. It doesn’t have to be personal; you can engage him about his experience with the last speaker. change your mind about how you think about these encounters—this not a sales opportunity. Selling rarely happens when you first meet someone. It takes time and requires establishing a relationship.

All of that is not to say that a sales process doesn’t matter. it does. do some homework before the meeting. Know who will be in the room, and target those you most want to meet. try to get introduced to people you think might most be interested in what you have to offer. there’s all that Sales 101 stuff you have to do. But success will be more about your attitude and how you manage yourself in these settings.

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