The secret ingredient: Social Capital

If you ask most advisors to describe their ideal client, they will often paint a picture of a wealthy, multigenerational family with complex financial, planning and legal needs. In order to effectively work with these clients, advisors obviously need finely honed financial skills and knowledge, plus access to a wide range of resources and related professional expertise.

What is not always recognized is that advisors also need to bring significant social capital to this relationship.

Social capital refers to one's social skills, cultural savvy, personal and business networks, and the ability to get things done using these networks. It also includes your contributions to the communities in which you live and work.

Certain aspects of social capital are viewed by some as an elitist concept that is difficult to discuss. However, the ability to relate to affluent clients or prospects on a social and business level lies at the foundation of a successful, mutually beneficial business relationship. From an organizational viewpoint, it is imperative to ensure that people you have entrusted to represent your firm do so in a manner that contributes to the social capital of the organization.

How to build and leverage social capital to grow your business

Many practice professionals—including financial advisors, lawyers, insurance specialists and accountants—enjoy a comfortable working relationship with a variety of affluent clients, including those from established families. Others, who are equally skilled at their jobs but less socially comfortable, may find these relationships more challenging. Still others, who are more junior in their careers, may not have had the opportunity to work extensively with a broad range of clients. These last two groups may be uncertain about how to develop a relationship with clients and prospects who have a different social background. They could profit from a safe environment where they could learn and practice relevant skills, manners and approaches to make clients comfortable and establish the foundation of a working relationship.

Our approach is to work with individuals or small groups to instill confidence in social and business interactions with affluent clients and prospects.

The social capital premise goes beyond image consulting and personal branding. It encompasses a full understanding of what is needed to need to develop the trust of affluent clients and prospects, regardless of the area of professional practice.

Please contact us for more information or to set up a meeting.