Why Saying Yes to Every Rich Prospect Is a Recipe for Failure

Lessons from a Private Banker

As a Relationship Manager in private banking, I learned a harsh lesson early in my career.

I was young, eager, and a bit na?ve—ready to do almost anything to contact wealthy prospects and turn them into clients.

I was hungry for business and desperate to impress my bosses.

So, I made a classic mistake: I tried to be a private banker for anyone and everyone who looked rich.

There is a temptation to say yes to every prospect who seems rich. But let me tell you from experience—don’t fall into that trap.

What I learned: when you do that, you end up being special to nobody.

In fact, you become a nobody to everybody.

I didn’t learn the skills to “qualify” and, even more importantly, to “disqualify” prospects until much, much later in my career.

The skill, for example, to look at clients beyond their wealth, and ask yourself: “Is this the right client for me?”

The truth is that the more clearly you define your ideal client, the more specialized and effective you become.

I am here to help you save much time doing this.

Instead of learning the hard way like me, we have created a strategy to help private bankers define their target market before chasing prospects.

As a first step, you can start by asking yourself:

• Which types of clients have I served best in the past?
• Which kind of clients have provided me with the best feedback?
• What common lifestyle factors or personal interests do my ideal private clients typically have?
• How do I want to be perceived by my ideal clients (e.g., as a specialist in a particular area or as a holistic advisor)?
• In which industries am I best suited to focus my efforts to find potential prospects?
• What financial goals or challenges do my ideal clients typically face, and how can I uniquely address them?
• Are there specific financial services or products where I have a proven track record of success?
• Are there any red flags or warning signs that indicate a client might not be a good fit for me?
• Which client relationships have been the most profitable or rewarding in my career, and why?
• How do my ideal clients prefer to communicate?
• Which clients have I enjoyed working with the most, and what characteristics made those relationships successful?

Once you have clarity on your target clientele, you can explore their personal aspirations, individual challenges, and distinct ambitions in depth.

We have developed a very practical model to help you with every step of qualifying and disqualifying prospects. Please feel free to contact me to learn more.

And remember: Just because a prospect is driving a Ferrari, it doesn’t make them rich or the right client for you!

If you want to excel in prospecting in private banking, check out qyropartners.io or contact our team.

Who am I? A former #privatebanker based in #Switzerland. I now run Qyro Partners, devoted to working with #privatebanks and fueling their #growth, #sales, and #leadershipdevelopment.