you can lead a virtual workshop to help them focus their perspective.
by anthony glomski and russ alan prince
your $5-million high-net-worth practice
helping the wealthy think through where they are and what they can do is extremely powerful in establishing and strengthening relationships. it also expeditiously produces more business for accountants and other professionals.
more: help your referral sources become thought leaders | the new way to get the best clients | the four-step process for client-focused business development | life insurance as part of wealth management
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we converted the everyone wins process into a supportive workshop where the initial interaction can be conducted with a small group. it is also effective in one-on-one settings.
the aim of the workshop is to help the wealthy gain clarity and sort out what they can do to be more successful during the covid-19 crisis as well as when the crisis abates. in effect, the outcomes are to help them identify their key self-interests and determine the actions they can potentially take to become more successful.
we have found that by using this approach, not only are the wealthy better able to deal with their current situations and come up with ways to become more successful now and as the crisis lessens, but they are more readily and quickly turning to select professionals – like you – for assistance.
again, when running this workshop, your objective is not to sell your services. instead, the aim is to help the participants better understand their current situation and make the most of the cards they have been dealt. you will likely benefit as they will often benefit from you and your firm’s expertise.
while we are primarily running the workshop for ultrawealthy entrepreneurs and the super-rich, it applies to just about anyone. the workshop is also beneficial with other professionals as participants. you can run the workshop for lawyers, for example, who might be good sources of wealthy client referrals.
the workshop
we call it a workshop. it is a virtual meeting attended by a small number of participants. your job is to facilitate the meeting. to some extent, the participants will share information and ideas during the workshop. usually, the biggest value is that each participant gets thinking through the issues more thoughtfully and cohesively.
when we run these workshops, they tend to last anywhere from one to three hours at most. they usually go for about one to one and a half hours. how long the workshop lasts is your decision. again, the aim is to get people thinking.
as we are running the workshop virtually, the number of attendees is conceivably not an issue. still, we prefer to keep each workshop to 10 participants or fewer. for us, this is not a lecture but a way to deliver considerable value and strengthen relationships. therefore, for this kind of workshop, small groups are best.
let us say the workshop is for successful business owners. we begin the workshop with introductions, including asking how each person is doing and to describe their business. then, we have them take a sheet of paper and fold it in half and then in half again. the paper now has four quadrants. we then ask them to do this a second time. in front of them are two sheets of paper, each folded into four quadrants.
assessment: one of those sheets becomes the assessment. as we title each of the four quadrants, we ask the participants a question or two and have them fill in their responses (exhibit 1). we go quadrant by quadrant.
as they write their answers in one of the quadrants, we have the participants discuss their responses. as we said, the amount of sharing varies extensively from dead silence to trying to make sure everyone gets a chance to speak. most of the time, however, they do not share all that much. they usually are not that open with strangers. while sharing can lead to peers providing valuable insights, at this time the greater value is each participant thinking about the issues and putting their answer down on paper.
exhibit 2 shows some of the answers we found coming up fairly regularly. the idea is not to get fixated on trying to answer or address these responses. for now, the aim is just to have the participants uncover and voice them (even if the person writing them down is the only one who sees them).
we can now move on to the second page, which is also divided into four quadrants.
action: each of four critical steps to thriving during the covid-19 crisis and beyond will go into each quadrant (exhibit 3). just as with the assessment, we title a quadrant, ask some questions and facilitate discussion. this page and some of the insights we glean from the other page show us how we might be able to help each participant achieve his or her self-interests.
let us consider each of the quadrants on the action page.
by understanding who a participant is looking to for advice, you can garner how they are thinking about their concerns and possibilities. moreover, if you run the workshop well, you tend to be added to this quadrant, if you are not already there. the result is often more interaction with the participant and being able to be of greater assistance.
when it comes to ensure financial security, it is highly likely that the participant will bring up matters that you can help with. thus, at this time you can deliver value to the participant and be compensated for doing so. for example, a common issue today among business owners is cash flow concerns. to deal with this problem, very likely updated cash flow statements and likely a current balance sheet are required. this is only the start of where your expertise is going to be required.
where there is the need to systematically build demand, we share the everyone wins process. when the participants use the process in their worlds, they tend to find themselves more successful. for example, business owners find they can generate substantial revenue now and create a backlog for their company’s offerings as the covid-19 crisis becomes less disastrous. this condition proves to be an easy way for you to deliver meaningful value that likely transitions into delivering services for which you are well paid.
to get the results they want, many participants need to acquire additional resources. when we talk about resources, there are many different kinds that different people need at this time. some of it might be family-related such as tutors or concierge physicians. some of it might be technological, such as cybersecurity experts. what tends to happen is that you and your firm are currently delivering or can deliver some of the resources they identify.
follow up
having run the workshop for your ultrawealthy entrepreneur clients, the wealthy clients of a referral source, a high-end mastermind group or whomever, it is critical that you follow up individually with each participant. there are several reasons for this.
first and foremost, you want to make sure you, with the workshop, are delivering value – that you are indeed helping them in this difficult time. by contacting them after the workshop, you can ascertain their reaction, and you will likely find ways to refine the workshop and your approach resulting in better outcomes for all.
another common result is that some of the participants – rarely all of them – are interested in discussing their answers with you. they commonly want to know what you think about their answers and what other people like them are doing. your ability to provide these insights and perspectives is beneficial to them. doing so tends to lead to situations where your expertise or that of your firm is applicable. the result is often helping someone capably address their agendas, and you are generating more business.
taking action
just as by maximizing your relationships with your wealthy clients, in which they are better serviced and you are profiting, the same is true when you help other professionals become more successful. in these scenarios, wealthy clients win, the professional wins and you win (big).
getting tactical …
- step #1: identify scenarios by which you can present the workshop: a good place to start may be with your wealthy clients. this approach will often get you more business as well as give you the chance to become more fluid, facilitating the workshop. other possibilities abound from the wealthy clients of other professionals to groups of other professionals (e.g., an estate planning council) to business groups (e.g., chambers of commerce and mastermind groups).
- step #2: arrange for the workshops: setting them up varies based on how they will work. so, if the workshop is with your clients, you need to send out invitations. if it is with the wealthy clients of another professional, you will likely have to work with that professional to set up the event. the same is true whenever someone else is involved.
- step #3: conduct the workshop: you sometimes run it with and sometimes without whoever helped you fill the workshop.
- step #4: follow up with each participant: everyone who participated in the workshop gets contacted afterward. how this will happen is predetermined. if you conduct the workshop with another professional, who will call and how everyone will be involved has been decided before you hold the workshop.
- step #5: track results: you want to know the workshop outcomes, from making money to getting new introductions. this tracking will enable you to fine-tune your approach.
the thriving through the covid-19 crisis and beyond workshop is very effective. it is a way to help other people better think clearly about their circumstances and can lead to new business for you. it may take a few rounds to get fluid with it, but you will probably end up with more business even in the beginning.
conclusion
in working with the wealthy, the everyone wins process is essential. there are many ways you can help the wealthy achieve their self-interests. while the workshop was initially designed to be used with a small group, some professionals find it very effective in one-to-one meetings with the wealthy. again, it is just another way of using the everyone wins process.